Are You a Smart Business Owner?

Are You a Smart Business Owner?

On a scale of 1 to 10, how would you rate yourself as a business owner?

The hope is you have been making all the right moves. That is position you and your business for success now and down the road.

That said is it time you reviewed your business practices to see where improvement may be needed?

Do All Necessary to Make Your Business a Success

In looking at how you might be able to improve upon how you run your business, here are some areas of focus:

  1. Financial management – Have you been doing a solid job in managing your finances? It is important that you are good with money. Failing to do so can open up the door to problems. That can be living in the red all too often. It can mean having significant credit card debt as a business owner. It can also translate to paying too much for deals you have with vendors supplying your business. Last, if you must provide health insurance to your employees, are you getting a good deal there? Make sure you review your finances on a regular basis to see where you can do better.
  2. Hiring the best talent – Unless you are your company’s only employee, you have people you’ve hired on your payroll. As such, do you feel like you have been doing a good job of bringing in the best talent? In the event you could do better, start with the next person you hire and down the road. While you may miss on an occasional hire, too many bad hires is a recipe for disaster. Having a lot of turnover in your company can lead to problems. Among such issues would be bad customer service, low workplace morale and more. Do thorough background searches on anyone you consider bringing in to your company. The goal is to bring in the right people for the right positions each time out.
  3. Have a good sense of timing – Do you feel like you tend to have a good sense of timing? Having that can go a long way in deciding if one’s business is a success or a failure. That said you may get to a point where you decide to begin thinking how to sell your company. If so, the key is to know when the best time is to put your company on the market. You never want to sell too soon or for that matter too late. Be sure to do your research on how your industry is doing now and what the projections are for down the road. In doing this, you can get a better sense of whether now or later may be the time to list your company for sale. Also think about what the near future may hold for you if you plan on selling. Do you have the notion to buy another business? Could you see yourself going to work in the corporate world for someone? Is retirement possibly in the cards? Having the answer here will prove quite important.

When you stop and look at how you’ve been running your business, is it thumbs up or down?

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