Ask the Start-up entrepreneurs in the world their major goal of establishing a Buisness and 80 percent will tell you its to become rich and successful.Who doesn’t want that.
Now the issue is how to grow that Buisness to become successful amidst the entrepreneurial jungle. To amass fortune for your company is never going to be an easy feat.
Some say successful Buisness is only for those with millions of capital to run it. Some say its a thing of luck. Others claim its your hardwork that will determine that. Now ask yourself, what is the determinant factor of amassing fortune for your company. How can you increase your Buisness financial flow? It takes adhering to certain rules to pull that off.
FOCUS ON CASHFLOW This should be your major focus. Your Buisness Cash Flow. Follow up on it, track it and implement factors that will boost it. Monitor the way cash flows in and out of your Buisness monthly. If cash is flowing in more than out, then you are on your path to a successful Buisness. If otherwise, DANGER looms.
To every Start-up, endeavour to have more financial input than output. Discipline yourself in the aspect of spending. Set up a monthly track factor of your Buisness cashflow. Note that cash comes in from the customers that buys your products and services. While it flows out from your spendings. Paying rents, production cost and utility bills.
Your monthly track factor/calculator is your guide to your cashflow. To be safe, its better to make/have three times the amount for “Flow in” (profits) as compared to the amount for “flow out” (expenditure) monthly.
When your Buisness is programmed this way, your path to a successful Buisness is free.
RUNNING A BUISNESS WITH MORE CASHFLOW-OUT There is no doubt that most Start-up Buisness encounters the challenge of cash flow out more than in. This is because a newly established Buisness is still in developmental stage. Still setting up its building blocks, production cost and running of Buisness.
At the end of the month you find out that your cash flow in, equates your cash flow out. You are left in a loop.
SOLUTION TO A LIMITED CASHFLOW IN.
Exceling as a successful entrepreneur is a rigorous path that requires strategic plans. Without which you can never make it. Employing your skill to raise money(capital) to support your Buisness is an admirable trait.
Most Start-ups are employees of one organisation or another. It doesn’t mean they have abandoned their vision, its simply an added channel to raise money for their chosen Buisness. Engage your skill in an extra platform to earn money required to run your Buisness.
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JOINING HANDS WITH PEOPLE(STAFF) WHO HELP YOUR BUISNESS GAIN There are certain people who enable the growth of your Buisness. These people can be in the form of your team, family or those that support your cause. Join hands with them and watch you Buisness financial status grow.
INCREASE YOUR CHAIN OF CUSTOMER REFERRAL There are certain customers that are Buisness changers. Treat them well and they cling to your Buisness pulling strong forces of buyers that will amass you cash flow in.
Likewise same with certain customers. One wrong move and they leave a daunting trail pulling with them chain of customers. The smart move is to raise your referral bar. Treat customers right and watch them grow your financial base.
OWN THE MARKET The idea is to go into the market, dominate and own it. To achieve this, you go in like one going to battle. Its a terror out there. Relent and your oppositional force(competitor) march over you. Sleep, and the angry entrepreneurs ruin your spot. Slumber, and the copycats buy your Buisness indirectly.
This is a major reason why you are going in like its a battlefield with the aim to WIN. And as the saying goes winners never quit. You continuously strive to create your niche. That is the only way to FINANCIAL SUCCESS.
No Entrepreneur wants to pack up and leave the market. In case your consolation is to hold on till both the big shots and Start-ups drop their claws. You will wait till eternity. Who doesn’t want Financial success.
MAINTAIN EXISTING CUSTOMERS This has been the tactics of big shot companies. Since they have made a mark for themselves already, they minimally strive to gain new customers. As a Start-up, this approach is an advisable one. Concentrate on maintaining and treating existing customers. This will minimise the rate of marketing cost and efforts you attach on your Buisness.
Sell good products to them, give them incentives and endeavour to have them return. That is the smart move to Financial Success.
MAGICAL CUSTOMER SERVICE To achieve this, it requires effort and consistency. Train yourself or your customer reps on the proper way to handle customers. Customers want to feel appreciated. They want you to value the time, money and efforts they spend in acquiring your products/service.
As soon as they realized they are valued. They stick on and refer. Bear in mind that they notice when you don’t value and understand they squeezed out their time to enquire about your products. So, value their time.
CONVENTIONS/FAIRS Financial success is around the corner when you align yourself with Conventions relative to your Buisness. Set your model/star products with the aim of seeing it in the global market. Establishing your Buisness financial success begins with you, mindset and the factors put into place to achieve them.