Checklist for Starting a Kurti Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Kurti business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
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A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your Kurti business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
Do you wish that your quest for clients and customers
were more fruitful? It will be if you avoid falling into these
common traps.
1. Does selling often feel like begging?
Too often, salespeople fail to think of their time with
a prospect as an interview to find out whether the prospect
qualifies to do business with their company. Instead of asking
the questions that will determine whether it's possible to move
the prospect to the level of customer, salespeople often find
themselves hoping...wishing...and even begging for the
opportunity to "just show my wares" and maybe make a sale.
Think of yourself as a doctor instead. A physician
examines the patient thoroughly before making a recommendation,
using various instruments to conduct the examination. In
selling, questions are the instrument to conduct a qualifying
examination of the prospect.
2. Do you talk too much?
Salespeople who are too focused on their pitch end up
dominating the time with a prospect with their talk, while the
prospect must listen (whether they're interested or not. As a
result, for every hour spent in front of a prospect, five
minutes is spent selling the product or service - and 55 minutes
saying things that might actually be buying it back. Result: no
order, canceled order or "I'll think it over."
The 80/20 Rule (80 percent of your business comes from
20 percent of your clients) applies to selling, as well. The
goal should be to get the prospect to do 80 percent of the
talking, while you do only 20 percent.
3. Do you make too many presumptions?
Most companies are no longer in the business of selling
products but of providing solutions. This is fine, except that
often salespeople try to tell the prospect the solution before
they even understand the problem. If salespeople were held
accountable for their solutions, as doctors are for their
prescriptions, they would be forced - at the risk of malpractice
- to examine the problem thoroughly before proposing a cure. The
salesperson must ask questions up front to get a complete
understanding of the prospect's perspective.
4. Do you answer unasked questions?
When a customer says something like, "Your price is too
high," salespeople often switch into a defensive mode. They'll
begin a lengthy speech on quality or value, or they might
respond with a concession or price reduction. If customers can
get a discount by merely making a statement, they will reason
that they shouldn't buy before trying something more powerful to
get an even better price. "Your price is too high" is not a
question; it does not require an answer.
5. Do you fail to get the prospect to reveal
budget up front?
How can the salesperson possibly propose a solution
without knowing the prospect's priority on a problem? Knowing
whether money has been allocated for a project can help
distinguish someone who is ready to solve a problem from someone
who is merely fishing around. The amount of money the prospect
is willing to invest to solve a problem will help determine
whether a solution is feasible, and if so, which approach will
be best
6. Do you make too many follow-up calls?
Whether because of a stubborn attitude that every
prospect can be fumed into a customer or ignorance that a sale
is truly dead, salespeople sometimes spend too much time chasing
accounts that don't qualify for a product or service. This fact
should have been detected far earlier in the sales interview
process.
7. Do you fail to get a prospect's commitment
to purchase before making a presentation?
Salespeople jump too easily at any opportunity to show
how smart they are by making a presentation about their
product's or service's features and benefits. They forget their
true goal - to make a sale - and end up merely educating their
prospects, who then have all the information they need to buy
from a competitor.
8. Do you chat about everything and avoid
starting the sale?
Building rapport is essential, but not if the small
talk doesn't end and the sale doesn't begin. Unfortunately, the
prospect usually recognizes this before the salesperson. The
result: the salesperson is back on the street wondering how he
or she did with that prospect.
9. Do you prefer to hear "I want to think it
over" rather than "no"?
Prospects frequently end a sales interview with the
standard "think it over" line. The salesperson often accepts
this indecision. It's easier to tell a manager or convince
yourself that the prospect may buy in the future than to admit
that the prospect is not a qualified candidate for the product
or service. After all, isn't it the salesperson's job to go out
and get prospects to say yes? Getting the prospect to say no can
make you feel rejected or a failure. But a no allows you to go
on to more promising prospects.
10. Do you have a systematic approach to
selling?
When you find yourself ad-libbing or pursuing a
hit-or-miss approach to a sale, the prospect controls the
selling process. Salespeople who are disorganized in their
presentation often leave a sales call confused and unsure of
where they stand. This happens because they don't know where
they have been and what the next step should be. Following a
specific sequence, and controlling the steps through the selling
process, is vital to an organized, professional sales effort.
Company Financial management in the small
firm is characterized, in many distinct cases, by the necessity
to confront a somewhat
different set of issues and
opportunities than those confronted by a massive corporation. 1
immediate and obvious difference is
that a majority of
smaller firms do not normally have the opportunity to openly
sell issues of stocks or bonds in order to raise
capital. The
owner-manager of a smaller firm must rely mostly on trade
credit, bank financing, lease financing, and personal
equity
to fund the company. One, therefore faces a much more severely
restricted pair of financing alternatives than those
confronted with the financial vice president or treasurer of a
massive corporation.
