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Starting your business / Business Boosters and Business Pitfalls

Business Boosters

1.   Marketing and innovation are the basics for every successful business -      
     where do you stand ?
2. Allocate time to marketing every day – make the phone calls, send the quotes/mails/website. Work to a weekly/ monthly marketing plan
3. Ask your self every day - why should people buy from me?
4. Invest in good design and marketing collateral – the logo is important, Build your brand!
5.  Stamina - sticking at it, even when the going is tough and rocky
6. If you do the normal things – you will stand out - few people do. Answer messages. Deliver when you say you will
7. Ask for price cuts – everyone does it, it's an expected norm
8. Get money in quickly and  ask to extend payment
9. Focus on your niche, understand what your niche is and market to it.
10. Get advice, don’t waste time stewing about stuff you don't know   - ASK!
11. Network madly, work on meeting new people weekly
12. Build strategic alliances, consider who your natural allies are
13. Be clear about your unique place in the market place
14. Manage your time, set daily/weekly/monthly goals and build your schedule around it. Be clear what you want to achieve each week - in marketing, sales, admin, production etc
15. Concentrate on doing what you are best at – and feel passionate about it
16. Test market, start small
17. Do your homework, know your market
18. Keep learning, do courses, keep abreast of trends, attend tradeshows and conferences.
19. DO a superb job! Get a name for doing a great job

Business Pitfalls

1. Underestimating the effort, time, cash and hassles required to start making money
2. Confusing between important and  urgent – Important is what brings in money and builds the business
3. Spending too much on advertising – getting sucked into believing this will solve your problems. Remember you can do your own PR
4. Spreading yourself too thinly, trying to do everything alone
5. Borrowing too much money
6. Taking on too many fixed expenses and overheads
7. Feeling low and desperate- not thinking and not getting into action
8. Not working on price lists and pricing policy. DO the sums! Understand what profit % you need, understand basic financial ratios
9. Not  being attuned to the industry  you operate in
10. Getting stuck in a rut, resting on your laurels. Remember - marketing constantly demands innovation
11. Not being savvy about computers, websites. Use the technology!
12. Getting stuck in the "I'm overwhelmed"
13. Not planning and being objective driven and goal oriented
14. Spending too much money on appearances