BUSINESS ADVICE 101
THE CUSTOMER IS ALWAYS RIGHT
For small businesses, a daily issue is bowing to every customer who demands a discount. They insist the know what will make them satisfied, and often money is the only solution to their issue. This can be harmful as well. Take each request for a price adjustment in stride and balance the options. Each pacification hits your bottom line.
A customer does not take into account your profit margin when demanding a 'break,' and does not have the inside track on the maintenance of your bottom line. Instead of providing a dollar discount, perhaps counter their demand with an upgrade or perk to please them.
NEVER TURN DOWN A PAYING CUSTOMER
YOU MUST SPEND MONEY TO MAKE MONEY
Instead of clicking on the advertising, users of MySpace flocked in droves to Facebook, an upstart, add-free alternative with a more user-friendly approach.
HIRE THE MOST EXPERIENCED PEOPLE
STICK TO YOUR PLAN
Though the Research and Development branch of Kodak invested billions of dollars in its development, a conservative cadre in the upper echelons of the company stalled the technology's release in fear of losing a profitable edge in traditional film and paper photography.
When the company finally got on-board with digital in the late 1990s, it was too late to capitalize. 50,000 employees were laid off and the company filed for bankruptcy in 2012.
TAKE BUSINESS ADVICE SERIOUSLY
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