Small Business is the most popular business to be started by Entrepreneurs around the world . Every year thousands of Entrepreneurs turn their dream businesses into reality. Some will go with Venture Capital , Some start Solo Flight and Some may be nurtured by Startup Incubators and Accelerators by providing Seed funding and Training the Small Business Team to enter the markets in a grown up company style with Know how about the Operational, Sales , Marketing and planning technicians and Market Research to tailor the product sand services as per the demand of the customers .
The Demand Pull Startups should have enough resources and workforce to cater the needs of the Market . Let me share with you the Five Dos and Don’ts in running a Small Business Company Successfully.These DOs and Don’ts are instrumental in making your Small Business Company Successful .
DOS FOR SMALL BUSINESS COMPANY SUCCESS
1. Always deliver the Service or Manufacture the Products Keeping in view the demands of the Market and level competitors already flocking the Market .Market Study , innovation and Standard adherence will lead to Success.
2. Always Test and Try something which is either manufactured , Produced or any service being offered so that you may not go on losing the Customers Trust due substandard Product or service . Always Keep check on Quality and Standard.
3. Always Deliver the Products or Promised work either Before or on the Promised date and time so that you may not break the trust .Delivery on time will also boost your Organizations Name and the customer Feedback will also attract the prospective customers to avail your service or shop your products.
4. Always take care of Prices since Prices are raised as per the material or demand of the service . If you raise your prices for Products or services abruptly without taking into consideration of the competitor price then their chances that your sales graph may fall Downwards and at the same time your Profits will also fall.
5.Always hire the most efficient and experienced Staff as amateur Staff will require on job training to work efficiently since Knowledge , Expertise and Training will increase the efficient of the staff . Always run some staff promotions ,sales targets and Prizes Salary Bonuses or Tours if they achieve some remarkable landmark . This will increase the Staff interest and at the same time increase internal Staff Competition for targets .
Don’ts for Small Business Company Success
1.Don’t Spend Lavishly :Finance is considered the Soul of a company and you need to take care in spending the Funds so that you may not face some financial constraints in running the Small Business Company Affairs . Don’t over spend on Company Operational work rather you should live within the allocated budget and Funds available with the bank .
2.Don’t Hire in haste:Hiring is the most important step for those Startups who are already running with skeleton staff . You need to fill the non-supervisory position on urgent basis but be careful in filling the key management , Administration , Financial or Sales Position which are the real worth of the company.
3.Don’t Compromise : Compromise on the Quality ,Standard or Price may lead to your Administrative failure since if the customers started complaining about your service such as Content writing , SEO , Web Design & Development , Networking , Telecommunication , Wireless Networking etc , you will have to pay huge price in rebuilding the customer Trust and confidence . Compromise may affect your brand life Cycle as well.
4.Don’t break the Financial Trust :If you borrow some amount from the bank or received orders from the customers along with the payment then you should immediately process the promised service or product or repay the amount which was borrowed from the bank . If the Product or Service is out of Stock or not available then refund the amount to the customer immediate as per the payment option. This will show your responsibility and fairness in financial dealing.
5.Don’t Pay late : This is the most important for the company standards and level that you should make all the payments such Salaries, Bonuses , Perks , Utility Bills , Taxes and Rent etc on time so that people may not be demanding the same repeatedly . There are several Startup companies which pay their Staff on weekly basis, Hourly basis or Monthly basis . It is up to you or Staff Demand whether they want to be paid on weekly, hourly or Monthly basis. Most of the Companies make mass payments on the final working day .