Choose the proper business:
Never hesitate to be the first one to launch a product or an idea. Once your market is known to you for whom the product is made, it hardly matters if you have any competitor or not. Just plunge yourself in the market and let the show begin.
Buy the best team from the market:
Assemble the core team of your company without any compromise. Pay them the best. The beautiful minds can grow you money on the trees. Each member of the think tank should know when to get off and when to get going. Harvard University grew to become the greatest of management institutions in the world when they decided to hire people first and then fill the students.Push your sell
Sell, sell and more sell. Do not worry about how much you earn, worry about how to reach the maximum number of people. Spread your net and lets net the customers. They will take care of your bottom lines for the life time.
Observe the financial leaks:
Money is like a running tap. It flows fast without sending us acknowledgements. Raw material purchase, transportation cost, advertisement budgets and employee perks need constant monitoring. Plug the small leaks, which can cause a gaping hole in your pocket.
Expand the Company:
One product companies fail invariably. On paper, the single product capitalization looks fabulous, but you may never know who will a new kid on the bloc. So look for new product ideas and ventures which will secure the company’s future and put the team in expansionist mode. Remember, the expansion is life, the contraction is death.
Never stop if a plan fails:
Duracell, a battery division of Gillette failed three years ago. To sell the division would have been the easiest option. The think-tank came out with a new and bolder strategy. It invested money in technology and advertising, to turn it around. The companies succeed when the intellectual capital of the company is on its toes. The expansion and diversification work only if a team doesn’t take the existing sales and profits for granted. Money can’t buy an idea, or a solution, so every time you need a solution to let your business grow, look inside the factory floor, and may be the solution is just there for asking.