In the corporate world, many of us do things as they have always been done. It's difficult to change these processes and the mindsets behind them. When moving to the SME space you have the opportunity and responsibility to constantly ask yourself if what you're doing today will help you achieve your end goal of tomorrow and, more importantly, you need to go back and make sure your solution is still relevant on an ongoing basis. This can be a great tool for personal growth as well.
5 Jun 2020
Day 24 - of - 90
Many entrepreneurs feel that they must focus on price and that their products or services must be as cheap as possible, but times have changed and many customers look at the service they receive as a distinguishing factor, rather than price alone. The point is that you need to offer something unique to the market and you will succeed if you can give better service than anyone else, even if your competition is cheaper.
3 Jun 2020
Day 22 - of - 90
It is critically important that you put a good credit system in place so that you know on a daily or weekly basis exactly who owes you money and when they are going to pay you. With today's technology, it is possible to automatically remind your clients to pay their bill by sending them a text message or email. With new clients, I would suggest insisting on a deposit a single piece of work happens, with the balance paid within an agreed time on completion. When customers' account fall into arrears, it is important to take action as soon as possible. Young businesses often don't want to annoy late - paying clients by nagging them and leave overdue clients until the last minute - and then it is usually too late to save anything.
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