However, it is critical that the individual manager judges the accounting figures before making the final prioritisation of his/her actions. A commercial mortgage broker might hold industry forums twice a year with speakers presenting on the economy and industry trends. This is because those we know well introduced us long ago to the opportunities they can provide, but those with whom we are barely familiar are connected to an entirely different network of opportunities. When your customers call, what do they want?

Hoping your past customers give you a referral

Many business owners get stuck at this point. Again, not necessarily. We have argued that the task of management in the interactive context hinges on making sense of a complex and ambiguous context, constructing narratives, interacting, developing and assembling complex solutions with external counterparts. It accommodates the frequent lag between when a purchase is made and cash changes hands.

New competitors are looking to your customers for their growth

If you or one of your team members has been awarded patents, achieved record sales gains, or once opened an unbelievable number of new stores in the space of a year, now s the time to tell about it. Install job cost and account tracking systems to help you determine what things really cost. Your job is to maximize profits, seek profitable customers, and build your business. Either they are the cheapest, the best at service, or the best at quality.

Continue to reach out

You hire people because you can't do all the work yourself. Piquing customers' interest is fun and gets lots of attention. So you need to choose a product or service which people instantly 'get', otherwise it is going to be an uphill ' and expensive ' battle. The lingo of the business world ' cash flow, profit and loss statements, accounts receivable, debt-to-equity ratio, and so on ' makes small-business ownership appear far more complicated than it really is.

Maximize and allocate resources to Human Resource Management

It s your unique selling proposition in comparison to those of other players. Choose a product which you can buy in small quantities so you are not tying up a lot of money in stock each time. After someone gives you a referral, send a thank you note and a gift as appreciation for their help. Expect the business plan to be a living document that improves with every tough question asked by a potential investor, business partner, or customer.

Finding sponsors

Marriage or family counseling with an experienced counselor can be an invaluable preventive investment. It gives people the idea that you have a well-thought-out plan of action so they have more confidence that you have credibility and feel they are not jumping onboard what may soon be a sinking ship. This can itself cost money, but the alternative is worse: Undercapitalization is among the most common causes of business failure; it can bring down an otherwise healthy organization. The vast majority of small-business owners we know provide products or services quite similar to what's already in the marketplace and make reasonable but not extraordinary sums of money ' and, thanks largely to the independence that small-business ownership offers, are perfectly happy doing so!