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40 Cards in this Set
- Front
- Back
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FOUNDATION OF EVERY BUSINESS
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IS ITS CUSTOMERS
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THE GREATEST MARKETING MISTAKE SMALL BUSINESSES MAKE
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IS FAILING TO DEFINE CLEARLY THE TARGET MARKET
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COMMON MISTAKE ENTREPRENEURS MAKE
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THEY ASSUME THE PRODUCT YOU SELL IS WANTED BY THE PUBLIC
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WHAT IS THE MAIN MARKETING APPROACH YOU COULD TAKE?
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NICHE MARKETING
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WHAT IS THE PURPOSE OF HAVING CONTACT WITH PEOPLE IN YOUR BUSINESS?
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THE RELATIONSHIPS
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(USP) UNIQUE SELLING PROPOSITION
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A KEY CUSTOMER BENEFIT OF A PRODUCT OR SERVICE THAT SETS IT APART FROM ITS COMPETITION.
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BRANDING
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MOST EFFECTIVE WAY FOR ENTREPRENEURS TO DIFFERENTIATE THEIR BUSINESS FROM ITS COMPETITION IS TO CREATE A UNIQUE IDENTITY.
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FOR EVERY PERSON THAT COMPLAINS
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THEIR ARE 17 THAT DON'T
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WHY DO PEOPLE STOP PATRONIZING?
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BECAUSE AN EMPLOYEE DID THEM WRONG.
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WHAT PERCENTAGE OF CUSTOMERS SAY THEY WILL RETURN AFTER THEY GET AN APOLOGY?
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92%
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WHAT SHOULD YOU DO BEFORE YOU LAUNCH INTO E-COMMERCE?
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DEVELOP LONG TERM RELATIONSHIPS WITH CUSTOMERS
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SHOULD YOU TEST YOUR WEB SITE?
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YES
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WHAT IS THE MOST SUCCESSFUL THING ABOUT YOUR WEB SITE?
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PROMOTING YOUR WEB SITE
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WHAT CAN TRACKING TOOLS DO FOR YOU?
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IT MONITORS CUSTOMERS BEHAVIORS
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CREATE A BUSINESS MODEL
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WITH YOUR TARGET MARKET IN MIND.
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COMMON REASON FOR LEAVING A WEB SITE?
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SLOW DOWNLOADS
SHIPPING CHARGES IS THE SITE TRUSTWORTHY |
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IN SETTING PRICES FOR YOUR GOODS & SERVICES
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MAKE SURE IT PRODUCES A PROFIT
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FINAL PRICE IN A SUCCESSFUL BUSINESS
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FINAL COST
HAVE THE RIGHT IMAGE WHAT A PERSON WILL PAY |
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LEADER PRICING
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MARK DOWN THE PRICE OF A PRODUCT
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PRICE MARK UP
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THE DIFFERENCE BETWEEN THE COST OF A PRODUCT OR SERVICE & ITS SELLING PRICE.
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THE USE OF CREDIT CARDS
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INCREASES PROBABILITY THAT THE CUSTOMERS ARE GOING TO SPEND MONEY
BROADEN A SMALL COMPANIES CUSTOMER BASE |
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INTERCHANGE FEE
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FEE THAT BANKS COLLECT FROM RETAILERS
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WHAT ARE ASSETS?
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ITEMS OF VALUE
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WHAT ARE LIABILITIES?
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THINGS THAT A BUSINESS OWES
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STATEMENT OF CASH FLOWS
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SHOW THE CHANGES IN A COMPANY'S WORKING CAPITAL FROM THE BEGINNING OF THE ACCOUNTING PERIOD BY LISTING BOTH SOURCES OF FUNDS & THE USES OF THOSE FUNDS.
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CURRENT RATIOS
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MEASURES A SMALL FIRM'S SOLVENCY BY INDICATING ITS ABILITY TO PAY CURRENT LIABILITIES FROM CURRENT ASSETS.
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QUICK RATIO
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INCLUDES A COMPANY'S "QUICK ASSETS"- THOSE ASSETS THAT A COMPANY CAN CONVERT INTO CASH IMMEDIATELY IF NEEDED.
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DEBT-TO-NET-WORTH-RATIO
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EXPRESSES THE RELATIONSHIP BETWEEN THE CAPITAL CONTRIBUTIONS FROM CREDITORS & THOSE FROM OWNERS & MEASURE HOW HIGHLY LEVERAGED A COMPANY IS.
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TIMES-INTEREST-EARNED-RATIO
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MEASURE OF A SMALL COMPANY'S ABILITY TO MAKE THE INTEREST PAYMENTS ON ITS DEBT.
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CASH BUDGET
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IS A "CASH MAP" SHOWING THE AMOUNT & THE TIMING OF THE CASH RECEIPTS & THE CASH DISBURSEMENTS DAY BY DAY, WEEK BY WEEK, OR MONTH BY MONTH
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INVENTORY
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IS THE LARGEST INVESTMENT FOR MANY BUSINESSES, ENTREPRENEURS OFTEN MANAGE
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(PRO-FORMA) PROJECTED FINANCIAL STATEMENTS
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PROFITS YOUR COMPANY CAN ACHIEVE
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RATIO ANALYSIS
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METHOD OF EXPRESSING THE RELATIONSHIP BETWEEN ANY TWO ELEMENTS OF FINANCIAL STATEMENTS , PROVIDES A CONVENIENT TECHNIQUE FOR PERFORMING FINANCIAL ANALYSIS.
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WHEN ANALYZING RATIOS
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ASK QUESTIONS LIKE: DO YOU HAVE EXCESSIVE INVENTORY?
DO YOU HAVE TO MUCH DEBT? |
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LEVERAGE RATIO
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MEASURES THE FINANCING SUPPLIED BY A FIRM'S OWNERS AGAINST THAT SUPPLIED BY ITS CREDITORS
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FIRST STEP IN MANAGING CASH MORE EFFECTIVELY
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USE CASH FLOW CYCLE
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WHAT FACTORS EFFECT A COMPANY'S CASH FLOW?
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UNKNOWN EXPENSES
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EFFECTIVELY TRIM OVERHEAD
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NEGOTIATE FIXED LOAN PAYMENTS TO COINCIDE WITH YOUR COMPANY'S CASH FLOW CYCLE
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ZERO BALANCE ACCOUNT
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IS A CHECKING ACCOUNT THAT TECHNICALLY NEVER HAS ANY FUNDS IN IT BUT IS TIED TO A MASTER ACCOUNT.
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WHAT TECHNIQUES WOULD YOU USE TO CONSERVE VALUABLE CASH?
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OUTSOURCE CERTAIN ACTIVITIES TO BUSINESSES THAT SPECIALIZE IN PERFORMING THEM RATHER THAN HIRING SOMEONE TO DO THEM IN-HOUSE.
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