Business Advice: The 4 best tips!

There is so much business advice available these days. It can be difficult to tell what is sage advice, versus what is not. However, history has a tendency to repeat itself. What worked in the past for someone may work for you, too! Let’s take a look at four simple examples.

Learn from the competition’s mistakes:

You always want to keep tabs on your competition. This helps guide your business plan in more ways than one. Most will say keep tabs on them to compete. However, learning from their mistakes is equally valuable! Knowing what not to do helps you redirect your long-term plans. You can learn the lesson without the cost of repairing the mistake.

Take calculated risks:

Business is all about growth and change. Taking risks is a big part of that growth. But, it’s important to take smart risks. For example, if you are going to change over to lean manufacturing:  do your research, and make sure it would work for you. Just because lean manufacturing has worked for other companies, doesn’t mean it is the best fit for your business.

Don’t grow too big too fast:

At first glance, growing really big, really fast sounds great! But, with growth comes adding employees, assets, materials, among other things. Growing too big too fast can cause important aspects of your business to slip through the cracks.

Not every customer is a good customer:

Know which customers are good for business, and which aren’t. If you have a customer who is demanding free products or services without a justifiable reason, let them go.  Send them to the competition. If you have customers who berate your employees, don’t be afraid to cut them loose.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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