Good business practices for long term benefits

1. Introduction

Hi friends, a very good morning to you all ☺️ . There is always something special about the mornings when winters are fading and summers are stealthily moving in. My 6 year old clarifies it for me, he says its called spring time ☺️ . Spring time motivates me to write, so here comes my blog. Today, I am excited to share the dos and don’ts for running a business.

2. Things to avoid in a business

Greed! We all start our business to make a living. We must also remember that it is in our hands if we want our business to sustain for a long time. Making big bucks is all very exciting. It is shortlived, if you overcharge !

If you pass the burden of expenses to the  customer, it will be impossible to retain their loyalties. There are a whole lot of options available as we live in an open market now. The customer has the option to explore, way more than before. If you will provide tardy service or high cost, the well informed customer will move on.

You need to retain old customers. They are also sources of new customers, if  your product is good and has realistic cost.

3. Good strategy

We know now that we can’t overcharge, so how do we earn then 😀  ? 

As all parents with good intentions say, hard work 😊 . Yes, but hard work could also be stacking things and unstacking them, and so on.

You need to strategize. It is the toughest part and it requires patience. Find good sources of your raw material etc. Make  profitable alliances. This alliance should get all those involved their due. When all benefit, the business sustains. This is also the  principle of life ☺️ .

Forming a good strategy, being part of an income generating chain of people takes time and patience. Short term profits are possible, but they may not be self sustaining.

4. Book keeping

How do you know if you have earned anything yet ? It’s no brainer ☺️ . Keep track of all your expenses. Write down the amount you spend on every service, purchase, social media promotion etc. You can use the good old ledger book. Many softwares are available to do the same. 

Make a note of payments you receive. Do the simple math ☺️ . You guessed it, the difference of your expenses and payments received is your profit/loss. 

It is imperative to write down all the figures. Otherwise, we can get off-track easily. For eg. we may keep increasing our inventory, thinking all is good. Things may actually be the opposite, if we do the real calculations !

Summary

Friends, start writing down all your expenses and do the math regularly. Share and provide benefit to all the involved parties. Give all their due. Follow ethical practices, and see the blessings follow you ☺️ .