The most important problem many entrepreneurs and small business
owners have is the fact they're experts in their field and novices about what
it really takes to effectively run a business. Gowns what usually trips them
up, sooner or later.
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Don't let that eventually you. Admit that you don't really know
what you may know about business, start with these 10 tips sure to help keep
you and your company away of hot water. Several are straightforward, others are
counter-intuitive, but they're all true.
Work your business
such as a business.
You will agree with that many business people run their business
like an extension of their personal finances. This can be a very bad idea.
Construct the right business entity and keep it separate from your personal
life.
Have enough cash in
your bank.
The most common business-failure mode, absolutely, is running
out of cash. In the event you know you have got a cash movement or liquidity
problem arriving up, correct it now.
Take care and
appreciate your workers.
This goes for each and every company, big and small. The cost of
losing a star employee is gigantic, yet business leaders almost never take the
time to ensure their top artists are properly motivated, questioned, and compensated.
Discover how to say
"yes" and "no" a lot.
The two most significant words business owners and founders have
at their disposal are "yes" and "no". Learn to say them a
whole lot. And that means being decisive. The most important reason to target -
to be clear on what their company does - shall be clear on all the things keep
in mind that do.
Listen to your
customers.
It boggles my brain how little most business people value buyers
when, not only are their reviews and input among the most critical information
they may ever learn, but their repeat business is the easiest business to get.
Learn these two words:
meritocracy and nepotism.
The first is how you run a business - by knowing, rewarding, and
compensating structured solely on ability and achievement. The second is how
you don't run an organization - by playing favorites and being biased.
Understand the word
Transparency
Transparency is really as detrimental at some times since it is
beneficial at others. Fees to share publicly and times to zero it. You must
know when and with whom to do one compared to other. It comes with experience.
Protect and defend
your intellectual property
Most of you don't know the between a copyright, hallmark, trade
secret, and particular. That's not acceptable. If perhaps you don't protect and
defend your IP, you will lose your only competitive advantage.
Know your above and
below line budget
In the event that you don't know your revenues, expenses,
capital requirements, profits (gross and net), debt, cash flow, and effective
tax rate among other things it is clear you want trouble. Big trouble.
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