All businesses see a fluctuation in their income particularly in those early years, for a business to become established it can take up to five years, if after this time you are not seeing a steady rise in profit then it is time to review your business strategy. It is easy to cling to your dream of owning a company or of working for yourself, reviewing that dream is harder, it becomes something we love and do not want to let go even if common sense tells us change must take place.
The small to medium business has a staff roll to support, so loss making cannot be tolerated for too long, or so one would think, yet over recent years we have seen big names disappear from the high street, companies and organisations that many would assume to be recession proof, so can we protect the small and micro businesses.
Of course there are many things you can do and some you shouldn't do.
Inquiries for orders and services should be treated as genuinely as possible with the provider answering questions honestly. If you are trying to sell a product or service, to be able to offer that service or product sooner rather than later can be the difference between winning and losing the sale.
A buyer is ringing because they want something from you or someone else who provides the same thing and to be the persuasive one, or the most available is more likely to settle the deal quickly, a client or purchaser who has to call back is 90% more likely to call someone else.
From a business point of view the provider always looks with different eyes, but the only person you would want to appear too busy to are your competitors.
With 1 in 3 small businesses failing in their first three years in the UK, a sturdy business plan is essential, so why do some businesses flourish where others fail, even within the same domain, knowing your market is one of the keys if you are thinking of working for yourself or beginning with a micro business then getting out and finding out what people want is the best move you can make. This also is the first step into networking.
Although companies can be competitive they can also be friends.
Do you have a network that you can lean on for advice, it can be useful to have a network of professional friends, a coach or mentor, sole traders can find themselves in a lonely place, surrounding yourself with other sole traders or partnerships can be a salvation in difficult times.
Of course there are many things you can do and some you shouldn't do.
Inquiries for orders and services should be treated as genuinely as possible with the provider answering questions honestly. If you are trying to sell a product or service, to be able to offer that service or product sooner rather than later can be the difference between winning and losing the sale.
A buyer is ringing because they want something from you or someone else who provides the same thing and to be the persuasive one, or the most available is more likely to settle the deal quickly, a client or purchaser who has to call back is 90% more likely to call someone else.
From a business point of view the provider always looks with different eyes, but the only person you would want to appear too busy to are your competitors.
With 1 in 3 small businesses failing in their first three years in the UK, a sturdy business plan is essential, so why do some businesses flourish where others fail, even within the same domain, knowing your market is one of the keys if you are thinking of working for yourself or beginning with a micro business then getting out and finding out what people want is the best move you can make. This also is the first step into networking.
Although companies can be competitive they can also be friends.
Do you have a network that you can lean on for advice, it can be useful to have a network of professional friends, a coach or mentor, sole traders can find themselves in a lonely place, surrounding yourself with other sole traders or partnerships can be a salvation in difficult times.
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