Exclusive – 50 Tried and Tested Business Tips – Day 3
Welcome to Day 3 of my sharing exclusive tips from Sage’s 50 Tried and Tested business tips resource, that I have been given early access to as a Sage Business Expert.
The resource has the following sections:
- Start Your Business
- Grow Your Business
- Manage Cash Flow
- Control Your Costs
- Work Life Balance
- Employing People
- Beating Business Fears
Yesterday I shared a practical tip from the Grow Your Business section, and on Day 7, I will give you access to the full resource.
Do keep posted.
Todays Tip from the Manage Cash Flow Sections is:
Volume for vanity, profit for sanity
Our business is typical of one that has a relatively small number of high value customers and we are always seeking to grow our customer base. A lot of managers focus on growing the volume of their business, even at the risk of margin. If every deal does not have a value proposition on its own merit, you are doing the wrong deal. Don’t discount to win volume.
In the current climate, it’s easy to discount yourself into receivership, look at HMV, Jessops and Woolworths to name a view. Yes you can argue that they also needed to be more innovative, but if your margins are too small you can’t innovate or cope through the challenging times. My advice is to price your products for growth and demonstrate to your customers that you are worth it!
I am Jenny Garrett, Executive Coach, founder of Reflexion Associates, a leadership and coaching consultancy and author or Rocking Your Role – the how to guide to success for female breadwinners. Tomorrow I’ll share a tip on Control Your Costs from the Sage 50 Tried and tested business tips.