The new year is finally here, and now is the time to make plans for a more profitable year for your company. If you haven’t evaluated your company yet, the Wall Street Journal has a list of blunders you should avoid.
Not Hiring Smart
Always remember, business is business and friendship is friendship. It you are thinking about hiring this year, make sure you hire smart. Find the person who has the right job skills and experience to help your business grow.
Failing to do Your Homework
One of the first steps any business owner should take before launching or expanding a new business, or product or service offering, is to research the market. Success depends on analyzing the opportunity to determine whether there is a viable opportunity. You simply can’t force the market to embrace your business no matter how fabulous you think your product or service is.
Playing Banker to Your Customers
If you permit a customer to fall months and months behind, then shame on you. You’re putting your entire business operations at risk. Once a customer starts falling behind you need to address the situation immediately. In fact, if the customer is having serious financial difficulties, you may need to make the decision to stop doing work until the customer catches up.
Photo by charlene mcbride