Here are some tips that will help you with your profit and loss statement. You probably already know these things, but it’s nice to be reminded of them once in awhile.
Keep your overhead low. Instead of renting a building, why don’t you buy a building? Let’s take that even one step further. How about buying a building that is in foreclosure, so you will have instant equity. These properties are out there, you just have to look patiently for them.
Buy low and sell at a fair price. When I first began construction, I worked for a guy who was a smart businessman. He told me that if you offer a fair price and do good work, you’ll always be busy. My ex-boss was always busy. He’s now retired and wealthy.
Furthermore, if you buy products from a manufacturer, distributor or wholesaler, ask for a discount. When I first started one of my internet businesses, I asked for a discount from a manufacturer and the company gave me a 10% discount. That might not seem like a lot to you, but when you’re selling hundreds of items, it adds up very quickly.
As I write this, I think of a business plan. If you are able to remind yourself of your purpose for wanting and venturing out and doing your business, then your business plan will have details with a complete financial and marketing plan. Your marketing strategy should be built around your strengths, your competitors’ weaknesses and your customers’ desires. Test the reality of your business. In other words, know why your business will work and how you will make it work. You need to think your business through step by step. Imagine everything being done to bring it to reality, especially the “bumps.” You’ll be able to even them out before one even happens.
Many business advisors say to allow yourself two hours every week for ONLY thinking and planning. This gives you time to map out how to keep your business going in the right direction. Do not allow anything to interfere with this time. You run your business. Don’t let it run you. Lastly, make sure you’ve established an annual operating plan. Review it and update it monthly with appropriate employees.
These are some smart business tips, much comprised of making a sound business plan. Hope it helps out somewhat. Feel free to email me.
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