Open your own business requires the right strategy in order to succeed and develop into a major corporation. Some important things you notice are the consumers, cash flow, credit, credibility, and capital.
These five things are the things that determine success or failure of your business. Here are the details of the things you should consider when starting your business:
1. Consumer
Consumers are the main things that must be considered by the business because they are the lifeblood of all businesses. Consumers are also the one who gives you your company's turnover to keep moving. The old adage says, "business will not work without something is sold" it is very true of the business.
There are many ways you can do to maintain and to attract new customers. One is as below.
-Ad
In starting a business, you have to start spreading the business expand so many people know. The way to advertise. Place and the medium can be anything, such as local newspapers, radio ads, brochures were sent from home to home page personal sites, classified ads and so forth.
- Promotion
Many business people are giving promotion at the beginning of building his business. Typically, promotions are made using a discount coupon or gift purchases directly if it reaches a certain price. The effectiveness of such programs depends on the target consumer and the prizes were awarded.
- Brochures from house to house
Distributing flyers in a way from home to home can be an effective nan efficient. This method is most widely practiced in the early days of building a business with your target consumer communities.
- Discounts
The most classic way to attract and retain customers. So you do not really lose in giving discounts, try to have special requirements in advance. Effective one is the condition when the consumer is able to bring prospective buyers will be given a discount. Thus, gradually the number of customers you will always grow.
- Patented Brand
With the patented brand, then the existence and reputation of your product will be increased in the eyes of consumers. It is widely used by large companies but can also be effective for small businesses if they can afford. Unfortunately, this tends to be an ongoing process and the cost is quite expensive.
- The Customer Service
By providing the customer service is essential for all businesses. If not enough resources, the business owner could well double this position. What matters, complaints and customer satisfaction can be detected properly. But be careful, the way consumers communicate with customer service can remove or destroy a company's image.
- Network
Develop a network can lead to increased consumer. How, you can follow the show or join in an association. In an association you can share experiences and find new ideas.
2. Cash Flow
Cash flow is smooth and healthy ozmet sometimes more important than the start-up businesses. You should be able to adjust the balance between incoming and outgoing cash flow. Uneven cash flows that can provide answers that are less good at your business forward.
One is the lack of funds to pay employees, pay late credit to the bank until the fund to pay less tax. Such surprises are usually destroy your business slowly.
Ad helps you rencakan expenses and income in a month or two ahead, so if there are surprises along the way you still have time to act so that ultimately your cash flow remains positive.
In making the prediction of cash flow, you must first estimate the earnings that would go, and then compare it with your company's operational costs. Set in such a way that the projected cash flow remains positive.
3. Credit
A loan from a bank or other place is one instrument that can be used you for several reasons, such as below:
Installments of various operational requirements without using your own money, so your cash flow can be rotated for use in another post.
Can get a discount by buying goods in large quantities. For example, if one vendor gives you a repayment period of 30 days, but if the company paid cash you can get a discount of 2%. Then immediately to the bank and ask the loan.
Easier to manage cash flow. Have access to a loan when needed is very helpful especially in closing the needs of incoming and outgoing cash flow.
4. Credibility
One common weakness of small companies developing new hit is the lack of credibility. Thus, when intending to move forward to a wider coverage usually lost first by larger competitors.
Its loyal customers might know about this company well, ranging from the number and competence of employees, the continuity of its business to less solid brand position nationally.
Professional presentations, testimonials from consumers, government certifications and references and word of mouth promotion by consumers can help raise your company's credibility. Credibility also be formed by the owner of the company go directly to the court and serve the consumer
5. Capital
High enough capital will be very helpful when you want to expand the company, such as renting the building, purchase equipment or vehicle operation or even acquire other small companies. With a good relationship with the bank, coupled with a track record of good credit can be a source of liquid capital.
Conclusion:
Designing and building your own business is very important in advancing the national economy. Companies that you can open up job opportunities for many people. Although the role is very important, it does not mean it's easy to run your own company. But, with some of the tips above you are expected to survive and grow well.
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