For all your online business building info! , 2020-09-27 13:14:46
Things to Focus on at Business Startup
When you start a business you need to have perseverance to get past hurdles and to get your ideas off the ground. But even more important then perseverance, is staying focused on things that count! It’s oh so easy to get sidetracked on things that don’t help building your business. Below you’ll find eight tips to help you get your business off the ground.
1. Focus on repeat customers
Bringing in new customers is of course vital to a new business, but keeping your old customers is even more important. Why? You’ve already put in the time and money to get those customers, so keeping them is very important.
2. Focus on profitable customers
A lot of entrepreneurs make the mistake of chasing after any business they can get (even if it costs a lot of time and has a little profit.) You should focus on the profitable customers who will spend a lot. Always focus on the “ideal” customer for your type of business.
3. Focus on cash flow
You should work out how much revenue you need every day to make a profit right from the start. Knowing how much money comes in and goes out on a daily basis will help you to determine sales or marketing budgets. Making a cash-flow statement each week will help you tremendously in your business building efforts.
4. Focus on what’s working
As a start-up owner it’s easy to focus on many different things, even on the once that doesn’t work. Beginning business should be flexible about moving to what works and what makes the most profit. Don’t try to sell or do things that the market doesn’t want, especially in the first two years of business start-up.
5. Focus on productive time
The first year of business start-up you should put at least 75% of your day in the making-money end of the business. You should trying to make a sale and to market your product, rather then sitting behind a desk.
6. Focus on customer service
In number 5 we said that you should focus on making money, we know that customer service only cost money and time, but it’s important that you customers are happy, because a happy customer is a repeat customer. So a portion of your daily time needs to go to customer service.
7. Focus on hiring the best
Always hire the best person you can find to expand your team. You should never settle for the best of a bad bunch. OK, hiring the best can cost you more, but such people will be well worth the price. These people will help you in building a successful business.
8. Focus on quality
You should always focus on quality with everything you do. Never go for quantity instead of quality. An example: We rather have 25 great customers than 100 average ones.
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