50 Don'ts to Build Your Business #1

Don’ts To Build Your Business #1

 

 

1. Not doing a business plan. (Even well established businesses should have a plan that outlines their market, products and objectives.
2. Not understanding your break-even point.
3. Underestimating the importance of cash flow.
4. Not differentiating your business from your competition.
5. Ignoring the powerful plus of having a mentor.
6. Working alone when a partner could compensate for your weaknesses and triple your effectiveness.
7. Undercapitalizing the business at the start.
8. Not tapping into common sources of startup funds.
9. Failing to inform groundfloor investors, typically friends and family, of the inherent risk of startups.
10. Expecting venture capitalists to be helpful.

 

Marty Kahn, SCORE Counselor

Visit us at: www.scoresouthflorida.net

 

 

50 Do's to Build Your Business #1

 

“50 DO’S TO BUILD YOUR BUSINESS”

 

 

1. Pay attention to personnel problems.
2. Read and interpret data or get a mentor to help you.
3. Ask for referrals from every customer and every prospect.
4. Empower subordinates to challenge and correct you.
5. Take advantage of “green” solutions for cost savings AND branding.
6. Make every deal one in which both sides win.
7. Take time to explore other people’s ideas before shooting them down.
8. Recognize that feedback from customers, suppliers, staff-is a gift.
9. Set clear policies for accounts payable.
10. Recognize that dissatisfied customers are opportunities rather than problems.

 

 

Marty Kahn, SCORE Counselor

Visit us at: www.scoresouthflorida.net

 

 

 

100 Do's and Don'ts Watch this space

 

Over a 10 week period we will feature a series of Do’s and Don’ts for small businesses. The author is Martin Kahn, a SCORE Counselor, and a former small business owner. Marty owned his own business for over 40 years, and, fortunately, was able to successfully retire from it. But along the way, he made some mistakes too. He is willing to share his experiences with you.

 

There are 100 items in the series and we will present them10 at a time. Some of the articles will list the “Do’s”, while others will be the “Don’ts”.

 

So, tune in, maybe you will learn something from Marty.

 

 

Steve Koenig, SCORE Counselor

Visit us at: www.scoresouthflorid.net

 

Ethics and your business

 

Your business can suffer from perceived unethical behavior on your part, or that of an employee. It does not have to be real or illegal to hurt your business. Some of the illegal things are bait-and-switch, harassment, discrimination for various reasons or employee intimidation. Unfulfilled verbal agreements can be illegal, but even if they are not, the word spreads and your business can suffer.

 

So what do you do to minimize these issues? You develop a detailed business guide and be sure all employees and associates get it. You live by it yourself as well.

 

Steve Koenig, SCORE Counselor

Visit us at: www.scoresouthflorida.net

 

 

Liability

 

Your small business may have a liability issue develop at some point in time. Perhaps an employee, customer or someone else makes a claim. What do you do?

 

Check the exposure of your business and obtain the appropriate insurance coverage BEFORE any incident. Look at coverage for the product, facilities, directors and officers. Also be sure the form of your business protects your assets. Consult a good insurance agent/company.

 

Steve Koenig, SCORE Counselor

Visit us at: www.scoresouthflorid.net