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Business Guide

We hope you will discover various and useful business information to help you reach your goals.
 

Business Tips

1. "Experience is the best teacher". It is important to keep this saying in mind, especially when starting a new business. You'll learn something valuable from every single experience you have as you begin to grow your business. Try to learn from other people's experience too. Remember, wherever you are in the business, you can be sure someone, somewhere has had a similar experience. The more experiences you have, the better business person you'll become.

2. Treat others as you would want to be treated: with respect, helpfulness and courtesy. Win people's trust and they will continue doing business with you.

3. Many new business owners especially at the early development stages, tend to under-utilize professionals like; accountant, lawyer, banker, management consultant etc. Many new entrepreneurs are concerned about the cost of the service rather than the potential benefits. The cost of professional help is a legitimate business expense and a beneficial investment in future business.

4. It's okay to feel afraid. Talk about your fears and discuss them, you will conquer them and become stronger, both personally and professionally.

5. Many businesses begin as sole proprietorships because of the low start-up costs and the ease of formation. As a business grows, however incorporation is sometimes a better form of business ownership. Before you decide on the legal form of ownership that best suits your business. it's wise to consult a lawyer for a more detailed look at the costs associated with each and for advice on how best to go about the process. You should consider the advantages and disadvantages of each form of business organization.

6. One of the most critical elements in making your new business succeed is good customer service. Prompt delivery is absolutely essential to show people you're reliable and they can count on you.

7. Failure to arrange an adequate cash flow is the most common problem. The initial start-up costs of most businesses are very high and the return on investment small during the first few years. If there is not enough cash to pay bills falling due, suppliers will be reluctant to expend further credit and the business will be forced to close its doors.

8. It is important to build a new business around something you enjoy, or already have experience with. You'll need to live and breathe the business during the first year or so in order to get it of the ground, so you'd better enjoy the work and know something about it.

9. Poor bookkeeping practices will result in inaccurate financial records and a false reading of the company's performance. Since many key management decisions are based on financial records the direction taken may be totally inappropriate and ultimately may cause firm to declare bankruptcy.

10. Don't try to do every aspect of the business at once because it's too much to handle. Business is a gradual process and it needs to be accomplished in little steps.

RELATED LINKS
Using The Professionals
Factors To Consider
Your Product Or Service
Protecting Your Product Or Service
Your Customers
Your Competition
Market Research
Business Guide
RECOMMENDED  LITERATURE

Marketing Management - This worldwide best-selling book highlights trends and developments in global marketing-with an emphasis on the importance of teamwork between marketing and all the other functions of the business. It introduces new perspectives in successful strategic market planning, and presents additional company examples of creative, market-focused, and customer-driven action. Coverage includes a focus on customer relationship management, partner relationship management, the Internet and its effects and uses, brand building and brand asset management, alternative go-to-market channels, and marketing around the globe.

How to Really Start Your Own Business - W.D.Bygrave, professor of entrepreneurship, Babson College "Gumpert's how-to book is simply the best. No would-be entrepreneur should launch a business before reading this book."

 
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