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The Simple Truth

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The Simple Truth

The Simple Truth

Today is Labor day and in addition to a holiday for many of us in the United States, it is also the unofficial end of summer.  It is also when I go back to my normal schedule of alternating between a business topic and non-business topic.  I will continue on this schedule until December when I devote the month to Christmas related topics.  It is also the 5th anniversary of this blog which I started on September 7th 2009.  You can read that blog by clicking here.

Today’s topic will be brief.  I am going to list a few simple truths that every business owner needs to understand or keep in the forefront of his mind.  These are mostly observations I have seen in my experience.  These are listed in no particular order.

  • If you are not the company expert in an area of your business, don’t ignore it.  Trust the person who IS the expert to provide input to you so you can make informed decisions.
  • Businesses are just like people; having toys are nice but they can distract your focus from the important things and can put you in debt.  Avoid debt and require a reasonable payback period.  A toy’s payback period is usually never.  Having excess cash is the only toy I recommend.
  • Don’t underestimate the abilities of your employees.  Put them to the test, they might surprise you.  Even if they don’t, you have gained valuable information.
  • Don’t expect most employees to share your enthusiasm; the company is your vision. You take on the risks and the rewards and you are compensated as such – so are they.  If you want them to think and act like an owner but pay them like an employee shame on you if you don’t understand they are not buying in.
  • Always be looking at ways to change your business for the better.  Find new ways to create value for your customer.  Don’t be afraid to drop unprofitable sales or customers.  Replacing them with more profitable ones is addition by subtraction.  Why waste time on low margin work when you can add-on higher margin work.  Yes, it is ok to fire a customer.

I am going to close by attaching one link from each year for what I think is the best business topic of that year that you may want to read or re-read.

From 2009: Managing Your Time Better  

From 2010: What Zone Are You In?

From 2011: A Business Lesson – From Wine Tasting?!

From 2012: Pizza And Pi…Or Who Moved My Cheese(Pizza)

From 2013: Business Lesson Confirmed At A Local Eatery

From 2014 (so far): The Story Of Mordecai And Ebenezer

Have a great week.

 

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Written by pacelinebiz

September 1, 2014 at 8:01 am

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