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© Copyright J Cleveland Payne
Description
Independent business analyst and small business owner J Cleveland Payne offers success tips for business owners and professionals every week in a quick and concise format.
250 Episodes
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You may only need a little paper or minimum time with a lawyer on retention to get down to business. But you need to know this from the first day of offering your products and services for sale to the public.
Stories of people who could start and grow a business with minimal external funding are great. These stories also convince many people who can’t bootstrap their business to give it a shot when they should not.
Digital marketing comes with a cost, so use cost and time-effective strategies for your small business.
Managing your finances, including budgeting strategies, cash flow management, and cost reduction techniques, will make the difference in you being a long-standing success or a quick financial failure.
Following some basic initial steps for launching a small business will save you time, frustration, and money in the long run. This involves choosing a business structure, properly registering the company, and being honest about your initial market analysis.
Build a foundation from the beginning that reflects your values and how you want to be seen. That makes it easy to run a company that maintains your values.
If you’re just looking for something to do, especially if you have a large amount of money burning a hole in your vault, taking on a business opportunity is typically a terrible path to take to alienate that boredom.
Polish up your business plan and get to work. Find seller financing. Raise funds from investors. Use different types of loans. Ask friends and family who understand how investing in a business works. The financial risks of getting a new business off the ground are well known. Save yourself some of the headaches by looking for funding in the initial stages.
Things will go wrong in your business. Don’t attempt to survive on sheer will. Have understood and ready to implement plans in case of multiple downside scenarios.
Knowing how long and how much fiscal damage it will take to sell a business if you want (or need) to should be known before you receive the keys to the building. A business that doesn’t align with your exit plan may be a business you need to pass on.
If you have never worked in an industry, you should avoid taking on the responsibility of a troubled business. A turnaround story on an unprofitable business is excellent to tell but hard to write if you have never done it before.
A crucial key to business success is organization. Proper organization will help you complete tasks and stay on top of things to be done.
Before making any significant changes at a company you are taking over, take as much time as you need to understand how everything functions and who the key players are. Your genius changes to the process may have been attempted before with disastrous results, and just you being you may not be the secret to its new success in this attempt.
When an applicant interviews for the job of a lifetime and you are just trying to fill a spot with any able body, both sides will find the process frustrating.
Are you an 'elite expert' or the 'just as bad as you' guy when it comes to the Guru Game? Understand what game you intend to play, and play that game well when you deal with how you work with mentors.
Always show you can walk away from a deal not going your way. Especially if you are desperate to make that deal come through.
There is a lot of pre-launch effort that goes into launch day for your business. This counts for the business entity of your choice, you, and the people who will lose time with you as you pursue your business success.
Providing exemplary service to your customers is crucial to gaining their loyalty and retaining their business.
Prepare to make sacrifices in your personal life when establishing your business. In turn, prepare yourself to understand the need for these sacrifices will mostly come from those who work for you who are unwilling to make the same sacrifices (and justifiably so).
It's essential to be aware of who (or what) your business competition is and both the appropriate and inappropriate tactics that someone can deploy in defending your business against them in the marketplace.
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