- The customer is not always right. From day one, we reported that “the customer is always right.” We want to bend over backwards to please every single customer, even if they are clearly and painfully wrong. This saying, however, can do a serious disservice to ourselves, our employees and our customers. Give your customers the benefit of the doubt, but not at the cost of your (or your employees’) dignity.
- Time is money. Money, customers, ideas: all the resources you can potentially get more. However, time is a commodity in which you always keep a limited amount. One way to ensure that you allocate an hourly dollar amount for your tasks.
- All money is not good money. This is a lesson in which many entrepreneurs struggle early in their careers. When you are putting your business on the ground, it becomes difficult to take money from whoever offers it. The problem is that not all customers or customers deserve it.
- Marketing have no Shortcuts. Talk to business owners who seek marketing advice, but who then turn my recommendations away from being “too expensive”. The truth is, cheaper marketing can make your brand cheaper.
Low quality content, cheap advertising and “budget” SEO can save you money in the short term, but they can damage your brand’s reputation.
- Outsource as much as possible. If you do not have in-house staff to share the workload, consider outsourcing. Many entrepreneurs find that hiring a foreign virtual assistant reduces time spent on routine tasks, forcing them to work on revenue-generating tasks.
- Build your personal brand as well as your company’s brand. Many entrepreneurs make the mistake of focusing on building their company’s brand to the exclusion of building their personal brand. However, your personal brand will set you apart from your competitors, give you authority and credibility in your field, and your company will have to be with you in the event of eventual failure.
- Work is life, and life is too short to hate your work. Work-life balance is a struggle with some entrepreneurs, due to which I am a big fan of Tony Hesih’s approach. When you are passionate about what you do, and when you focus on happiness (both your own and that of your employees), it is simply not something you do for your “real life”. This becomes infinitely more enjoyable and meaningful, and significantly reduces the likelihood of experiencing burnout.
- Always Hire Smarter Than You.
There will always many people who are smarter than you. If you are lucky enough to find these people, then hire them. Focus on the things you are best at, and give them the freedom to do the same.
- Best practices may not be the best for your customers. Especially when you are just starting a business, it is easy to do what you tell others is the “best way” to do something. The problem is, “they” do not know their customers or customers.
BONUS TIP:–
Just do it. Planning, strategic and weight choices are all important roles within a business. But there comes a point in time when you just have to.
