Thursday, December 27, 2007

What the year ahead holds

I think 2008 will be an interesting year for business as a whole. Businesses that differentiate themselves from the masses (read "The Purple Cow" by Seth Godin), sell the benefits to customers, and run a tight ship will have no problem, those that don't will suffer.

My advice to new and old businesses is the following:

1. Understand your pricing policies and review your prices. If inflation is rising isn't it time to change your prices?

2. Understand your costs better, know what is costing you money whilst what is making you money. For every £1 spent by you is it contributing more than £1 to the value of your business?

3. Take time out to spend on growing your business - during these tougher economic times this will be essential to navigate your business during leaner times.

4. Build an internal and external team of friends and advisors to support you with your plans. Teamwork is essential in achieving your aspirations.

5. Fortune favours the brave. You are more likely to succeed by taking calculated risks, developing your skills proactively and taking action rather than waiting to see what happens!

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