Jerry Osteryoung
Jerry Osteryoung is a consultant to businesses—he has directly assisted over 3,000 firms. He is the Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University. He was the founding Executive Director of the Jim Moran Institute and served in that position from 1995 through 2008. His latest book, coauthored with Tim O’Brien, “If You Have Employees, You Really Need This Book,” is a bestseller on Amazon. Email Jerry @ jerry.osteryoung@gmail.com
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Why You Should Set Benchmarks
One of the things that each and every business needs is a systematic way of evaluating their performance. Without quantifiable benchmarks, a firm has no idea if they are swimming ahead of the pack or just treading water.
You Have to Understand Your Financials
Every business owner must understand and maintain their financial statements. By being unable to do so, many entrepreneurs get themselves into some major issues on so many fronts.
Never Embarrass Your Employees
It takes a long time to build trust with your staff but not very long at all to tear it down. By far, the easiest way to lose the trust of your staff is to embarrass them.
Compete on Value, Not Price
Instead of chasing the lowest price, you must develop customers who are loyal to you because you have provided them the value they need. Just remember that it is up to you to spell out this value so they understand what they are receiving.
Information is Even More Critical
To deal with a constantly evolving environment, communication—both incoming and outgoing—is more important than ever. You need to be sure you are communicating to your customers and are taking in new information about the economy and your industry, all at breakneck speeds.
Coaching for Better Performance
Coaching is one skill that managers should practice on a continual basis, as it has become so much more important in recent times. With fewer staff members and a sustained emphasis on reducing costs, managers are being challenged to coax the best possible performance out of everyone on their team.
Keeping Track of Sales
Being in business requires that you keep great accounting records both for the IRS and general financial management. An equally critical tool is a good sales tracking system that monitors your sales activities and makes sure potential sales are not lost in the hustle of each day.
Can Customer Service Go Too Far?
While customer service is critical, it cannot be given away if the costs become prohibitive. I think the answer is to make sure that everyone understands the terms of a deal when they are accepted.
Role Models
In order to be a great leader, you have got to be a great role model. Managers often forget that their staff watches their behavior and uses it to guide their own reactions. So what characteristics should the role model of a business—or a non-profit, for that matter—have?
Rising Early Will Help Your Productivity
There are many advantages of starting your day early that relate to productivity and health. Getting up early, however, is not for everyone. But a few years ago, a study by the University of Texas found a correlation between grade point averages and early rising.