Business Management
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How to Start a Business
How to start a business Use this checklist to plan your new business. It may not contain every single step but it is a good basis to make sure that you don't omit some of the important things. Now you don't have to complete all these activities in the order listed but it is essential that you consider each one in setting up your business. If there are things that are not relevant to your new business, ignore them. Work out what kind of business you …
Guarantees Make a Big Difference
Guarantees Make a Big Difference. (a) Do you sell goods and/or services? Can you unconditionally guarantee what you sell? If you can't unconditionally guarantee what you sell, you should be selling something else. (b) If can't offer guarantees to your customers or clients because they are too dishonest or will misuse your guarantee, reassess your customers or clients. Pick customers or clients that have a higher level of ethical values. (c) Guarantees ar…
The Psychology of Pricing
The psychology of pricing. Is very difficult to know what's going on in the minds of your potential customers. The only way to find out is to ask them and hope that they tell you the truth. We know the truth of their response as shown by their behaviour when they turn down our offer of goods or services and say that the price is too expensive. This however can also be a bluff. Under normal circumstances people selling their service will quote an hourly rate. The rate …
A New Way of Business Planning
A New Way of Business Planning. Traditionally, the business plan has been designed for periods of one year or more. In the past, the business environment was not changing quickly and a 12 or 24 month business plan was appropriate. Today the situation is different. Changes are taking place at an ever-increasing rate. This means that businesses today have to be much more nimble and responsive to the changes in the marketplace and the needs of the customers. …
Discounting is a Profit Killing Tactic
Discounting is Profit Killing Tactic The word "discount" should be erased from the English-language. It should be the number one business principle, "Don't Discount." Every time you discount you are taking your profit and giving it away. What on earth is the point of having a retail price, if you don't use it? There is nothing to be ashamed of about your retail price and people should expect to pay it. When you discount products or services you are creating a p…
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