When you boil it right down, running a business is pretty simple:
1. Have something to sell.
2. Sell it.
3. Sell it for more than it costs.
It might seem simple, but each of these points are profound!
Have something to sell
The most fundamental of all, it relates to what you have to sell, that your customers actually wanting it. Also:
How you buy,
How you train,
How your staff do their job,
How you deliver your promise.
It's about how you bring it all together.
Sell it
This is about your sales and marketing.
Define your target market,
Discover ways to engage and convert them,
Show how you solve their problem and ease their concerns,
Show why they’d be mad to go anywhere else!
Sell it for more than it costs
You must make a profit.
Which means your selling price must be greater than your costs.
So, you must know your costs.
ALL of them.
The direct costs, indirect and HIDDEN costs.
Then set your price to cover your costs and leave enough for you.
Set a budget then track your performance against it.
Review and adjust as needed.
Then go back to the top of this list and do it all again..!
It's simple but it sure ain't easy.
Let me know if you need a hand.
Peter
#franchise #smallbusiness #biztips