Pengarang: mastura

These tips are excerpts from the talk entitled “Management and Challenges in a Retail Business” by YBhg Dato’ Ameer Ali Mydin, Managing Director, Mydin Mohamed & Sons Sdn Bhd. the tips are all his personal views.

Before you decide to venture in a retail business, learn;

1. The business trade from others in the same business.
2. The business fundamentals to enable you to know enough about everything.
3. From other people experiences rather than sticking to your own idealisms. Those idealisms might not be practical.
4. One must always be “hands-on” in running a business.
5. Never overpay or underpay your stuff. Pay them just right.
6. When you decide to be in a business, do it properly with high discipline and full of commitments. Go into it whole-heartedly.
7. Be focused in your business venture. Don’t diversify into other areas using the money from your existing business. Avoid this major pitfall.
8. Don’t give your “heart” to the business. You can’t be too nice in life.
9. Always be cost conscious. Don’t throw your hard-earned money for something not worth for.
10. Never mix business expenses with personal expenses.
11. Always show to your stuff that you understand and know everything about the business. Then only they don’t dare to lie or cheat you.
12. Venture into a business that differentiates you from others in the same business. Make your business a special and unique one in order to be different from others.
13. Do not operate a business in your own premises that can fetch a lucrative rental. Look out for a cheaper place that suits your budget.
14. Then renting a premises, plan and work out the budget properly to ensure the rental is within your reach. Never rent an expensive place even if it is a strategic location for your business.
15. Plan, prepare the budget and cash flow, get the relevant approvals (such as bank loan, licenses), quotations etc done way before looking for a location. A good location will never wait for you!
16. Plan for contingencies. Many things can happen unexpectedly (according to Murphy’s Law). Just be prepared to face them.