Top 5 Business Tips
From Peter Perivolaris, General Manager, Rhodes Consulting

1. While expensive, it can be worthwhile commissioning independent market research for your products or services. You want to know exactly why people are or are not attracted to your offering versus your competitors. Identify the demographic of your consumers and where they are located.
2. There is a lot of noise about brands. Consumers apparently are attracted to brands and will pay a premium for branded products. I guess this is true if they perceive a value in the brand. What does your brand represent? What is its character or identity? Does everything you do reinforce this perception?
3. Once your business has a product to sell about which you are passionate, a sense of marketing should start to consume you. You should spot and pursue every opportunity to promote your product or business. Once this urge to take action becomes automatic, you know your marketing processes are well in hand.
4. Every business owner must have an exit strategy, even if it is becoming a passive owner and appointing a manager. If the business is not saleable or relies entirely on your day to day involvement, you cannot realise its potential value. You own a job, not a business. The ideal exit strategy can take years to engineer, so start now.
5. Sales people: If they are prepared to back their ability in their remuneration package, you can draw some comfort. By that, I mean that their pay is tied more to sales results than turning up every day and drinking coffee with customers. Unless, that is, you’re happy to employ great coffee drinkers

In this issue

Secret Women's Business

Singing Her Way to Success
The story of Shalom Andrews

Think Smart when Financing your Business

Top 5 Business Tips

Tips to Reduce your Debtors