On another Hand, when small
business financial management is concern, many financial issues
facing the small firm are very like
those of larger
corporations. For example, the investigation necessary for a
long-term investment decision like the purchase of
heavy
machines or the evaluation of lease-buy alternatives, is
fundamentally the exact same whatever the size of the company.
Once
the decision is made, the financing alternatives
available to the firm might be radically different, however, the
decision
procedure will be generally comparable.
One
area of Particular concern for the smaller business owner lies
in the successful management of working capital. Net working
capital is defined as the difference between current assets and
current liabilities and is often thought of as the"circulating
capital" of the business. Lack of control in this crucial area
is a primary source of business failure in both small and large
businesses.
The business Manager must always be alert to
changes in working capital accounts, the reason behind those
changes and the
implications of these changes for the
financial health of the corporation. One convenient and
effective system to highlight the
crucial managerial demands
in this area is to view working capital concerning its major
components:
Cash and Equivalents. This most liquid type
of present assets, cash and cash equivalents (usually marketable
securities or
short-term certificate of deposit) requires
constant supervision. A well planned and maintained cash
budgeting system is essential
to answer key questions like:
Why is the cash level adequate to meet current expenses as they
come due? What are the time
relationships between cash
inflows and outflows? When will peak cash needs occur? What's
going to be the magnitude of bank
borrowing needed to fulfill
some cash shortfalls? When will this borrowing be required and
when may repayment be anticipated?
Accounts Receivable.
Almost all companies must extend credit to their clients. Key
issues in this area include: Is the amount of
accounts
receivable fair in relation to sales? On the average, how
quickly are accounts receivable has been accumulated? Which
clients are"slow payers?" What action ought to be taken to rate
sets where needed?Inventories.Inventories often make up 50
percent or more of a firm's current assets and therefore, are
worthy of close scrutiny.
Key questions that must be
considered in this area include: Why is your level of inventory
reasonable concerning sales and the
working features of the
business? How quickly is stock turned over in relation to other
businesses in precisely the exact same
industry? Isn't any
capital invested in dead or slow moving stock? Are earnings
being lost due to inadequate inventory levels?
When
appropriate, what action should be taken to increase or reduce
inventory?
Accounts Payable and Trade Notes Payable. In
a company, trade credit often provides a major source of
financing for the firm. Key
issues to research in this
category include: Is the amount of money owed to providers
reasonable concerning purchases? Is the
company's payment
policy such that it will improve or detract from the firm's
credit rating? If available, are discounts being
taken? What
will be the timing relationships between payments on accounts
payable and collection accounts receivable?Notes
Payable.
Notes payable to banks or other creditors are a second major
source of financing for the business. Significant questions
in this course include: What is the quantity of bank borrowing
used? Is this debt amount fair in relation to the equity funding
of
the firm? When will interest and principal payments fall
due? Will funds be available to meet those obligations on time?
Accrued Expenses and Taxes Payable. Accrued expenses and
taxes payable represent obligations of the firm as of the date
of balance
sheet preparation. Accrued expenses represent
these items as salaries payable, interest payable on bank notes,
insurance premiums
payable, and similar products. Of primary
concern in this area, especially with regard to taxes payable,
is the magnitude, timing,
and availability of funds for
payment. Careful planning must insure that these obligations are
met on time.
As a final Notice, it's important to
realize that although the operating capital accounts previously
are listed separately, they
must also be viewed in total and
from the point of view of the connection to one another: What is
the overall trend in net
operating capital? Is this a healthy
trend? Which person balances are liable for this trend? How does
the company's working
capital position relate to similar
sized companies in the business? What can be done to fix the
trend, if needed?
Obviously, the Questions posed are a
lot easier to ask than to answer and you will find
several"general" answers to the issues
raised. The guides
that follow provide hints, techniques, and guidelines for
successful management which, when tempered with the
expertise
of the individual owner-manager and the unique demands of the
particular sector, might be expected to enhance the
ability
to handle effectively the financial resources of a business
enterprise.
There is one Simple reason to understand and
observe business financial planning in your business - to
prevent failure. Eight of
ten new companies fail primarily
because of the dearth of good financial planning.
Company Financial planning impacts how and on what conditions
you'll be able to attract the funding required to establish,
maintain, and expand your company.
Financial Planning
decides the raw materials you can afford to buy, the products
you will be able to create, and whether you will
be able to
market them efficiently. It impacts the human and physical
resources you'll be able to get to operate your business. It
will be a major determinant of whether or not you will have the
ability to produce your hard work rewarding.
This
section Provides an overview of the vital elements of financial
management and planning. Used wisely, it is going to make the
reader - the small business owner/manager - comfortable enough
with the principles to have a fighting chance of succeeding in
today's highly competitive business environment.
A
clearly Conceived, nicely recorded fiscal plan, establishing
goals and such as the The use of Pro Forma Statements and
Budgets
to ensure financial control, will Demonstrate not
only that you know what you wish to do, but that you know how To
achieve it.
This demonstration is essential to attract the
capital Required by your business from lenders and investors.
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