- Plan, Plan and Plan. Before getting started learn as much as you can about your market. Continue adding to that knowledge base as your business grows. Develop your plan based off of what you have learned and review your plan at consistent intervals, adjusting where need be. This step is absolutely crucial for a business to succeed.
- Cash is King. While assets and stock may add to the value of your business, they do little when it comes time to pay the bills. Don't tie up too much real money (cash) in investments that can't easily be converted to cash, otherwise you may find yourself in a tight spot when times get tough and bills add up.
- Juggling credit. When negotiating with lenders try and get the longest term possible for paying back credit. When lending try and give shorter tems, which will get the money back in your hands sooner.
- Streamline. You should constantly be looking for ways to reduce the amount of time and money your business is spending. Whenever possible make tasks easier, and work to become a more efficient business. Doing so will save your customers money and help you to remain more competitive.
- Stay humble. Examine your business realistically. If you find something needs to change, don't let pride get in the way. Make the change and get things moving in the right direction as soon as possible.
What tactics has your business put into practice to keep it running in tip-top shape?
