7 TIPS FROM TOSS

Here’s some advice from Grumley for anyone looking to start a business:

1. Do something you know well or are passionate about. “The best results we see for clients are generally businesses where they are an expert in the field and/or extremely passionate about it.”

2. Think about what you’re doing and how it could be done better. Innovation isn’t about always doing something new and grand. Quite often huge success can be had by improving something already existing – a service, a process, even your marketing.

3. Marketing is king. An average business with great marketing will do well. A great business with average marketing will have average success – or will take a lot longer to achieve.

4. Everything is about the customer. If you haven’t thought about who your customer is – their needs and desires and what they want – how do you know what you have suits them?

5. Identify your ideal customer. This is who you should be relentlessly chasing.

6. Get help and read. Don’t be afraid to get external help on the ‘tough stuff’ and mentorship. But everyone learned what they know from somewhere; most of it’s from experience and reading. A whole heap of the help you need can be found in books and specialist magazines.

7. Know your numbers. I always teach my clients how to read a P&L, a Cashflow, and the difference between the two. I recommend you always have a financial dashboard or reports run weekly, so you know what’s going on in your business. Often with some simple analysis we can find issues with expenses KEVIN KEVANY in the P&L and improve profitability with some simple steps.