thread Re: What would you say is a universal truth in business, regardless of your industry? in Community Corner

What would you say is a universal truth in business, regardless of your industry?

Bronze_Palms — Tue, 13 May 2025 20:16:41 GMT

I will start - it is crucial to keep a log of your numbers so you can interpret them year over year, establish seasonality in your business and plan for dips.

This also allows you to plan for big ticket purchases (for example, I pay for our phone's annual plans during our busiest month of the year and save 20%), plan for discounts, and hire!

Re: What would you say is a universal truth in business, regardless of your industry?

WoodCandleCo — Wed, 14 May 2025 19:31:39 GMT

Never forget that you're not too 'experienced' to learn or adapt. Sometimes business owners are stubborn and get in their own way instead of improving a process or customer experience!

Re: What would you say is a universal truth in business, regardless of your industry?

TheRealChipA — Wed, 14 May 2025 19:47:55 GMT

Never stop budgeting, planning, projecting.. I have a running twelve-month pro-forma budget that is a living document. After adding some general assumptions about the next twelve months (expected growth, inflation, etc) I have a pretty darned good idea of how my near-term future looks and I usually can see areas of improvement that are needed before they become critical. That goes hand-in-hand with your historical tracking, @Bronze_Palms, because that is exactly where I find my starting point.

And @WoodCandleCo... yup... adapt or die... the "fittest" entrepreneurs are the ones that wake up every day and are open to whatever changes they face. I'm to the point anymore that I welcome change. Heck, other than the obvious downsides, the pandemic was a blessing for Piper's, though it took me a while to see and accept that fact. Without it, I probably wouldn't be in business today because I was definitely stuck. Ha.

Re: What would you say is a universal truth in business, regardless of your industry?

TheRealChipA — Wed, 14 May 2025 20:00:08 GMT

I can't resist adding.... the customer is rarely right. But that is a dirty little secret that we have to carry to our graves if we want to succeed. My biggest problems come when I let that secret out. Ha.

Re: What would you say is a universal truth in business, regardless of your industry?

Subport — Thu, 15 May 2025 19:45:00 GMT

What doesn't get tracked, doesn't get managed.

Re: What would you say is a universal truth in business, regardless of your industry?

JUYBoutique20 — Sat, 17 May 2025 21:45:05 GMT

Know your numbers.... Always have a date with them.

My motivation this month: We get worried about what comes next but forget now used to be next! Keep being great!

Re: What would you say is a universal truth in business, regardless of your industry?

CareyJo — Thu, 05 Jun 2025 14:44:49 GMT

This.

Re: What would you say is a universal truth in business, regardless of your industry?

CareyJo — Thu, 05 Jun 2025 14:45:48 GMT

Profit first mentality. Pay yourself first. Also, know what your limits are. If you cannot afford to pay yourself three times over, you can't afford to hire one person....