Do Business Well

It is fantastic to have your own business, but the greatest thrill is to see your “baby” grow!

At last - you’re in business! But remember that even though you may have the best product or service, if it’s not properly promoted it will not succeed. Many entrepreneurs put marketing last on their list while it should be a priority; this is an important reason for business failures. But, there are various relatively inexpensive ways to promote your product or service. Let’s look at some examples. Continue Reading »

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Master your Product

There is no doubt that great persuaders know their product, service, or business. I have found that great persuaders use their own product or service. Through this use, they have experienced what their audience will experience. You must know every possible thing about your industry. Nothing is going to surprise a great per- suader. They are up to speed on the economy, the industry, the company, and the competition. Continue Reading »

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But everybody wants to grow, and you can’t blame them. So what should an Internet brand like Amazon.com do? There are five fundamental branding strategies for a leader in any category.

1. Keep your brand focused.

There are more than 5 million dotcom sites registered on the Internet, and you want your site to stand for more than one thing? Amazon.com should stay focused on books and music CDs. After all, the site accounts for just 4 percent of the $24.6 billion book market in the United States. Continue Reading »

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10. Curtail your advertising agent’s spending

An agent makes more money, the more you spend. He’ll be happy if you go for a bigger, more expensive, more frequent advertising campaign. It could be worth monitoring that expenditure does not exceed the agreed budget figure.

11. Buy publicity-related services direct from the supplier

Advertising agents will usually make a profit on any service, however small, that they arrange for you. Search for opportunities to go direct for some of these services. In quiet times you may well have the capacity to do the work yourself. Continue Reading »

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Your first thought might be that “why businesses fail” would just be the flip side of “why businesses succeed.” While there are some similarities, there are also some significant differences.

Ingredients to Business Failure

1. Inadequate capital
2. Product or service not needed
3. Underpricing
4. Excessive overhead
5. Insufficient time commitment from owner
6. Bad luck and/or timing
7. Poor understanding of business
8. Problem location
9. Poor accounting controls
10. Internal theft

Continue Reading »

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Regional Split

Where are you going to do business? Regionally, nationally or internationally? How much will it cost you to market yourproducts nation-wide and do you have the resources? One of the biggest mistakes that new entrepreneurs make is that they try and expand too fast. Their own success can lead to their downfall.

Is your product or service oriented towards the rural or urban areas, or both, and how will you adapt your approach?

Also, how many competitors are already operational in theareas that you want to go into? How many outlets can successfully operate in one area? Continue Reading »

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• How will you package your product/service?

Your packaging is an extension of the product itself. It is often the first impression that a prospect gets of your product. That’s why it is so important that the way you package your product/service is attractive yet functional. If it does not turn the customer on, the chances are the customer won’t buy it. The packaging of some products is so distinctive that the packaging almost becomes a reason to buy the product (think Pringles). Unique packaging can be patented.

• How will you deliver your service? Develop a separate “service plan”

If you are providing a service, you need to focus on the tangible delivery of your service to the prospect. Continue Reading »

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The quality of your business plan will ultimatelydetermine the quality of your future and that of your family

A note before you take this step: the business plan is written for YOU. You must be comfortable with it. It must a friendly, easy-to-use, simple guide to help you manage your business and, as importantly, measure your achievements. You must personally compile your business plan and take full ownership of it. Although you may need to use consultants or advisors, this is your future you are planning. The quality of your business plan will ultimately determine the quality of your future and that of your family. Continue Reading »

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The number one criteria for starting, buying or running a successful business is that you must truly love it. You must have an absolute passion for it.

So identify what business really turns you on. For Eric, it’s working with people and providing them with the advice that will help them become successful. For Mike, it’s getting people so excited that they motivate themselves to achieve their dreams. What does it for you? Do you have a hobby? Can you make money from your hobby?

In general, though, we would advise you to avoid areas in which you have little or no experience. They may seem exciting from the outside, but once you really become involved in them, you may find them barren. Continue Reading »

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2. SET YOUR CUSTOMER SERVICE RULES AND THEN IMPLEMENT THEM RELIGIOUSLY — DESIGN AND EXECUTE THE SERVICE PLAN.

There is an old business saying: Everyone knows what to do, but not everyone does what they know. The basic rule of customer service is very simple: Do whatever it takes to make and keep customers so happy they come back for more again and again. Not difficult is it? We’ll tell you where the difficulty arises: executing that rule with passion, discipline and consistency.

How many companies do you know who provided magnificent service when they started and then faded into mediocrity? Stand guard against this danger destroying your business. Make customer service your personal mission. Drive customer service from the top, but always discuss and encourage your staff to be open about it so that everyone can turn around dissatisfied customers. Continue Reading »

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