1. Watch cash flow:
Know your cash flow statement intimately. If you want to learn about cash, simply look at your bank statement. Do you have more money at the end of the month than at the beginning? If you have more at the end, then your business is cash flow positive.
2. Review financial statements monthly:
Financial statements give you information about your company that is very valuable to continual growth.
3. Have a brand strategy:
Know who your customer is and what problem you are solving for them. Be clear about what differentiates you from your competition and say it all in one statement!
4. Don’t grow too fast:
While growth is good, growth too fast can put you out of business. Prepare by building a solid infrastructure to support growth.
5. Keep current customers happy:
With every decision you make, be sure to ask yourself, “How will this enhance our customers experience”?
6. Keep overhead as low as possible:
Look at your expenses and find ways of cutting back whenever possible.
7. Pay attention to your reputation:
Don’t do anything to piss off customers. Social media takes the grapevine to a whole new level, and it takes just a few smears on Facebook or twitter to cause damage. Monitor what people are saying about you and the brand.
8. Get referrals from existing customers:
Ask and you shall receive. So many business owners feel uncomfortable asking existing customers for referrals, but if you are delivering a great service/product, customers are happy to do so because they want others to experience the same satisfaction.
9. Reward employees for jobs well done:
When employees feel valued they value the customer.
10. Take an annual vacation to recharge your batteries:
Every one needs to recharge their batteries to be more effective. Just do it. Life’s short.
A Review of the CFP Board’s New Fiduciary Guide
Advisors: The Power of Technology Only Works Through Teamwork
Munis Keep Rolling Along
The Periodic Table of Investment Returns Can Cure Investment FOMO
Sales is All About Psychology
The Truth: Introverts and Extraverts Are Wired Differently
Everything You Need to Know About Solar Panels
6 Tips to Better Work With Your IT Department
Just Another Manic Monday
The Four-Year College Degree on a Budget
Equities12 hours ago
Development12 hours ago
How to Get Your Network Working For You
Development12 hours ago
7 Things Advisors Need to Know About Succession Planning
Let's Solve It1 day ago
Do the Recent Trade Tensions Matter for the U.S. Economy?
Research1 day ago
What Every Investor Can Learn From Buffett’s $4.3 Billion Mistake
Insights1 day ago
China’s Looming Current Account Deficit Will Have Consequences for Us All
Research2 days ago
Trump’s Trade War Is Good for These 3 Dividend Stocks
Development2 days ago
The Truth About Getting to the Next Level as an Advisor