Small Business Tips

You can compete and you can succeed! Approach your small business with a positive attitude and a determination to win. Tell yourself, "I can!" and go out there and do it!

Budget your money wisely. You won't have the deep pockets of some of the larger competitors so you must spend smart. You don't need fancy desks and the finest office space. You only need the basics to get the job done. Later, when you're financially successful, you can reward yourself with the nicer things.

Take advantage of SCORE (Counselors to America's Small Business). They are experienced business people who offer free couseling and mentoring to small business owners. Look up the local SCORE office in your town to get more information.

Always make sure you have good cashflow. This could be your lifeline to survival.

Set the bar real high and do everything in your power to achieve your business goals. That way if you fall short of your goals, you will still end up in a very good place.

Diplomacy is king! Speak to other business men and women, as well as your employees, with the utmost respect and courtesy. Use diplomacy in your negotiations and you will be surprised how far it gets you.

Stay organized. You will be amazed at how much information you will have to deal with on a day to day basis. If you can get a handle on the organization of this data, it will make life a lot easier for you. There's no greater joy than knowing exactly where something is when you need it.

Advertise! - Many small businesses (and even sometimes larger ones) underestimate the power of advertising. An effective campaign can often make or break your business. It may seem like a lot of money at first but don't underestimate the potential business (think "dollars") this advertising could generate. Be sure to monitor your ROI (Return on Investment) so that you're not just throwing money down the drain.

Watch your competitors. Pay attention to what their doing and be aware of how they work. If you're "in the know", you will be prepared to move on a dime if and when necessary. Also, learn from your competitors. If they're on to something good, consider doing something similar. Just don't copy them. Come up with your own spin or fresh take on the idea.

Have an online prescence and take it seriously. The whole world is online now and they use the internet as a primary resource for everything. Take your website seriously. Make it look very nice and presentable. Remember; there is a lot of competition out there.

More so now than ever before, it is imperative to review credit applications with a "fine tooth comb." By doing this you will decrease potential losses from defaulted accounts. As reputable as some of your clients may appear, in a tough economy, it would be poor judgement to assume a company's financial stability. Check all available references and ask for more if you still have doubts. You can never be too sure when your business profits are at stake.

Never underestimate marketing when it comes to growing your business. You have to make a concerted effort and be creative in your approach. Think outside the box. Watch other businesses and how they approach marketing. Study them. Learn from them.

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