Running a business can be challenging, but I believe as long as you learn from your mistakes, and the mistakes other successful people have made, then you can grow forward in life and in business.
Here are some of my personal top Business tips.
Always trust your gut.
If something does not feel right, then move away from it. From either hiring a staff member, buying a product or premises, or even joining with a supplier or customers. You must feel in your energy that this move will be good, and if it does not, re-look and re-evaluate.
Always negotiate better pricing.
This is one thing not a lot of people do and maybe it’s not a common thing to do in South Africa, but I always believe in negotiating for the best deal. It’s not just about the money, it’s about asking the right questions and knowing what you are paying for. Do not be afraid to ask for discount or if it is their best price available. From banking charges to supplier pricing. We always negotiate better rates on couriers, stationary, monthly services etc. But just remember you do not need to settle for the asked price.
Run an honest business.
Make sure your staff and people you work with know your policy and copy your believes. Remember this is your name, as well as your companies name and you have work hard, so do not ruin it with dishonesty. It should be a standard pillar of your business structure and you should not stray here.
Do not be afraid to let a customer go.
Let go of customers that falls in your 80% group. (In business they say to follow the 80/20 rule. 20% of your customers that bring in 80% of your income.) That means generally 80% of your customers could possibly only bring in 20% of your income, but might be taking up most of your time, energy and might even be costing you more money just to manage and keep happy. Look into this part of your business, you could be working on the wrong clients that don’t appreciate your business.
Work closely with your accountant.
Always know what is going on in the money section of your business. Stay on top of your accounts (people who owe you, as well as the account you owe) and to make sure your cash flow predictions are at the top of their game. Get advice from people who have successful businesses and learn from their mistakes.
Remember you work with people.
So chat to your staff and always try to have an open door policy where they can come and have a cup of coffee with you to discuss any issues or ideas they might have. Remember also, not everyone will share your vision, your understanding or your mindset to grow a successful business. Some staff will only work and do the basic requirements, but you should invest in those that go the extra mile and who wants to learn from you.
Remember a business takes time to grow, but you should always have plans to grow forward. Time changes, the exchange rate effects our country, businesses open and close all the time and you have a choice how you wish to deal with all of this. We say, make a plan, and make it happen.
Till next week,