These tips are excerpts from the talk entitled “Management and Challenges in a Retail Business” by YBhg Dato’ Ameer Ali Mydin, Managing Director, Mydin Mohamed & Sons Sdn Bhd. the tips are all his personal views.
Before you decide to venture in a retail business, learn;
- The business trade from others in the same business.
- The business fundamentals to enable you to know enough about everything.
- From other people experiences rather than sticking to your own idealisms. Those idealisms might not be practical.
- One must always be “hands-on” in running a business.
- Never overpay or underpay your stuff. Pay them just right.
- When you decide to be in a business, do it properly with high discipline and full of commitments. Go into it whole-heartedly.
- Be focused in your business venture. Don’t diversify into other areas using the money from your existing business. Avoid this major pitfall.
- Don’t give your “heart” to the business. You can’t be too nice in life.
- Always be cost conscious. Don’t throw your hard-earned money for something not worth for.
- Never mix business expenses with personal expenses.
- Always show to your stuff that you understand and know everything about the business. Then only they don’t dare to lie or cheat you.
- Venture into a business that differentiates you from others in the same business. Make your business a special and unique one in order to be different from others.
- Do not operate a business in your own premises that can fetch a lucrative rental. Look out for a cheaper place that suits your budget.
- Then renting a premises, plan and work out the budget properly to ensure the rental is within your reach. Never rent an expensive place even if it is a strategic location for your business.
- Plan, prepare the budget and cash flow, get the relevant approvals (such as bank loan, licenses), quotations etc done way before looking for a location. A good location will never wait for you!
- Plan for contingencies. Many things can happen unexpectedly (according to Murphy’s Law). Just be prepared to face them.
That iѕ a great tip particularly to those fresh to the bloɡosphere.
Simple but very preⅽise inf᧐rmation… Thank you for sharing this one.
A must read post!
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