08 Sep, 2017

How To Run A Small Business For Dummies

How to run a small business for dummies From managing to marketing and everything in between, the world of small business can be both exciting and overwhelming. It’s a place where no two workdays are exactly the same and where unpredictable things happen. If you’re thinking about starting (or you already run and manage) your own business, how to run a small business for dummies check out the following list of tips to improve your chances of success. Start Your Own Business with These Key Considerations Read these useful tips to get an idea about what sorts of questions you should be asking yourself as you consider how to run a small business for dummies: • Get everyone involved in setting goals and objectives. • Learn all you can about your customers. • Understand who your competitors are. • Identify your strengths and weaknesses relative to opportunities and threats. • Determine which capabilities you absolutely need to succeed. • List all the things you do that add customer value. • Make sure that you do your financial homework. • Imagine several different versions of your company’s future. Business Success Based on Six Factors A combination of several fundamental factors determines the success of a business. Refer to the following important points to make sure that you are covering all vital areas: • Plans: Company mission, vision, goals, and objectives that all work together. • Organization: A structure for your company that makes sense. • Procedures: Efficient and effective ways of doing things. • Leadership: An ability to influence and encourage others around you. • Skills: The talents and expertise your people need to succeed. • Culture: Beliefs and attitudes that lead to doing the right thing. What Goes into a Business Plan A business plan is a key document communicating the developmental objectives of your business. To be sure that this vital information is as functional, accurate and comprehensive as possible, how to run a small business for dummies is sure to include the following basics: • Executive summary • Company overview • Business environment • Company description • Company strategy • Financial review • Action plan How to Avoid Business Trouble: Eight Key Rules A dangerous area of marketing arises when people try to bypass regulations that ensure fair pricing, safety, and honest advertising. In the UK, as in Europe and North America, there are regulations as well as self-regulatory industry guidelines: • Always make sure your pricing is fair to customers and competitors (because unfair competitive practices are usually illegal). • Always clarify the limits of warranties for services or goods. • Always provide full warnings and details about your product’s content and source on labels. • Always follow an open and honest policy with the media. • Never say anything deceptive or misleading in ads or other communications – remember the watchwords ‘legal, decent, honest, and truthful’.