The Commandments for Business Success
Have you ever wondered what it takes to be successful in business? Well, we did. We put together ten commandments that will help bring success and keep your business running smoothly. These commandments are applicable to any company, no matter the size or industry!
Never allow any of your money to lie idle.
A successful business depends on the management of money. Once you’ve collected your invoice, it's important to skillfully handle that cash so as not to lose any or have it stolen from right under your nose!
Be aggressive in collecting accounts receivable.
Don't let your accounts receivable go unmatched. You've earned that money; you have a right to it
you need the funds for operations, payroll, or other purposes as well!
Don’t be in a big hurry to pay your bills.
Hanging on to cash as long as possible is the key to growth.
There’s a good reason why checks are slow in coming from people who owe you money and it has nothing whatsoever with them trying their hardest or even not wanting your forgiveness; rather, hanging onto those profits (interest) will ensure that they can still come into play for working within the business.
Adopt a marketing mentality.
Marketing is like the sauce: It's all in how you use it.
Marketing involves more than an ad in a newspaper or fancy website; your marketing efforts should include social media posts, email campaigns, and loyalty programs for customers who return often to experience great experiences from loved ones that live close by!
Determine that you will never lose a client to a competitor.
It's no secret that keeping customers is costly, but finding new ones can easily cost five times as much. This represents one of the most important concepts in business - because it means you're spending time and money on something instead of saving them!
Keep leasing in mind.
It's true that most financial advisors disagree with the idea of leasing a car for personal use. However, if you're in business and need to lease something on your company credit card or extend benefits from another company like Aetna-Healthcare Management Inc., then it may make sense!
Go the extra mile.
One of the most valuable assets a company can have is satisfied customers. A recent study found that those whose complaints were satisfactorily resolved became better consumers for their store than before, even though they may not have purchased anything there in years!
Set your business apart.
The key to success is knowing yourself. You should carefully evaluate your strengths and then combine them in order for you or any business owner, be it giant or tiny- they’ll have an identity all their own!
Guard your most precious business asset.
If you have employees, they are the backbone of your business. While adequate wages are a fundamental requirement for employee satisfaction and productivity is important to keep them happy with work in general, money isn't always what motivates people most about their job- whether it be pay or recognition given when someone does something great. Recognition can come from being praised on an individual basis as well so high turnover rates may not affect all workers equally!
Develop a personal relationship with your banker.
If you're handling money, it's a good idea to develop an honest relationship with your local bank manager. Bankers are typically very skilled at doing this job and will be able to help if there is anything that they can do for us. Even if our operation isn't huge yet - we should still make contact so the bankers know what type of business operates in their town!
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