Small Business Hacks: 100 Shortcuts to Success (Barry Moltz; Rieva Lesonsky, 2017)

Review: great book for new business owner whom have no clue on how to start. Gives you a boost of confidence after reading. 7/10.

1. Create a compelling mission statement
2. Create an emotional and beneficial unique selling proposition (USP)
3. Brand your small business
4. Open a bank account most suited to your current and future business needs
5. Create a lean business plan with executive summary, financial plan, action plan and performance tracking
6. Plan the initial capital including contingencies
7. To accelerate buy a small business and one of the criteria is how can you improve it
8. Buying a franchise if your budget allows as they have proven model
9. Price your product with profit and competitors’ charges in mind
10. Incorporate your business to reduce liability
11. Find your mentor at score.org
12. Form an effective advisory board with a strategic plan and complementary skills
13. Maintain and update your lean business plan
14. Negotiate a lease with concession and early termination
15. Set up a shareholder agreement with stock options, decision-making, shareholder exit, the value of the company, non-compete, arbitration
16. Handle legal matter from your customer, vendor and employee professionally
17. Be more productive in less time by taking breaks once in awhile
18. Communicate with your partners frequently and don’t be angry for more than 24 hours
19. Spy on competitors legally
20. Brainstorm innovative ideas in your business by preparing the ideas ahead and encourage criticism
21. Become an industry expert with a niche and boldly share your knowledge
22. Know when to exit your business based on passion and cash flow
23. Boost the value of your business by creating recurring revenue stream, identify your assets and mitigate your risks
24. Sell your business by extra due diligence
25. Pick an available name and domain for your new business
26. Get an alternative domain name like a different top level domain if it is already taken
27. Set up a professional email address
28. Build a company website
29. Make your business mobile-ready
30. Claim your local listings
31. Set up an ecommerce store if you are selling retail products
32. Learn to interpret website analytics
33. Select a good accountant
34. Build your relationship with a small business banker
35. Apply for a bank loan with good capacity, collateral, capital, conditions and character
36. Get alternative sources of lending
37. Pitch to investors for more money
38. Set up a chart of accounts
39. Learn to read your financial statements
40. Set up an annual budget for your company
41. Manage your company's cash flow
42. Get paid faster with a standard process and go electronic
43. Maximise your profit by cutting costs and be creative
44. Make it easy for your accountant to file your business taxes by asking them how
45. Learn to understand and avoid common sales and use tax challenges
46. Be always prepared to be audited by the government
47. Raise your price with research for maximum profit
48. Setup a customer relationship management system
49. Making cold calls and learn how to handle rejections
50. Make sales calls with strong agenda
51. Get a prospect to respond by being direct
52. Hire your manufacturer’s representative
53. Hire in-house sales staff with training
54. Negotiate deals only with the decision makers
55. Close the deal, be helpful
56. Try email marketing
57. Make sure your email gets opened
58. Create a social strategy for your business
59. Get started with search engine optimisation (SEO)
60. Perform search engine marketing with good ad copy
61. Create a blog for your website
62. Create a content marketing program
63. Set up affiliate marketing for your business
64. Work on networking event - arrive early and stay late
65. Get the most out of trade shows by being expensive
66. Get celebrity endorsement
67. Get your product or company on television
68. Create ready prototype
69. Manufacture products overseas
70. Find a domestic manufacturing site
71. Sell your product on amazon and other online platform
72. Get your product into a big box retailer
73. Set the perfect inventory level by setting the reorder point (ROP) and reorder quantity (ROQ)
74. Hire the first employee when you are no longer free or have the skillset
75. Find the best employee with extensive interviews
76. Hire your first employees with all the proper procedures
77. Interview prospective employees that follows the national hiring guideline
78. Create strong corporate culture by being authentic and involve your team
79. Set a reasonable compensation for your staff with their potential in the future
80. Onboard new employees with standard operating procedures
81. Give bonuses to your employees by recognition
82. Find and manage independent contractors
83. Manage a virtual workforce with collaboration tools
84. Manage millennials by giving them a solid first impression
85. Bring the creative out of your team by giving them rooms to grow
86. Be prepared to lose your best employee
87. Appraise and review employee performance regularly
88. Know when to fire an employee and be firm about it
89. Always be prepared to handle an unemployment hearing
90. Set up a clear organisation chart
91. Personalise service to your customer
92. Be an authentic business by telling your story and showing your personality
93. Make more money from your existing customers by upselling
94. Get a referral from your customers with a system and following up
95. Get online reviews from your customers
96. Be prepared to deal with negative online reviews
97. Be prepared to deal with angry customers
98. Identify and get rid of toxic customers
99. Improve customer experience by asking for their input
100. Generate customer loyalty