Page 13 - The Notice Board NOVEMBER 2020 edition 64

November , 2020 Page 13 Page 13
October, 2008

How to Be a Successful Business Owner
Focus only on your primary
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operations at first: That is, you can make cuts to expenses or provide you the boost you need to
avoid being caught up in every increases to revenues. grow your business. Foster
business opportunity that comes strategic partnerships by reaching
your way. It's better to be perfect Limit expenses as much as out to businesses you think could
at one thing than mediocre at possible: While this may seem benefit yours, whether they are
five. This applies as much to obvious, just try to think of areas suppliers, technology providers, or
making decisions to diversify where you could generate the complementary businesses. A
your business as it does to same effect by spending less good relationship with another
deciding to take on additional money. Consider using pre-owned company can provide you both
projects for yourself outside of equipment, finding cheaper forms free advertising, lower your costs
your primary business. Focusing of advertising (for example, fliers of doing business, or allow you to
on one thing will allow you to rather than newspaper ads), or expand to new markets, depending
negotiating better payment terms on the partners you choose.
with suppliers or customers to
save a few dollars here and there.
Try to maintain very low spending
habits and only spent money when
and where you absolutely have to.

commit all of your resources C o n s i d e r s u p p l y c h a i n
there and be more productive in efficiency: Your costs, and
that endeavor. therefore your profits, depend on a
s u c c e s s f u l s u p p l y c h a i n
Focus on cash flow, not profit: organization. By fostering good
While making a profit should relationships with your suppliers, Be responsible when it comes to
certainly be one of your goals, it organizing deliveries, and debt: It's very important that you
should not be your main focus consistently providing customers realistically assess your ability to
when you are starting out. Cash with timely service, you can pay back any debt that you take on.
flow is far more important — increase your profitability and While starting and running a
many small businesses run out of reputation. Successful supply business is always risk, try to
money before they have even chain management can also help minimize your liabilities by only
been around long enough to you eliminate any part of your taking out as much as you
generate a profit, and must close business with wasted resources, absolutely need. And when you do
their doors. Pay careful attention like raw materials or labor. take on debt, be sure to structure
to your overhead costs and sales your cash flows such that you are
during the first years, and let Consider finding strategic paying it off as quickly as possible.
profit take a backseat. partners: Much like a good Prioritize debt repayment before
mentor, a strategic partner can you do anything else.
Keep detailed records: In order
to be successful, you'll have to · Growing Your Business
make a habit of recording each
and every expense and revenue Perfect your business pitch:
that your company has, as well Have a 30-second speech ready
as every dollar that flows that explains your business as
through it. By knowing where briefly and efficiently as possible,
exactly your money is coming in including information about your
and where it's going, you're more purpose, your service/products,
capable of recognizing financial and your goals. Having a practiced
difficulties before they arise. In pitch that you can rattle off to
addition, doing this will give you anyone can help you in situations
a better idea of where exactly where you're trying to make a sale

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