10 Great Tips for Business Owners

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10 Great Tips for Business Owners

  1. 1. AFTER 25 YEARS IN BUSINESS: 10 GREAT TIPS FOR BUSINESS OWNERS Seggy T Segaran Tele-Products Ltd October 2013
  2. 2. Tip 1 Set out to deliver the best product or service that you can. If you get this right, then sales and profits will follow.
  3. 3. Tip 2 Surround yourself with a great team. “You see further standing on the shoulders of giants.”
  4. 4. Tip 3 Treat your suppliers with respect. Remember that they help you deliver a great service to your customers.
  5. 5. Tip 4 Don’t place all your trust in banks. They love to lend you an umbrella when the sun shines but take it away the minute it rains.
  6. 6. Tip 5 See which bit of your marketing is actually bringing in the sales. If something is not working then don’t be afraid to stop doing it.
  7. 7. Tip 6 On average, 20% of what a company does brings in 80% of the profits. Constantly weed out the 80% and grow the 20%.
  8. 8. Tip 7 Have Key Performance Indicators (KPIs) for everything that is important in the business. Use this constantly to measure the company’s health.
  9. 9. Tip 8 It's easier to get business from existing customers than constantly find new customers. Build a business with a loyal customer base.
  10. 10. Tip 9 Constantly re-invent yourself. Never stop learning.
  11. 11. Tip 10 You are not going to be round for ever. Plan an escape route and make the company independent of you.

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