Some wisdom shared with me from a capitalist who owns multiple businesses:
In a nut shell it comes down to a few things.
1. All business’ is the same on a basic level. Decent cash flow, manage debt, great staff, great service. Find things you can do to increase the future value so there is something to sell down the road. The devil is in the details.
2. Care about the results not the process. Let the staff figure out the best way FOR THEM to get the job done unless there is compelling reason to do it Your way.
3. Everything is my fault when it does not go as you planned. Find things that work and repeat – find things that don’t and don’t repeat.
4. Never eat off the business till it has so much net income that you can afford too. So – that means your core business has to be able to pay for your life and be able to devote some dough to the new business if needed. The Arkansas business is 5 years old and no one has taken out a dime yet. The owners get no salary, we pay nothing but our expenses and use our income to drive more business and pay down debt.
5. And clearly a lesson you already know, when walking through a mine field —follow someone.
OK now to find a way to ring the cash register around here today.
