Basic Tips for Small Businesses' Financial Success

Produced on behalf of: Business Debt Managementwww.business-debt-management.co.uk

MANY SMEs FAIL BECAUSE OF THEIR

POOR BUSINESS PLANS

STUDIES REVEALED A POSITIVE RELATION BETWEEN

THE EXISTENCE OF A CORPORATE CULTURE,

EMPLOYEE & CUSTOMER SATISFACTION LEVELS,

& THE FINANCIAL SUCCESS OF A COMPANY.

LEARN FROM THE BIG BRANDS

AND BUILD A COPRPORATE IDENTITY AND A

‘CULTURE OF PURPOSE’

DERTERMINE SOLID COMPANY VALUES AND OBJECTIVES. DEFINE A VISION AND MISSION.

BE DIFFERENTFROM YOUR COMPETITITORS

ALWAYS WATCH YOUR EXTERNAL

MARKET ENVIRONMENT

ALSO, LOOK AT INTERNAL FACTORS. EVALUATE

THE SUCCESS OF YOUR PRODUCTS/SERVICES

USING SOME OLD BUSINESS MODELS SUCH AS THE BCG MATRIX AND PLC

CHANGE THE COURSE WHEN PROFITS DECREASE, OR AS SOON AS NEW

OPPORTUNITIES COME UP.

GET YOUR PRICING RIGHT

BE BRAVE AND ENTER NEW MARKETS: DEVELOP NEW PRODUCTS/SERVICES FOR YOUR

GIVEN CUSTOMERS, OR TARGET NEW ONES WITH YOUR GIVEN OR NEW PRODUCTS.

BE SHY AND TRY TO ALWAYS APPEAL TO THE DIVERSE CUSTOMER TASTES.

ALWAYS KEEP THE RIGHT BALANCE BETWEEN YOUR CUSTOMER RETENTION AND

CUSTOMER ACQUISITION ACTIVITIES.

KEEP YOUR STAFF HAPPY AND ASK THEM FOR THEIR IMPROVEMENT IDEAS

SEEK OUT FOR HELP, IF YOU HAVE

REACHED A DEADLOCK.

FOR EXAMPLE, BUSINESS DEBT MANAGEMENT

CAN HELP SOLVING DEBT PROBLEMS.

Produced on behalf of:Business Debt ManagementPhone: 0845 463 3328www.business-debt-management.co.uk