BRX Pro Tip: 5 Useful Rules of Thumb for Business
Stone Payton: Welcome back to Business RadioX Pro Tips. Lee Kantor and Stone Payton here with you. Lee, we’ve been around the block. You’ve read a lot. I’ve read a lot. We’ve lived a lot when it comes to setting up and executing a profitable business. But if you had to boil it all down, are there just a handful of principles you would share with folks?
Lee Kantor: Yeah. There’s a few rules of thumb that I think are useful as you are kind of working your way through your business journey. I think, number one, start small, think big. I think it’s important to have big goals and big dreams, but always start small when it comes to executing. You know, test something, see what happens, iterate and grow. So, always aim high but always start small.
Number two sell what people will buy. I think a lot of times, people have an idea that they would like to sell, and then they get frustrated because no one’s buying it. So, if you focus on products and services that have market demand, life becomes a lot easier. And just make sure that you can deliver whatever it is you promise.
Number three, I think something that we learned and that a book we read that’s important to us is profit first. Always pay yourself first and then build all your expenses around what’s left rather than the other way. You have to pay yourself some sort of a livable wage in order to ensure that your business can support your basic needs. If you can’t do that, it’s going to be a struggle and it’s going to be difficult.
Number four, always try to increase sales and decrease costs. I mean, continuously working on growing revenue and reducing expenses is a great discipline to have.
And number five, I think in our business, we have learned this, and it is our true north that relationships are important. You should constantly be focusing on building and nurturing your network. And as they say, your network is your net worth. So, focus in on relationships and you are sure to have a successful business.
