Good business practices
LISTEN AND PROVIDE FOR ALL YOUR CUSTOMERS
- You are not really selling products or services; you are selling customer satisfaction. Satisfied customers are repeat customers and are likely to refer new clients to you. It costs ten times as much to acquire a new customer than it does to retain a current customer. Be open new ideas that can improve your business.
- The competent manager will research and gather information to assist in making the decisions and changes necessary to stay profitable in a competitive world. Stay within your budget
- Every business should operate from a budget. Use last year’s financial reports serve as an excellent guide to setting this year’s budget.
RESEARCH COMMUNITY NEEDS
- Be sure the community can support your business. Some areas are not large enough to warrant certain specialty shops. A gift shop, may take a population base of 50,000 people to make it profitable. A supermarket can be profitable in a town of only a few thousand. Put yourself in the right place at the right time!
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