| Millions of people start new small
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| | Don't forget, it is the customer that
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| businesses in the United States every
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| | determines whether or not you succeed.
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| day. Many fail at running a small
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| | They vote every day by where they spend
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| business every day. What causes one
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| | their money.Reflect on the following
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| business owner to succeed where another
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| | questions:- Do you know the reasons why
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| fails? There are seven key areas to focus
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| | customers shop at your store? (service,
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| your efforts for a successful small
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| | convenience, price) If not, ask!- Do you
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| business. It starts with knowing oneself
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| | seek suggestions from your customers on
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| and ends with not being afraid to ask for
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| | ways you can boost business?- Do you use
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| help.1. Know YourselfHaving your own
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| | a store or online questionnaire to aid
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| business is more than just creating a job
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| | you in determining your customers'
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| for yourself. To be a successful small
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| | needs?- Do you stay in contact with
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| business owner, there are many personal
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| | customers on a regular basis?- Do you
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| sacrifices you will be required to make.
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| | ever try to re-establish a relationship
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| You have to be willing to make them. By
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| | with lost or inactive customers?A key to
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| knowing yourself and what is truly
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| | success lies in knowing your customer.
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| important to you, you will be able to
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| | The other half of the equation is to know
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| make these choices far easier than if you
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| | your industry.5. Know Your IndustryYou
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| have never considered your
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| | can gain the greatest competitive edge if
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| priorities.Your basic roles in a small
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| | you intimately understand your industry.
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| business are in marketing, planning,
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| | You must know the ins and outs of your
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| finance, and administration. To get the
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| | particular products and industry. You
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| best results, it is rare for one person
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| | should know every competitor as well as
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| to play all these roles equally well. You
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| | their strengths and weaknesses. It's in
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| must know which parts you can handle
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| | your competitor's weaknesses where you
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| yourself and which parts you're going to
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| | will most frequently find your own
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| need help with. That's why it's so
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| | success.Your competitors size, services,
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| important to be objective and take a
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| | location, marketing approach, type of
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| close look at your overall strengths and
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| | customers, suppliers, and pricing
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| weaknesses. Ask yourself the following
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| | strategies should be as well known to you
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| questions:- Do you plan before you take
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| | as your own. Your local business
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| action?
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| | climate, median household income, level
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| - Are you willing to hustle for the
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| | of education, ethnic population, and the
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| sale?
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| | other demographics of your potential
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| - How financially savvy are you?
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| | customers should be second nature to you.
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| - Do you have a well thought out plan?
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| | To prosper, you must know the game and
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| And, do you work the plan?
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| | the playing field intimately.Many people
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| - Do you know how to make sales happen?
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| | focus upon these areas but still fail.
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| Can you ask for the sale?In those areas
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| | Why? They focus more upon the product
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| where you assess yourself as weak, you
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| | than the finances of the business.6.
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| can ask for help.2. Ask For Help When You
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| | Maintain Good Financial RecordsIf you
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| Need ItWhen you're young and unseasoned,
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| | don't know where your money is going, it
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| you tend to think you can do anything.
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| | will soon be gone. The "game of business"
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| This is a recipe for disaster for the
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| | is played with products and customers,
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| small businessperson. If you insist on
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| | but the score is kept in dollars and
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| doing everything yourself, you will work
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| | cents. Good financial records are like
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| 16 hours a day and not do some things
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| | the instrument panel on your car, they
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| well.Remember, getting results is what
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| | keep you posted of your speed, fuel level
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| counts! With outside advice and
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| | and engine condition. Without them you're
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| assistance, your quest for a successful
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| | flying blind trying to pace the other
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| business can be accomplished faster and
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| | cars. If you know how much you're
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| with far fewer bruises than doing it
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| | spending, buying and selling, you can
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| yourself. When I started my first online
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| | take control and help your business make
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| business, I even created by own website.
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| | more money.- Do you have basic accounting
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| In retrospect, this was a big mistake. It
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| | knowledge? Or, do you have someone you
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| took me far longer to create my site than
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| | trust to keep the books?- Do you maintain
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| having a more experienced person do it.
