Here are a couple key things I’ve learned in my young business career that I think has made me successful. Some may say they are simple but I guarantee you will be a better business if you follow them. (OK maybe not number 4)
1. You either cut costs or increase sales. There is no other way to make more money
2. A good buy is not a good sale if you can’t sell it.
3. Customer Service is overlooked. People aren’t willing to spend more for one product because of it but they are willing to buy more products
4. Long lines don’t bother guys as much when a pretty girl is running it. Terrible to say but I can keep the frustration of lines getting too long on a busy day by putting a cute (but intelligent) girl at the counter
5. Employees are your best asset. Pay for the best
6. Business relationships are two way streets. Just because you are the buyer doesn’t mean you don’t give back. Treat your vendors right and they will take care of you.
7. People love the personal touch. People love to put a face with a business. They tend to gravitate towards businesses where they feel they have a relationship. High turnover leads to high customer turnover
8. It’s best to have one person run operations and one to handle finances. It is a good system of checks and balances. If the operation is run well the financials should be OK. If the finances are OK then usually the operations are being run well. Even so it is best to have two different people in each role.
9. Working with your family is great but more difficult. It is easier to rely on family but harder to deal with if they aren’t reliable
10. When your company is making good money it is easier to make good decisions. You make decisions based on what is right, not on what they cost.