- Doing everything yourself is almost always more expensive in the short and long term than hiring professionals.
A good rule of thumb is only to learn new skills that are important to your business and ones that do repeatedly. Learning how to make your own website is a waste of time, as you’ll spend hours upon hours doing so, and it is something you will do only once. And, you’ll probably make something that isn’t very good. The same goes for graphic design, preparing your own taxes, and most repairs. Spend your time on things that will directly grow your business.
- Every employee, supplier, and customer evaluates you every day to see if they want to continue their relationship.
Every day we make choices. A bad experience at a restaurant means we won’t eat there again. A horrible boss will lose employees quickly. An offensive customer might not be welcome anymore. The service, value, consideration, support, and positive or negative feeling we get from others can, and does, affect all future relationships.
- Always be trying to keep your business on the minds of actual and potential customers.
Always be marketing. Whether it is graphics on your vehicle, company shirts, a monthly newsletter, a quick call, or signage on your building, you should never miss the opportunity to let people know that you exist.
- Cutting expenses will improve your bottom line more than increasing your sales. That said, cut too deep, and you might have no sales.
If you grow sales $1,000 and you have 30% margins, you’ve gained $300. If you cut unnecessary expenses $1,000, you’ve gained $1,000. Sales are one thing, but costs can be a killer on your bottom line.
- Success seldom comes from intelligence alone; it is action and hard work that will grow your business.
I’ve known many very highly educated people who accomplish very little as entrepreneurs. I’ve known many lesser educated people who crush it at business. We’re all taught from a young age that education is the key to success, which, no doubt, is certainly true and part of the equation, but hard work, perseverance, and the willingness to sacrifice often yield the best results.