Capital (Part Two)

This is the seventh in our series on the 10 C’s to Building Momentum. It is continued  from the previous blog. You may read  the previous blog by clicking the link here: https://barbaramlittles.com/capital/

Tools – Every business needs tools. Be sure your tools are of good quality. This may mean having an ergonomically correct desk; safe industrial machinery; a good, solid hammer; dependable vehicles; or high quality hazmat gear, depending on your industry. Don’t go cheap on anything related to health and safety. It is not worth the risk.

Product – If you manufacture a product, create the best quality possible. You may have to charge more, but you may also be in business longer than your competitors as well. If you think the only way to succeed in business today is to create cheap products, check out http://www.saddlebackleather.com/. They continue to thrive, even in the current economy, because their hallmark is quality. Besides, most businesses cannot compete with the scaled pricing of big box stores, so you may as well exceed on quality.

Marketing Materials – Printed materials reflect the quality of your business. You don’t have to spend a fortune to look professional, but you must look professional. There is no substitute for it. With just seconds to capture the attention of potential clients, you must have materials that get attention. If you can create a more “touchable” business card for ten cents extra, spend the ten cents. You must engage the senses. Be reasonable, but never sacrifice on professionalism. Today, image counts more than ever. If you don’t stand out, you will be out of business.

Training and Support – A business owner needs two people – an advisor and an assistant. When you first start, you may have to do most of the work yourself in order to save costs. But if doing that is keeping you from generating more income, then you need to shift the load. If you’re held back by lack of direction, you need an advisor to help you move forward. You can save costs by contracting the help you need instead of hiring an employee, as long as you are in compliance with applicable contracting laws. Make allowances in your budget for continual training in your area of expertise so you are always ahead of the curve. These days, that is not a luxury – it is a requirement.

While this list is long, it does not have to be costly. Look for quality first, then value. There are great options out there for those who seek them.