Managing a company, whether it is fast-growing or well-established, is not as simple as it may seem. There are many pitfalls, particularly when the fundamentals are neglected.
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The biggest mistake entrepreneurs can make is giving in to the fear of making mistakes and, as a result, not trying at all.
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Successful business owners often exhibit these top 5 traits: a strong sense of purpose, customer-centric, simplicity-driven, focused on networking and referrals, and committed to fulfilling their promises.
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45% of businesses fail during the first five years. Avoiding these 7 common mistakes can help companies stay on the path to success.
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A business plan that you like to refer back to should prioritize strategic aspects crucial for your company's success.
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A digital strategy that consolidates your digital marketing strategy and digital workflow strategy into a single coherent plan has the power to transform your business, unlocking its true potential.
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Focusing on 5 services and doing them 100 times instead of offering 100 services and doing them 5 times will likely increase sales and profitability.
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Fast-growing startups often follow internal processes that may have been suitable for much smaller-sized businesses. That leads to unnecessary workarounds and complexity.
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Companies that set clear, realistic expectations and whose employees strive to exceed them enjoy a significant, practically unbeatable competitive advantage.
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Companies with employees must know how much sales they must bring in and how much gross profit their products must make to cover their staff's costs. The metrics sales per employee and gross profit per employee can set the right thresholds.
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Planning is essential in understanding what resources you might need to bring your business idea to market. But you cannot plan forever because your plan will likely change when you learn something new.
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Like taking a before picture, baselining creates a reference point against which you can compare your improvements.
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Markets that are compatible with your core competencies allow you to generate new revenues without increasing expenses.
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Many small businesses are not prepared to add employees and grow. Their workflows are too founder-centric.
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45% of Americans have a side hustle. 50% do so for financial reasons. Scalability is a crucial factor in determining the earning potential of a side business.
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If you have trouble answering how much money your company makes monthly and what its profit drivers are, your bookkeeping probably needs an upgrade.
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Losing a loyal customer means foregoing all future revenues and profits from this customer, which can be significantly higher than the value of a single purchase.
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If you need to make a New Year's resolution and are looking for items to add, pledge to prepare a thorough business case before making a decision that will significantly change your company.
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Projects can be events, weddings, photoshoots, house remodels, interior redesigns, and website launches. They usually share three critical characteristics: scope, time, and cost. Successful project managers follow eight best practices.
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Even if you want your company to stay small, scalability is the main reason your business is financially viable.
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