Masters of Business

MASTERS OF BUSINESS SERIES;

Graeme Hunt

Principal, Media Powerhouse

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Being in business for yourself isn’t easy, and we all have our own reasons for going out on our own.

In this series I ask local self-employed people what lessons they have learned, what important practices they use to be successful and what they would like to pass onto others.

Questions;

1) What are the top three lessons you have learned in the _30_ years you’ve been in business?

1) When approaching a prospective client for the first time, do your homework. Know the business thoroughly and what you propose to do for it.  Also check credit rating, if possible.  Knowing whether to go ahead or not can save a lot of inconvenience and perhaps even money in the long run.

2) Take time to get a thorough understanding of what the client wants and what they think they want.  Then compile a series of answers to requirements and suggestions where refinement might be needed, to take back to the client.

3)  Always think outside the square – and encourage yuour client to do the same.

Could you name three essential practices that you use to keep the business running; I.e networking, budget/inventory/costs control,  short, medium, long term planning;

• All of the above.

If you could offer some one that is self-employed any advice what would it be?

Be patient.  It takes time to establish yourself and to generate recommendations from satisfied clients.

Maintain contact with established clients and be responsive to inquiries or complaints.

Avoid discussing competitors and never rubbish their work.

Ensure you stay on good terms with your suppliers/contractors – they will support you and might even refer business to you.