Sharing his experiences with the business community during the Commonwealth Development Authority dialogue at the American Memorial Park Visitor Center on Friday, Ayuyu said the success or failure of each business depends on the entrepreneur or businessman himself.
“The economy of the island is in pretty bad shape, and looking ahead into the future, it’s not going to get any better but this is not enough reason to give up your business,” Ayuyu said.
“Getting into business is a complicated thing and you don’t rely on luck. You have to put in planning and effort, and it all boils down to how you do your business,” he said.
Business tips
Customer Service. Ayuyu said giving quality customer service is the first thing that any businessman should remember.
Ayuyu, who also rents out several apartment units, said customer service does not mean talking to your tenants only when you come in to collect the rent at the end of each month.
“You have to be there for your renters when they need you — like when they report a leaky faucet and other problems, no matter how small. Paying attention to your customer’s needs keeps them around longer, and this way you won’t have vacant units in your apartments all the time,” Ayuyu said.
Customer service is very important because your customers are your livelihood, he added.
Get involved. “It’s important that you have a first-hand knowledge of what is happening in your business and how it is being run. You cannot stay back and just relax and allow your employees to run the whole thing,” Ayuyu said.
Financial statements count. Ayuyu said every business entity should prepare financial statements and learn how to interpret them.
“Financial statements give you an idea of how things are running: if you are spending more than you are getting back in profit. This will give you a signal whether it is best to continue or just stop there before you lose everything down the drain,” he said.
Positive outlook. Ayuyu said times are economically challenging but if businessmen practice a positive outlook, they can weather the storm.
“Everything is not gloom and doom. With proper planning and management, you will succeed,” he said.
Know your limitations.
Ayuyu said entrepreneurs must find out what their limitations are.
Don’t force it. Ayuyu said not everybody is born a businessman, and not all is positioned to be in business. He said if you can’t really run your business, you can stop pretending and let it go.
“Don’t pretend to know what you cannot do,” he said.
Ayuyu at the same time noted that businesses can get financial and technical assistance for additional capitalization and advice from banks, CDA and other funding institutions.
