If you’re looking for honest business advice and business tips which are well worth implementing, you’ve come to the right place. Simply continue reading to discover a few rare business tips that will change the way that you’ll run your business.
Business tips that are worth implementing:
Make sure that your business has a clear vision and a well crafted mission statement:
You should have a clear, well thought out vision for your business, which you’ll be able to share with your employees and customers in the form of a mission statement. Your mission statement should be 2-3 sentences long and should give individuals a fair idea of why your business was created and what you plan to achieve.
Have more money in your business account than you think that you need:
It’s well worth having a cushion of at least $10,000 in your business’ bank account. So that you’ll have the necessary funds to pay for any unexpected costs which you may need to pay for. Examples of which may include renovation related costs if there are issues with your business’ offices, stores or factories as well as extra production costs, which you may not have factored into your budget.
Remember that it’s far wiser to have money in your business’ bank account for a rainy day, than to rely on a loan as in an emergency you may need to get your hands on capital within 12 hours.
Only risk what you can afford to lose:
Many individuals, especially first time business owners risk far more than they can afford to lose, which is never a wise business decision. As an example, some individuals use their family home as a guarantee for their business loan. If you simply can’t afford to lose your family home, it may a better idea to try and obtain the necessary capital for your business from silent stakeholders. Who’ll be willing to give you the start up cash which you need for a small portion of your business.
Choose stakeholders who boast a wealth of business experience in your industry:
If you do plan to incorporate stakeholders into your business, don’t be tempted to choose any potential investor who is willing to make you an offer. Instead, meet with multiple interested parties in order to find stakeholders who have relevant business experience in your industry, who’ll be able to help you take your business to the next level! As relevant business expertise and experience in your business’ industry is priceless and could be the difference between your business succeeding or not.
Attend regular industry events in order to network with potential business partners and suppliers:
Make sure to attend regular industry events in order to network with potential business partners and suppliers. You may also get to meet business owners whose businesses aren’t in direct competition with yours, who you may be able to strike a mutually beneficial deal with. For example, if your business is a pizzeria and you meet an individual who sells locally brewed craft beers, you may want to strike a deal to sell their craft beers in your pizzeria.
So if you’re serious about making important key changes to your business, for your business to succeed, thrive and grow it’s well worth starting off by implementing some of the business tips listed above.
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