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Fundamentals for Small Business Owners to Live By (Part 1)

March 10, 2020 by OSYB Staff

Intuit QuickBooks shares some important rules that you should consider following to do all the things you need to get done for success. Here are some thoughts to ponder and put into action:

  • Bring in more money than you spend.
    • keep in mind that debt financing and other capital raising strategies count as bringing money in
    • always have a budget that includes all expenses and how you will cover those expenses
    • understand the pros and cons of taking out business loans or bringing on investors to cover your expenses
    • make a plan to stay on top of your finances – keep in mind that selling at a negative operating income leads to the quick demise of your business
  • solve problems instead of selling products
    • no matter how great your product is, it is more important to solve a customer’s immediate problem
    • “What the customer buys and considers value is never a product. It is always utility, that is, what a product or service does for them.”
  • know your limitations
    • have a solid comprehension of your capabilities and don’t overextend into areas where you lack expertise
    • don’t lose customers due to unmet needs
  • hire only the best employees
    • many CEO’s take the time to hire their first large group of employees
    • your initial hires will create the culture and set the tone of your business
  • engage your employees
    • celebrate employee wins
    • address poor outcomes in a constructive way
    • regularly meet with employees and have intentional purposes to improve communication, discuss obstacles, find solutions as a team, all while valuing every team members contributions
  • leadership role
    • as the leader you are responsible for creating and sharing the business vision with your employees and other stakeholders
    • as the leader you will also lead by with your hard work so that employees can replicate your modeling

For full article: The golden rules of small business management

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