March
16
2011

 

There are a few successful tips that can help one make a success of business according to Brad Sugars, the author of 14 business books, and posted on the entrepreneur.com website.

First and foremost, he says, offer what people want to buy, not just what you want to sell. Too often, people jump into a business built around a product or service they think will be successful rather than one that is already proven to have a market.

The next important step is to get cash flowing as soon as possible. Cash flow is the lifeblood of business, and is absolutely essential to feed bottom-line profits. So you need to find ways to jump start cash flow immediately.

Importantly, he advises, always find new ways to keep costs low. All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out.

To do this, you need to keep your costs and expenses low.

Another good tip is that, when planning, always overestimate expenses and underestimate revenues.

Being conservative in your numbers doesn’t mean you are willing to accept those numbers, it just means you are arming yourself with information you can work with and work over: It means you can gauge the kinds of efforts and activities you will need to put into sales and marketing.

Then he advises that one should focus on sales and marketing as such as is humanly possible. In business, nothing happens until a sale is made. From the start, you’ll need to find a good way to get leads, convert leads into sales, and make sure you keep getting repeat sales from your customers.

Another good tip is to find ways to exponentially increase profits. In business, there are five drivers that impact profits. If you can master them while keeping your costs in check, you will run a successful business.

It’s as simple as getting more leads, converting more leads into customers, increasing the number of times those customers buy from you, increasing the average price point of your sales and increasing your profit margins.

Do any of those, while also keeping costs down, you will see more profits. Do all of them and you will see your business really take off?

Then, test and measure everything. You can’t change what you don’t measure, and you can’t tell if a program or strategy is working if you are not faithfully testing, measuring and tracking your results.

Accept that learning more equals earning more. If you’ve never run a major business, you don’t know how to run one simple as that.

However, you need to accept that learning always comes before “earning”. You’ll need to be committed to learning as much as you can about sales and marketing and operations if you want to have a truly success business.

Once you do that, however, the sky is the limit. Knowing and applying those simple fundamentals in a highly leveraged way is one of the reasons many top executives and entrepreneurs earn so much.

Identify those areas and you then decide to learn it yourself or hire an expert and learn as much as you can from that person – because you never know when you can run across a distinction in thinking or a strategy that can really take you and your business to a new level of success.

Finally, don’t discount, add value. Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. So don’t do it. Instead, create added value propositions all the way up and down you product or service line.


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2 Responses

  1. zavick says:

    thnk enjoyed it!!! don’t discount rather add value… reg zavick

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