101 Ways to Boost Your Business by Andrew Griffiths

By Andrew Griffiths

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From here you can generally determine an hourly rate, or the number of items that you need to sell at a certain price to meet your targets. Once you have determined this rate or price, do some homework. Check the prices of other businesses to see how much they are charging for similar products or services. If your sums are right you should be in the ballpark. There are also some other factors to take into consideration. If your business is brand-new, you are an unknown quantity— you have no customers to serve as testimonials or references, so prospective customers have to assess you based on what you tell them and the prices that you charge.

Before you part with your windfall, think long and hard about the good and the bad points of owning and running your own business. Don’t get caught up in the idealistic daydream that few businesses offer in reality. Go into any business venture with your eyes wide open. 43 101 WAYS TO BOOST YOUR BUSINESS 19 Beware the third-year boom and fourth-year bust An unusual business phenomenon that I have been told about is the third-year boom and fourth-year bust. Once I became aware of it, I started to notice how real it was.

In the peak of the season he had lots of cash flow, but in the off season he was always struggling. Over the years he had established a good rapport with his suppliers where for six months of the year he paid cash on delivery and for the other six months he paid in 90 days. This relationship worked for all parties and he always honoured his payments. His communication enabled him to work with his suppliers to ensure that his supply wasn’t cut off in the off season, and they had a good customer who paid on the spot during the peak trading period.

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