There are some things you should never do in business if you want to be successfull. If you are already a successful business person you are well learned of this. If you are a new business person then these three tips may be very valuable to you.
The first thing you NEVER want to do is to be miserly with advertising. A guide would be to allow 3 to 5 percent of your Gross Income. Without correct advertising campaigns your business will chance taking a big loss in product, sales and services.
An example of this would be when a small business that puts out Audio Books, is introducing a new product. The business is new and hardly known. They do have a website, and a small classified ad in the local newspaper. Only a small percentage of population is going to be aware of this busines and it’s product. A better method of advertising would be to advertise in many State or National newspapers. Billboard Advertising,both online and offline in heavy trafficked areas, can also be very profitable. These may cost more, but you will attract larger consumer interest. Without reaching customers, you lose.
Secondly, NEVER fail to learn who is your business competition. Your business has to have a competitive edge, so you want to consider this. An example of this is a small super market store. You want to know what the other stores have to offer. Is there a large selection? Do they have specials or concessions? You should develop a USP. A USP is a Unique Selling Proposition. After you studied your competition, don’t try to out-do them, introduce your USP . Customers love to save money, even if it is only few dollars.
Finally NEVER leap into a business without doing research. You want to be certain you know all of the details about the business you are involved in. You want to know financial details as well as carrying out feasibility studies. How many similar stores in your area that will be in direct competition? How many vehicles pass your doors in a 24 hour period and what can you do to get them to come in? When you take the time to research a specific business, you guarantee success for yourself.
If you make an effort to follow the above guide on what NEVER to do in business then you are on the right path. You build a solid base for business success. Be sure not to jump into any business decisions without research and well thought out plans. Care for your business like you would your children. Administer what it needs to expand and you will be content with the end result. Be certain you follow the do’s and NEVER the donts and watch your business boom.
Word count: 463