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The 5 Commandments of Growing a Business

COMMANDMENTS ........ ...... THE 5 COMMANDMENTS OF GROWING A BUSINESS For many entrepreneurs, starting a business is the easy part. The challenge begins with how to develop it into a real company. Here are 5 rules that every startup should follow to grow profitably. Thou shalt watch thy cash flow and review financial statements SSS The biggest mistake entrepreneurs make is not reviewing their cash flow statements monthly. Do you have more money at the end of the month than at the beginning? If so, your business is cash flow positive. Remember that sales are vanity; cash is sanity. Thou shalt guard thy reputation and not speak badly of thy neighbor In our ever-connected world of the Internet, reputation is your most valuable asset. Listen to what customers say about you and never directly criticize your competitors. 3. PROMOTED Thou shalt reward outstanding employees frequently and fire bad employees Recognize the best contributors on a regular basis and do not delay firing employees who are hurting the business. Everyone in your organization knows who the good and bad people are. It's up to you to do something about it ... and fast. FIRED! Thou shalt take an annual vacation to recharge Most entrepreneurs take too little time off. Taking a vacation is necessary to rejuvenate yourself and aiso an opportunity for you to see how your business does while you are gone. Thou shalt keep thy current customers happy Many entrepreneurs are so busy chasing new customers that they can't see the existing ones escaping. Happy customers will always want to buy more from your business. This is Amazon's strategy. Many consumers shop elsewhere and then buy on Amazon because of their outstanding customer service. PUBLISHED ON OPENFORUM.COM OPEN Forum DESIGN BY PAPERCUT.FR TEXT BY BARRY MOLTZ YOU ARE YOU'RE PRO

The 5 Commandments of Growing a Business

shared by AmExOPENForum on Oct 18
In today's entrepreneur-obsessed era, startups are growing like weeds in every industry. But how many of those new businesses develop into financially stable companies? Sadly, not as many as you'd th...




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