Accounting For Your Business
Smart shop owners know that the numbers speak volumes. They regularly visit with, and discuss details with their accountant. They monitor their bank accounts closely and keep track of their accounting systems. If they’re running a computerized system, they don’t rely blindly on the computer systems and have various checks and balances in place to validate the data.
Buddies With The Bank
The smart shop owner knows that the time to forge strong and positive relationships with the bank manager is before they need the bank’s services. They also realize that this pre-emptive approach allows them the chance to present the best image to the bank manager prior to any future meeting. Bank managers can sense financial distress and without any prior history for them to recall, the meeting may well not go as expected.
Forging Intelligent, Selective Alliances
In business there is the generally accepted rule that “many hands make light work.” Conversely “too many cooks spoil the broth” and unless some care and consideration is taken when working together, the careless shop owner may end up with more trouble than it was all worth. A smart shop owner knows that although a ‘friend’ might be an easy hire or an easy business partner, they may not be the best choice in the long run.
Keeping A Close Eye On The Competition
Keep your friends close, and your enemies closer… Okay, a little ‘cloak and dagger’ maybe, but the smart shop owner knows that knowing oneself is only half the battle. A smart owner also keeps a very close watch on their competition. They realize that competition is good for business – not bad, and that healthy competition stimulates business rather than repressing it. Also, the smart shop owner knows that by watching their competition they can learn their business strategy, their sales strategy, their pricing strategy, their advertising strategy and whole lot more.
Paying Their Taxes
The smart shop owner pays their taxes. They accept that it is part of business and factor it in to their overall business model. Instead of focusing on clawing back a few pennies here and there, the smart business owner focuses on building more wealth, they have a positive viewpoint not a negative one.