You don't need an MBA to run a successful business. But even if you graduated magna cum laude, there are some incredibly important lessons that probably didn't make it into your curriculum. Okay, so they might not help you conquer the world. But they'll certainly help you dominate the competition. Let's take a look at three invaluable lessons your business professors never taught you.
1. Hire people who are smarter than you. Sure, it sounds intimidating. But hiring people who are more proficient in their area of expertise actually makes a lot of sense. You didn't go into business to run a one-woman (or one-man) shop your whole life. At some point, you'll need to step back and let the experts take over. Hire people who are better than you, and focus on selling their services – the services of YOUR company.
2. Focus on value, not price. All too often, pricing for goods and services can become a race to the bottom. That's a huge problem because it cuts your revenues and margins. Whatever you do, focus on being the best and delivering exceptional value at your price point. And let's face it, some customers will complain no matter what kind of deal you give them. That's business you don't need. If a customer doesn't see the value you deliver, let them go and focus on attracting the right kind of clients.
3. Cash is king. From rent to maintenance to payroll, running a business can rack up serious costs. Many business owners underestimate the cash (and financing) they'll need to effectively run and expand their growing businesses. And a single period of slow sales or higher-than-expected costs can send you into a tailspin.
At TBS Capital Funding, we get it. If you're in a crunch, we can transform your accounts receivable into instant cash. We can even perform credit checks on new customers to ensure that you'll get paid in the end. Whether you graduated from Harvard Business School or the school of hard knocks, put TBS on your transcript. We'll help your business make the grade.