Cashflow is the bloodline of your business. Most business fail because they ran into cashflow problem. Most new business owners start to spend lots of money before the businesses start making money.
Spending money on renovating luxury offices, buying unnecessary things or renting too big an office space. Even buying small items can bring huge burden to your to your cashflow.
If you are not someone who is good at managing cashflow, get someone who is good to do it for you. My business partner is good at that, she is the one who manages all the money in the company.
In the first year of our business, she had stopped me numerous times in buying unnecessary things.
Learn to watch your cashflow. Your business depends on it.
2. Marketing business
When I was young, someone told me this, "as long as you start a business, they will come and you wil be rich." That may be true many years ago. But it's no longer true now.
When you start your business, you must make known to the world. Tell everyone about your business. Learn to do effective marketing not just marketing that everyone else does.
All businesses are in the business of marketing. If you sell pens, you are also in the business of marketing. Just that you are marketing pens.
Marketing is a huge subject. Many business owners start business without knowing even the basic of marketing. I done lots of test about marketing. I started to learn about marketing five years ago. Only in the last years, I discover I had moved to a deeper level in understanding marketing.
3. Negotiate, Negotiate, Negotiate
Learn this skill and you can get many good deals. You may even get people who's willing to work for you free. A tip for you before going into a negotiation is to understand what the other party wants. Know that and you'll find your negotiation goes much smoother.
Understand this point, negotiation is about win-win. Creating a win-win deal in a negotiation. If a negotiation turns to win-lose, one party will definitely walk away from the deal.
4. Taking care of your customers
You have to think your customers as long term friends. If you take care of your customers, they will take care of you. Build trust and rapport with your customers, they will buy from you for a life time.
Build a system so that you can always keep in touch with your customers. When your business grows, you do nt have the time to keep in touch with all of your customers. That's when this system will come in handy. Build it early, so you will not lose any customers.
Get yourself prepared for a new business. Be mentally prepared, physically prepared too. You will find great success in your business if you are prepared.
