Stick to quality for your goods and services
One of the most important ways which can make a small business survive its first anniversary is to maintain quality. One sure way of retaining and winning new customers is to be appreciated for quality of your goods and services. This is one means of leading you to be the market leader in your line of business if people associate you with quality. In whatever unique small business idea you are involved in try.
Separate your business from your personal life
Those in the formal sector appreciate the fact that a business is a separate entity from the owner. However this is lacking for those involved in small businesses. It is essential that business dealings be separated form personal issues for the good of the business. For example prevent unnecessary personal expenditures which are a loss to the business but may not easily be detected by the owner of the business.
Strict credit control
A strong mechanism has to be put in place to control credit within the business. You need to strong guidelines concerning debtors of the business and creditors. For example a strict period of time has to be put in place for payment of business debts in order to remain in good books of the business creditors.
Avoid underemployment of business assets
It is not good to keep assets which you no longer use in the business. If you have an asset you have taken quite sometime without using in the business, it is better to dispose it off. This is because the longer you keep holding it without utilizing it , the more it depreciates. Thus it is better you dispose it off and get some money which you can re-invest in the business.
Take breakfast at home
Endeavour to first have breakfast before you depart for your workplace, this way you will be saving on the amount for buying it at your work place. Breakfast usually costs not less than 2500 depending on where your place of work is. However you can save a sizeable amount if you leave home after taking breakfast.
You can make your small business in Uganda survive its first year with a few survival techniques.
Stick to quality for your goods and services
One of the most important ways which can make a small business survive its first anniversary is to maintain quality. One sure way of retaining and winning new customers is to be appreciated for quality of your goods and services. This is one means of leading you to be the market leader in your line of business if people associate you with quality. In whatever unique small business idea you are involved in try.
Separate your business from your personal life
Those in the formal sector appreciate the fact that a business is a separate entity from the owner. However this is lacking for those involved in small businesses. It is essential that business dealings be separated form personal issues for the good of the business. For example prevent unnecessary personal expenditures which are a loss to the business but may not easily be detected by the owner of the business.
Strict credit control
A strong mechanism has to be put in place to control credit within the business. You need to strong guidelines concerning debtors of the business and creditors. For example a strict period of time has to be put in place for payment of business debts in order to remain in good books of the business creditors.
Avoid underemployment of business assets
It is not good to keep assets which you no longer use in the business. If you have an asset you have taken quite sometime without using in the business, it is better to dispose it off. This is because the longer you keep holding it without utilizing it , the more it depreciates. Thus it is better you dispose it off and get some money which you can re-invest in the business.
Take breakfast at home
Endeavour to first have breakfast before you depart for your workplace, this way you will be saving on the amount for buying it at your work place. Breakfast usually costs not less than 2500 depending on where your place of work is. However you can save a sizeable amount if you leave home after taking breakfast.
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