Check out your competitors. You don’t operate in a vacuum. Hence, it is important that you take time to see what your competitors are up to. Big businesses have departments dedicated solely to understanding the competitive landscape. Just because you don’t have dedicated manpower to find out what others are doing doesn’t mean that you [...]
Follow @powerhomebizMake a List of Strategies that Worked
December 29, 2009 By 3 Comments
Make a list of what worked – and what did not work. As the business owner, you will find it exceedingly difficult to develop a future strategy for your business if you do not know how successful your current strategies are to date. Hence, it is essential that you look at how you perform this [...]
Follow @powerhomebizAssess Your Marketing Strategies
December 29, 2009 By 4 Comments
Marketing is a huge chunk of your daily efforts, both in time and in expense. It is important that you periodically monitor what worked for you in terms of bringing in the most sales, increasing awareness to your brand, and engaging with your customers. How do you market your business? Do you think you’ve used [...]
Follow @powerhomebizAnalyze the Financial Numbers of Your Business
December 28, 2009 By Leave a Comment
The only way you can really know how well your business is doing is by knowing the bottom-line. This assumes, however, that you are able to do regular bookkeeping, generate financial statements based on your bookkeeping journals, and analyze those statements to really understand the financial condition of the business. Do you know your margin [...]
Follow @powerhomebizReview your Customer Acquisition and Retention Strategies
December 28, 2009 By 2 Comments
Your business is only as good as the number and quality of customers you bring to it. Customers are the lifeblood of your business, and you need to always review how you are getting customers, and more importantly, how you are keeping them as customers. Some questions you need to think about: How well are [...]
Follow @powerhomebizAssess How Your Home Business Contributed to Your Goals
December 28, 2009 By Leave a Comment
As the year draws to a close, it is time to look back at what you achieved this year and assess the performance of your business. Knowing how well (or poorly) you did this year can help you improve for the coming years. I’ve written a series of articles entitled “Home Business End of the Year Review” providing a checklist of 10 things you need to do to review how your home business performed this year. This is the first part of the series
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