Business is business! All businesses whether retail, service or combinations of the two adhere to the same fundamental principles. The differences appear in the type and structure of individual businesses.
Basic guidelines for all businesses include:
1. accurately defining your product and consumer base;
2. name should reflect your specific business;
3. marketing targets your main customer/client;
4. training employees to know customer/client needs and fulfilling them in a friendly professional manner;
5. monitoring competition and adjusting your business to surpass them.
Modifications in the operation of specialized businesses are:
1. location and hours of operation must be convenient to customer/client;
2. monthly budget should incorporate all your specific expenses;
3. net margin relates directly to the cost and sale price of merchandise, service fees and monetary losses;
4. inventory, supplies, furniture, fixtures, equipment, maintenance and security are tailored to your particular business;
5. insurance varies with exact requirements.
Please call the Chamber for more information about SCORE or to schedule a meeting at 214.217.8484.
In case you missed the article from earlier this week, please Click Here. Stay tuned next week for two more great articles from SCORE: “Food Services” and “Manufacturing”