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Basic Business Principles of a Million Dollar Enterprise

October 3, 2013

Business Advice for Small Businesses and Women Entrepreneurs


My husband has been fortunate to work for this exceptional building materials company in Syracuse for the past twenty five years. I have always been impressed with their honest approach to business, their loyalty and promotion of dedicated staff, their excellent customer service policies, and their expert knowledge of their industry. After reading an article in a national trade publication about their company and their core principals, I was even more moved by what they do and plan to do this year to remain successful in the tough housing market.

In the sixteen years I have been promoting women entrepreneurship, there have only been two times I have promoted or discussed a male owned business. It’s not because men are any less ambitious or hardworking as women, it’s because I have always been motivated to promote woman owned companies in hopes of increasing their sales to even the financial playing field. But today, I would like to share with you some of this company’s core principles to inspire you to run your enterprise more successfully:

• Make sure you have a diversified product offering to appeal to more consumers.

• If you offer the same products as another business, but offer exceptional service, you’ll always stand above your competition.

• Invest in your employees; promote from within; don’t let well trained staff leave before you do all you can to retain them. Make sure you provide opportunities for those seeking advancement.

• Create great relationships with your key vendors. Meet with them annually to discuss your business relationship and then work out special product pricing. Sometimes special product pricing can make all the difference in a business’ profit margin. Look at inventory as an “investment” instead of an expense.

• Create an internal service department if your company is growing fast and you need to handle complaints and resolve problems quicker.

• Hire smart, honest, good personality staff who truly care about your customers. Arm your staff with all the tools they need to expedite sales and sell in a shorter period of time (for example: phones, vehicles, promotional materials).

• Donate back to the community; share the wealth

• Thank your customers and staff often since they are the lifeblood of your company.

I hope these success strategies give you some ideas to implement in your own business to make it into a much bigger enterprise.

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