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| | every receipt you obtain through the
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| Start equating every second of your time
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| | running of your business?- Have you
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| with money. Your time isn't free. While
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| | computerized your business to streamline
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| you are trying to do everything, what's
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| | everyday tasks and business procedures?-
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| falling through the crack?Don't be too
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| | Do you use sales forecasts, expense
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| proud to ask for help, we all need help
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| | sheets, and financial statements on
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| sometimes. With the Internet, the small
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| | regular basis to assess the progress or
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| business owner has a wealth of experience
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| | your business?- Do you evaluate your
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| available to them. Why not take advantage
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| | operating expenses and make necessary
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| of the many resources, paid and
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| | changes on a regular basis?Many people
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| otherwise, available to you? Join a small
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| | erroneously believe good record keeping
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| business forum, like the Small Business
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| | is for the government and those financial
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| Forum ( where you can exchange knowledge
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| | obligations. They are wrong! Good
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| with other small business owners. Access
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| | financial record keeping can help your
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| the millions of online articles on every
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| | business succeed. Use the financial
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| business subject you can think of at
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| | information available to make
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| Qualified sources are also available from
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| | improvements to the operation of the
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| your local government offices and other
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| | business and improve profits. Remember
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| professional services. It is important to
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| | through it all, the old adage "cash is
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| recognize -- what you don't know can end
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| | king" is true.7. Manage Your CashIt
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| up costing you money and greatly reduce
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| | doesn't matter how unique your store is,
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| the chance of achieving your business
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| | your business can't survive without good
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| goals.With all that knowledge, you need a
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| | cash flow. Cash is the lifeblood of your
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| plan of action.3. Action PlanningI like
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| | business. The money coming into or out of
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| to call it "action planning" rather than
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| | your store is the vital component that
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| "planning". Action is the only element
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| | keeps your business financially healthy.
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| which turns a plan into reality. Many
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| | For profitability, more cash must come
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| people are great at planning but they
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| | into the business every day than goes out
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| suffer when it comes to follow-through.
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| | of the business. You can have the
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| Successful small business owners are
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| | greatest sales in the world, but if it's
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| action oriented. But that action starts
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| | all in receivables, how will you pay your
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| with a plan.According to leading
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| | bills?A monthly Cash Flow Statement is a
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| authorities, the main reason 80% of all
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| | critical business tool. It shows the
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| new businesses fail within the first five
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| | amount of money at the start of a period
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| years is not money, but the lack of
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| | and how much cash was received during the
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| planning. If you want to succeed, the
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| | period. It identifies the various sources
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| trick is to know how to make right the
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| | of incoming cash and the reasons for
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| decisions by implementing an effective
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| | outgoing cash. Budget wisely. Know the
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| business plan. Remember, if you fail to
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| | sources of your monthly income and
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| plan, you might as well plan to fail.A
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| | expenses. Then, you won't have to worry
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| business plan should include how you will
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| | about running out of money. And that is a
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| finance the business, who will perform
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| | good thing.Like any game, the game of
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| certain critical business functions, the
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| | business has rules and tools. Those who
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| license and permits required, accounting
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| | excel at the game, play it better than
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| method, as well as what you know about
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| | their competitors. Keep focused upon
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| your prospects and customers.4. "Mind
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| | these seven critical areas and you will
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| Meld" Your CustomerJust knowing your
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| | succeed. Remember, Albert Einstein once
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| customer isn't enough for long-term
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| | defined "insanity" as doing the same
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| success in your small business. In Star
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| | thing over and over again and expecting a
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| Trek, the Vulcan race had the ability to
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| | different result. Isn't it time you
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| perform a mind meld. At the time of the
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| | changed the things you are doing so you
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| mind meld, they could see, think, and
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| | can succeed? I think the time is
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| feel everything their partner was seeing,
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| | now!Michele Schermerhorn calls herself a
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| thinking, and feeling. This is how close
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| | "Corporate Freedom Fighter" dedicated to
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| you must come to understanding your
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| | freeing cubicle prisoners to experience
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| customer. The closer you get, the more
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| | their own successful online business. She
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| successful you will become.Are you
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| | has over 30 years experience in the
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| listing to your customers? Make it your
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| | business world and over 12 years running
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| business to give your customers what they
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| | her own successful online businesses. She
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| want and they will buy from you. They are
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| | is President of Online Business Institute
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| the reason you are in business, and your
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| | Inc. ( authors a sassy marketing blog (
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| future depends on them. The products and
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| | and regularly conducts free online
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| services you provide should be a direct
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| | seminars. Online Business Institute Inc.
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| reflection of their needs. Think in your
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| | exists to "Create Successful Online
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| customers' terms; buy, show, sell, and
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| | Business Owners One Person At A Time".
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| say things that interest them, not you.
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|
