Business Truisms

The following are universal business truths:

• Marketing, advertising, management, finance, customer service, team building and public relations are all parts of a good business plan. However they tend to be an art form and not a science.
• Marketing and advertising require creativity for success.
• Multiple project management is an everyday occurrence in business operations.
• Human resources are required for almost all types of business, however leadership and employee motivation cannot be learned from a book, but are required for human resource management.
• Accounting and budgets are useful only if you have the correct numbers to work with.
• A realistic budget is invaluable when operating any business.
• Business ethics are required for long-term business success.
• Small business administration and business management require constant review and change to keep up with ever changing market conditions.
• Whether you have a home business, a franchise, a small business, a large business or a multi-national corporation, a business plan and a marketing plan are basic necessities.
• Business plans and marketing plans should be always changing, trying to predict future business opportunities, marketing trends and economics as well as industry trends, customer needs and wants as well as market demographics.
• Franchises, home based business and small business do not guarantee success, a business is a business, the type does not matter. Small businesses and major corporations have difficult issues to deal with.
• It is easy to find a business for sale but it is difficult to determine a fair value for this business.
• Small business loans, small business grants, government business grants and venture capital are not easy to get, but the chances greatly increase if a proper business plan is used.
• Business plans and marketing plans should be unique and concise.
• CRM is not a new buzzword, customer relationship management should be an important part of every business.
• Demographics and market research are required when starting a business, writing a business plan, marketing plan or positioning products.
• Internet marketing, vector marketing, network marketing, email marketing and direct marketing are just a few methods to increase sales. There are many other creative marketing methods.
• Risk management, knowledge management, asset management, supply chain management and strategic planning are all parts of everyday business management.
• Ecommerce will be a vital part of most business sales soon.
• Outsourcing can be used to increase profits and reduce costs.
• Business contracts get more complicated everyday.
• International business sales, global operations and international trade create risk as well as business opportunities and require a great deal of attention and management.
• Globalization is very complicated and guidance is crucial.
• Continuous change management needs to occur in order to address ever-changing market conditions and customer needs.
• Total quality management, customer service and quality assurance are all required for repeat business.
• Human resource management and development needs to occur in order to maintain growth.
• Sales training is required to increase sales.
• Benchmarking your products and business against your competition will help you find ways to improve your business and increase profit.
• Being an entrepreneur may not be enough to operate a successful business. Teamwork and sound financial planning are also required to run a business smoothly and profitably.
• Marketing research is a part of a good marketing strategy and should be done before marketing plans are finalized and any marketing takes place.
• Business ideas may or may not become a money making business. Making money in business takes a lot of effort.
• Starting your own business is not as easy as it sounds.
• There are many franchise opportunities, it is difficult to determine which one is best suited to fit your needs.
• A franchising opportunity may not be best for you. It may be better starting your own business from scratch.
• Starting a small business can be very time consuming.
• Business budgeting is important, business expenses are not easy to control.
• With international trade increasing there are many business opportunities that include imports and exports of your companies products and services.
• Plans for disaster recovery should be a part of your business plan before the disaster happens.
• Customer relationship management will increase your sales and your customer retention.
• Distribution of your business products needs to be consistent and reliable.
• Small business ideas sometimes lead to large profits.
• Intellectual property that your business created should be protected.
• Business innovation needs to occur to stay ahead of the competition.
• Your business needs to have an employee benefits program on order to attract quality employees.
• Risk assessment needs to be done regularly in order to protect business assets and business operations.
• Financial statements need to be created to measure the health and performance of your business.
• Entrepreneurship is the soul of business.
• Customer satisfaction is the key to repeat business.
• Strategic management and needs assessment are just as important for small business as it is for global business.
• Cash flow is the lifeblood of your business.
• Industry analysis is required to position your products and business properly.
• Marketing strategies should be changed often.
• Risk analysis should be done often.
• Due diligence and needs assessment is critical when considering mergers and acquisitions.
• Management should run the business, the business should not run the management.