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9 tips for growing A successful business  

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juli
 juli
(@juli)
Active Member Registered

1. Get Organized
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day - as you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records
All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business.

3. Analyze Your Competition
Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business.

5. Be Creative
Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.

6. Stay Focused
The old saying that "Rome was not built in a day" applies here. Just because you open a business doesn't mean that you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and give the rest time to come together on its own.

7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

8. Provide Great Service
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be Consistent
Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.

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Posted : 23/06/2010 7:40 am
david.delaney
(@david.delaney)
Active Member Registered

Re: 9 tips for growing A successful business

Although these are basic and very obvious, many people forget all that and just jump into it! Thank you for that information! Keep it up.

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Posted : 25/06/2010 2:45 pm
wini
 wini
(@wini)
Eminent Member Registered

Re: 9 tips for growing A successful business

1. Share with shareholders
Keep your investors well informed of your progress
Good news can wait tell bad news quickly
Don't spend any time thinking about exit.
2. Focus

Stick to your knitting
Only diversify if it is driven by customer need
No product development for its own sake

3. Love your staff

Tell them everything good and bad
No politics
Celebrate success no matter how small
Communicate, communicate, communicate!

4. Cash is king

Make one person responsible for invoicing and cash collection
Treat account payable departments as a customer
Chase cash hard

5. Baby steps

Don't build processes too soon
Only put in place process as needed and when driven by growth
Don't try to act like a big company it will stifle innovation

6. Manage with a light touch

Give people room to experiment
Everyone is a hero
Be informal

7. Only count what matters

Clearly define success
Put in place simple ways of measuring success
Give staff big rewards for achieving success

8. Love your customers

Never over promise
Price to win
Be flexible in everything
Don't throw your weight around when you have none

9. Don't spend money

No cars, fancy offices, fancy PCs or expensive lunches
Have a culture where no one likes to spend money
Make cash everyone's preoccupation

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Posted : 28/06/2010 4:49 am
jacobhenriques
(@jacobhenriques)
New Member Registered

Re: 9 tips for growing A successful business

Great to see this tips. It is too easy to to get load and start a new Business. But it is too hard to get a profit and give a nice reputation to business.
It is really great advice....I am really happy to see this.

Debt Management

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Posted : 30/06/2010 1:58 pm
regueradela
(@regueradela)
Active Member Registered

Re: 9 tips for growing A successful business

Thank you so much for this great information..If you open a brick-and-mortar business, you don’t start selling things before your building is constructed. On the other hand, if your business is in pristine condition for your grand opening, then people are likely to come back.

m3i zero

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Posted : 01/07/2010 10:30 am
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