4. Benefit from your business plan. The exercise of creating a business plan is what pays the dividends. Answer the tough questions now
before the meter starts running.
5. Do not think you need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.
6. Acquire the proper background. In the early months and years of your business, you will have to acquire many skills. Gain the background
you need to oversee all facets of your business well, but determine what tasks you should outsource or hire employees.
7. Remember that nothing happens until a sale is made – How many good products go nowhere because they do not reach the shelves? Sales drive
your business. You will need a good marketing plan to sell your product or service.
8. You have to see a customer to know one. No matter how busy you are, spend at least 25% of your time with customers. You cannot make the
proper business decision without understanding their viewpoint.
9. Solve your customers’ problems. The best way to satisfy your customers is not by selling them products but by giving solutions to their
problems. There is a big difference.
10.Quality takes minutes to lose but years to regain. Quality is not a destination, it is a never ending journey. After you have strayed
from quality’s path, your journey maybe sidetracked forever.
11. Put profitability first, rewards seconds. In small businesses, profitability must come first. Find out how to measure your cash flow
and understand key financial ratios.
12. Hire supporters. If you intend to create a growing business, your number one duty is to assemble a great team of employees.
13. Do not do it alone. Find such help from small business peers, a mentor, even trade associations. They can help take some of the trial
and error of beginning your business.
14. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.
15. Make use of benefits. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.
16. Ignore regulatory issues at your peril. Federal, state, and local governments require licenses, registrations, and permits. Obey them or face
losing your business.
17. Know the tax laws. Invest in understanding tax issues that affect your small business.
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