2015 04 09 10 Tips - Richard Branson's Business Approach

10 Tips - Richard Branson's Business Approach

1 -) Change Problems into Opportunities: Look for the good in any situation. Problems bring opportunities;

2 -) Give Responsibility to Good People: Find excellent managers and give them responsibility for the success of businesses. This responsibility will motivate managers to work hard.

3 -) Build the Brand Name: Build a strong brand name that is related to quality and service. Use your company's brand name to launch new businesses.

4 -) Use Publicity: Use publicity to promote your businesses. Publicity is generally cheaper than advertising.

5 -) Find Strong Partners: Work with other companies to share risk and get advantages that your company does not have yet. This is especially important when the business is young.

6 -) Compete against Big Companies: Compete against large companies that don't treat consumers well. Even if you lose, consumers will appreciate your effort.

7 -) Keep Things Small: Keep the organization small. In a small organization, employees feel involved. Employees also have more contact with upper management. Small companies can make decisions quickly.

8 -) Keep Good Ideas in the Company: Create a system to keep good ideas in the company. Give your employees theopportunity to try their good ideas within the company.

9 -) Manage Risk: Minimize financial risk by keeping expenseslow.

10 -) Find a Niche: Find areas of the market that other companies are not selling to, and create products and services for them. It is not necessary to serve the entire market.

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