10 Rules To A Successful Small Business
- 1. Always hire people smarter then you, and hire in specific areas, accounting, law, production.
- 2. Pay people what they are worth, if your business won’t survive without them, don’t even entertain a possibility of them moving on.
- 3. It’s ok to hire people you don’t get along with; the least important trait an employee possesses is their ability to get along with you. Nothing destroys and drains a company faster than nice people who are incompetent.
- 4. Incorporate, preferably an S Corporation in Nevada or Delaware, especially if your mail order.
- 5. Hire a REAL accountant, not an friend, it may seem expensive at first but it is money well spent.
- 6. Hire a REAL lawyer and not someone who talks a good game in a bar.
- 7. Have a basic understanding of interest rates, taxes, loans, finances.
- 8. Don’t mistreat customers, they do not have to buy from you.
- 9. Don’t overpay manual labor, untrained labor is relatively worthless, paying to much increases tax burdens, workers comp, without any return on investment.
- 10. Stay out of the way, most failures in small business are due to management trying to be involved in things they have no idea about. If you have followed rule #1, you don’t need to micromanage.
This entry was posted
on Friday, August 11th, 2006 and is filed under Productivity.
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