The difference between a good business and a bad business if often whether people take the time to build the infrastructure to set themselves and their venture up for success.
The key thing is to spend your money wisely; for every cent that you spend, you should see a return, in one way or another. While there will always be wastage – it’s hard to get things right all the time – you should aim to reduce the amount.
Diversification is when a business brings out a new product/service or targets a new market. It can be a great way to bring extra revenue to your business, however diversifying can also be a lot of extra work and may require some expensive investment.
The digital revolution has answered loud and clear for independent professionals to take note: You don’t have to be big to grow big. Indeed, not only does your business size not define your performance and success, but it also doesn’t limit you.
It’s just not enough to be growing in sales, clients, customers, or even profit. What I now say frequently to entrepreneurs is that if you aren’t continuously reinventing your business, your business is at a great risk of failing, sooner than later.
Growing a small business from a startup, into something that turns a profit, makes you a steady income, and consistently attracts new customers and sales, takes investment. Investment not just of money, but also of your time and effort.
Perhaps one of the most surprisingly boring elements of a business stagnancy is not the money you are losing, the staff who are becoming demotivated, the embarrassment that your approach is not working…
You’ve had something come to you fairly simple before, right? Was it more rewarding than something you’d ploughed lots of effort into? It wasn’t, was it?
Things like money, a building to work from, reliable staff, customers, ideas and supplies, you quite simply wouldn’t have a business without. That’s why it’s so crucial that you get these things right.
When you are looking to seal a business deal or make that final sale, your brand needs to speak for itself from the get go. Adding quality to your business is relatively easy and it could mean the difference…