4 Tips For New Entrepreneurs

Tips for new entrepreneurs

At a recent event, I spoke with a woman who was considering starting her own business – and looking for some suggestions. While we discussed the need for goals and an actionable plan, I also recommended a few books that are helpful for new entrepreneurs, including Ken Blanchard’s One-Minute Entrepreneur.

If you are just getting started, One-Minute Entrepreneur is full of helpful insights for new entrepreneurs. Of course, seasoned business owners will also benefit from a little reminder!

4 Rules for Entrepreneur Success

  • Sales have to exceed expenses.  Build expenses as you build customers.
  • Collect your bills.  Be reasonable, but don’t be your customers’ banker.
  • Take care of your customers.  They pay the bills and write your checks.  You work for them!
  • Take care of your people.  They are your company.  When you shut your doors at the end of the day and your people go home, your business goes with them.

These may sound obvious, especially to the seasoned veteran. But in the quest for business growth or increased pressure from daily operations, it’s easy to forget these basic concepts. Sales are important, but profit and cash flow are king. Payment options and terms may be necessary to close sales, but let go of customers who pay late or after a lot of follow-ups.  Finally, if you take care of your people, they will take care of your customers.  Then everyone wins!

If you haven’t read the One-Minute Entrepreneur, check it out in digital or print.  For my list of other recommended books for entrepreneurs, click here.

Ready to Put Your Business on the Path to Success?

Would working with a business coach help you take your business to a whole new level? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.

To learn more, call me at (856) 533-2344 or click here to book a phone appointment now.