Take The Mystery Out of Running Your Business – How Do Your Competitors Do It

Compettiors - It is thrilling to know that you can take the mystery out of running your business by looking at the way your competitors do things.

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It is thrilling to know that you can take some of the mystery out of running your business by looking at the way your competitors do things. Entrepreneurs are often ego driven creatures. After all, it takes a certain amount of hubris to start your own business enterprise and offer your products and services to the world. While that ego has great benefit and can help one succeed in business, it is important not to let ego keep you from looking at lessons you can learn from your competitors. I have a client who started a business providing a utility service in an area where that type of service was new.  There were a few competitors, but more than enough business to go around. My client and his partner were smart, educated and full of energy. They should have been able to succeed at this or any other venture they attempted. However, their business failed. They failed in part because they did not look at their competitors as potential teachers. The competitors had been in the business a year longer and were successfully serving customers while my clients were wondering how to get clients and how to service the few clients they had.

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Learn Your Numbers and Take the Mystery Out of Running Your Business

It is thrilling to know that you can take some of the mystery out of running your business by learning the numbers. There are many business owners who don’t take their businesses as seriously as they should because the numbers frighten them. There are also some business owners who do not grow their business as they could because they do not understand the numbers. No matter what your business is, blogging, construction, medical practice or selling Mary Kay, there are numbers involved. In order to succeed and reach your full potential, you must learn the numbers associated with your business. Your business has many parts. Most business owners pay most attention to whatever it is that the business was created to do. However, the accounting numbers are an important part of the business that should not be ignored.

In many ways the accounting numbers that business owners must pay attention to are many and sometimes seem like blades of grass – one indistinguishable from one another. However, once you learn what the numbers are and how they relate to one another you will be able to distinguish them, just as you can distinguish each flower in a flowerpot.
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No matter what your business is, there are certain financial numbers, reports and pieces of information you must track.

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