Business Advice From the Experts
Business advice comes in many forms. One form is a popular television show where entrepreneurs pitch ideas to possible investors – Dragon’s Den. There are several lessons that business owners can take from the show – and when you hire a business consultant, these are some of the areas the consultant will focus on. Here are three lessons for starting or improving your business.Have A Plan – And Keep It SimpleOne of the best pieces of business advice is to have a plan for the business. This should include a market assessment, figures and an idea of where you want the business to go. If you are an ideas person then you may be tempted to throw everything into your plan. In fact, most business advice suggests that you concentrate on the key areas so that you can do those well. Having a ‘kitchen-sink’ business plan may make it difficult to focus on what’s important.
Know Your FiguresThe second piece of business advice is to know your figures. You need to know how much it costs to make your product or produce your service and how much you can sell it for. That tells you how much profit you can make. You need to keep track of the sales you make and the money you have to spend so you know what your cash flow is. If you have to spend on shipping, this must be factored in too. If this is a weak area, then your consultant will be able to help you with this after a business review.Research Your MarketThis is a key piece of business advice. The development of your business hinges on good market research. You should know who your competitors are, what they offer and how you can differentiate yourself from them. You must also be alert to new market trends so that you can be the first to take advantage of them. A consultant who is well versed in all aspects of business will be able to help you research this area. The consultant will also suggest opportunities for extending your market reach and growing your business.
Believe In Your ProductFinally, it is important to believe in the value of the products and services you provide. This will go a long way to helping you to network and market effectively. This piece of business advice is especially important when starting a new venture – and it will also help your consultant to help you.