10 Commandments of Business
Many business owners are time poor and simply don't find the time to read the more comprehensive articles. So if you are looking for a bunch of potent tips for your business - then this short article is for you.
Aptly named the 10 Commandments of Business, these are 10 activities which will add bottom line value to every business.
- ... plan for the business. This should be aligned to a clear vision of what the business is seeking to achieve, along with its key strategies and measures to get there.
- ... understand your cashflow. Cash is the lifeblood of the business, so you need to monitor the forward needs of the business, keep its volume at the correct level and be attentive to your cash cycle time.
- ... know your market. Knowing what is happening, what is changing and what is going to change next are all important. Understanding your clients in this area, their needs and expectations are vital for sustained success.
- ... always be marketing. Whether your marketing is to your existing clients in the way you service them or externally with advertising, web etc, you must always be marketing your business. A ready stream of new leads is the objective.
- ... always service your customer. Regardless of what you sell or who you sell it too, every business has customers - so you need to look after them. By all means define the appropriate level of service for your business, but never take your customers for granted.
- ... provide a quality product or service. Returns, defects, poor performance etc, all cost the business both directly with refunds/replacement service etc, and then indirectly via brand damage.
- ... form a strong team. Hiring well and growing the skills of your people with appropriate leadership and development are success factors for business.
- ... work on the business. Elevating yourself from operating solely in the business - taking time to review your whole business, it's performance, it's structure and strategies from an arm’s length position provide improved performance.
- ... review your financials. Simply trading a business is not sustainable, it must be profitable - and the only way to ensure this occurs is to understand and monitor your financial accounts on a regular basis.
- ... enjoy what you do. Life is simply too short to not genuinely enjoy what you do at work for 40, 50, 60 or more hours per week. If you don't enjoy what you do - then make a change.