Today’s #BusinessTipTuesday we look to #CheckerDay to remind small business owners the importance of planning your next move. Planning is important whether you are just starting your business or planning to grow your existing business. Here are a few simple tips to help you along the process.
• Manage your cash – It is always important to keep track of your cash flow, and make sure you have cash to keep the business running when times get slow.
• Keep up with latest trends – Make sure you stay current with things happening in your industry. Invest in training your employees.
• Be there – Many times small businesses fail because the owner spends too much time away from the day to day operation of the business. The time to golf will be after your business is well established.
• Listen to your customers – Seek feedback from your customers. Thank them for good feedback, and learn from bad feedback.
• Invest in word-of mouth-marketing – All time small business owners tell us their best marketing is word-of-mouth marketing, yet they never invest any money in that. Spend your marketing dollars by rewarding loyal customers who help spread the good things your business is doing.
If you need help in business planning or any other areas of small business, feel free to contact The University of Scranton SBDC at http://www.scrantonsbdc.com .
Keith D. Yurgosky
The University of Scranton
Small Business Development Center