If you are going to run a business then the most important thing to remember is the very basic fundamentals of running a business. Sadly there are many who enter into the business world with a full understanding of the foundations of a business, who then swiftly forget what they are and begin to operate away from them, usually to their detriment. The brilliant business guru Faii Ong, who helps many small businesses to take their success to new heights, is someone who discusses these basics very often. Faii points out the simplicity of these rules when in business, and it is remarkable that more don’t continue to follow them. These are the basic business tips which no business owner should forget.
Smell What Sells
What so many in business fail to recognize is that the success of the business is down to selling products and in order to sell those products, they have to stock the items which are going to sell. This is why we often hear a lot of people discuss the importance of being flexible, because sometimes you may have to sell items which aren’t really themed around your business, but which are going to increase sales. This year has taught us the importance of business agility and those companies which have survived are those which sought to sell whatever they could.
To say that the customer is always right is not exactly true, but the importance of customer service is very high and that is why you should always be operating in a way that meets with what the customer wants. This is something which so many businesses lose, failing to recognize that the true value of a satisfied and a content customer is incredibly high indeed. Focus on giving great service to the customer, at all times.
Speaking in general, outsourcing can cause problems in two particular ways, the first is that many companies fail to recognize the need to outsource. The second issue which other companies have had is that they go over the top with their outsourcing and they end up paying out way too much money without getting anything back in return in terms of improvements. The key here is to outsource the skill gaps, this is the best way to start. If you aren’t brilliant at accounting then outsource that, if you don’t have an HR section then outsource that. Wherever you lack something or wherever you identify a real skill gap.
Marketing may very well be an expense which a business doesn’t want to spend, but ultimately without it you will not have the success that your business should have. There is no business on the planet which has found great levels of success without marketing itself and this is a big lesson for small business to learn.
Follow these basic foundations of business and remember them in order to succeed, failure to do so will damage the business in the long run.