| Small Business Owners need to keep learning | | | | and avoiding late payment fees which all add up |
| A large factor that causes the failure of small | | | | as costs to your business. |
| business owners is the lack of business | | | | Learn about different ways customers can pay |
| management skills. Most owners get into business | | | | you that will help protect your cash flow. Consider |
| because they are really good at what they do, | | | | discounts for early cash payments for example. I |
| usually creating a product or doing a service, so | | | | am not referring to accounting training, but quite |
| they start their own business. | | | | simply keeping track of your payments in are |
| Core Business skills are required | | | | enough to cover your expenses out each month |
| Regardless of what type of business you are, | | | | to prevent you overdrawing your account or |
| there are several core skills that owners must | | | | losing your suppliers. |
| have to be successful.o Sales Managemento Cash | | | | Business Development |
| Flow Managemento Business development | | | | Every year you will lose some of your best |
| These skills and knowledge are the basics required | | | | customers through no fault of your own. They will |
| to get more customers into your business and | | | | no longer need your product or have moved |
| grow in the first six months. If you don't know | | | | elsewhere. On average a business will lose 20% |
| how to do these business skills then it is even | | | | of their customers every year. What this means |
| more important for you to get specialist help in | | | | is that you not only have to generate new |
| these areas or your business will suffer. | | | | customers to grow your business each year, but |
| Sales Management | | | | you will also need to get 20% new customers |
| Knowing the best way to get more customers | | | | every year just to keep the same level of |
| buying your product requires skills in customer | | | | business you have. |
| service, selling techniques, pricing options, buyers | | | | Most industry growth rates are 6% -12%. This |
| behaviour, and traditional value adding to get | | | | means that you will have to develop:o 6% new |
| repeat customers. No matter what you are trying | | | | business growth just to stay competitive with |
| to sell you need to get formal training in sales | | | | your industryo 20% new business to replace the |
| techniques to ensure that you maximise the | | | | customers you lost this yearo 5%-10% new |
| amount of your customers that will buy | | | | business to try and gain market share from your |
| something when they contact you. | | | | competition |
| Cash Flow Management | | | | This means that every business owner needs to |
| Small business owners often live week to week | | | | have strong skills in building customer databases |
| on their cash flow budgets. This means you are | | | | and how to get new customers by using several |
| at the customers mercy when trying to pay your | | | | advertising promotion strategies. Consider training |
| bills on time. Learning how to make your cash | | | | in Business Development and Customer |
| flow even and consistent will save you endless | | | | Relationship skills so you can build your market |
| hassles with your suppliers asking for payments | | | | share each year. |