Kategori: English

Source: The Small Business Knowledge Base (www.bizmove.com)

These mistakes are common to many entrepreneurs and small business owners. Beware of these deadly mistake:

  1. Getting Wedded To An Idea And Sticking With It Too Long

Do not marry a single idea. Remember that ideas are the currency of the entrepreneurs. Play with many ideas and see which ones bring you money and success.

  1. No Marketing Plan

A marketing plan creates the kind of attention you need to get in front of the right types of people, companies and others. It is what attracts people to you! There may be as many as 25 ways to market your business at low cost and no cost at all. A good marketing plan implemented effectively, efficiently, elegantly and consistently will eliminate the need for “cold calls”!

  1. Not Knowing Your Customers

Changes in your customers’ preferences and your competitors’ products and services can leave you in the dust unless you get to know your customers well, what they want now and will likely want in the future, what their buying patterns are, and how you can be a resource for then even if you do not have the right products or services for them now!

  1. Ignoring Your Cash Position

The customers do not respond to even superior products in the timeframe that you think they should. You will need plenty of cash to sustain yourself in the meantime.

  1. Ignoring Employees

Motivating, coaching and managing your staff is probably one of your toughest challenges as an entrepreneur or business owner today! Without your patience, persistence and “people skills,” your problems can multiply quickly. Morale, productivity and profits can easily be destroyed!

  1. Confusing Likelihood With Reality

The successful entrepreneur lives in a world of likelihood but spends money in the world of reality.

  1. No Sales Plan

Without a sales plan, there is no serious way to gauge the financial growth and progress of your business. You need a realistic map for where the sales will come from, how they will come, when they will come and from whom.

  1. Being A Lone Ranger

You might the key to everything but you cannot do everything and grow at the same time. Even modest success can overwhelm you unless you hire the right staff and delegate responsibility.

  1. No Mastermind

Get an advisory board or a mentor! Sounds crazy for a small operation? But it is not. The board can be family members of friends whom your trust. Ask them to be you board of directors and review your business plans and results with them. Having someone to bounce ideas off and get an objective opinion is very critical.

  1. Giving Up

Some of the most successful entrepreneurs failed several time before doing extremely well. So, if you are failing, let it fail and fail fast. Learn and try again. Do not give up. Yet, do not suffer either.

“It is better to have a smaller piece of a large pie than 100% of a failed business”

 

Sumber Arkib: Buletin Usahawan Nasional Bilangan 6

Source: Lorraine Pirihi is Australia’s No.1 Productivity Coach and a dynamic speaker to help anyone in business get organized, get focused and on track.

Your image can help win your business – or cause you to lose it.

What image do you and your people portray to your clients? Here is a situation that happened to me recently, and hopefully you will glean useful small business ideas that will make you money instead of losing it.

When I noticed that two well known blind companies were advertising 35 per cent off their blinds, I decided to give them a call… and it was an interesting experience.

 

COMPANY A

The representative from this company turned up on time, which in itself is a big bonus. She was dressed in a professional way and was very efficient in her manner. I knew what I wanted and all Mary had to do was take measurements and provide the quote. She was extremely helpful and pleasant to deal with. I asked Mary to call me in a couple of days as I had also arranged for another company to quote. “No problem,” she said. “I’ll ring you then.”

 

COMPANY B

This sales representative turned up 15 minutes early, which is very unusual. I do not mind people arriving a few minutes early than the agreed time, but 15 minute is a bit too early. He should have rung first to see if it was okay.

John was obliviously a smoker because the smell wafted through my front door before he walked in. that really put me off. Not only that, he was unshaven and dressed in a sloppy manner. He looked like he had just got out of bed, got dressed, had a smoke and turned up at my house.

Maybe, I should not have been so quick to judge him; however, his image gave me the perception that the company must be very unprofessional to have people like him representing it.

John had no sooner walked through the door, when his mobile phone rang. Instead of switching it off, he answered it and had a conversation for a couple of minutes from someone from his company. I thought this was rude. Was it not more important to focus his attention on this potential sale? He could have checked his phone when he left.

John took measurements for the blinds and provided a quote which, compared to Mary’s was $600 (RM2,040) cheaper. It appeared he had not included one of the measurements – which were why his quote was so much cheaper.

However, I did not bother ringing him to find out if this was why his price was much better than Mary’s. I had already decided that if he was a slob, then the company he worked for probably supplied shoddy blinds.

Whether that is true or not does not matter because that is the perception I had about the company.

What image does you and your people portray?

Image is very important. People judge other people by the way they look and behave. Do you dress appropriately for you role? Does your staff do the same?

Do you portray a professional image? Does it instill confidence, trust and reliability? Image is not just about the physical aspect of a person. The environment you work and live in also says a lot about you. So does the vehicle you drive.

For instance, a cluttered environment gives the impression of a chaos, a lack organisation and sloppiness. A clean and tidy area portrays harmony and control.

Small Business Ideas To Ponder

  • Do you and your staff dress appropriately?
  • How is the telephone answered?
  • Is your environment uncluttered or does it looks like an earthquake zone?
  • Is your signage clean and appropriate for your business?
  • Your car cleans on the inside and outside?
  • Is your home clean and tidy?

The Final Word

So take stock today. Look at yourself first. If you are a manager, business owner or team leader, assess your own people and the environment and see what can be improved, then take action.

You only get one chance to make a great first impression. And it is that encounter which can make the difference between gaining business and losing it.

 

Sumber Arkib:  Usahawan Nasional Bilangan 17

 

These tips are excerpts from the talk entitled “Management and Challenges in a Retail Business” by YBhg Dato’ Ameer Ali Mydin, Managing Director, Mydin Mohamed & Sons Sdn Bhd. the tips are all his personal views.

Before you decide to venture in a retail business, learn;

  1. The business trade from others in the same business.
  2. The business fundamentals to enable you to know enough about everything.
  3. From other people experiences rather than sticking to your own idealisms. Those idealisms might not be practical.
  4. One must always be “hands-on” in running a business.
  5. Never overpay or underpay your stuff. Pay them just right.
  6. When you decide to be in a business, do it properly with high discipline and full of commitments. Go into it whole-heartedly.
  7. Be focused in your business venture. Don’t diversify into other areas using the money from your existing business. Avoid this major pitfall.
  8. Don’t give your “heart” to the business. You can’t be too nice in life.
  9. Always be cost conscious. Don’t throw your hard-earned money for something not worth for.
  10. Never mix business expenses with personal expenses.
  11. Always show to your stuff that you understand and know everything about the business. Then only they don’t dare to lie or cheat you.
  12. Venture into a business that differentiates you from others in the same business. Make your business a special and unique one in order to be different from others.
  13. Do not operate a business in your own premises that can fetch a lucrative rental. Look out for a cheaper place that suits your budget.
  14. Then renting a premises, plan and work out the budget properly to ensure the rental is within your reach. Never rent an expensive place even if it is a strategic location for your business.
  15. Plan, prepare the budget and cash flow, get the relevant approvals (such as bank loan, licenses), quotations etc done way before looking for a location. A good location will never wait for you!
  16. Plan for contingencies. Many things can happen unexpectedly (according to Murphy’s Law). Just be prepared to face them.

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