Setting up a successful business is very challenging. You
need to regularly assess the business quarterly or yearly to evaluate the
progress. To succeed the foundation of the business should be solid.
How to write truck stop business-plan
How to write a Tea Room Business Plan
How to Write a Bakery Business Plan
Things you need to start any venture are funding,
business name, and company incorporation. Others are legal. Labor, purchase of
equipment, marketing. Here is how to assess the first 90 days of starting a
business
Secure
your First Customer
The first challenge is to secure your first customer.
Without regular patronage your business is bound to fail.
To reach customers you need a visible location, effective
marketing strategy and quality products. Use referrals, encourage friends and
family for patronage.
Sell
the Product
Selling the product or services is half the
challenge. You need highly trained sales
employees, competitive pricing.
Use regular staff training to provide better service and
beat the competition. Closing the deal is the most important aspect of
business.
Pricing
You need to constantly evaluate your pricing strategy.
The prices should be at par with prevailing prices in your geographical
location. The price should be competitive, affordable and reasonable.
The customer base and location determines the price
offered. Other considerations are labor costs, rent, raw materials, marketing
and cost of production.
You need to adjust your price strategy during the first
ninety days to reflect real market expectations. Offering a lower price than
your competitor is not a good strategy.
Profit
The sole purpose of opening a business outlet is profit
making. This is not applicable if the business is a non-profit organization.
Once all financials, sales revenue and margins are
calculated the rest is profit. It is important to hire an accountant for proper
stocktaking, bookkeeping and tax.
Set Goals
It is important to set quarterly goals to assess your
performance. The goal should have an objective and milestone. Make sure the
business becomes a well-oiled money making machine.
Leverage
on your Strengths
Every entrepreneur has his own strengths and business
knowledge. Use your formal training, workplace experience and course to improve
the business.
Common business skills are administration, accounting,
bookkeeping, marketing, procurement and sales.
Reward
your Achievement
Running a business is very challenging and time
consuming. Many successful businessmen fail to enjoy the fruits of their labor
because they are too busy. Learn to reward yourself periodically to recharge
the engine.
How
to Start a Business Plan Service How to write truck stop business-plan
How to write a Tea Room Business Plan
How to Write a Bakery Business Plan
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