1) Every Business Must Make a Profit
This is the number one principle you must keep in mind as a small business owner. How can you maximize your profits? Which product or service makes a profit? Does it carry the other product lines?
2) Keep in Mind — Every Business Falls on Hard Times
No business is perfect, and every business will have its ups and downs. Just remember to keep in mind the fact that it’s not always the fault of the economy that your business is not doing well. It may be that the business man (you) may need to change his thinking.
3) Advertising Only Goes So Far
You can’t rely solely on advertising to bring a profit to your business. Examine your strategy: what product are you marketing? To whom, and at what price? What advantages can you offer, that set you apart for your customer?
4) Time and Money Are Limited
Both time and money are precious resources. Look at your sales vs. your production. Where can you best spend your time? In what areas is the money and investment really paying off?
5) Learn to Work Efficiently With Your Partners
Your customers, managers, employees, suppliers, consultants–these are all connected to the growth and profitability of your business. Learn to maximize your overall productivity by working efficiently with everyone involved in your business.
6) Listen to the Engine
As a small business owner, you have the power to “listen to the engine”. Cash = gas to power your “engine”, which means that in order for your business to run smoothly, you need a steady cash flow.
7) Who Makes What Decisions?
Examine your personnel. Who is the most effective, with what kinds of decisions? Employ the help of others–they can often provide valuable insight.
8) What Do Your Customers Want?
Will customers pay for the service you are offering? How is your product useful to your customers, and what benefit s will they derive from it?
9) Lead From the Front
You are often the only one who can make the “big” decisions for your small business. You must control all the processes and personnel of your business. For a business to function as a well-oiled machine, all the parts must work seamlessly together.
10) In the End, You Need to Ask Yourself–What Do I Want?
Every small business owner wants the same basic thing: steady cash flow. Money = freedom. What steps will you take this week to accomplish your goals? This month? What can you do today to help improve your business?