20 Small Business Tips by jaydensmith


A simple guide of 20 small business tips for success

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									These are just some general tips to keep in mind as you design/operate
your small business:<br><br>1. Take the time out to explore and
understand whether or not you are compatible with running our own
business. Some people are just plain happier and better off financially
on the other end of the paycheck.<br><br>2.Get your personal finances in
order. Before you jump into the entrepreneurship world, get your own
money matters squared away.<br><br>3. Pick your niche. Many small
business owners succeed in businesses that are hardly unique or
innovative. Take stock of your skills, interests, and employment history
to select the business that is best suited for you.<br><br>4. Benefit
from your business plan. The exercise of creating a business plan is what
pays the dividends. Answer the tough questions now before the meter
starts running.<br><br>5. Do not think you need bankers and investors at
the outset of your business. The vast majority of small businesses are
bootstrapped.<br><br>6. Acquire the proper background. In the early
months and years of your business, you will have to acquire many skills.
Gain the background you need to oversee all facets of your business well,
but determine what tasks you should outsource or hire
employees.<br><br>7. Remember that nothing happens until a sale is made –
How many good products go nowhere because they do not reach the shelves?
Sales drive your business. You will need a good marketing plan to sell
your product or service.<br><br>8. You have to see a customer to know
one. N o matter how busy you are, spend at least 25% of your time with
customers. You cannot make the proper business decision without
understanding their viewpoint.<br><br>9. Solve your customers’ problems.
The best way to satisfy your customers is not by selling them products
but by giving solutions to their problems. There is a big
difference.<br><br>10.Quality takes minutes to lose but years to regain.
Quality is not a destination, it is a never ending journey. After you
have strayed from quality’s path, your journey maybe sidetracked
forever.<br><br>11. Put profitability first, rewards seconds. In small
businesses, profitability must come first. Find out how to measure your
cash flow and understand key financial ratios.<br><br>12. Hire
supporters. If you intend to create a growing business, your number one
duty is to assemble a great team of employees.<br><br>13. Do not do it
alone. Find such help from small business peers, a mentor, even trade
associations. They can help take some of the trial and error of beginning
your business.<br>14. Vendors are partners too! Treat your vendors like
customers and watch your partnership grow.<br><br>15. Make use of
benefits. Understand how to provide insurance and other benefits for your
employees and cut your tax bill at the same time.<br><br>16. Ignore
regulatory issues at your peril. Federal, state, and local governments
require licenses, registrations, and permits. Obey them or face losing
your business.<br><br>17. Know the tax laws. Invest in understanding tax
issues that affect your small business.<br><br>18. It’s the people!
Whatever happens to a small business happens at the hands of the people
who work for it. The evolution of the business is a result of their
efforts.<br><br>19. Fast, good, cheap. Pick any two. Serious trouble
awaits those who attempt to be all three in the market place. Stick with
what you do best.<br><br>20. Develop a passion for learning. As your
business grows, you need to change and grow along with it. One common
denominator can be found in all successful business owners and that is a
passion for learning.

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