10 Things Small Business Owners Must Do
1. Know how to read and interpret a balance sheet
Current ratio, days cash on hand, acid test ratio at a minimum
2. Know how to read and interpret a Profit & Loss statement
What's your cost of goods sold percentage? What's your worker pay percentage? What's your overhead percentage?
3. Know how to read and interpret a Cash Flow Statement
Don't stop at net income. Apply a CFS and find out the TRUE cash flow of your business
4. Know how to organize around functions
General manager - Operations Manager - Sales Manager - Financial Manager
5. Learn to lead people
Dale Carnegie, Maxwell, Militarty
6. Know how to train people
What are the steps you follow?
7. Know how to counsel workers
How do you help them when they go astray. Not if, but when
8. Know how to properly hire as you grow
Think of it as an adoption. Do they fit the famil?
9. Know how to sell effectively
Have a daily / weekly process
10. Know how to adjust to what the market is buying NOW
Don't be all things to all people. But do be flexible enough to sell what your clients are buying