Entrepreneurs!
Chilling on the irie beach in Jamaica is such bliss. A sweet country with sweet people where creativity flows and innovation grows her roots. I listened to a presentation by Mrs. Janice Jones who said 'Jamaica is referred to as a sample country', order about say five to twenty products and you'll get them but order 10,000 of the same product every week and there in lies our problem. We can provide 'samples' of the product but we are not able to meet demands consistently. Small Businesses...Entrepreneurs, this is where we solve the problem. Setting up SYSTEMS. Janice would say 'know your numbers.' What is the unit cost of your product? What is your profit margin? What's your gross and your net? What are your overheads? Janice would ask, are you making money or just turning money over? Let's not be caught by surprise.
Here are my 5 suggestions:
1. Know your suppliers. Having a knowledge of businesses or individuals who can provide you with raw materials in the right quantity to meet your demands as this is vital to the progress of your business.
2. Have a Plan 'B' for every Plan 'A' and even a Plan 'C'. Things can go wrong in small areas of your business that have major implications. We don't want these implications to lead to failure of our business, so let's do it right. For example, you trust a friend or a family member so you make that person your accountant. But what if that person got sick for months? Where does that leave your business? If one supplier goes down, do you have others that can fall in line?
3. Employee input is important. Employees assist you to get your products and services to consumers. Ever heard the phrase 'two heads better than one?' Well two mouths are better than one too. Listen to their views, analyze, tweak if you need to but let them feel like they are apart of your business. Let them feel valued and respected. That's how you get them to work after hours of closing with smiles on their faces and a happy spirit.
4. Customer Tracking. All customers are vital. They hold the key to the success of your business. If no one buys your product or use your service, your operating at a loss. As a matter of fact our not operating at all - your wasting time and money. From a child to an adult, each has a different liking and disliking. You NEED this information for product or service improvement and innovation.
5. Marketing. You just starting your small business, you spent most of money to purchase raw materials and now your wondering how many customers will flow in, because you haven't done your marketing besides telling a few friends and begging them to spread the word. Here we go! Let's use what's available to us. Social Media: YouTube, Facebook, Twitter, Pinterest, Instagram and Blogs. Print Media: brochures, flyers, newspapers (local and national) get an article in, do your research. read the newspapers articles and pick a writer you'd want to do your story (Natalia Oh). Doesn't have to be direct advertising, as in placing an advertisement. Connecting with people is very important. formulating relationships, showing them you care is more than a plus for you. Try it, you'll see.
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