When launching a new business, you might not have the means to purchase everything you desire initially; you may only afford the essentials. Create a wish list of items and services to consider acquiring as your business expands. It’s wise to have two lists—one for yourself as the owner and manager and one for your employees. While you may not obtain everything you want right away, focus on acquiring what’s essential to operate your business efficiently. Prioritize additional items or services that would enhance efficiency or reduce workload and keep a list handy for future reference.
A new business that delays promotion until its opening day will likely incur more expenses than sales. Instead, leverage available ideas to generate cash flow from early sales. By initiating promotion sooner, you can expedite results and establish a positive trajectory for your business.
On a business owner/manager’s wish list, you might find items like an additional computer, a new company vehicle, upgraded office carpeting, a modern copier, or a monthly accounting service instead of a quarterly one. If the item is essential or urgently needed, you may need to consider borrowing funds or setting up a lease to acquire it immediately. Otherwise, it’s prudent to wait until you have surplus profits or experience a successful quarter before making the purchase with cash. This approach ensures that major investments align with the financial health and growth trajectory of the business.
An employee’s wish list might encompass items such as a microwave, a comfortable chair, a refrigerator, a new sound system, or even a holiday dinner at a local restaurant. Communicate to employees that their dedication to customer service and care will contribute to fulfilling items on their wish list. Encourage them to suggest new additions to the list, requiring agreement from at least two employees. Display the list prominently in the break room or employee restrooms, where staff can regularly view it. This visibility will motivate employees to perform their best, knowing that their efforts can fulfil their desires.
Consider establishing a third wish list specifically for marketing, direct mail, or advertising concepts you want to explore. Allocate a portion of your budget to test ideas for attracting new customers and enhancing loyalty among existing ones. Successful implementation of these new ideas can lead to increased sales and profits in the near future. Creating wish lists sets goals and provides short-term rewards for the hard work you and your employees invest in your business.