2. The first, and possibly the most important thing to do in business mgmt. is
planning. You have to have a good plan in order to succeed. Your plan should
include taking into consideration things like what your plans of operation will
be, your marketing plan, and your overall business plan.
when your
establishing your business its important to have strong leadership skills, knowing
how to show and tell people what you need to be done instead of relying on
others is essential for success.
Another good tip is to remember to keep up on the ever changing
legalities of the business world and make sure your doing everything possible to
stay informed on the law that regulate your practice. Such as health and safety
issues product safety and liability as well as advertising regulations and
stipulations.
Also remember to have an exit plan. in other words have a plan in the
beginning as to how your going to sell your business, know about transferring
ownership, think about how you will eventually liquidate your assets ,and have a
back up plan or protection in order to avoid having to file for bankruptcy in case
your business dose eventually fail.
3. Number 2
• How to grow efficiently make your business grow. Its
important to have a realistic plan for growth, to be able to
forecast things that will happen financially and have a good
handle on your customer relations
– You have to stay innovative by staying up to date with
technology and using it
– Taking care of your finances by staying informed about where
your moneys going and how much is coming in.
– Utilizing all the resources you have and be constantly looking for
new or better avenues with the increasing computation in most
every field of business this is VERY IMPORTANT you have to find
out if you can get your materials cheaper or sell your product
for more profit always use all your resources to there fullest
potential
4. • Understanding breakeven analysis
– . This is the exact point when your business is actually generating a
profit after you have already taken care of ALL of your business costs.
This may take some time and in most cases you should expect for their
to be a period of about two years before you actually make a profit.
• After you reach the break even point you can begin to become
successful and make money.
• In most business they calculate there breakeven status monthly, but
in some cases its necessary to this on a weekly or even daily basis.
• The things you need to know to make the calculations are the
prices your charging or the (direct cost), what it costs you to make
the product, or the (contribution margin) in other words what's the
cost and price difference.
5. Number 4
• Knowing the market.
• All business is complex and usually involves either international,
local, or regional diverse economies. you have to be informed on
the specific industry statistics your involved with like the success
rate of other business in the same fields if there is any. And know all
the unique elements that affect the market it is your trying to reach
• Know the people who your trying to sell your product to.
• Know everything you can about all of the resources that are
available to you
• Be aware of your finances at ALL times.
• Also understand and follow the politics that affect your market so
you can better forecast things that will happen and stay informed.
6. • The 4 p’s.
• PRODUCT/SERVICES
• Your product or service strategy is key, know what your selling, know details like
the features and benefits of your product, and know how to select the right
products or benefits to make the highest return on your investments.
• PRICING
• Your product strategy should be influenced on what your spending in excess of the
direct cost your putting in and make sure that your charging enough for your
product to realistically break even and in turn make a profit.
• PLACE
• Having a good distribution strategy is a must. You have to know where and when
you can buy the materials you need, how your going to get it where it needs to be
and how your going to use or apply it.
• PROMOTIONS
• Think about advertising, like TV., radio, internet or newspaper adds. How to get
publicity and public relations are important. Promotions are always a good idea for
a beginning business like having two for one deals of giveaways this will attract
new customers and keep the present ones happy.
7. • Knowing your product.
• You have to know the ins and outs of whatever it is
your trying to sell, you have to have the right answer
to every possible question
• You have to be able to know the benefits or features
you provide in comparison to others because
customers choose based on the benefits you provide
• And know your competitors. Its like keeping your
enemies close. Know what there taking from you and
what it is your taking from them and know how to keep
it a step a head of your competitors
8. Number 7
• Know your customers
• There are generally four types of costumers. Your primary
costumers your secondary customers, tertiary customers and
potential demand.
• Primary customers are the people who continually buy your
product at the price you want and directly wherever its sold.
• SECONDARY customers are people that like some of the things you
offer but you have to get to these people through abnormal
avenues that might not necessarily be directed towards them.
• TERTIANY like fairs or functions that come around a few times a
year and are not constantly
• POTENTIAL DEMAND this is the next place or clientele your trying to
move to, either virtually or physically. This initials knowing about
the flux in business in that surrounding area.
9. • Identifying Your target market.
• You need to have an extremely good understanding of what your
customers are going to want to buy from you or what services you
will provide.
• So you must have a thorough and precise explanation of what it is
your doing for the client i.e. features and benefits that make you
stand apart from the others that may offer the same product.
• The benefits are what will bring your costumers to your business.
This is the motivation that will make people buy from you!
• In turn you will understand all of the common characteristics that
your costumers exhibit, by doing things like surveys and research
questioners it will help you to profile you customers which if you
use that information correctly it will help sales in general.
10. Number 9
• Use the reference tools and resources information to
target specific markets.
• By using tools like the U.S. census country and city data
because these and other tools will help you learn
about the customers in your target market.
• Knowing things like age , income and marital status are
just examples of easy to get information that should be
included in your customers profile
• Know your available market. This is your potential
market divided by your number of competitors this is
the still available market that you should reach.
11. • Sound bytes and elevator speeches
• An elevator or what's also known as a elevator pitch is a quick overview of the product, person, service or project
your invested in.
• Its usually part of a fundraising, marketing, or communication brand or some kind of public relations program.
• Some good reasons to have an elevator speech prepared is to help gain finances, get people interested in what
you have to offer and network. So its important to have a fast something that you can say to some one in passing
or in a short amount of time.
• When your Preparing your elevator speech you should have these things in mind.
• 1To know who your audience is; Know what the people your pitching to want to hear
• 2know your team; know the people that work with you, the people who will be involved.
• 3 outline your speech; make sure you have made a few rough drafts and have read it aloud so you can work out
the inevitable kinks.
• 4 finalize your speech; Make a final draft memorize it and be confident in delivering it.
• 5 First impressions count!; In business this is especially true, people are so busy that if you don’t make a strong
impression their likely to never give you a second chance to impress your plan upon them.
