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Small Business Advice
To Eliminate (Some) Headaches

There’s a lot of good small business advice out there. There might even be too much. Wading through every idea, trend and suggestion can take up so much of your time you can get lost. And one of the first things we might suggest is the opposite: stay focused.

For entrepreneurs contemplating a business, small business owners and others, there are some bits of advice that are worth considering, including several that are overlooked too often.

• Perspiration Beats Inspiration – Great ideas are, well, great. The problem is, everyone has one. Your’s may be good, even great, but what’s going to translate your idea into a successful business are other factors, mostly involving lots of hard work. Execution beats inspiration nearly every time.

That’s where the old motto of “pursuing your passions” helps. It’s not that you’ll be so much smarter in an area you love, but you’ll be ready to invest the time, energy and money is something you’re devoted to. Put another way, your outlook, attitude and commitment will likely matter much more than some late night brainstorm – or an early morning one.

• Perfect Really Is the Enemy of Good – This is a difficult topic because there’s always someone who will take things too literally and think this is an excuse for sub-par work. Like developing good ideas, striving for excellence is not in itself a bad thing.

But real-world dynamics also have to be considered. If you tweak an idea, a product or service endlessly in order to create the perfect outcome, you stand a good chance of getting to the market too late. A competitor is very likely to come out before you. And even if they have something that’s not up to your standards, the lead they have in developing a market is very likely to prove insurmountable. Business history is full of great products that arrived a few years or even a few months after a competitor and, despite their superiority, failed to catch on.

• Think Cheap – Using equipment that’s inadequate for the job is rarely a good idea, but don’t waste money on things that are better than you need for the job.

Consider the old joke about a farmer buying a drill: farmers don’t buy drills, they buy holes. A chrome-plated drill will not produce better holes than a plain one. While some things do matter – reversible drills are incredibly handy – you’re smart to first look for what you need, not what you want.

All of this often comes down to hard work –  work researching choices, working hard to fill gaps that come from your budget or time constraints and more. Keeping all of this in mind as you build your business will save you work in the long run.

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Midwest Small Busness Finance | 7001 N Locust St. | Gladstone, MO 64118 | Phone: 816-468-4989