Getting the money right is the first rule of business

Getting the money right is the first rule of business

LISTEN TO YOUR CUSTOMERS Why do we often assume we know what our customers want when we rarely listen to them? We continue to view it from a sales rather than a consumer perspective far too frequently. You’ll probably discover that what you’re providing needs to be rethought once you put yourself in the buyer’s shoes and pay attention to what the customer actually wants and needs.

Everything revolves around the customer—both what the customer desires and what they receive. In a nutshell, the only thing a customer really wants is a product or service that meets their requirements, is worth the money, and is provided by exceptional customer service. It actually astonishes me how little the owners of most small businesses care about their clients.

Their feedback is essential not only for you to satisfy your customers’ requirements but also for their recommendations and future business. LISTEN TO YOUR GUT FEELINGS; THEY ARE ALWAYS TRUE Our own instincts and gut feelings are rarely false; The problem is that most of us don’t use them as useful tools for making decisions.

Too frequently, we are left saying; if only’ in the event that we make a poor business decision. Listen to your gut, do some research, and then act on the facts, is what I would tell you to do. Run your business like a business if you don’t know your revenues, expenses, capital requirements, gross and net profits, debt, cash flow, and tax rate. Getting the money right is the first rule of business. You will be able to focus on other aspects of your business once the financial aspect is functioning properly.

If you don’t learn how to collaborate well with other businesses, such as If you don’t have good contracts and agreements, you will get stuck sooner rather than later. Despite the fact that good intentions are always present, life sometimes gets in the way, and people frequently fail to uphold their end of the bargain. Effective contracts and agreements will safeguard both you and your company.

Always take precautions when conducting business with both customers and businesses. Protect your intellectual property if you possess it. You can protect your intellectual property on a shoestring budget if you lack the resources to trademark or copyright it. Your designs, two envelopes, a lawyer or solicitor, and a stamp are all you need. Put your designs that have been signed and dated inside an envelope that says, “for court action only.”

Date and sign the envelope. Send it to your attorney in a second envelope with the message “Only open for court action” written on the seal. Make a copy, label it with “copy,” and send it to yourself. Don’t forget to tell your attorney that the letter is coming and that it needs to stay safe in their safe until needed, or else they might open it and you’ll have to start the process over.