yes I actually wrote this.
It takes years for a person to develop a successful business. If you talk to successful businesses managers and their owners they have their opinions on what it takes to run a profitable long term business. From these people I have come up with a list of 10 things that are the keys to success.
1. You either cut costs or increase sales. There is no other way to make more money.
There are many ways to make money but these two are the bullet points of finance. Sales and cost. Everything else in between all points back to these two.
2. A good buy is not a good sale if you can’t sell it.
You can’t make money if you can’t sell your product. It doesn’t matter how much you paid for it if you can’t move it.
3. Customer Service is overlooked. People aren’t willing to spend more for one product because of good customer service but they certainly will buy more products. People love good service. They won’t pay an arm and a leg for it but they certainly will come back time and time again to a company they feel treats them right.
4. Long lines don’t bother guys as much when a pretty girl is running it. Terrible to say but I can keep the frustration of lines getting too long on a busy day by putting a cute (but intelligent) girl at the counter. Sexist yes. A lie, no. It doesn’t do your company any good to put a non-intelligent person at a counter of a retail store but it is amazing friendly customers become with someone easy on the eyes assisting them.
5. Employees are your best asset. Pay for the best. They are how you make money. They drive your company and give great employees give all of themselves to their job. These employees should receive as much as you can afford. You should share your wealth with those that make you wealthy.
6. Business relationships are two way streets. Just because you are the buyer doesn’t mean you don’t give back. Treat your vendors right and they will take care of you. Relationships are the key to good business. It doesn’t matter if you are the buyer or the seller. Treating people fairly will always get you ahead.
7. People love the personal touch. People love to put a face with a business. They tend to gravitate towards businesses where they feel they have a relationship. High turnover leads to high customer turnover. Talking to the same rep or salesperson makes your customers feel comfortable.
8. It’s best to have one person run operations and one to handle finances. It is a good system of checks and balances. If the operation is run well the financials should be OK. If the finances are OK then usually the operations are being run well. Even so it is best to have two different people in each role.
9. Working with your family is great but more difficult. It is easier to rely on family but they’re harder to deal with if they aren’t reliable
10. When your company is making good money it is easier to make good decisions. You make decisions based on what is right, not on what they cost. Too often new companies or companies with financial issues make decisions not on what’s right but what they can afford. When this happens, a company has no where to go but down further.