Tip of the Week

For Small Business Owners

1. Set a ‘salary’ for yourself and never draw extra money from your company’s bank account to pay for those ‘extra’ things you might want or need. You have to think of working for yourself as no different from working for another company. If you run low on personal funds, you have to view it as no different than if you had gotten your paycheck from somebody and had to wait until the next payday.   This is one of the biggest mistakes new business owners make!  There have been times when my personal checking account has been pretty darned low and the money in the company account looked pretty good to me. But you have to view your company account as just that… the company’s money!

2. Market, market, market! No matter what business you are in, you must keep up your marketing. It’s the only way you can grow, and the only way you can stay in business.  The old saying ‘it takes money to make money’ certainly applies to marketing!

3. Accounting might be one of the most important things for you. Purchase (or design with Excel) an accounting system that can track every dollar you spend and every dollar ‘coming in.’

4. Supplier relationships: many companies rely on vendor support regarding supplies. Develop a solid relationship with your suppliers! It is part of the ‘life blood’ of your company!

5. Customer contact: stay in front of your customers! Send out weekly e-mail ‘letters’ to your clients. It reminds them weekly that ‘we are still here!’

6. Many new business owners have never hired employees before. Don’t just hire somebody because you need somebody! Take the time to hire people that can truly assist you. Get your money’s worth from your help!

7. And remember… no matter the situation, the customer/client is always right! If you don’t have the temperament to ‘take it on the chin’ every now and then you don’t need to be in business for yourself!’

– Thanks to a friend from AOL for this week’s tip.

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