TOR 047: 5 Unpopular Ways To Run A Small Business That Are Highly Effective

I watched my parents struggle for decades to build a seven-figure family business.

When it was my turn, I flopped around even after investing years building my knowledge. I interned, got my MBA, and made tons of mistakes. Unfortunately, textbooks can never prepare you for when the real world punches you repeatedly in the face.

I also learned from their mistakes while clawing and scratching to eight figures, on my way to nine (we'll see if I get there).

Most advice is decent, but...

A great business is still one where you work on the business, not in it.

This is what I've learned:

Do less to gain more.

My mom worked 12-hour days until she was sixty-nine.

Her biggest problem was she became stuck trying to do everything. If you try to do everything, you do nothing. You must focus on the few best things that deserve your attention and execute them well.

You have to say no more than you say yes.

Relinquish almost all control.

Your goal is to do the job and hire someone better than you.

You can't control everything. You have to focus on building a great team and trusting them with their areas of responsibility.

If you have a team and can't relinquish control, you need to make some cuts.

Have fewer customers.

Every customer isn't a good customer.

You need to know who you're trying to serve and overpromise and overdeliver for that persona.

If you try to be something to everybody, you dilute your business and end up being nobody to everyone.

Ignore your bottom line within reason.

You have to spend money to make money.

When sales are coming in, you must reinvest your profits into the company to fuel it. You water a garden to watch it grow. When you stop watering it, it dies.

And that's also true when you overwater it.

Make mistakes but fix them.

There's always a problem.

It's when problems go lingering on for weeks and years that are catastrophic to any business.

To progress, you'll make mistakes but don't let mistakes linger. Instead, learn from them so the same mistakes aren't made over and over again.

If you execute these principles well, you'll be on your way to a successful business with some time, strategy, and execution.

TL;DR

• Do less to gain more.

• Relinquish almost all control.

• Have fewer customers.

• Ignore your bottom line within reason.

• Make mistakes but fix them.