Recently, I visited my favourite lunch stop and noticed that there had been some changes. Inquisitively I commented âChristmas came early.â
The owner remarked that for years she supplemented the lunch package but going forward, every item on the menu has its price and, people will get just what they pay for.
John Ruskin said âThe common law of business balance prohibits paying a little and getting a lot â it canât be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that, you have pay for something better.â
This is true not only in business as it relates to buying and selling, but also in hiring and production. Neil Ducoff in an article â10 Characteristics of a Success Businessâ presented 10 traits any organizationâ¦ including yours can use as a benchmark to determine its success.
One of the characteristics is Financial Literacy. Itâs not to say a leader of a successful business must be an accountant, but he must be prudent. As the conversation with the Restaurant owner progressed, she mentioned that her accountant was helping her to determine how flexible she can be, and that got me thinking.
Ducoff said in a successful business, you wonât see a leader in a perpetual state of financial stress because he understands his financial reports and uses them to make the best possible business decisions.
Do you engage your staff and efficiently manage resources to maximize results, or do you allow your business to free-float while you manage by remote control?
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