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Starting a business in tough times

I’ve just started a business in one of the most challenging times imaginable. It’s a car hire business and I want to make a good fist of it. Do you have any ideas?

When the going gets tough, the smart get planning. Start with writing down your vision for your business.

How many cars? How much will you work? What can you earn? How many employees?

Then quantify your goals.

Work this out for a year and break it down into 12 months and see what you have to achieve each month. Have the figure in your head and check that you’re on track for a monthly number each week.

Each month see if the annual number looks like it’ll happen. This keeps you focused on your vision by watching the money. If you can’t measure something, you can’t manage it.

Benchmark yourself off the best in the industry and decide to be better. Continually be objective about your performance, recognising where you’re weak. If you can’t fix up your weakness, for example with bookkeeping, hire someone to do it and you work in your strength zone.

I’m running out of space, but do the following: create systems to produce your work perfectly so you can teach others; read everything you can about inexpensive marketing.

If you need help to be great don’t be a scab — invest in success. One last thing — write down your goal/s and see them every day so you don’t let yourself down!

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

 

Published on: Monday, March 01, 2010

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