5 Tips To Help Your Business Prosper In 2009!

Tip #1: Innovate Across The Business
Make a commitment to researching and testing new ways of getting things done, from production to marketing, product design to packaging – in short, find a way to renew the energy and enthusiasm for new ideas you had when you first launched your business, then improve on it with the wisdom of experience.

Tip #2: Pursue New Growth Opportunities

Most business owners are well aware that in order to be a success a business needs to grow its sales and profits; therefore you need to diligently establish sales and profit targets and measure your progress. Research under-served segments of your markets, explore value-add sidelines and incentives to encourage more sales, more frequently.

Tip #3: Improve Quality

Quality issues have been at the heart of business management issues since the 1960s, culminating in the strategies of Total Quality Management (TQM). Quality issues are interwoven into the very fabric of business ownership, and include issues such as customer relationships and customer satisfaction, supplier relationships, manufacturing and service delivery.

Tip #4: Explore New Marketing Methods

Marketing in its broadest sense encapsulates advertising, public relations, selling and distribution. It is basically the act of letting people know what you have to sell, where they can get it and what value it has. In order to grow a business, a business owner must be constantly looking at creating and putting in place new marketing methods in order to gain access to new prospects and customers for the business.

Tip #5: Deal With Staff Issues

Good employees are critical to the growth of any business, but more especially SMEs. Therefore don’t let staff issues remain unresolved. Take care of employees and develop them, making sure they are satisfied in their jobs and have the knowledge and resources to perform well. Employee loyalty is especially important in tough times when you want employees to achieve more – while pay rises might be out of reach, actively offer smaller rewards such as lunches, unqualified praise, training or mentoring.

Checklist for business owners and managers:

  • Innovate in at least one area of your business over the next 12 months.
  • Focus on growing your sales and profits and use them as indicators of performance.
  • Institute some form of quality management into your business.
  • Add at least one new marketing method into your business this year.
  • Take care of your staff.

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