Tuesday, February 24, 2009

Practical Tips for Any Enterprise

As a teacher of Management and a practicing entrepreneur, I somehow know the struggles of any establishment. We started our boutique only late last year but with the global economic crisis and with the continuing political and economic unrest in the Philippines, business may be a bad idea.

But, we have to always take advantage of any chance we can earn extra. My family and I see the boutique as our medium. We should however find means to make it known and make it earn.

So, how do other successful establishments do it anyway? From my readings and experience, these would actually help:

1. Learn from the success and failures of establishments. You can benchmark your techniques and company from them and learn to watch out of those pitfalls.

2. Have a business mentor. Nothing beats experience. These experienced entrepreneurs have something valuable to help you. Learn from their strategies and experiences. Don't hesitate to voice out your opinion and get their feedback. Weigh all possible circumstances. The future is risky but getting valuable information from any means can help you be equipped.

3. Keep your clients satisfied and communicate with them. Advertising is quite expensive but you need not drain your resources to invite more customers to see you and your company. Your former clients will indeed help your company be more known. If they are happy with your services, they will take the prompt initiative to recommend you. Communicate them too. Tell them of what is new about your business and it is also wise to know what they need. Keeping abreast of what is needed or in demand will give you the idea what to sell in your store.

4. Widen your network. Make use of practical means to get your store known. You may sponsor or join conferences. Advertise your company through these. An added avenue for exposure is quite needed especially if you are just starting.

5. Be bold and creative. Don't just rely on your specialty. People normally want to see something new. Venture on this. Research more about this so resources you pull in will not go to waste. Customization is a guaranteed strategy too. You may find this as an added service in your store.

6. Get your family's support. Starting a business is a big pressure. It will consume your time and drain your energy but if your family is there to back you up through ups and downs, you will foresure succeed and keep your sanity intact.

7. Keep your finances checked and balanced. It is not a wise move to use your business' resources for personal means. Should you or your family members need to use your store, charge them like you do with your other clients. Keep all records clean. This will help you monitor your cash in's and out's.

8. Never quit. Success of any big business doesn't come overnight. As an entrepreneur, you will have difficulties from other competitors, clients, government and other stakeholders. But these should not discourage you. You make these instead a bouncing medium to pull through the strings and do better.

Read related article here. . .
Do these tips help? Can you add more? Let me know. . .