Business Tips

3 Entrepreneur tips

Over a year ago, I began my quest to find answers to my two most pressing entrepreneurial questions: What does it really take for an entrepreneur to be successful? And what does it take for a business owner to be the best of the best?

My conversations have taken me across the country, and I’ve spoken with business owners from different industries in all stages of business growth. I’ve also participated in numerous discussions on Connect, Citi’s network for professional women on LinkedIn, where many of our members are running their own businesses or are aspiring entrepreneurs. They’ve been exchanging ideas and supporting one another with advice on how to succeed as a small business owner, so I’ve distilled what I’ve learned from these conversations into three cardinal financial rules for entrepreneurs:

1. Work on your business, not just in your business.

When you are surrounded by your own business day in and day out, it’s important to take a step back and make sure you are handling all aspects of the business. Sometimes entrepreneurs are so focused on their product or service, they may overlook their business finances. But it’s important to handle your business finances with intent and in an organized–not haphazard–way.

2. Keep your personal and business wallets separate.

The old adage that business and pleasure don’t mix also holds true when it comes to your business finances. Set up separate accounts for your business. Don’t stop talking to your financial professional or advisor throughout the process of starting your company, since it can help you feel more confident that you are managing your personal finances wisely while you begin to build your business.

3. Have a “drop-dead” number.

Set a threshold for the minimum amount of money in the bank that you are not willing to go below. This number will be different for each person, but the important thing to take away is that you think about what this number means to you and save it in advance. It’s important to build up and maintain this “healthy” reserve or cushion to allow you to manage the lean months or the periods of uncertain cash flow. If you find that you are approaching your “drop dead” number, this is where discipline must override passion. Step back, take a hard look at your situation, and see what’s working and what’s not.

Business Tips

1) Customer first

Celebrate your customers and align any growth plan around protecting your existing relationships. Sustainable business growth depends on keeping your customers happy,just as it did when you started your business .

2. Revisits your margins (profit)

Are your prices and profit optimized? Gain a solid understanding of what your business offers relative to your competition.  The more unique  or advantageous your products and services, the greater their value. Make sure your prices and profits reflect the market, th value your company provides and your overall business plan.

3. Why does email marketing stand out?

Email is more personal than most types of marketing. Thing of its as a conversation between your company and an individual customer. Your primary task is to convey useful information. Be brief and concise. When you provide useful contents to your prospects and customers you build trust , awareness of your products  and services, and strength your band.

4. Manage your cash flow

Insufficient cash flow is one of the key reasons business fail. To manage your cash flow,set up a forecast for day-to-day expenses. Things like rent, utilities,lease payment ,payroll ,supplies, etc. The more variable your sales and revenue, the more frequently you should update your forecast. When you’re in the enviable position of surplus cash, use your forecast to help determine the most effective way to invest it.

5. Offer a Beneficial Difference.

Your customers are living in the same economy as your business. Both sides of the sale are looking  for opportunities to get more for less and taking extra care when making investments. The technology you employ can be great differentiator for your business . Make the most of it.

6. Make it quick

The majority of cell phone owners text,and new smartphones make texting easier than ever . Most text messages are read within 15 minutes and generate response within an hour. Texting is a useful alternative  to email for short,targeted messages that get immediate attention action.

7 Define your goals.

Goals are either strategic or tactical .Long range , strategic goals like improving customer satisfaction are never finished, where as shorter term,tactical goals like sending a “thank you” note to customers after orders are delivered, can be marked as complete once a process for its implemented.consider both long range strategies and short term tactics when settings personal and company goals.