The goal of every business is to maximize profit and there are some critical things I think Caribbean business owner/entrepreneurs and anyone considering a business should know:
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1. Know what separates your product/service from the competition and own it!
If you don’t know this, then you are not yet ready for business, especially in the Caribbean. Do you even know who your competition is? Hmmm, food for thought. Many people start businesses just expecting it to work itself out. Sometimes it does, but in most cases it does not. Just think about it. Are you really willing to take a chance on a failed investment?
Another great question to ask, even before going forward; is there a need for my product? If there is no need for the offer, it would be difficult to find someone who would pay for it. Your business should fulfill a need, something that is missing, something you are aware of that people want. Do not be afraid to do some research. This could be the missing piece to your success.
Product quality, key features, the benefits of your product and exceptional customer service. These are some of the things, you can consider when thinking of what separates your product from others that exist. As time goes on, keep building on the quality of your product, to make it the best in the market. Then, brag about it. Which takes me to the next point.
2. Brag about your product.
Market like you’re crazy! Talk about it! Write about it! Share the best parts of your product; the parts that gives it the edge. That thing that only YOUR BUSINESS can do for your customers. Marketing helps you to keep your current customers and gain new ones. Social Media Marketing is for the most part FREE. Do take advantage of this. There may be a thing or two to learn but hey, there are lots of free courses available online. If you do have the means to spend some money on some traditional forms of marketing, such as radio or television, by all means, Go ahead!! Marketing is an important part of business and many of our local businesses do not understand its importance. Don’t get caught up in that tide. The more people that are aware that your business exists, the more potential customers you will have, so go for it!
3. You do not know everything. Always be willing and open to learning.
You may be an expert in your field, but the world is ever changing. There will be something that you do not know. It is easy to become stubborn and refuse to hear from others, but this just may be to the demise of your business. A good place to start is with your customers. Listen intently to what they are saying and put things in place to address important issues.
Related: 7 Ways to Improve Your Customer Service.
These last two points will go a bit more in depth and perhaps a new process you to be applied to your own business.
4. Know how to manage processes that are important to your business.
Now, every business is different which means that their processes will vary. I recently read an article on IGrafix.com which I thought was so interesting and worth sharing. They describe Business Process Management as 10Ws: What, Why, Where, When, Who, Way, With, Watch, Worry and Wealth. The article reads;
By understanding WHAT is done, WHY, WHERE and WHEN it is done, WHO does it, the WAY it is done, and WITH what resources, all while keeping a WATCH on performance, identifying what to WORRY about and how to mitigate those worries, a range of methods and tools can be applied to achieve the best results with the least cost and achieving the most WEALTH. – IGrafx.com
Optimizing all processes used by your business can determine whether your business just survives or thrives. Some processes to be considered are; creation of product/service, payment and delivery of product/service. It will be useful to also consider the tools and applications that can be used to achieve the best results.
5. Cash Flow Management. This is critical!
Cash Flow refers to the total amount of cash equivalents or real cash that moves in and out of the business. Your cash flow can be either positive or negative. Positive cash flow refers to increase in the liquid assets of a company, which will make it easy for the company to take care of its financial obligations, like saving for the future, paying its bills, or even reinvesting in the business, settling debts and so on.
When considering a business, ensure to project and plan your cash flow. Know the difference between your cash flow and budget. When planning your cash flow, it is important to understand what type of income will come into the business and when income will come in as well as when expenses are due to be paid and as much as possible, have realistic assumptions in hand. Many new businesses fail because they run out of money within the first 12 months. Plan ahead so this won’t happen to your business. Know what your next steps are. Try your best to reduce on expenses as much as possible, without compromising the quality of your product.
Remember: Don’t Quit!! You may not get it right the first time, but many successful Caribbean business owners and entrepreneurs had to try a few times before they got it right and still working on perfecting the right. Prepare yourself as much as you can to stay ahead of the game.
