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What makes a business sound?

accountant37004113.jpgAcquiring money for your business is essential but there are other things you need follow in order to make a business sound and ensure that it will last for many years. A solid business plan will go a long ways in making your business sound and allowing it to last for many years. A business plan allows you to acquire business loans, investors, and working capital for your company to become a success. Here are some other things that will help make your business sound:

Value your customers
Without customers, you have no business. You need to work hard to acquire their respect and support. Quality customer service will come down to how you treat your customers. When they purchase your products or services do they feel appreciated? Do you work hard to satisfy their needs? Work with your employees to focus on treating your customers better and showing them the respect that they deserve. It's also important to market to your existing customers. Many businesses place a large emphasis on marketing to new customers that they forget all about the ones that help them stay in business. You need to send out thank-you mailers and other marketing pieces to your existing customers to show them how much you appreciate their support. What do you offer them as far as customer support goes? Do you have online forums they can use when you aren't open? What does your return policy look like? Do you treat your customers well when they need to return a product? Remember, they need to feel like they are right even if they aren't.

Hire the right employees
A big part of running a successful business is hiring the right type of people to work for you. Be very picky when it comes to hiring employees and make sure you put them through a rigorous training program. Spend more than a few days on training; try to spend a few weeks on training. As you help your employees from the get-go, they will have a much easier time integrating into their role within the company. This will allow them to become a better employee and it will also help them to provide your customers with better services.

Make a name
Part of running the business involves making a name for your business in your industry. People need to hear about your company and they need to understand what type of services and products you sell. Your competitors need to have a level of respect for your business even if they don't like you. Market your business correctly by attending events where your customers are and also building a network with your competition. Try out different marketing strategies until you are able to find one that you like and keeps your name out there in the industry.

Manage your books
To become a successful business you need to track your books. If you aren't watching your books closely you can easily lose control over your cash flow and wind up in a bad debt situation. Use a good financial program as it will help you to keep control over your books and prevent problems. A good program to use is QuickBooks. This program allows you to not only track your daily expenses, you can also send out invoices from it, build sales reports, and payroll. It's a great solution for any business and it's easy to learn and maintain. If you have a larger staff, it may be a good idea to use a payroll company to come in and manage your checks. Since you need to calculate the withholdings it can be difficult to do and it is time consuming. Payroll companies handle your W-2's as well.

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