Patricia Thompson - NUTRITION TALKTHIS ARTICLE is intended for everyone regardless of your vocation or business be it a large business or a small business. It is intended for teachers, lawyers, doctors, nurses and shopkeepers, for all.
Many persons have great difficulty making money. Here are some tips from the experts about making and keeping money.
1. It's O.K. to make money
Accept that it's O.K. to make money. Many of us grow up subscribing to the notion that the love of money is the root of all evil. As a result most persons have ambivalent feelings about money. The reality is that it is O.K. to make money. Money is not a bad thing, it is the currency that is used to purchase goods and services. The more money we have, the more goods and services we are able to afford.
2. Define your business
It is important that we decide how we are going to make money. The more successful persons are very clear about the business they are going to pursue. If you are not clear about how you are going to make money then it is unlikely that you are going to be successful in making money. Decide on the business you are going to pursue. Is this a business based on special talents or skills you possess? Make sure you research the area well. Be careful of pursuing pipe dreams. Many persons pursue dreams that are neither realistic nor practical.
3. Avoid debts
Banks will always encourage you to borrow that is how they make money. Try to borrow less and save more. If you are going to borrow, make sure you borrow to invest, to make money. Avoid borrowing to purchase luxury goods or to maintain extravagant lifestyles. This is a recipe for failure.
4. Know your customers
One of the most important activities in establishing a business or making money is to decide on your customers. The customers are the persons or organisations to whom you a provide goods and services. In turn, they are the persons who are going to be your source of income. Many businesses do not define their customers and as a result they do not make effort to treat customers well. The customer is very important to the business.
It is easier to keep a repeat customer rather than to attract a new one. A repeat customer will spend more money with you and will refer may more customers over time. Too many people see the customer as someone to be ripped off or they often treat customers badly. Customers must be pampered and treated well if they need their business.
5. Start small
If you are starting a business, start with the barest minimum necessary to ensure a good product and good quality and reliable service. Avoid the extravagant furniture and drapes. At the same time, it is important to make the environment clean, safe and pleasing to customers and workers. Never assume that your customers cannot appreciate anything good. This is contemptuous.
6. Maintain integrity
Honesty and quality service are some of the virtues on which solid businesses are built. If your business is not built on these, it won't last for long. Make sure you earn your money by honest means.
7. Do not spread yourself
A lot of persons try to do everything. Do not rush into other activities. Stick to core business. This is often the downfall of many businesses. Stick to what you know and are able to do best.
8. Strive to outdo your competition
Know what your competition is doing. Try to outdo them by producing service of a better quality and better products. A lot businesses have gone under because they have taken the customer for granted.
9. Be charitable
We all have a responsibility to give back to the community from which we earn our existence. To whom much is given much is also expected.
Dr. Wendel Abel is a Consultant Psychiatrist and Senior Lecturer, University of the West Indies.
