Thursday, 26 April 2007

The 10 Business Commandments Essential to Success!

Here are 10 essential business rules to follow as you start or grow your business, whatever business you are in the rules always apply.

  1. Produce a SMART, (Specific, Measurable, Achievable, Relevant & Time Based), Business Plan with a clear vision.
  2. Draw up and update your Cash-flow and Profit & Loss forecasts monthly, (there should be Actual figures as well as the usual forecasts). Always ensure that you have enough £'s to meet your forecasts. It's lack of cash that kills businesses not lack of sales.
  3. DON'T buy what you don't need or can't afford.
  4. DON'T talk turnover, think PROFIT & CASH.
  5. Find out what your customers really NEED and satisfy them, at a profit!
  6. Without sales:- stock, products and services = SCRAP.
  7. REMEMBER the Pareto Principle (aka "the 80/20 Rule") 80 % of your business will come from 20 % of your customers. 80% of your profit will come from 20% of your products/services.
  8. Under Promise & Over deliver NOT the reverse.
  9. ASK for problems then Solve them.
  10. Dissatisfied customers tell 13 others, happy ones tell 3 or 4.

Dynamic Business Strategies Ltd
The Counting House
14 Walford Place
Registered in England. Reg No.5418835
Tel: 07917 446068

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