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Core Principles of a Multi-Million Dollar Company

January 21, 2014

Business advice for women entrepreneurs and small businesses

coreprinciples

My husband has been fortunate to work for an exceptional company for the past twenty five years in Syracuse, New York. 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 principles, I was even more moved by what they plan to do every year to remain successful in the tough housing market.

In the nineteen 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 felt women deserved the extra promotion in order to increase their sales to even the financial playing field. But today, I would like to share with you some of this company’s core principles from the company my husband works for to inspire you to run your company more successfully in 2014:

* Make sure you have a diversified product offering.

* 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.

* If you are a product business, 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).

* If you have good staff, make sure you use them or you’ll lose them.

* Donate back to the community; share the wealth

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

If you are a woman entrepreneur in the Central New York region, I’m producing an event on January 30th in Syracuse featuring the success strategies of another multi-million dollar company featuring the company’s first female partner. Find out more about the program on our website.

We can always learn from the success of other entrepreneurs. I hope today’s post helps you focus or refocus on core principles to help you build a million dollar business this year.

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