How to Standout in your Business

Don’t let that happen to you. Admit that you don’t know what you don’t know about business, but follow these steps of giant and stand out in life and business. This post will be discussing How to Standout in your Business.

How to Standout in your Business

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How to Standout in your Business

Always make sure there is and enough money in your bank

The most common business-failure mode, hands down, is running out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now.

Learn to say yes or no a lot

The two most important words business owners and founders have at their disposal are “yes” and “no.” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.

Listen to your customers

It sounds shocked on my mind how little most entrepreneurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat business is the easiest business to get.

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Study and learn how to run the business

The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The second is how you don’t run an organization – by playing favourites and being biased.

How to Standout in your Business

Know when and when not to be transparent – keep secrets that advance your business. Transparency is as detrimental as sometimes as it is beneficial to others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.

Trust your instincts

This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret. But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.

Protect and defend your intellectual property

Most of you don’t know the difference between a  trademark, trade secret, and patent. That’s not acceptable. If you don’t protect and defend your properties, you will lose your only competitive advantage.

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How to Standout in your Business

Increase your business relationship with others

You know the expression “good fences make good neighbours?” It’s the same in business. The more effective your agreements are, the better your business relationships will be.

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Run your business like a business because life is business

Far too many entrepreneurs run their business like an extension of their personal finances. Bad idea. Very bad idea. Construct the right business entity and keep it separate from your personal life.

Work with your finance capability

If you don’t know your revenues, expenses, capital requirements, profits (gross and net), debt, cash flow, and effective tax rate – among other things – you’re asking for trouble. Big trouble.

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Honour your customers

Customers are not your kids, don't abuse them. If you use and abuse them that way, you will come to regret it.

Take care of your important/key staff or workers

Take care of your stars. The cost of losing a star employee is enormous, yet business leaders rarely take the time to ensure their top performers are properly motivated, challenged, and compensated.

Goodness

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