Understand Your Business

Here are some scenarios that should give you pause for concern:

• Most businesses derive 80% of their revenue and profit from 20% of their customers. Worse yet, sometimes only one client constitutes 80% of a firm’s total business.
• Some retail businesses derive 95% of their sales from their brick and mortar store, yet some owners want to throw that away for an unproven online business they have to start from scratch.
• A better way is to allow the online business to evolve and grow over time while you reap the benefits of an ongoing business. Bottom line: Don’t throw the baby out with the bath water.
• If you try to maintain the status quo, you will fall behind. If your number of sales (or clients) is decreasing and the size of sales (or accounts) is staying the same or decreasing, your business is on a very slippery slope. This scenario cannot continue without a serious injection of effort and change.
• If your business is a family business and family members are the biggest problem in the business, you need some outside intervention to correct the problem.
• If you are an owner, you need to focus on those things in the business that ONLY YOU can do. Delegate the rest to staff who show the ability and responsibility to get things done.

Here are a few Business & Life Tips to think about….

Business Tips:

• Be courageous enough to challenge the status quo without digging a hole so deep that you can’t get out of it.
• Great leaders understand the need to surround themselves with smart people. They are never threatened by intellect or experience.
• Word of mouth creates half of the sales of most any business, but costs little more than a quality product and good service.

Life Tips:

• Change enables growth. The fear of change inhibits progress. Most know what they must change, but refuse to do it. Be different.
• The best way to show respect to people is to listen carefully to what they say. Focus on them, not you. Listen with serious intent.
• Perseverance, the ability to stick with something to completion, is a much needed and often over-looked trait of leaders.

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