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Pellas Associates & Co.

Philippine CPA Firm

Need help in:

Accounting, Auditing, Taxations, Bookkeeping, Legal Business Issues, Business Compliance, Business Registration, Incorporation, Business Process Outsourcing Call us or email your questions , our Accountant (CPA), Lawyer, Business Consultant will help you.

Tips for Successful Business

Turn A Good Idea Into Immediate Action

If you have a good business idea and you are confident about it, you should do the move right now! Make a convincing business plan and put yourself into business as soon as possible before someone takes your idea and beats you to the market. It is terrible to see people earn money thanks to an idea you had months ago.


Get Things Done

If you want to open a business yourself, you should think about whether you are able or not to meet goals and accomplish your objectives. Your management style, which is greatly influenced by your personality, must be directive enough to get things done on time. Your style must be based on immediate action, not endless discussion


Treat Everyone As A Potential Customer

Every single person you meet might turn out to be your next good customer. It is a wise thing to treat everyone as a potential customer, otherwise you might sometimes have bad surprises.


Employees: You Get What You Pay For

If you feel the need to hire employees to help you out with the business. You have to be aware that you generally get what you pay for. If you hire a low waged employee with no previous training, you wont get as much help and results as if you employed qualified personnel who know what they are doing. Employees training and business knowledge is also important prior to actual work.


Starting A Business Is Not Only For Money

You should not think about starting a business unless it is for the good reason. It should not be for the money only. In fact, the more you love what you do, the more success you will get. It is a natural rule.


Risk Taking

Before risking to loose your money, lifestyle, future, family, and business in a hazardous venture, you should ask yourself whether you are able or not to afford the risk. What if it goes bad? Would you have the necessary resources to start everything all over again?


Negotiate Everything

As an entrepreneur you should be ready to negotiate everything. It will save you more money than you think. Few people negotiate prices and bargains, but those who do get great advantages out of it.


Always work for Business

It is easy to be tempted by laziness when you are the boss of your own business. But laziness is the hidden enemy of all entrepreneurs. Do what you have to do on time, and don’t postpone important things. The only way you can succeed in running a business it to push it to success and prosperity by methodically doing your tasks day after day.


Adapt Your Business Plans

You must reevaluate and reformulate your strategic plans as often as possible. Otherwise planning is useless. Keeping track of your evolution and progress, and setting new objectives and goals to achieve are part of the planning. Your business is constantly changing along with the market evolution and a strategic plan that is out of date is no longer accurate and doesn’t reflect the situation of the company anymore. A plan that is kept current will measure the performance of the company properly and will give the right indications and hints on how to keep conducting the business.


The Look Is Important

A successful business starts by being a good-looking business. If the place you’re working in looks old and dirty, people wont go there even if you do the best work of the entire city. A stylish business will always have much more opportunities and potential. The customer’s perception is important.


The Dangers of Expansion

Expansion is not bad but Don’t be eager to expand your business instantly. Too many people think that expansion is synonym of success. Don’t forget that extensive growth can also lead to bankruptcy.


Strategic Planning Is Essential For Success

Effective planning is absolutely vital for the success of your company. You have to be prepared to face conflictual situations, competitor offensives and any other kinds of contingencies. Planning is the best way to stay prepared. Strategic plans state your business mission, your current situation compared to your competitors and where you plan to be in the next few years, or months, depending on the market you are on and on the risks you take. It should also include concrete goals and precise objectives to achieve.


Be Sensitive to Market Evolution

Once you start selling your products and getting to know how to run this new business of yours, you should already start wondering how the market is moving. Your business might take a good start and sell a lot of products for the first year, which is generally good news. If you manage to keep everything tight in your company, including relations with suppliers and orders fulfilling, it means you are a good manager. However, after some time you may realize that your sales are dropping and your order backlog is decreasing for a reason you ignore. Well, it is possible that the reason for this is outside your business, and not inside. It can be that the market has moved without you. It is the role of a leader to seek for market evolutions and be proactive about it. Instead of following the trend, a leader creates it or is among the first people to integrate new products and solutions inside his company. Being an effective manager is good, but leading the company in a successful direction is THE key to commercial well-being.


Be Honest

If there is one “golden rule” that directs all other rules in the business world in order to achieve success, it would be to stay honest throughout your whole career. Greed and dishonesty can sure provide shortcuts to instant gratification and money, but it will always eventually turn out to be self-destructive. The ONLY way to run a business on the long term and to have a chance to pass it to your children is to be completely honest with yourself, your family and your partners.


Get Professional Advice

You can’t be an expert on everything. Get an assistance on your weak points from as many sources as possible. Ask professionals, friends, and even future competitors. Most people who are owning small businesses will actually be happy to help you and share experiences with a novice entrepreneur. You should get as much advice as you can before or after launching your business. After may be too late. There are great chances that you are not an expert in accounting, law and local taxes. So get some professional advice before making any big decisions.

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