Sterling Terrell

smart ideas from books (mostly)

  • Home
  • About
    • My CV
    • Books
    • Series
  • Newsletter
  • Advertising
  • Tools
You are here: Home / Potpourri / 7 Tips to Make You Better at Business

7 Tips to Make You Better at Business

7 Tips to Make You Better at Business

#1. Play Defense

Economy down? Balance sheet and income statement look bad? If your business is in trouble, the answer is working on increasing revenues while drastically cutting expenses. The stupid thing to do is frantically search for a new business or revenue stream.  Expanding your way out of a business problem can be done, but it is a fool’s errand most of the time.

#2.Trust People

Have trust issues? Get over it. Unless you are a one-man shop, you need to learn to delegate. And that requires learning to trust people. If you don’t trust who is reporting to you, fire them and hire someone you do trust. Simple as that.

#3. Take a New Look at Prices

Sell a bunch of different products? Try running an experiment.  Increase the price of a few of them by 10 percent. If the quantity sold of those items decreases by less than 10% – good job. Play with it if you wish. Some products and customers will be more or less price sensitive than others. Remember, the goal is to increase revenue, not sell more units.

#4. Save for The Future

Business going great, or even par? Start an emergency fund. More or less is fine, but trying to save 15 percent of after-tax profit is a good place to start. Put it in a separate checking account or money market fund and save it for a time when you need it. When times make a turn for the worse, few things can be more satisfying than having a huge cash cushion or buying out a supplier or competitor.

#5. Avoid Debt

Finance professors will argue about good debt vs. bad debt, the cost of capital, and alternative returns.  Do not listen.  Who cares if you can borrow it at 4 percent and reinvest it at 9 percent.  You may do that today, but it’s the uncertainty of the future that will kill you.  What is good for the individual is good for the company.  Good debt is no debt.

#6. Don’t Hire Friends and Family

Does your brother-in-law need work? Help him look for a job somewhere else. You don’t hire family because if who you hire is incompetent, lazy, or stupid, you want the ability to easily fire them. Try firing a family member. Life at home will never be the same again. The whole thing is not worth it.

#7. Avoid Burning Bridges

If you are in the business world (or anywhere else for that matter) do not burn bridges. Relationships matter.  Be professional at work.  Keep your mouth shut about your personal feelings and get over being petty.  I promise you, about 95% of the things you get worked up about are stupid. In short, grow up.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Related

Filed Under: PotpourriTagged With: #Business, #Strategy

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Privacy Policy

Subscribe to Blog via Email

Notifications of all new posts by email.

Connect

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter

Search

Top Posts

  • The Tricky Lily Pad Riddle (You Probably Can't Solve)
    The Tricky Lily Pad Riddle (You Probably Can't Solve)
  • Competition Cheer
    Competition Cheer
  • 8 Great Passages From: The Hiding Place, By: Corrie Ten Boom
    8 Great Passages From: The Hiding Place, By: Corrie Ten Boom
  • Track And Hook Songwriting
    Track And Hook Songwriting
  • Wonder Park Pi Song (Watch It Stick In Your Head)
    Wonder Park Pi Song (Watch It Stick In Your Head)
  • Oblique Humor Is Better Than Anonymity
    Oblique Humor Is Better Than Anonymity
  • 7 Things I Learned While Living In Saudi Arabia
    7 Things I Learned While Living In Saudi Arabia
  • Instabooks 169
    Instabooks 169
  • How To Build A Minimum-Viable Job Board
    How To Build A Minimum-Viable Job Board
  • This Is How To Draw A Simple Bridge
    This Is How To Draw A Simple Bridge

Supporting = Loving

Buy Me a Coffee

Copyright © 2023 · Generate Pro On Genesis Framework · WordPress · Log in