I was meeting with a client the other day and in our discussion about starting a consulting business it occurred to me that we take some things for granted and others we forget or ignore about how we do business.
For instance, you don’t have to take every customer that comes your way. What? You are an entrepreneur and one of the cool parts about that is that you can pick and choose with whom you want to do business. Which leads me to the second comment.
Not all business is good business. Management consultant Joseph M. Juran observed that “80% of your sales come from 20% of your clients”, the corollary is that 80% of a company’s complaints (and aggravation) come from 20% of its’ customers. Do you really want customers like that? Some business dealings can be good for you and others can be a detriment to coming to work in the morning or my fav saying a ‘vexation to the spirit’.
Are you worried you’re not making the kind of money others are making in their business? In my case I don’t believe for a minute that half the business coaches I see on the internet are making anywhere near the kind of money they say they are making. Hype is rampant on the web.
I was talking to a client who doubted himself, his decisions came from a lack of confidence. He just needed to trust his own instincts. How may times in our lives do we not trust our gut feelings when doing business? I’ve had bad deals and bad partners because I didn’t trust my gut. Ouch!
Now for some obvious things to consider in your business.
- Don’t be a jack of all trades, get others to help you, they may do their speciality better than you.
- Understand your books so you can follow what your bookkeeper (yes hire a bookkeeper) tells you about your finances.
- Strategize on how you want your business to function
- Set attainable goals
- Never forget your client is #1
and finally have FUN.