Posted by Sarah Brown on 06 Jun '17
4 tips to give your new business a flying start
1 Have a clear vision which you agree with any partners or directors
Create an inspirational vision so everyone knows where the business is going. To make it more powerful draw it and then put it on the wall to inspire you and everyone in the business.
2 Identify your niche
This could be your business or revenue model. Don’t just follow the crowd or your competitors – what is going to make you stand out and get talked about and referred?
You can get our niche identifier here
3 Be trustworthy
Make sure everyone knows what you stand for – have clear values and rank them so everyone behaves in a consistent manner. Staff will be happy because they will know what will make them a hero and customers will love you because you offer consistency so that they can trust you.
You can use our unique tool to help you work out your goals and rank them
4 Know your numbers
It is critical to know your direct costs and overheads before setting prices so you understand your profits. As well as overall profit you need to know margins on each product or service and also to monitor cash flow, lack of cash has caused many new businesses to fail particularly if you get a large order without payment in advance.
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