Best Biz Tips from Buffett, Bezos, and Ben Franklin

 

 

A good reputation has always been essential for small businesses. The rise of the internet has made reputation even more important—a negative customer review could potentially be seen by thousands of people. Just one mistake can destroy a painstakingly built reputation in an instant. Guard your precious reputation by always providing excellent customer service, supplying only top-quality products, and promptly acting on negative feedback.

 

 

Successful entrepreneurs constantly monitor their businesses, watching for changes and analysing the reasons behind them. If a problem has been identified—such as low sales, or a significant drop in website visitors—steps should always be taken to resolve the issue. Burying your head in the sand and ignoring poor results can be fatal—if your business is failing, you need to adapt in order to survive.

 

 

It would take far more than two pizzas to feed Amazon’s 100,000 employees. However, this advice does hold true for small businesses. Keeping employee numbers low can significantly reduce overhead costs. It also promotes creativity and ingenuity—smaller teams work together more effectively than large groups, as communication is easier to facilitate.

 

 

Luck—both good and bad—can play a part in business. However, luck alone won’t build a successful company—it takes hard work, ingenuity, and an excellent product or service. Thinking ahead and being prepared will allow you to take full advantage of good luck when it arrives.

 

 

This advice goes hand-in-hand with a quote from Chinese philosopher Confucius—‘Choose a job you love, and you will never have to work a day in your life.’ Entrepreneurs must devote themselves entirely to their business, particularly in the early days. Those who chase a lucrative idea rather than one they’re passionate about are setting themselves up for failure—it’s incredibly difficult to stay motivated about a concept you don’t love.

 

 

If you’ve already had some success, it can be tempting to expand your business by adding new product lines or services, hiring more staff, or moving into bigger premises. However, spreading your resources too thinly can easily lead to the downfall of your company. It’s generally better to focus on a handful of top-quality features, rather than offering a larger range of mediocre services.

 

 

You might believe passionately in your business—but ultimately, customer opinion dictates whether it will succeed. In times past, if customers had issues with your products or services, they would simply find an alternative and take their business elsewhere. However, today’s clientele are likely to take to social media with their concerns, airing their grievances in front of a large swathe of potential patrons. It’s essential to listen to your customers, respond to their comments and issues, and make changes if necessary.