Self-Reliance
13: Business Success Toolbox

“Appendix,” Starting and Growing My Business for Self-Reliance (2017)

“Appendix”

Business Success Toolbox

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Business Success Toolbox

Essentials

  • Keep the commandments

  • Live worthy of the Holy Ghost

  • Pay tithing first

  • Save weekly

  • Learn every single day

  • Be persistent

Business Strategy Principles

Relationship Principles

  • Solve an unmet need

  • Differentiate your business

  • Start small; think big

  • Buy low; sell high

  • Purchase in bulk

  • Use multiple suppliers

  • Negotiate positive payment terms

  • Delight your customers

  • Keep all promises that you make, no matter how small

  • Learn to say no

  • Hire slow; fire fast

  • Provide adequate training

  • Inspect more, assume less

Financial Management Principles

Improvement Principles

  • Keep good records

  • Separate your business and personal money and records

  • Pay yourself a salary

  • Manage cash flow proactively

  • Be wise and have integrity in financing your business

  • Increase sales; decrease costs

  • Work on your business, not just in your business

  • Set meaningful business goals

  • Use time wisely

  • Continually improve your business