subject: 5 Ways To Build A Better Business [print this page] There are tons of ways to build a better business, and its important to realise that simply knowing some of the things that I will share with you isn't enough. If you're not doing it you might as well not know it.
So pay attention and take notes, and get ready to make changes.
Know your numbers - was today a good day or a bad day, how do you know? How much did you make, how much did you spend, how many new customers did you bring in, how many old ones did you serve, what are they worth to you, what's your profit margin?
Find out what the important numbers are in your business on a daily, weekly, monthly and annual basis, and measure them, the more often the better. What you can measure you can improve,
Know your objective - what do you want for your business, how profitable/ how successful and when? How much time will you devote to it, how many staff do you want? Where do you want to work from? What's the "trigger" - when will you know when you've "made it" and what will you do then?
Know what's coming down the line - what impact will technology in general and the internet in particular have on your business. How will it affect your prices, your profit margin? What about China or India? Will they have an impact on you? How strong is your Unique Selling Point, your USP? How are you going to stay ahead?
Know How to Market Effectively - if you're in business right now, its extremely likely that you are already marketing, and if you're currently successful, then you're doing something right. But too often, we aren't aware of the things that are going right until they start going wrong.
Test your marketing. Test different strategies. Stay ahead. Become a marketing expert and measure everything that you do to become, and then stay successful.
Know How To Balance Long-Term - just remember we're here for a long good time. Your business and your life works better when you choose strategies that are sustainable long-term. Think long-term, invest in yourself, invest in your business, your reputation and you will reap the rewards.
Figure out a work life balance where you pay attention to All the things that are important in your life. Things like your family, your relationships, your health and personal fitness, and importantly your personal finances, AND your business.
Without balance in your life, there's always going to be one wheel coming off the car, especially when you pick up speed.
