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 Business Advice

Tommy Miah takes time out to help with your business problems through counselling and simple advice.

Question.
My business is shrinking now that I am faced with increased competition. I have trimmed costs, but don't know how much further I can go. 		  

Answer. You should be trimming costs anyway. That's to do with your profits and profit margin. This problem is more to do with your turnover dropping. Either you are losing customers or they are buying less. This may not be the time to cut your costs.

Look to your marketing and set your marketing budget in line with your targeted earning. It is often unwise to hack into your marketing spend. By all means review where it is spent and measure the value it returns. If your advertising isn't working it is probably because it is not targeted to the market. Remember the wise adage -

"When the Pie Gets Smaller, Have a Second Piece">

Question.
I run a successful restaurant and want to expand my business. What changes should I make?

Answer.
Why change? Look at your existing business historically and see where earnings originate. If you don't have records, start keeping them now. Look at your customer base and their spending. What you want is more of the same. My advice -

"Ride the horse in the direction that it is going">

Question.
How can I stretch my advertising budget to get better value?

Answer.
Marketing can be inexpensive. Look at how you are spending the money and what you get back. Split it into two parts: getting new business, and keeping your existing customers. For the latter, look at all the things you can do for free that will keep a loyal customer base.

Do newsworthy things for free advertising via news media coverage. Write and publish articles where you are given a by-line. Offer free trials of your product or service in exchange for a mention in the press.

Keep your customers satisfied and offer more for less. Keep your business lively and in the public eye. The only time you don't want publicity is when you are doing the wrong things. Maintain a successful profile.

"Never go to a doctor whose office plants are dead">

Question.
How can I guarantee that my business will succeed?

Answer.
Get started and don't think of failure. How annoying are those people who dream and scheme and talk about all that they will do while years pass by and they actually do nothing. You have to get started, if you want to get anything done.

"Begin somewhere - you cannot build a business on what you intend to do">

You will make mistakes and, if that worries you, you should consider another career. Minimise risk, maximise opportunity.

"The best way to survive an accident is not to get into one">
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