Here are 10 essential business rules to follow as you start or grow your business, whatever business you are in the rules always apply.
- Produce a SMART, (Specific, Measurable, Achievable, Relevant & Time Based), Business Plan with a clear vision.
- 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.
- DON'T buy what you don't need or can't afford.
- DON'T talk turnover, think PROFIT & CASH.
- Find out what your customers really NEED and satisfy them, at a profit!
- Without sales:- stock, products and services = SCRAP.
- 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.
- Under Promise & Over deliver NOT the reverse.
- ASK for problems then Solve them.
- Dissatisfied customers tell 13 others, happy ones tell 3 or 4.
Dynamic Business Strategies Ltd
The Counting House
14 Walford Place
Chelmsford
Essex
CM2 6PG
Registered in England. Reg No.5418835
Tel: 07917 446068
E-Mail: info@dynamicbusinessstrategies.co.uk
Website: http://www.dynamicbusinessstrategies.co.uk
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