After a few years of running a business, I have come up with these 10 keys to running a business successfully. Enjoy! 1)Hire the right people and recruit experienced board members or managers. Great companies are run by smart, experienced people. A good product and business plan will only lay down the foundation, but how the business is run id the key. 2)Seek good legal advice. A good attorney can help you avoid legal pitfalls when setting up your company. A poor corporate structure can leave you open for lawsuits, and your business wil die out before even getting started. 3)Set reasonable prices. Don’t overvalue your business or your product. Placing an inflated price on what you are selling will only drive people away. 4)Promote your business efficiently. Have all the appropriate information about your business available for people to use. Being up-front about your business shows that you have nothing to hide, builds credibility, and trust. 5)Be professional at all times. When putting together promotional materials, take the time to make sure that there are no mistakes. These materials represent your business and you should put your best foot forward. You lose credibility when it appears that you do not care enough to check for errors. 6)Know your competition. Every business has competition; don’t be arrogant and pretend that you don’t. If you know who your competitors are, you stand a better chance of beating them. Use different strategies and tactics to outplay your oppenents, always think outside the box. 7)Use integrity. Be honest and trustworthy in all that you do and treat everyone you meet with respect. Remember that the receptionist can help or hinder you just as effectively as the chief executive can. Remember if you're not nice, what goes around comes around. 8)Never take anything for granted. The best business is done on a handshake, but it’s not a done deal until the check clears. Never relax on a deal if done with family members or friends; in this world anyone will screw you for a little extra money. 9)Choose a good partner, if you must choose one at all. When starting your business, pick the best partner, not necessarily your best friend. There is value in good partnership as trust and respect should last longer than money. 10)Don’t put all your eggs in one basket. Give yourself alternatives, stay versatile. Things are often slow to move in business and if you focus all your efforts on just one client or product, your business will suffer and could possibly fail. Business is risky, anything can happen at any given time. By having many different options you are not hurt if one business is not doing good. To all of you starting out new businesses: be smart, be honest and succeed! Westoff.
Great Advice. I started a business under a scheme while I was still at school. A lot of what you just said makes so much sense and is not hard to follow. Something I would like to add is #12 Have a passion for your product or service and don't be afraid to show it. Potential customers will pick up and be encouraged by this passion