Category - Business

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1
7 Financial Measures To Help You Manage Better
2
The 4 Stages of a Growth-Minded Small Business
3
6 Key Must-Haves In Your Business
4
Finding The Right Adviser
5
How To Increase The Value Of Your Business

7 Financial Measures To Help You Manage Better

If your small business is in the growth phase, that means you have survived your startup phase and are on your way, so well done!

The growth phase of a business is characterised by a rapid increase in sales. Customers have become aware of your business and know how your product or service meets their needs. So, they buy more and more, and more of them come to you, at least to try you out further.

However, I have to rain on your parade slightly to tell you that the growth phase of a business can be stressful times.

This is because the characteristics of the growth phase poses a number of challenges.

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The 4 Stages of a Growth-Minded Small Business

Here at Teik Oh Dot Com, I aim to be a one-stop-shop for growth-minded small business owners, where they can go to get inspiring and practical ideas to improve their business and become successful.

While I offer different tools and give advice for small business owners at different levels of development, I thought it might be useful to describe the way a small business can develop, and what their owners need to think about at each stage.

Knowing which level of development you are in is important because you can then focus on the different aspects of your business that need special attention at each different stage. A growing small business will usually go through 4 stages of development.

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6 Key Must-Haves In Your Business

When you are starting a business, or even as you grow it from the start and enter into a steady period of consolidation and wish to review your performance, it is useful to take a step back from the nuts and bolts of starting or running your business and consider what makes up a business.

Sure, you must have (hopefully) a great product or service and you must have customers.

But what makes up a successful business? What are the key ingredients you must have?

I created Teik Oh Dot Com in order to help small business owners implement these key ingredients that together make up a successful business, to be the small business owner’s one place to go to in order to find the practical processes to improve their business and become successful. You can subscribe to get these free tools and resources delivered directly to you by clicking on this link and signing up.

Importantly, I believe that when you start your business, you need to focus on six key must-haves in your business to set you up for success.

So let’s dive into the 6 key must-haves in your business.

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Finding The Right Adviser

Whether you are about to start your business or whether you have been working at your business for a few years now, you need to understand that running a business can be a draining and lonely experience.

The most valuable piece of advice that I give to new business starters or people who have been running their business for a few years is that you should not do it alone. For all of us operating a small business, the business is us. Without our health and wellbeing, the business will reflect that stress and tension that we feel. So, you need to set up your support systems to ensure that for any situation, you have someone you can talk to.

The most obvious people are your family and loved ones, but while their love and support are invaluable, sometimes, all they can do is to listen to you because the situation may need experience and technical advice that loved ones may not be able to provide.

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How To Increase The Value Of Your Business

The value of your business is not just based on the tangible assets – the equipment, the buildings, the accounts receivable – but is also based on intangible assets or “goodwill”.

Goodwill is the “extra” value of your business that is caused by all the intangible things that you do in your business to make it a profitable business that can continue beyond your ownership or stewardship. These include things like your customer relationships, your reputation, the efficiency of the business processes, marketing quality and resources, staff behaviours and culture, and your systems that create a great product and service.

Imagine two similar businesses.

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