Today we will talk about the tips that you should use in daily business management. Let’s get started!
1) Focus on one project at a time.Instead of having three or four small businesses simultaneously in the startup phase, focus on just one. When you master that business, standardize and delegate the process, then you can start the next project. In the meantime, leave your child projects in a hibernation period while the project that suits you best flourishes. This decision will help you stay focused and earn more, faster.
2) When you start a business, don’t have too many products or services. Reduce them as much as possible, leaving only the most popular and/or most profitable. The rest of your products or services, put them on the back burner until you have consistent income from high-frequency and/or high-revenue products. This strategy will help you focus and your customers will begin to identify you as a product or service that provides a niche product.
3) Identify if you have products or services that require a lot of time or resources, but are not very profitable. For example, if you sell cookies that are easy to bake, cheap to make, and your customers love, you want to keep these products nearby and always promote them. If you have fruit tarts that take a long time to bake, spoil quickly, can’t sell for high prices, or aren’t popular, take them off your menu. The general rule is to improve or discard. If the product can’t be made cheaper, or upgraded to sell for more, take it off the menu and keep your product list smart. I would also remove products that cause negative or ambivalent comments. Sometimes it’s better to get rid of a product rather than risk negative customer reviews.
For instance, you can focus and keep doing marketing while others can be creating products or delivering service. If we talk about marketing, then you should not forget about TikTok. Last three years were decisive for this app. It’s the number 1 downloaded app of 2021, why should you miss this chance? Get a TikTok account. Create simple and short videos about your products. Always buy TikTok views from the quality provider to get them instantly and send a sign to the TikTok algorithm to give you an organic boost.
4) ALWAYS, and I mean ALWAYS track EVERYTHING in your company. That is, expenses, processing times, income, customers, potential customers, supplier prices, peak seasons, and when I say everything, I mean everything. This practice is known as business intelligence and it is super valuable.
First, track, then identify trends, and then adjust your business so that with this information your company becomes smarter, so you will have more income because you will be the smartest provider in your industry. There are many applications or programs that can do the same, find the one that works best for you. Just make sure you always keep track of your finances.
5) Always quote three suppliers for all your costs. Never walk away with the first quote. Always do your research until you are certain that you have the best suppliers at the prices that are most affordable for you, but never sacrifice quality. Another helpful tip is to look for the direct supplier and get rid of the middle man. For example, if you own a restaurant and shop at HEB, look for the manufacturer’s contact information on the packaging and call them to find better prices on wholesale purchases directly from this company.
You may be able to save money by going directly to the source or to wholesalers. If you’ve had a supplier for several years, do your research and make sure you’re getting the best quality for the price you’re getting on a regular basis.