10 Rules for Surviving, Thriving As A Small Business Owner
Here is another great article that will help any baby boomer wanting to thrive as a small business owner. I have divided the article into two parts. The author, John Ingrisano from Freestyle Entreprenuer gives 10 Rules for Surviving, Thriving As A Small Business Owner. Enjoy!
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TEN RULES FOR SURVIVING, THRIVING AS AN SBO I know some small business owners (SBOs) who have cut corners, cheated, skipped out on bills, even embezzled from clients. Worst of all, I know some once-successful SBOs who got too big for their own britches, who began to think that the rules of successful business simply did not apply to them. They were wrong, and they all paid a high price for their mistakes. Now, I don’t have all the answers, but I have picked up a few common-sense things over the years. Here are few of the hard-and-fast rules I’ve learned (sometimes from hard experience) about running a business.
1. The purpose of a business is to make money. It’s fine to have a social conscience, but without a positive bottom line, you’ll soon be working for someone else…and your employees will be out of a job. So, don’t confuse charity with business. When you make money, everyone benefits.
2. Ethical business is good business. Don’t cheat or lie to your customers or your suppliers. If you do, it will catch up to you eventually.
3. Hire only quality employees. Your employees are your greatest assets. Good, honest, hard-working employees will help make and keep your business a success. Poor employees will destroy everything you are working for.
4. Treat your employees right. This starts with paying them an above-average wage. In fact, forget about the “average” wage. If they’re good, pay them what they are worth. If they’re not, replace them.
5. Watch your top line and your bottom line. Delegate this responsibility and you delegate control of your business. Not really a numbers person? Tough. If you’re in business, at least learn the basics. Then, without fail or exception, spend at least 30 minutes each week poring over the books. It’s amazing what you can learn about your company that way.
More to Come!
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POSTED IN: Mindset, Sharpening The Saw
4 opinions for 10 Rules for Surviving, Thriving As A Small Business Owner
Kian Ann
May 4, 2007 at 7:24 pm
Hey Darlene,
Great points, and I’ve to admit I’m so stuck at point one - doing too much charity! Argh! :)
Darlene McDaniel
May 4, 2007 at 7:35 pm
Kian, I have lived in the world of charity. I finally bit the bullet and started charging for my services. I found that it weeded out people who were not serious about their need for a coach or about their need to see themselves move forward with their goals.
Giving back is a great idea, but it doesn’t pay the bills. I realize that if I wanted to have a business, I had to charge people. I still look for opportunities to help people, but I am no longer afraid to share my fee for consulting, coaching or speaking.
Lina Ko
May 13, 2007 at 5:54 pm
Very good points!
According to recent research from Sun Life Financial, 76% of Baby Boomers plan to start a new business once they “retire”
Darlene McDaniel
May 13, 2007 at 8:09 pm
Thanks for your comment Lina. I may have to check out the research you site. Thanks for the tip.
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