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Maryland |
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174 Klees Mill Road
Sykesville,
MD 21784 |
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1-888-746-9781 |
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| Article: Ideas for Succeeding…Even in
Tough Times |
| By
Doug Howard, President, BDG Entrepreneurial
Services |
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| Weather, industry consolidations, increased
competition, decreased margins and the challenge of
finding good help all contribute to the difficulty in
succeeding in today’s business environment. And yet,
some succeed anyhow. Why? It is luck? Is it location?
Maybe… |
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| However, these are some guidelines that we have
seen successful business owners use to be successful,
even in difficult times… |
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Don’t waste time on the aspects of your
business that are beyond your control. Avoid the BLAME
GAME. Spend your time developing new strategies to
address the aspects of the business you can impact. |
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Build a working and evolving financial model
(spreadsheet) to plan properly and put numbers to your
decisions. Start with a budget of sales, gross profit,
and expenses. Adjust that working model as your
business changes and use it to predict the impact of
your decisions. |
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Most businesses have more than one profit
center. Review your profit centers and use this
information to improve your business. Get down to the
details. Sales vs. Service. Take-Out vs. Dine-In.
Residential vs. Commercial. Gas vs. Groceries. Product
Line vs. Product Line. Where does your profit come
from? Where can it be improved? |
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Create a plan to attract, train, motivate and
keep the right employees. Get outside help in doing
this if necessary. Finding good help is not easy and
accepting whatever you find is common. Get good at
testing and interviewing, training and managing to get
the most out of your human resources. |
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Create a plan for all of your “corporate
departments” – marketing, payroll, accounting,
personnel, technology, etc. Don’t try to wear too many
hats. Hire and develop people to complement your
talents. Outsource those “departments” that can be
done more cost effectively or with more
expertise. |
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Get professional help based on good
communications. Accountants, lawyers, financial
advisors, insurance agents and other professionals
should be willing and able to explain issues for your
business in ways that you understand and keep you
involved in the decision. If you do not get good
explanations or frequent communication, make a
change! |
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Build a plan for the business to operate in
your absence whether it is a long-term absence,
retirement or simply a vacation. Create a list of
tasks that you do and identify those that someone else
could do now and those that someone could do with some
training. What steps do you need to take to insure the
business can function in your absence? |
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Plan your business and your growth to match
the lifestyle you want to have, not just how much
money you want to make. What hours do you want to
work? Do you want to travel? How do you want to spend
your days? You will be more successful if the business
coincides with the lifestyle you want! |
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Technology is a tool, not an end. Create a
technology plan that matches your company culture. It
is easy to get overwhelmed by the available technology
and in some cases allow technology to get between you
and your customers. Make sure that the use of
technology serves some primary objective of the
business and that you can get a measurable ROI from
your technology investment |
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Convert goals and objectives into an action
plan and take the first step today! Most business
owners know where they could improve their business.
Many even know how to improve it. And yet, many allow
the daily demands of the business to keep them from
making the changes needed. Break your goals down into
actions, and get moving. |
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| There are winners and losers in every economy.
There are business owners that make money in a location
right after others have failed in the same location.
Take control of those aspects of your business that can
make you successful. You have more control over your
success than you may
think! |
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