by Nur Asyikin Abdul Majid

Created on: March 09, 2008

Setting up and running a business is as not as simple as all tycoon based games visualizes. In the game you are given a capital in which you are to use that money to fully finance the business of your game. And to those who hate losing, the urge to search for the cheat code and cheat your way through is always there.

However in real life situation, you can never cheat. You may get a loan from a bank if your finances are in critical position but not all banks can grant you the loan immediately. They still need to review your company resolution and business proposals.

To run a business with only three people is possible however you must be up to the challenge. The first step is to divide your work amongst the three people with their capabilities background complementing the work that had been assigned.

Considering the product of sales for the business is important. In a three person business, product ideas are usually given by everyone in the group. However before coming up with the final decision, the person who has professional background in market analysis must be assigned to draw up all the statistics on the pros and cons of each product. Only after the market survey has been conducted can the final product be drawn.

Another most important aspect in a business is the marketing strategy. To be able to come up with a workable and aggressive strategy at the starting of a business is important. This move can either be your stepping stone in the world industry or your pothole. You will need to draw up a plot that can not only attract your customers with advertisements and discounts but to also make your customers return for more and if possible, referring other new customers to you.

To be able to have good rapport with your customers is another key point. The person who has the strongest quality with customer relations must not be afraid in promoting your business and products. This is important as customers love to have a good knowledge in the products they will be buying and the companies that they will be engaging with. Some customers would even to the extent of having their most favorite sales person and will not engage any sales unless the said sales person serves them. A good after sales service is also well appreciated by customers.

Also do not forget to always track your finances. It is best to have a day to day cash flow projector. This will help you forecast your future loses and income.

After your business has been lifted off, other aspect in maintaining a business kicks in. These are administration works, accounting works and products research and development. They may seem small and not as important as the latter but they are still very important in running a business.

Therefore you must be able to divide your workloads fairly. You are running your business as a team and don't worry in voicing out options at some difficulties found in each of your workload to your fellow team mates.

Remember this is your business, your hard work. You can either be the next Bill Gates or be left with huge accrued loses.

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