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Set your business up so that someone will want to buy it
The eternal hope for most business owners is that, at some stage, someone will come to them with a big bag of money and offer to buy them out. After all, this is the reward for all the hard work, stress and financial risk they have taken on. Setting up your business so that someone [...]
Don’t just look at your business in terms of facts and figures
Business success can be measured in many different ways. Unfortunately, a lot of people think only in terms of profit and loss, without taking into account the many other considerations that go towards making a business successful. I often meet with clients whose businesses are struggling financially, and I feel that this affects their enthusiasm [...]
Be aware of your business’s peaks and troughs
Most businesses have times when they are busy and times when they are quiet. For some businesses, these peaks and troughs can occur during the day for example, restaurants are obviously busiest around meal times and quieter in between. For other businesses, these peaks and troughs may be more widespread, perhaps extending over certain months [...]
Always have a plan for when things go wrong
Most airlines around the world have a public relations plan in place in the unfortunate event that one of their planes crashes. If this does happen, a button is pressed and the public relations team takes over. Normally within minutes of the accident, a press release is issued and the public relations team works on [...]
Competition you need to be better than the rest
Competition is the lifeblood of business. In some shape or form, we all compete with many other companies. The advent of fast planes, fast Internet communication and fast couriers means that geographical distance is no longer an overwhelming constraint. My main booster tip here is that you need to be better than the rest. Can [...]
Stay aware of, and up to date with, what is happening in your industry
Knowing what is happening in your industry is more important today than ever before. Technology is changing rapidly, consumers’ habits are changing just as fast and, as a result, the way we do business needs to be able to adapt quickly. Staying aware and up-to-date is essential to the survival of any modern business. The [...]
Know exactly where you are going
Running a business of any size can be truly challenging. Apart from doing your day to day work, there are many other issues that you have to think about. These issues can be anything from juggling finances, to worrying about an unhappy customer, to feeling guilty because you aren’t spending enough time with your family. [...]
Know exactly how you are going to get there
Take the time to write down a plan. It can be as complex or as simple as you feel is necessary. It’s a plan for you to follow and to give you direction. My yearly plan falls into three categories: Personal My personal plan outlines what I want to achieve in the coming year on [...]