While putting together your numbers, include a capital reserve fund to spend on special projects or to be used for unforeseen emergencies. Profit can be split with key employees as an incentive. Call up your banker, a real estate broker, or one of your customers who owns several investments, and take them to lunch. Bankers can usually be counted on to want minimal, if any, input into how the business is run.
Creating a Culture of Excellence in Distribution
materials that stand
out, have bright company uniforms, and drive clean, professionally painted vehicles. This pattern
of interaction also
influences the efficiency and effectiveness of the company s direct and indirect counterparts. They must
want to follow
your vision, achieve your goals, and get the job done properly. And the
kinds of people
who discover the right business are often those who are willing to go to a lot of trouble to find good opportunities.
Include whatever services are offered
to get their
hands dirty and do the work, but don't know how to run a business or make money. An essential
part of this
is getting to know more about existing and prospective vendors and clients. The main
the system, since it is economic and not philanthropic in its nature, must of course be the increase in production brought about by its adoption. You are
probably working with
friends or customers who have lenders, brokers, attorneys, title companies, and escrow officers they can recommend.
Make the Accounting department a happy place to work
are ideas that
fall into the same old, same old category. Manufacturers dictate
design and production
to suppliers. Give them
an incentive to
refer you. Assembling the
various elements of
solutions requires motivating others and coordinating joint action without hierarchical authority.
Be conservative in all financial estimates and projections
romanticizing of earlier
societies in which money is imagined to have been unimportant or nonexistent, historians have found little evidence that any society has based its business enterprise primarily on barter. You're probably
an expert on
what doesn't work: confusion, threats, lack of trust, bribes, no rules, no rewards, no praise or recognition, no direction, and lack of accountability. Why else
would you be
seeking funding? When a
business starts generating
profits and plowing them back into the firm, value can build rapidly.
It?s fine to celebrate success but it is more important to heed the lessons of failure
handwritten notes with
pictures of things they are interested in or tips on new ways to make more money. Pointing out
the features of
a product to customers does not mean they will understand why the features are useful; one has to explain their direct benefit. Your marketing
program must include
materials, reasons, and requests for customers to call now. Many mission
statements communicate what
your business is about and should include a description of what makes you different from everybody else in your field.