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Have a written plan
- Vision
- Few Write ups on specific objectives of the business
- Strategies, financing, sales plan, cash you need to get things done
Be Flexible
- You can change the plan
- Don’t get married to it
- Review time to time
- Army can plan for the war but when the bomb drops they adjust, confront and re-plan.
Keep your ego in check and involve and listen to others
- Have advisors- Governance
- Involve teams/ Don’t impose one thing on sales strategy for Optiven
- Always be honest and keep your word
- Follow up on commitments made
- Don’t take things personally- stay out of emotions
- Think by the mind not heart
- Be ready to make decisions
- Lead by influence
Keep track of everything and manage the numbers
- Have systems
- Train your employees and keep them, tie them, let them feel they are part and parcel of the business
- Check daily reports, numbers, revenues
- Check cash-flows
- Determine the cash you need to do business
- Check ratios
Delegate to employees and avoid micro managing them
- Let them make decisions
- Keep business organizations loans flat
- Have written orientation plan for new staff
- Develop PT, let them know what you expect
- Evaluate monthly, quarterly
- Use incentive based reward systems
- Trips
- Photos on the wall
- Recognition
- Shopping vouchers
- Solve issues when they crop up
- Punish in private and reward in public
- Believe in yourself
- Create a good working environment
- Do not be a headmaster to staff, be part of the team
Use internet
- Use Social Media to market and create brands
- Use You Tube, Twitter, blogging
- Let it be educative not just products
- Respond to comments (be it positive or negative)
Re-Invest your business
- It is net profit and not gross revenue that matters
- Don’t focus on discount, make yourself competitive either super service or focused target, select value
