Your Business is not doing good at all??? Consider the Following…

  1. Have a written plan
  • Vision
  • Few Write ups on specific objectives of the business
  • Strategies, financing, sales plan, cash you need to get things done
  1. Be Flexible
  • You can change the plan
  • Don’t get married to it
  • Review time to time
  • Army can plan for the war but when the bomb drops they adjust, confront and re-plan.
  1. Keep your ego in check and involve and listen to others
  • Have advisors- Governance
  • Involve teams/ Don’t impose one thing on sales strategy for Optiven
  • Always be honest and keep your word
  • Follow up on commitments made
  • Don’t take things personally- stay out of emotions
  • Think by the mind not heart
  • Be ready to make decisions
  • Lead by influence
  1. Keep track of everything and manage the numbers
  • Have systems
  • Train your employees and keep them, tie them, let them feel they are part and parcel of the business
  • Check daily reports, numbers, revenues
  • Check cash-flows
  • Determine the cash you need to do business
  • Check ratios
  1. Delegate to employees and avoid micro managing them
  • Let them make decisions
  • Keep business organizations loans flat
  • Have written orientation plan for new staff
  • Develop PT, let them know what you expect
  • Evaluate monthly, quarterly
  • Use incentive based reward systems
  • Trips
  • Photos on the wall
  • Recognition
  • Shopping vouchers
  • Solve issues when they crop up
  • Punish in private and reward in public
  • Believe in yourself
  • Create a good working environment
  • Do not be a headmaster to staff, be part of the team
  1. Use internet
  • Use Social Media to market and create brands
  • Use You Tube, Twitter, blogging
  • Let it be educative not just products
  • Respond to comments (be it positive or negative)
  1. Re-Invest your business
  • It is net profit and not gross revenue that matters
  • Don’t focus on discount, make yourself competitive either super service or focused target, select value

 

Posted Here

Originally posted 2015-07-29 17:55:29.

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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