Whether you have been a business owner for one day, or a hundred years, it is really important for you to know basic business fundamentals. That is why in this post, I have put together 5 of my best tips that every business owner should know.
1 – You have to know your point of difference.
It doesn’t matter if you are selling apparal or tomatoes, It’s really important for you to know what sets you apart from the thousands of other people that are selling the exact same product as you.
Do you have a better price point?
Do you have better service?
Or do you have a better selection as a whole?
Knowing what sets you apart is a really great way to start your marketing effort. To figure out what your point of difference is, it is important to
2 – keep tabs on your industry
You need to know what your competitors are doing, and you need to know whats going on in the technology side. That way you can always be aware of whats changing, so that you can react a lot faster.
3 – Work hard and be nice.
This is very important. Weather it’s to the people that are supplying your product, or it is to the people that are buying them, it is important that you be nice because your reputation matters, and your business depends on it.
4 – Marketing is really important
If you have the best product or service in the world, no one will come to your business unless they know you exist. It’s all done through marketing. You have to get your name out there. Whether it’s through email marketing, local marketing or social media. Whatever method you use, you need to make sure that you have a marketing plan in place for your business.
5 – Money Is very important to a business owner
Now unless your a non profit organization, you are probably trying to make money so you need to keep tabs on your finances at all times. Whether it’s basic accounting, forecasting for future investments, If you need a new design, can you pay for it? Can you pay your bills and make a profit?
Hopefully these business owner fundamentals have been helpful at bringing things back to the basics, and will set you on the right track for success.
If you have any questions, I am always willing to help.
From me to you, happy selling.