By Stephen W. Gibson * 1. Sell What the Market Will Buy. Solving a critical, recurring problem is the best way to create business.
2. Practice Separate Entities. Keep personal and business money separate.
3. Start Small, Think Big. Learn basics when small and mistakes are less costly. Then grow.
4. Be Nice Later. Don’t give your product or business capital away to friends and relatives.
5. Keep good records. Success comes from beating yesterday’s sales and profit records
6. Pay Yourself A Salary. This eliminates taking cash out of the business for living expenses.
7. Buy Low, Sell High. The bigger the difference, the greater the potential profit.
8. Don’t Eat Your Inventory. Consuming inventory or seed capital will kill your business fast.
9. Use Multiple Suppliers. Negotiating with several suppliers for the best price is critical to success.
10. Buy on Credit, Sell for Cash. Selling product before payment is due increases cash flow.
11. Purchase in Bulk. Suppliers usually sell products cheaper if purchased in volume.
12. Use Suggestive Selling. Suggest to each customer other items they might like or need.
13. Increase Sales, Decrease Costs. As the gap grows bigger, net profits also grow bigger.
14. Turn Your Inventory Often. Profit is made every time inventory is priced right and sold.
15. Value Your Customers. Keeping them coming back and buying more is a key to success.
16. Differentiate Your Business. Give customers a reason to return; better, cheaper, faster.
17. Hire Slow, Fire Fast. Screen potential employees carefully. Terminate bad hires quickly.
18. Inspect More, Expect Less. Consistent performance comes from inspecting not expecting.
19. Have Written Agreements with partners, suppliers, landlords and employees.
20. Work on your business 10 hours a day, five and a half days a week. Anything less is a hobby.
22. Practice Kaizen. Kaizen means continual improvement. This is vital to income growth.
23. Make Profit Every Day. If a work day goes by without profit, it’s a loss.
23. Work on Your Business, Not Just in Your Business. Stand back and watch, then fix.
24. Write Daily/Weekly Business Goals. Stretching for more will move business forward faster.
25. Focus, Focus, Focus. A concentrated effort in one venture pays huge returns.
*Founder of the Academy for Creating Enterprise, Cebu, The Philippines.
E-mail stevegibson@the-academy.org. Copyright owned by The Academy
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