subject: Essentials Of Effectively Running A Small Business [print this page] After years consulting a diverse range of businesses, the team at Genesis Direction International have learned a thing or two about being successful. Running a small business is no easy feat but with the essentials listed below, it can be that bit easier:
1.Be sure its a business you want to run: Your efficiency and profitability are directly connected to the motivation and passion you inject into the business. If you do not believe in what you are offering you will never be able to sell it properly. This lack of belief can filter down from the top and lead to your employees feeling demotivated as well. Believe in what you are doing and make the most of the opportunity you have created for yourself.
2.Make sure it fills a niche: Self-belief is well and good but it equates to nothing if youre selling something that nobody wants. The most successful businesses are those that offer something unique, either through their physical product or through the associated image. Even if you are already in business, take the time to check if your business has definite difference that the typical consumer can identify.
3.Make sure your products/services provide a reasonable profit margin: This can be a case of choosing the right suppliers or modifying the product altogether. You will not thrive as a business, or even survive, if you barely go beyond breaking even. Always aim for a substantial profit margin but make sure that this does not result in a decrease in the quality of what you are offering to the public.
4.Always account for more expenses than you already have: On the flipside to maintaining a healthy profit, you need to always be prepared to handle more than your regular overheads. You never know when you will need to invest more money into the business, whether its due to repairs, marketing, restocking or some other necessity, having added money set aside is the key to staying afloat.
5.Never promise what you cant deliver: One of the classic rules of business is to under promise and over deliver. You should never lead your customers to believe your products or services can deliver anything more than is actually possible. The moment that they can see that you are not living up to your word, they will leave in droves.
6.Develop a marketing plan: Even if you are a plumber dealing exclusively with your local area, you need a marketing plan. No business can survive on word of mouth alone and a smart approach to marketing can help you become first pick when your particular offering is wanted or needed by the public.
7.Build a strong relationship with suppliers: Tying back to our points about expenses and maintaining a healthy profit margin, its essential to develop a healthy relationship with all suppliers. The greater the relationship you have with your suppliers, the more discounts and value added extras you can gain effectively cutting your expenses down to size.
For more advice on running a successful small business feel free to contact us on (07) 3229 8854.
