900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
|
|
Business Tip |
Essential tips for the new businessperson
It can be easy to overlook some very important business principles in
the hustle and bustle of getting a new business started.
In no particular order of importance, here are a few ideas to help your business get off to a good start. Most
of these will be useful for as long as you are in business.
- Create a written business plan.
The process of writing the plan will be as useful as the finished plan itself. Write a description of your business
operations that can be understood by those outside your industry, trade, or service specialty. It is very likely
that a banker will need to know what your business is all about. Include an honest assessment of your market and
competition. Will you be selling by retail outlet, mail order, trade shows, etc.? Include biographies on the business
owners and key employees.
- Prepare projected sales and expense statements. When will cash be needed for various expenses and where will it come from? It is your
accountant's job to prepare financial statements that will be useful to you as well as to those outside your company
who need such information.
- Don't use short-term debt to finance long-term items. You would not buy a home on credit cards for obvious reasons. Likewise, you should
not use short-term bank loans to finance your inventory, equipment, etc. It will be important to your banker that
you recognize the proper need for the right financing before you are in a crisis situation.
- Without shorting yourself on equipment and staff, learn to run a
lean business. It will serve you well not only for the startup
period, but in future economic downturns.
- Scout out the best suppliers for all your inventory and equipment
needs. Position yourself as a preferred customer. When you need
inventory in a rush or help in solving a customer's problem, you want your vendor's attention. Pay all invoices
on time, and keep your suppliers informed about your needs and your customer's concerns.
- Ask your customers for their feedback. Learn to think like your customers. If your customers are less than 100% satisfied, you will lose their business. Make sure that your entire staff is geared up to solve customer problems. More than one good customer has been lost due to something that could have been solved with a few minutes of staff time and a few dollars of the company's money. You spend thousands of dollars to get new business; spend a few dollars to keep your current customers.
Call us. We will gladly assist you with getting your business off to a proper start. Oh yes, we also work with many established businesses and welcome new clients to our firm.
