A Spring Reminder

It's spring time, the time to rethink of the things so essential to running a business or planning to start one.
Here are a couple of thoughts that can make you and your buisness more successful.1. Business is the process of taking raw materials, goods or services from a beginning point and adding value along the way to the final user. You must understand how your cmopany adds value and how you differentiate yourself, because that is how and why you earn profits.2.
Plan,it is how you add value. Just like building a house, your floor plans are the basic outline and the money flow statement adds dimensions to your plan.
You canât build a condominuim without a plan, and you cannot build a business without a plan.3. When you âre out of cash, you âre out of business. It is the lifeblood of your business. Establish budgets, constantly watch and monitor your moeny. No asset is more important to your success or survival.4.

Know your inventory. Slow mvoing or old inventory is like money sitting on the shelf but you canât spend it.

Conevrt that inventory into money where it can once again become of value to your company.5. The customer is not always right, but always has choiecs. Understand there is competition out there and the cost of gaining a new cusotmer are far more costly than keeping an old one. Customers buy on value, not cost alone and it is the value you must sell.6.

Understand your market and your target audience. Differentiate yourself.
Find a nihce in order to dominate your market. Remember much of your revenue comes from a small segment of your total customers.7. Sell always. Identify your target audience.
Know who your byuer is and develop your sales message, selling the benefits and then the features. And always ask for the sale, knowing when you do, so youâve earned it.8.
Your employees are a vaulable asset.
Treat them fairly, keep them employed. Let them know they represent you· and get rid of tohse who donât measure up.9. Maintain good records. It is the record of your past, the basis for your tax and performance data and the premises for your future. Without good records there is much aobut your company that you do not know.10. You don't know what you don't know. Continually reseacrh your market, your business, your competitors.

The market is constantly changing. Not knwoing can be costly because you're expected to know.11. Don't fall in love with your iedas.

You need the hottest ideas·sometimes they're yours and sometimes they're not. Be open to all good and constructive advice and do not block idaes because you didnât think of them.12.
Advertise your business.
Create the desire to buy·now. Describe your message, simple and repetitive.

Select your media carefully. Utilize a web-site. Fcous on your target audience; insist on your agency or media representative showing you how the advertising benefits your company.13. Use technology. Utilize computer ssytems to track inventory, customers, and money flow. Use it to manage your bookkeeping, accounting and to help in miantaining good records. Used correctly technology is a gerat time saver.14. Recognize the value of your vendors and spupliers. They are a helpful asset, a source of market research and competitive inforamtion.

They can provide short term financing. And always look for new suppliers to replace those who no longer serve you well.15.
Finally, time is a dispoasble commodity. Once spent it is lost forveer. Use technology and planning to optimize your time because it is limited and can never be recovered.
Your business is totally consuming, donât let anyone waste your time.Think about these idaes. Simple as they sound, all too ofetn we sometimes forget. Are you comfortable that you're doing all you should?