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The 7 Rules of Business Discipline to Succeed in Business
Emma Wimhurst speaking at Women Unlimited
Experienced entrepreneur Emma Wimhurst of Diva Cosmetics, who sold her business after which she started to advise startups how to grow their business, spoke today at International Womens’ Day at the Women Unlimited Conference in London, organized by Julie Hall. She shared her rules of business discipline for entrepreneurs to control, grow and add impact to their business, as follows:
Business Discipline Number 1: Business Strategy.
Focus your vision in a mission statement with maximum 50 words. Think whether you now your customers, who is buying your products and why they are buying your products. What is your value that you are bringing? You need to have it, because it is inspirational, but above all, a reason to say no to certain proposals, which are outside the mission statement
Business Discipline Number 2: Planning.
Build your business with a business plan. Make an itenary, just like you are planning a trip. Overcome fears to drafting the business plan, take time out to do so. Get knowledge on the customers, who are your potential customers?
Building Discipline Number 3: Marketing Management
Master your Management. Make materials which reflect your values. If you invest in any marketing, whether it is a newtworking evening you are going to or a flyer, know your desired outcome, and put the investment in with that in mind. Everything you do needs to have a desired outcome, and then review it afterwards, in order to know whether the investment made sense.
Building Discipline Number 4: Practical Finance.
Manage your money. Costs, Turnover, Margin. Take a holistic approach because you need to know in the start a bit about everything.
Building Discipline Number 5: Team building.
Inspire & Lead your team.
Building Discipline 6: Customer Commitment
Implement a strategy to get your customers coming back. This is different then identifying your customers.
Building Discipline 7: Personal Development
Motivate yourself
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Good guidance. It terrifies me when I see so many people just plunging into business without a second thought. I understand wanting to work for yourself but I really do think that you have to work for someone else first before you have the experience needed. I have seen people leap in with just a fragment of business training. Passion just isn’t enough, you need the nitty-gritty aspect of it too.