7. Developing a Marketing Strategy Like all aspects of business formation, developing marketing strategies requires careful planning. A successful marketing strategy presents a product or service to customers at a price that meets the business’s profit goals and in...
8. Market Research Market research is finding out, in an orderly fashion, what your target customer’s attitudes, opinions, needs, wants, likes, and dislikes are. Good market research eliminates guesswork and becomes the cornerstone upon which new business owners can...
9. Exceptional Customer Service What is a Customer? Customers can be demanding, irritating and, at times, a total nuisance. Customers are also the lifeblood of every business. Think about the fact that if your potential customers are not interested in buying whatever...
10. Business Financing Not having sufficient capital is one major reason why many businesses fail. Underestimating capital needs can quickly drain your financial institution account and leave your business in a cash crunch. When starting any venture, two types of...
11. Understanding Financial Statements aWhat are Financial Statements? The basic financial statements used by a small business are the balance sheet, income statement, and cash flow statement. The balance sheet can be compared to a snapshot taken of a business at one...
12. Maintaining Business Records The main objective of maintaining business records is to provide useful information which the owner can use in directing business operations. Effective record keeping becomes a very important management tool for the business owner as...
