Starting and operating a small business is replete with challenges, but nowhere are the challenges greater than for an entrepreneur to know how to manage their company's precious financial resources.
Quality transcends company size and documented procedures. And, it starts the day you open your doors. It means everything is done with pride, at the highest level of your capabilities with the highest level of service possible. It is a state of mind.
Most entrepreneurs watch every penny, especially early on. But there's difference between being fiscally conservative and just plain old "cheap!" Knowing what you're "really" paying and "really" getting in return with employees and suppliers is critical.
Most companies develop products that they either "think" their customers need or they let their ego believe that they "know" what their customers want Few entrepreneurs involve their customers in the product development process and it hurts them later.
Starting out most of you will only have a great idea, a plan to execute that idea and your integrity. Your idea might or might not be great. Your plan may or may not be executable. But your integrity is who are you and your business' reputation.
Building a business is not just about numbers. It's about how you make those numbers happen. Forecasts and budgets are simply objectives, your end results. But success is not about focusing on the results, but on the process to get those results.
The more you know about your prospects and customers, the more successful ANY sales efforts will be. The more you listen, the more you learn about customer problems and needs; the easier it is to match your products/services with those problems and needs
A customer-centric culture is where the customer comes first and the prime focus of everything the company does, externally. That starts with how you treat your employees, internally. You show your customers the love, by showing your employees the love.
For many entrepreneurs, this sounds like some cultural nirvana. Accomplishing one of those two monumental challenges would be a great thing. But both? It's not only possible, but if you accomplish one, you will almost always, make the other happen!
Becoming an entrepreneur is never easy. But beyond just survival is the issue of growing the business. Often, the entrepreneur, so bent on making it happen becomes consumed by the business. In short, instead of owning the business, the business owns them!
