Do You Know These 6 Invaluable Business Tips?

Entrepreneurs don’t have it easy. In fact, they choose not to have it easy. They enter an industry that is filled with question, filled with ambivalence and uncertainty, and they’re happy that way. Entrepreneurs are go-getters, many of them actually like struggling to the top because it means war scars and knowledge that will never get taken away. Here are six invaluable tips that all entrepreneurs should know (if they don’t already):

• 9 times out of 10, when there are problems within a company, it’s because of management. It’s hard to look in the mirror and realize that you’re the problem, but most of the time this is actually the case. Deal with it.
• Customer feedback is one of the most valuable things you’ll ever have as a business owner, learn to listen to your customers because they’re the ones hopefully coming back and buying again and again, allowing you to earn your paycheck.
• Bad employees need to be kicked to the curb immediately. However, make sure that they are the problem (and not management) before proceeding with said “kicking.”
• In the same vein, make sure the employees that make your company shine are challenged, well-compensated and properly motivated to continue to do a great job. You can’t afford to lose a great employee.
• Listen to your inner self. If your gut is telling you not to make a decision the way you plan to, listen to it and follow through accordingly. How many times have you sat back and said, “Wow, I knew that was going to be the wrong choice.”
• Know your finances! Know them like the back of your hand. Know everything about your company finances including profits (net and gross), debt, effective cash rate, cash flow, expenses, etc. If you don’t know your company finances, who does?

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