It can be difficult to survive and succeed in the business world. Whether you are starting a new business or trying to grow your current one, these commandments of business will help. Follow these rules and your business will see growth and overall success!
1. No sales means no business
The first – and arguably the most important – thing you learn while owning a business is how to sell. If you don’t know how to sell and market your business or product, you won’t move forward. Without sales, there’s no money, and without money your business will fail.
2. Figure out your brand strategy
Don’t try and become the service or company that your first customer wants or needs you to be. Think about what particular service you want to provide or problem you want to solve. Then, create your brand strategy around that specific business goal.
3. Keep an eye on your cash flow
Cash flow statements are the most important monthly statements your business will have. Cash flow statements are also super easy to read – if your bank account balance at the end of the month is more than it was at the beginning, then you have a positive cash flow.
4. Always make 3 forecasts
To cover your bases and ensure that you are ready for anything, make 3 forecasts of possible outcomes: best case scenario, worst-case scenario, and expected scenario. If you can make a plan that will ensure the survival of your business no matter how horrible the situation, then you’re on the right track to becoming a successful businesswoman.
5. Always have an emergency fund
And only use this fund in real emergencies. In the case of a true financial problem – like the recession we faced a couple years ago – you will be thankful for this fund.
6. Be nice to people
Have you ever gone into a store and encountered a grumpy and unpleasant person? If that person were the owner of that store, would their unpleasantness want to make you buy their product? Didn’t think so. Be nice to everyone you encounter, and your business will grow because of it.
7. Don’t assume
You can’t make realistic business plans around assumptions. Never assume that a certain sales pitch will bring you a certain amount of new customers; you’ll be disappointed and your business will suffer.
8. Think big, start small
No matter how big your dreams are, they will not happen over night. Big dreams take a lot of hard work and a lot of time to come true. So start small with your business model, and grow from there. There’s plenty of time for expansion later.
9. Keep your customers happy
This goes along with holding on to old customers instead of searching for one-time buyers. Happy customers will repeat their purchases, which only helps you because it saves money on advertising and can help you forecast.
10. Be tough on your business
Sometimes entrepreneurs have to be their own worst critic. Pick out the flaws in your business and set realistic goals. Research your market, test your product or idea, and analyze the strategy to make sure your business will succeed.
We hope these 10 Commandments of business will help you with growing and expanding your business to the best it can be! If you want to learn more about women in business and network with other entrepreneurs like you, sign up for the annual MACsWomen Summit!