Yesterday we finished of the 2nd part of our 17 Major Mistakes Business Owners Make. Today we wrap up the final portion which is items # 12 through 17. The Small Business Details That Can Add Up to BIG Dollars.
12. Always Reinvest Back Into Your Business. One way to get great returns on your profits is by reinvesting back into your business. By reinvesting back into your business you will create growth and success, further fueling more success. What goes around comes around, creating positive karma.
13. Networking Events, Very few businesses can operate within a bubble and be successful. If you are like me, you may not like networking events. However, they can be very beneficial. I’ve come across some nice relationships that proved to be very fruitful in future business transactions. Another benefit is that it keps you in the know as to what is going on in business.
14. Watch Your Competition. I haven’t seen to many businesses that don’t have competition of some sort. Keep your eyes on them. What are they up to? Are they changing anything in the way they operate or promoting their businesses. If they made a change back a while ago and they are keeping the new format, there might be something to learn there. DON’T ever copy them, but you also shouldn’t ever ignore what they are up to. Learn from what they did. Then see if you can make something your own along the same lines.
15. Analyzing Your Risk Quotient. Leaders make decisions every day. Some of those decisions may seem irrational because the evidence is not there to support it. If you try something that doesn’t work, you have to consider all the time you are to be investing into it. How long are you willing to go to try and prove that your idea can work? How much can you afford to risk. If the risk has huge potentials and it works, then it was probably a smart move. But if it doesn’t work how much did it cost you.
16. Act Rapidly and Implement Rapidly. Everything you do in business is very time sensitive. There are many factors that affect business and any new idea needs to be acted upon very quickly. I’ve seen in my own business that when an opportunity comes by, sometimes you have to act upon it immediately. If not that opportunity disappears forever, never to be found again.
17. Your Business Needs To Have A Plan. Without a plan there is no direction for your business to follow. You have no road map. Having a plan makes your business run more smoothly. You put check marks when you achieve a certain goal and the next goal is ready for you to accomplish because you have a road map. Making decision also becomes much easier. So by having a plan you are better able to move forward successfully. Business can be stressful. Having a plan can relieve much of that stress. You will be able to operate more quickly with more confidence. Do yourself a favor, Have A Plan!
Again Thanks for the read.
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