Basic tips for small businesses' financial success

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Starting a business needs a lot of preparation, which is ideally written down in a business plan. Businesses need the direction provided by a vision and mission statement and clear company values, to be successful in the long term. An on-going adaption of the company's products/services to the external market environment secures business success. However, consistency in regards to the company’s activities is needed to build brand value. A well working pricing and revenue system secures that the business is profitable. Conclusively, businesses need to get many things right, and may profit from the advice of professional, especially during their early days.

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Basic tips for small businesses' financial success

  1. 1. Basic Tips for Small Businesses' Financial Success Produced on behalf of: Business Debt Management www.business-debt-management.co.uk
  2. 2. MANY SMEs FAIL BECAUSE OF THEIR POOR BUSINESS PLANS
  3. 3. STUDIES REVEALED A POSITIVE RELATION BETWEEN THE EXISTENCE OF A CORPORATE CULTURE, EMPLOYEE & CUSTOMER SATISFACTION LEVELS, & THE FINANCIAL SUCCESS OF A COMPANY.
  4. 4. LEARN FROM THE BIG BRANDS AND BUILD A COPRPORATE IDENTITY AND A ‘CULTURE OF PURPOSE’
  5. 5. DERTERMINE SOLID COMPANY VALUES AND OBJECTIVES. DEFINE A VISION AND MISSION.
  6. 6. BE DIFFERENT FROM YOUR COMPETITITORS
  7. 7. ALWAYS WATCH YOUR EXTERNAL MARKET ENVIRONMENT
  8. 8. ALSO, LOOK AT INTERNAL FACTORS. EVALUATE THE SUCCESS OF YOUR PRODUCTS/SERVICES USING SOME OLD BUSINESS MODELS SUCH AS THE BCG MATRIX AND PLC
  9. 9. CHANGE THE COURSE WHEN PROFITS DECREASE, OR AS SOON AS NEW OPPORTUNITIES COME UP.
  10. 10. GET YOUR PRICING RIGHT
  11. 11. BE BRAVE AND ENTER NEW MARKETS: DEVELOP NEW PRODUCTS/SERVICES FOR YOUR GIVEN CUSTOMERS, OR TARGET NEW ONES WITH YOUR GIVEN OR NEW PRODUCTS. BE SHY AND TRY TO ALWAYS APPEAL TO THE DIVERSE CUSTOMER TASTES.
  12. 12. ALWAYS KEEP THE RIGHT BALANCE BETWEEN YOUR CUSTOMER RETENTION AND CUSTOMER ACQUISITION ACTIVITIES.
  13. 13. KEEP YOUR STAFF HAPPY AND ASK THEM FOR THEIR IMPROVEMENT IDEAS
  14. 14. SEEK OUT FOR HELP, IF YOU HAVE REACHED A DEADLOCK. FOR EXAMPLE, BUSINESS DEBT MANAGEMENT CAN HELP SOLVING DEBT PROBLEMS.
  15. 15. Produced on behalf of: Business Debt Management Phone: 0845 463 3328 www.business-debt-management.co.uk

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