1.       Plan everything Planning is key – ALL businesses would be wise to analyse scenarios and research and consider information – the business plan should be the bible of this info. Remember that an effective business plan should 1) act as a “Roadmap” to guide you through the development of the trade and 2) offer you a “Benchmark” to measure the success of each individual decision and functions of the business. 2.      Cash-Flow Management Cash is King – an oldie but a goodie! The reality is the lifeblood of any enterprise is cash flow. Today more than ever businesses need to be wise about money management and ensure that they proactively chase Debtors and manage their credit cycle to make sure you bank more cheques than you write! 3.      Proactive Sales Building New businesses need to aggressively pursue new customers. Clever marketing and promotional activity may be perfectly targeted but unless you ask for the sale it may all be for nothing! 4.      Be Customer Driven Business is not simply about the products you sell or the prices that you charge. Successful businesses recognise that the customer is paramount because it’s customers who will decide if a business wins or loses. Getting the competitive advantage is not just about understanding customers but also offering them an unrivalled product/service. 5.      Invest in Technology Investment in technology can have lots of benefits for business if it gives you a real advantage or solves a legitimate problem. The key to investing in technology is establishing what actually helps the unique needs and demands of the business and not what impresses your competitors. 6.      Management Team The best management teams comprise leaders with varied experience and skills which complement the team as a whole. A truly successful management team needs to give weight to all its voices whilst challenge the status quo and embracing change. 7.       Effective Marketing Effective marketing is not just limited to advertising, research & product development but also the way in which you deal with sales strategies, customer enquiries, after sales service and product development. 8.      The Competitive Advantage Good businesses need to have a clearly defined “unique selling proposition”. Really though this is nothing more than a fancy way of asking one simple question, "Why will people choose to do business with me instead of doing business with someone else?" 9.      Invest in Training Training is an on-going process. There are usually ways to do things better, in less time, with less effort. 10.   Communication Constant contact, follow-up, and follow-through with customers should be the mantra of every business owner, new or established! Constant and consistent communication helps turn prospects into customers, increase the value of each sale and buying frequency from existing customers. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back. What do you think? Is your business following these tips? Let us know in the comments.

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