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Never rely on a single customer, never stop marketing, prepare an annual business plan with costed goals and timed targets.
Manage against that plan and review progress making adjustments in accordance with
trading position. At all times control cash flow and only spend when you can afford to.
Simple but so effective and as important as any ‘day to day' task.
My experience is that many business owners have a job working for themselves. They do tasks ‘in business' and though this is necessary when starting a business objective must be to develop business by working ‘on it' not ‘in it'.
If our business owner had set a financial plan with a costed marketing program to acquire one new customer in each of 49 years history - would it have gone bust? I believe not.
I am almost certain that in many of those years he was busy working ‘in' business not ‘on' it.
No matter what type of business you consider continuous, targeted and costed marketing is crucial. No customers, no cash flow, no business. Tip: Look, Listen, Learn and take strong firm action. Do thing you think you cannot do,
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Michael Harrison is an author, publisher and business consultant specialising in helping business owners and individuals to realise and release the full potential of their situation. He has helped many people to improve their businesses and advised and supported individuals embarking on new directions in their careers.
