5 Tips to Save Your Business

I was recently asked about tips on saving a business before or after it starts. Well, each situation is complex but here are my basic tips;

# 1 -Don't just offer what you know. Expand and find out what your competitors are offering that you don't know- then learn it! Be competitive not complacent.

# 2- Don't be afraid to ask for help. Find a good mentor in your field and ask him or her to identify your weaknesses. This will offer you insight to your business' short comings.

# 3 - Never hire friends, unless you don't value the friendship. Hiring friends is worse than hiring family. Friends can become vindictive, expect favors and usually don't consider holding themselves accountable for mistakes. Hiring friends is always a bad idea.

# 4 - Try to promote from outside. If you promote from within it can cause desertion in the office and between co-workers. You may have a really good, trustworthy employee that deserves a promotion, but you also have to consider the climate of the office. Ask yourself if the person is promoted could other employees become jealous? What are the benefits and the risks?

# 5 - You are running a business. Understand this! Many people think just because they started a business that the business and the employees will run it for you. You need to be present and take the task seriously, if not- you will fail.

Until tomorrow,

Twyla N. Garrett

The Most Common Business Mistakes

You're a new business owner. You're making a profit. Things are going great, or so you think! Business owners often make major mistakes during their first few years. I've listed some of the most common ones to watch out for. If you know about them, chances are you will not make them.... saving yourself face and money!

#1. Not knowing your demographic. This happens many, many, many times. Business owners project who their target audience is. However, the projected demographic and who is actually buying can be two different audiences. So, set up some testing groups to ensure your sales will hit the right audience immediately out of the gate.

#2. Spending too much money. Yes, it takes money to make money. This doesn't mean you invest all your money on every pitch (and you will get a lot of pitches) during the first two or three years. Save your money. Only buy what you need and what has been tried and praised by other business owners.

#3. Deciding against your intuition. Your gut will always be right. Don't try to convince yourself otherwise. If something does feel, smell, taste, or look right- run like hell. Your in business because you have guts, don't be afraid to listen to them!

Twyla