Profit is not owner's compensation. This is the one place where you are sure to win; no one can beat you at being yourself. This ongoing tactic depletes all the cash from your company and leaves you with nothing to invest to grow your business, build a management team, train your employees, develop customer relationships, or improve your product or service. Many companies'such as business-to-business service providers, consultants, contractors, printers, wholesale distributors, and insurance agents'have less than twenty major customers who make up the majority of their business.
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in Munich driving
vehicles with anti-lock brakes took corners faster and left shorter reaction zones than drivers of cabs with conventional brakes; the two groups ultimately had the same crash rate. Looking at
things in your
plan through rose-colored glasses may even doom your business to failure if it causes you to seek insufficient startup capital, underprice your product or service, or expect unrealistically rapid growth. One of
the reasons for
differences among plans is that industries are different. Profit is
financial gain or
return from the use of capital.
the new product
is too different from existing products sold under the same name'for example, motorcycle manufacturer Harley Davidson's introduction of a wine cooler in the 1970s - confusion can result in the marketplace, and the overall brand image may be at least temporarily tarnished. A sales
manager can redirect
the activities of salespeople immediately, and an accounting manager can make immediate changes in bookkeeping practices. Often, the
solution is very
different from the one the customer assumed. It is
usually better to
wait for or seek another opportunity than to rush into the present opportunity without performing due diligence'whether buying a car, house, or company.
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management, one s
achievements are measured through the actions of others. You may
be asking for
investments from friends and family you care about as well as putting your own life savings into the enterprise. Plans differ
widely in their
length, detail of their contents, and the varying emphases they place on different aspects of the business. Interaction is
not confined to
communication, negotiation and agreements between individual managers.
What?s your reputation and record?
an organisation adopts,
may depend on a number of factors. If you
have the right
qualities or will acquire them, at least a thousand great firms want your services, and posts of responsibility with almost unlimited salary await your hand or brain. Finding customers
involves everything you
need to keep profitable revenue coming in the door. Information Technology
experts are crucial
to this process, but the essence of a good website is found among a different set of concerns the company s brand identity, the nature of the other media in which the company reaches customers, and the logical-intuitive complexities of customer interface that transcends the execution of technical tasks.
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partner may, quite
naturally, demand approximately equal control. You have
no business running
your own business. However meritorious
it may be,
it is useless unless the people find it out. And guess