Here are 10 questions to get you started:

• How do your year-to-date sales compare to the last couple of years? Don’t be satisfied if you managed to match them because if sales stayed the same then you’ve achieved zero growth.  With inflation, this flat growth line is a warning sign for more trouble down the road.

• What percentage of your business is from repeat customers? This is important to know because if it’s too low, then it needs to be improved.  The estimated cost of getting a new customer versus retaining an existing one can be as much as five to one in terms of dollars spent.  Keeping customers is more cost-effective than constantly seeking new ones.

• How long has it been since you offered a new product or service?  Loyal customers like to see you changing and progressing with the times.  If you’re stuck for an idea, ask your customers what they need.

• Do you consider marketing and advertising expenses or investments?  How you look at the money spent in these areas affects your willingness to spend money at all.  Would you look at prescriptions as a waste of money?  Marketing is really investing in you, your vision, and your company.  The old adage that you must spend money to make money is true, but you must spend it wisely.  Spend it on ads that are pulling responses and orders, and if they’re not maybe you need to change publications.

• Do you know what PR is and how to use it to positively position your business in the media?  I’ll bet that at least one of your competitors does.  Nearly every mention of a company or business in the newspapers and magazines is a direct result of publicity efforts.  Being quoted or featured in an article speaks volumes to your clients and readers who are your potential prospects.  A good PR consultant can do that for you and show you ways to extend the shelf life of that article beyond its publication.

• Are you listed in the yellow pages?  If you only have a line listing, consider including a small ad in the yellow pages.  If you can afford it, it will pay dividends throughout the year.

• Do you treat your regular customers better than your drop-ins?  You should.  If your customers don’t feel special when coming to you for products of services, why should they remain loyal to you?  Have a customer appreciation day or a special invitation only sale for your regulars.  Create a mailing list of your regulars.  Send occasional post cards or greeting cards for special events or just to keep in touch.  Learn to recognize them on sight and greet them by name when they visit you.

• How long has it been since you really talked to one of your customers?  Just as you appreciate when your Doctor takes time to talk to you, your customers will appreciate you if you take an interest in their needs.  If you have a service business, have lunch or coffee periodically with some regulars – even if they only contact you once or twice a year.  The personal touch in an impersonal world will be remembered.

• How is your business doing compared to your competition?  Every company, no matter what the size, has competition – even home-based businesses.  Is their business growing or downsizing? Is their pricing or service better than yours?  If so, what can you tell potential customers about the price difference?  Think about how you can improve your service to meet or exceed your customer’s expectations.

• Are your employees happy?  Don’t ask them directly, but observe them throughout the day.  Watch, listen and learn.  Employees who like their jobs don’t watch the clock for quitting time, aren’t habitually late, don’t have poor body language, don’t spend time on personal phone calls, and don’t look like they never smiled.  Observe how they interact with customers.  Not everyone is a match for direct contact with the public, so make sure you don’t have an employee who is driving business away.

I can remember when I was working at my very first job out of school.  It was a service business with just the owner and me at work.  There was direct contact with the clients, and there was never a problem with smiling when talking face to face with them.  I was given the best business tip of my life by that employer, when he pointed out to me that when talking to clients on the telephone I should smile too.  For some unexplainable reason, when you smile as you talk on the phone, the exchange with the client becomes more pleasant and more productive.  It’s as if that smile went right through the phone wires to the person to whom you’re talking.

“Old-school” business mentors have fostered the idea that a man’s word was his bond, but in today’s business world the majority of people are always assuming – and assuming the worst.  Creditors, debtors or anyone that base their theories on assumptions are headed for failure, and yet it’s done everyday.  When people fail to pay their bills on time, many creditors assume the debtor doesn’t have the means to pay the debt.  These creditors will often set up an arrangement or lower the amount so that you can repay the debt.  This is a step to credit repair, however it takes you to contact the creditor and apprise him or her of your situation.Staying in contact with your payments each month can help you avoid bad credit and getting into such a situation.  If you have several bills on hand and all the bills are pressing, it makes sense to pay off the debt that benefits you the most.  After this is paid then you can set aside an amount toward the next debt.  Once you follow this strategy it allows you to work your bills down gradually thus repairing your credit standing.

If you don’t have the funds to pay the entire bill, at least pay the minimum amount due so that you can continue using the service.  Many debtors assume they are in debt and there’s nothing that they can do to resolve their problems and this is the process of giving up on life.  When we give up, it leads to stress and the answer is often right in front of our nose.  Creditors are business people too, and if approached properly will usually try to work with you.

Of course making the wise decision ahead of the game is the ultimate solution to maintaining good credit.  If you research the marketplace before coming to a purchasing decision, you’re well on your way to avoiding bad credit and credit repair hassles.

Many people when taking out a home mortgage loan are not aware of the options available to them.  They’ll walk in the bank door, fill out the application, and accept the terms & conditions when offered to them.  There are many families and individuals who filed bankruptcy because they couldn’t afford their homes anymore, and primarily because they didn’t take the time to check the marketplace first and search the options available to them.

Being informed and educated is two of the best tools offered to us.  There are mortgage loans that offer overpayments and underpayments, and these loans include vacation packages and lump sum payments to the borrowers.  There are also other loans available that offer low mortgage monthly installments and low interest rates with insurance policies attached that will pay your mortgage if you are sick, unemployed, or in an accident.

On the other hand, there are mortgage loans that have high interest rates, high mortgages and balloon payments attached.  When balloon payments are attached to home mortgages it is almost guaranteed that in a few years you’ll be searching for a solution to repair your credit.  There are many home lenders who will not tell you the truth about the variety of home loans available because they are making money and you’re a source of income.  It’s important to scope the terms & agreements carefully, as well as reading all fine print on any loan contract before you sign.  If you’re applying for a home loan and want to avoid bad credit, it makes sense to learn what the fees include and how many those fees are.

There are some home loans that offer an “acceleration clause”, which covers you if you miss mortgage payments.  The lender will apply the clause by allowing you leniency providing you make payments the following month on time.  This type of loan is great for avoiding bad credit, foreclosures, and repossessions.  The marketplace is swarming with realtors and other sources that will help you get a mortgage loan affordable to you with benefits.

Here are some tips about loans that we’ll all take out during our life:

1. Car Loans – When applying for a car loan it’s also important to research the marketplace before agreeing to any terms & conditions.  Make sure you find the best deals affordable to you.  In college I learned the secret golden rule of car dealers, and that is that most dealers up the fees on cars by 15%.  This means that if you negotiate wisely with the dealer you can get a reduction on the vehicle up to 15%.
2. Credit Cards – A word of advice when applying for credit cards, stay away from cards that have fees attached and high interest rates.  Avoid credit card offers that have upfront fees or offer a high line of credit for a fee.
3. College Loans – Always consider investigating student loans before committing your self to a personal loan agreement.  You may be qualified for a student grant from the government if you take the time to research the opportunities.

One of your first and most important business decisions can be picking your business name. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering. You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term I would advise to keep these start up costs as low as possible, you can always buy or rent better machinery in the future as an example.

Once you know what you want to do for your business, you can see how profitable it can be. Next, you’ll need to find funding to start your business. Once you are aware of how much money you need, you then have to find it. The next stage is to market your product or service. There are many ways of doing this including: The internets via a website, an advert in the newspaper, direct marketing in the form of leaflets, an advert in the yellow pages, or exhibitions trade fairs. You then need to work out how much to charge for your product or service. It is also important to realize that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. It is an experience we can learn from.