TWENTY Rules of Building - A Successful Business
I use to wonder what was meant by the old saying,
"I've forgotten more than you know."
After being in business for 15 years, I now understand the true meaning of the phrase.
I hope these rules will serve as a reminder of aspects of your business that you forgot to focus on, and serve as a fountain of knowledge.
1. The Unexpected Surprises are the real good ones.
A fellow businessman sent me this 2 min Video, and I will forever be indebted to him.
2. There are no bad experiences only learning experiences.
3. Adversity is your Friend- Learn to embrace it.
4. Survive - Most people wouldn't call surviving a rule.
But you got to stay in the game, if you want to win.
5. Commitment- You must work harder and longer hours and have total commitment to all areas of your business.
6. Sacrifice- What are you willing to give up to build a successful business.
7. Employee payroll- Instead of hiring full time or part time employees, try paying people by the job as you need them.
It will save you an incredible amount of money.
It will save you an incredible amount of money.
8. Good Customer Service- Always give customers a pleasant retail or service experience and when in doubt rule in favor of the customer.
9. Automation or Elimination- Always seek ways to reduce costs by automation or elimination.
10. Find a niche- There is an area within most industries where competitors have given up trying to make money. Find a way to serve that market and be a niche player where few dare trot.
11. Guarantee your products or services - Nothing is more disturbing than a company that wants to sell you something without offering you a money back guarantee.
12. Find hidden assets within your company and turn them into cash.
13. Stay under the radar and keep a low profile. In today’s litigious society, a frivolous law suit can put a business out of business faster than the snap of a finger. Stay low.......real low.
14. Look for innovative ideas outside your industry and adopt them to yours.
15. Be the lost cost provider- If you are not trying to find a way to make your product fee, believe me someone else is and it could means lights out for your business.
16. Don’t take on too much debt- This is what drives most companies out of business.
17. Always track and measure results and performance on new projects, ideas, products, or services before making a decision.
18. Cut your losses - don't let a small loss turn into a huge loss because you were afraid to admit that you were wrong with a project, an idea, or product that didn't work.
18. Cut your losses - don't let a small loss turn into a huge loss because you were afraid to admit that you were wrong with a project, an idea, or product that didn't work.
19. Diversify- when things are good is the most dangerous time.
20. Create multiple income streams through unrelated industries and products or services.
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Thanks.
To making Life Better.
Yours Faithfully,
Aladesuru Adewale Walter
Brand Development Entrepreneur and A Global Citizen.
