Setting Business Priorities That Make Sense

To run your small business successfully, you will have to list your priorities first and then act upon them. Making a plan and following it through calls for discipline - and if you can master that, then you can definitely increase your profits.

If you are a small business owner, then you know that setting priorities is essential to your success.

Making Time Your Priority

Value your own time and that of your customers. Organize your office or store in such a way that you have everything that you need next to you.

It may seem like a small thing, but things that you use everyday like staplers, pins and clips should be at arms length. Keep them in the same place, so that you know where to look when you need them. You can waste a lot of time just looking for supplies.

If you are arranging a meeting with your employees, then set it during a coffee break. Serve coffee at the meeting itself – this way, you’ll be doing two things at one time.

When it comes to customers, devote more time to paying customers rather than those who might purchase very little value-wise, while taking up lots of your time on unrelated questions. Likewise, customers who spend lots of time haggling with you over price may not be worth the trouble.

Make Money a Priority

Money saved is money earned, so make plans to save money from day one. When it comes to money, you should make reinvesting any profits back into your business a priority. Likewise, any money that you invest back into the business should be spent on something that will help your business make more money. So if you want to buy a high-priced truck or other equipment, then first decide whether it will contribute to your business’ bottom line.

If you can earn more by buying two vans for the same price to deliver more goods, then that makes more business sense. You should consider all expenses not related to your business to be a waste of money until you have earned enough to splurge.

Give Inventory Your Priority

You should always keep any products that your customers demand on hand. Give priority to fast moving items, even if the profit margin is slightly low. Along the same lines, high margin products should be kept even if they move slowly. Even if you do not have a particular item in stock, promise to deliver that item in a few days – and keep your promise!

These days, computer inventory programs are a big help. They will remind you automatically when your inventory becomes lower than the minimum level. Use these programs to keep your inventory current.

You can remove slow moving products by giving them away at a special discounted rate or pair them with fast moving items as a special price. That way, you can avoid wasting money on products that don’t sell.

Customers – Your Ultimate Priority

Maintaining healthy business relationships based on trust is never a waste of time or money. This strategy always pays off in the long run. Be honest in your business dealings. Do not cheat your customers. Pay your suppliers on time. Reward your deserving employees. These simple points are useful in building a good reputation and will lead to increased sales and profits.

So set your business priorities right – because in the long run, it will pay off.

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