VRules in businesses: 1. Apply CVP Analysis. Minimize cost, maximize profit 2. If you cant beat the competitor, imitate their tactics. 3. Volume vs. Profit on cost per sale, go for volume, Even if you gain little per unit, increase ur volume of sale 4. Avoid unnecessary expenses. 5. Avoid or dont allow relatives, closefriends and lovers inside business. It is unhealthy 6. Get an accountant. Admit it, you need one. 7. Be strict and dont allow any form of trespassing go unpunished. Discipline must be observed. 8. Dont do everything. Get the best and the right people for the job and let them do the work for you. 9. Whatever profit you gain, save it and if enough, invest it to other form of business. Dont let the money sleep on your bank account. Keep it rolling. 10. Whatever dealings you have. Do it in paper to avoid disparity and confusion and even collusion. In case you get the other party hot handed, let the papers and your lawyer do the talking. 11. If you borrow from others make sure you have enough sales to pay it back and if you lend to others, make sure the lender has a good credit standing to avoid bad debts expenses. 12. Train and manage your staffs well. Make sure you give ample attention to their needs and training for maximized performance. 13. Give your staffs breaks they need that. Make your staffs close to you but still has a border between you and your staff. 14. Keep your life simple and practical. Dont indulge in luxury. Do it if you have the means that comes from other than your business. 15. Make sure everything ia secure. Safety is a must. 16. Have the guts to say whatever you see wrong. Dont blow it up until it is no more uncontrollable. 17. As much as possible be anonymous. Simplicity is beauty. 18. Contacts. Dont forget that. You dont know if you need them. 19. Do the àudit. Always. Bring ur accountant. 20. Be dedicated and work hard. PRAY!
Posted on: Fri, 22 Nov 2013 20:25:08 +0000
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