Tips for growing your business…

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If you want to find out how to grow your business, one of the best ways is to study the people who literally do that on a 24/7 basis, 365 days a year – farmers! Their best practices will revel many tips that can be applied to any business. Here are some of the key ones…

  • A successful business must be sustainable – From farmers’ points of view that not only includes agricultural practices to maintain productivity of the land, but also general business practices that apply to all types of businesses. Among these are:
    • Maintaining equipment on a regular schedule so that it will be operational for many years after it has been paid for. Your profit margin will automatically go up because you will no longer have interest and payment expenses. As an example, Certified Grocers in Ocala, Florida, was a grocery distributor incorporated on April 15 1948 that operated until it was sold in 1993. During those years it maintained a fleet of trucks that were tens of years old and had several million miles on them. Maintained is the key word… parts were replaced on schedule before they caused a break down; trucks were repainted and renewed inside and out every few years. The result was a paid-for fleet that looked and operated like new, which contributed to a higher than average profit margin.
    • Maintaining excellent customer service. A successful business must be able to sustain its customers as well. As it is easier to sell additional items to an existing customer than attract a new one, you should focus on customer needs and wants as time changes. Farms have added organic products, ready-to-consume items (like juices, jams, and salsas), and entire new ranges of items to their business. Recognizing that customers won’t eat beef, chicken, pork, or fish all the time, many small farms have diversified to carry more than one type of protein. Some previously strictly livestock farms have also begun growing and marketing produce.  Continue reading here.

 

Speaking of Business Blog by Dr. Philip R. Geist, Area Director, Florida SBDC at UNF

 

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