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reasons. All prospective and existing entrepreneurs must read this section. These are some of the Business
Tips that you need to know to operate your businesses profitably and successfully.
As a business person, you should observe the following:-
1. Know your product/service in details. Customers prefer to deal with people who understand their product/service.
2. Know and understand your customers and their needs. Your customer is the King. Treat them with care. Be friendly
and polite when dealing with them. Never argue with a customer and thank them for coming to your business.
3. Provide good customer service to your customers. This will not only increase the number of repeat customers but
will enable you to acquire new ones.
4. Know your employees well before you hire them. If you are in a professional business, you must hire professionals.
The risk of hiring less qualified personnel can be too costly.
5. Build confidence in your employees for they are part of your business. Proper training and sense of responsibility
will build their confidence. Give your employees specific responsibilities.
6. Arrange periodic staff meetings to address business performance. Address issues that affect your staff in
performing their duties. Discuss freely and seek for solutions. Your employees can help you solve a problem.
7. Do not embarrass your employees in front of your customers. Customers may lose confidence in them.
8. Recognize your employee efforts and reward them for good work done. This motivates them and boosts their
morale.
9. The business environment is changing rapidly all over the world due to technological advancements, consumer
preferences, taste etc. You should always be on the hunt for new ideas. This will enable you to develop new product ideas.
10. Find out why your competitors are doing well or otherwise.
11. Most customers are influenced by the way the product is packaged. Ensure that your products are well packaged.
In addition, proper labeling is mandatory. Food stores must label their products since customers need to know ingredients
used in the product, manufacture and expiry dates and weight/volume of the product.
12. Prices of goods must be displayed for easy shopping and convenience.
13. Aggressively market and promote your business especially if you deal in a product that is already being offered by
your competitors. There are several ways of doing this.
14. Good record keeping is a plus to your business.
15. Have effective internal controls for your business including periodic audits where necessary.
16. Update yourself with new Government Policies and Regulations especially in areas affecting your business. Seek
legal opinion where necessary.
17. Attend our business courses or pay a visit to our office for further advisory services.
