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Starting a business needs a lot of preparation, which is ideally written down in a business plan. Businesses need the direction provided by a vision and mission statement and clear company values, to be successful in the long term. An on-going adaption of the company's products/services to the external market environment secures business success. However, consistency in regards to the company’s activities is needed to build brand value. A well working pricing and revenue system secures that the business is profitable. Conclusively, businesses need to get many things right, and may profit from the advice of professional, especially during their early days.
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Basic Tips for Small Businesses' Financial Success
Produced on behalf of: Business Debt Managementwww.business-debt-management.co.uk
MANY SMEs FAIL BECAUSE OF THEIR
POOR BUSINESS PLANS
STUDIES REVEALED A POSITIVE RELATION BETWEEN
THE EXISTENCE OF A CORPORATE CULTURE,
EMPLOYEE & CUSTOMER SATISFACTION LEVELS,
& THE FINANCIAL SUCCESS OF A COMPANY.
LEARN FROM THE BIG BRANDS
AND BUILD A COPRPORATE IDENTITY AND A
‘CULTURE OF PURPOSE’
DERTERMINE SOLID COMPANY VALUES AND OBJECTIVES. DEFINE A VISION AND MISSION.
BE DIFFERENTFROM YOUR COMPETITITORS
ALWAYS WATCH YOUR EXTERNAL
MARKET ENVIRONMENT
ALSO, LOOK AT INTERNAL FACTORS. EVALUATE
THE SUCCESS OF YOUR PRODUCTS/SERVICES
USING SOME OLD BUSINESS MODELS SUCH AS THE BCG MATRIX AND PLC
CHANGE THE COURSE WHEN PROFITS DECREASE, OR AS SOON AS NEW
OPPORTUNITIES COME UP.
GET YOUR PRICING RIGHT
BE BRAVE AND ENTER NEW MARKETS: DEVELOP NEW PRODUCTS/SERVICES FOR YOUR
GIVEN CUSTOMERS, OR TARGET NEW ONES WITH YOUR GIVEN OR NEW PRODUCTS.
BE SHY AND TRY TO ALWAYS APPEAL TO THE DIVERSE CUSTOMER TASTES.
ALWAYS KEEP THE RIGHT BALANCE BETWEEN YOUR CUSTOMER RETENTION AND
CUSTOMER ACQUISITION ACTIVITIES.
KEEP YOUR STAFF HAPPY AND ASK THEM FOR THEIR IMPROVEMENT IDEAS
SEEK OUT FOR HELP, IF YOU HAVE
REACHED A DEADLOCK.
FOR EXAMPLE, BUSINESS DEBT MANAGEMENT
CAN HELP SOLVING DEBT PROBLEMS.
Produced on behalf of:Business Debt ManagementPhone: 0845 463 3328www.business-debt-management.co.uk
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