gumbo business: 10 lessons learned doing business in new orleans
TRANSCRIPT
Gumbo Business:
10 Lessons learned doing business in New Orleans
1. Cashflow is KING Positive cash flow can earn youmoney, loans can cost you money
2. Make your business hurricane proof using technology (i.e. digital copies of all documentation, remote data backup, etc.)
3. You need not be clearing massive profits in order to outsource tedious tasks. The amount of time you lose trying todo everything is much greater than the cost of outsourcing. Learn to delegate.
4. Ask questions to your customers, be curious. Strive to serve their needs and be flexible enough to adapt to changing needs. New Orleanians are very talkative. Engage your customers and they will reward you
5. Customer service will never be a lost art and no business has ever lost profit by being good to their clients
6. Pick your vendors carefully. Your business is only as good as your weakest supplier. If a vendordrops the ball (on something avoidable) move on. There are plenty of hungry vendors waiting for the opportunity to win your business. Always have a back-up ready.
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7. Take good care of your employees. Let them know that you trust them to carry the baton and you will build a strong team of people who care about the big picture.Good business equals job securityand bonuses.
8. Sometimes the best marketing is done by giving back to the community. The spirit of community is valued in New Orleans and consumers want to shop with community-conscious businesses.
9. Change up your marketing every now and then. Be sure to record what works and what doesn’t.
10. Understand business cyclesWhile there is no crystal ball that accurately predicts the future, small business owners should be able to endure the worst of times, and position themselves for success when conditions inevitably improve.
