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Chuck Holmes
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10 Helpful Tips for Entrepreneurs

Published on 11/16/2018
For additional information  Click Here

Today, I'd like to share ten helpful tips I’ve learned as an entrepreneur during the past ten years. These topics cover a variety of subjects, but I’m sure you will find the information helpful.

  1. Cash Flow is King: Cash flow is king in any business. It even trumps sales. Successful businesses are good at managing their cash flow. You need to do the same thing. Make sure you keep your pulse on accounts receivable. Make sure you don’t pay your bills too early. Make sure you always have more money coming in than going out. Otherwise, you will be out of business in no time.
  2. Spend 80-90% of Your Time on Sales and Marketing: As I mentioned last month, sales and marketing are the two most important business functions of any entrepreneur. You need to spend a LARGE portion of your time on those two activities. Those are the two activities that generate sales and revenue in your business.
  3. Spend Lots of Time Taking Care of Your Current Customers: It’s easier to sell a new product or service to an existing customer than it is to go out and find a new customer. Build and keep a good relationship with all your customers and market additional products and services to them frequently.
  4. Your Product is Not Your Business: Marketing your product is your real business. Don’t fall in love with your product and think it will sell itself. It won’t. Before you make a product, determine who you will sell it too. In other words, pick your target market BEFORE you make a product.
  5. What Makes You Different? All businesses need to have their own unique selling proposition. This is a statement that tells your customers why they should do business with you and what makes you different from your competitors. This should be part of your business plan and should be on your business cards, websites and promotional literature.
  6. Team Up with Other Entrepreneurs: Think of other business owners as potential business partners, rather than competitors. Find creative ways to form strategic alliances with other business owners so everyone wins. Find ways to share customers and leads with other business owners in non-competing businesses.
  7. Hire Advisors: No one knows everything. At a minimum, you need a good business attorney and CPA on your team.  In some cases, you might need a marketing person, copywriter, or other professional.  Don’t be cheap here. You get what you pay for. Any amount you spend is an investment in your business.
  8. Be a Student of Your Business: Do everything you can to be a student of your business. Study entrepreneurship.  Attend seminars and events in your industry. Read books. Join a Mastermind Team. Do whatever you can to learn everything you can about your specific industry.
  9. Cutting Expenses vs. Generating More Sales: Most entrepreneurs try to increase their bottom line by cutting expenses. While I think it’s good to monitor your expenses, it’s also a wise idea to focus most of your time on generating more revenue. If you have cash flow challenges, it’s much easier to solve them by generating more income than simply by cutting expenses.
  10. Know When to Quit: While I admire perseverance, it’s sometimes overrated. There comes a point when it might make sense to close down your business. If you’re constantly spinning your wheels, struggling to make a profit, and slaving away but not seeing a return on your time investment after 12 to 24-months of consistent work, you might need to close down shop.  I know this might be hard to grasp, but sometimes it's the best thing to do.

Final Thoughts

In summary, these are 10 of my favorite tips for entrepreneurs. Even if you incorporate just one or two of these ideas in your business, I’m sure you would see a good return on your investment.  I hope you enjoyed the information.

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