SCORE Small Business Blog

Leadership: Important Tips for Today’s Business Challenges

Business Tips for Success

Business is harder today than ever before and with high unemployment rates and families faced with financially challenging times, a business owner must think carefully about how to keep their market share. There are day to day issues that must be dealt with in business, carefully think about each issue and determine a solution that will give you the best result.

Important tips to consider:

  1. Always control your expenses in all areas of business to increase the profit margins. Inventory costs, labor costs, supplies, and all direct and indirect expenses. Everything can and should be negotiated. Money saved will add thousands of dollars in additional profits.
  2. Sell your products or services many different ways: online, storefront, wholesale, trade shows, home parties, corporate sales, sales promotions, groupon and living social (if it covers your costs) and create incentives for customers to keep coming back, consider joint marketing, and give some slower moving products on consignment to shops that may be able to sell it.
  3. Always add new products and services for business growth. Protect your intellectual property properly with copyrights, trademarks and patents.
  4. Listen to your Customers and ask your customers what they want, they will tell you and give you new ideas that will inspire change.
  5. To retain customers, make it easy for them to do business with you. Deliver on time and do what you promise. Go out of your way and do things that you normally would not do. Always exceed your customer’s expectations and give them a reason to come back.
  6. Stay in touch with your customers if you know what they may need or like. Give them the first chance to purchase new items or to purchase items on sale.

These are a few ideas and there are many more. Please share other things that have worked for you?

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business. | @juliebrander | More from Julie

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