Bitature talk #2 is finally here and this will mark the end of Bitature talks on the blog. Part 2 covers the business tips that stood out for me and the ones I am looking to implement. Feel free to pause and think critically on ever point and write down your answers. PS;They are in no particular order.
Have a plan.You can`t do anything well without a plan. For any business to succeed, you must have a proper plan, short and long term. Never start anything without a plan.
What product/ service are you offering? You must be sure of what you are offering.Your surety is what sets you apart from the already existing products/services.
What`s your marketing strategy? Now that your certain about your product/service, what`s your marketing strategy? How ill you get your product/service known?
Do your research. Know all about your business. The pros and cons, who else is doing it, seasons for the business.
Keep the business system simple-tailor it to suit you and those your working with.
Have your accounts straight. I have personally run a business before and one of the things I struggled with was a financial system. I was the law and I got into the habit of using business money to meet my personal needs. Now I know better.
On partnership in business, partner with people who have what you don`t have. Get people on board who compliment you. They will add flair and spice to the business.
Find out what your strengths and weaknesses are. These help you to know where to specialize and who to hire for the business.
On decision making, As the leader in your business, hear other people out and appreciate their opinions. However, make the right decisions for the business.
Don`t be afraid to experiment. In experimenting, you learn the right way to do and not to do something. Your business will benefit from this greatly.
Learn business language. Learn from those who are already in business,use google, network. Learn how to write a business letter, make receipts and quotations. Learn all you can learn on this matter.
Know where things are. Mr. Bitature narrated an old story where Uganda lacked sugar but he knew where sugar was-in Kenya. He got onto the bus and went to Kenya. He purchased lots of sugar and brought it back to Uganda and sold it off and made profit.
Stay around progressive people. These are people who are achieving their set goals, taking on opportunities and progressing in all areas of their business. You can`t be around such people and not be challenged to be better.
Read widely. Leaders are readers. Read on your business, read about people in the same business and learn from them.
Pace yourself. He built Protea a four star hotel to host guests for the common wealth meeting held in Uganda in 2007 and now he has built Naguru Skyz Hotel 10 years later. Don`t be in a rush. Understand your business patterns.
I hope you can apply these principles from Mr. Bitature to your business whether a start-up or one already running.
Share business tips you have applied and have worked for you. Let`s learn together.