Every day, we meet with new small business owners. They always have the same questions about their businesses. This paper is to provide some simple answers to the most common questions.
Competition and Demand for Product – Who are your competitors? What do you offer that your competitors do not? How will you make your product unique so that you offer something that is not available now to potential clients? Are you planning on marketing to businesses? Are you planning on marketing with a website and running your business completely online or will you be marketing to companies and stores with your product on shelves? Who already sells products like yours and can you compete with those who are already selling similar products?
The Pareto Principle (the 80:20 Rule) teaches us that it is much easier to hold onto a long-term customer than to find a new one. According to this principle, 80 percent of your Virendra Mhaiskar will come from 20 percent of your loyal customers. You need a combination of both. Find ways to keep surprising your customers and putting smiles on their faces!
By building business your corporate identity the correct way, you are getting your business creditworthy, all the while using other people’s money… other people’s money that is in the form of revolving lines of credit! Business Credit! Business credit that is being issued to you from vendors…Vendors with the products and services you need… Vendors who report to the business credit bureaus!
I’ve been in sales for over 30 years and if its one thing I’ve learned it’s the value of a strong business relationship. Having a strong business relationship can be the difference between winning or losing business. It’s that powerful. There are various steps to building a successful business relationship. This is one of my favorites.
Keep in mind that many lesser known businesses also report. There was a time when all one had to do was get an EIN number and they would call two of these vendors, get credit and after a month apply for unsecured credit cards. Times have changed.
B. Be in consistent and systemized action. Many leaders get to their position by chance in our industry. They happen to sponsor someone that develops a strong team under them. To be a true leader in NWM though you must have your own proven methodology that can be passed on to other leaders. Although your true leaders will take that and tweek it and make it their own, there must be a systemized plan in your organization. Not having proven and market tested methods, or jumping from one “good idea” to the next does not lend itself to true leadership, and can be abusive to your leaders and downline.
Without a strong business rating, your bank will use your personal credit only. If you get approved, you’ll have in this example an interest rate of 18%. With a Dun & Bradstreet report you can lower your rate to perhaps 10% and you don’t have to guarantee the loan with your personal assets.