Bits of Business Wisdom

Believe in yourself, leverage your passions and be prepared to work hard as well as smart… “There’s no free lunch.”

1. Study your competition and identify their ‘gaps’ in service.

2. Write a business plan that contains all the signposts for success.

3. Recognize and praise your employees for a job well done.

4. Understand your financial position based upon Cash Flows, Profit Margins and Break Even Analysis.

5. Decide to take total responsibility for all the areas that you control.

6. Live in the present tense. You cannot change yesterday.

7. Make customer service your top priority.

8. Ask for the order. 70% of salespeople do not.

9. Have adequate resources to avoid running out of money.

10. Keep your employees informed and foster teamwork

11. Personally get to know your customers and survey their ideas about how you can better serve their needs and wants.

12. Get organized.

13. Stay focused.

Unfortunately, the majority of start-up businesses fail within three years and the major causes are inadequate financing, poor management and a product or service for which there is no market.   SCORE is a nonprofit organization that offers free counseling and mentoring to start-up businesses. The Cincinnati Chapter of SCORE has 85 experienced counselors and services the needs of over 1300 new clients a year and many more old ones. To request free counseling go to SCOREWORKS.ORG and fill out a short form requesting Counseling. A SCORE mentor will contact you within 48 hours.