Forty Undeniable Truths of Business Ownership

The Best Practices Conference is geared for business owners and business leaders who work in privately held businesses or non-profit organizations.  Over the years, we’ve collected a number of Undeniable Truths that we thought we’d share with you:

  1. Success depends more on character than skill
  2. Culture trumps strategy.
  3. You cannot part-time your way into success.
  4. Someone must be clearly in charge.
  5. What you say and do will be scrutinized beyond anyone else in the organization.
  6. A business is not a democracy.
  7. You will be misunderstood, misrepresented and misinterpreted.
  8. People can and will lie to you.
  9. You will need to execute better than anyone else in your organization.
  10. Success never endures.
  11. Failure need not be fatal.
  12. Hiring the wrong person for the right job is worse than not hiring anyone.
  13. The truth is never the problem.
  14. Reality is your friend, because everything else is fantasy.
  15. Rarely will employees tell you the full, unvarnished truth.
  16. Your business must be profitable.
  17. Profits come as conflict is resolved.
  18. You can’t get any traction without some friction.
  19. You have the problems you tolerate.
  20. Ignoring problems leaves a lot of success on the table
  21. If you can’t find it, you can’t use it.
  22. If you don’t find a way to disconnect from your business from time to time, it will consume you.
  23. It doesn’t matter what you want – what matters is what your customers want
  24. Someone must be responsible for income.
  25. There are only three ways you will leave your business: die, liquidate or sell.
  26. Every person in your organization needs to be managed
  27. You will make more money working “on” the business than “in” the business.
  28. There is no substitute for effective leadership.
  29. The values you have at home are the values you take to work.
  30. You will need to separate your emotions about your employees from you management of your employees
  31. People support what they help create.
  32. People don’t leave a business, they leave a manager.
  33. Strong moral character and strong leadership are two different things
  34. Some endings are necessary
  35. Blame is the parking break for improvement.
  36. You will not grow without attempting to do things that you are unable to do today.
  37. The more the business depends on you, the owner, the less valuable it is to a potential buyer
  38. If you have a partner, the buy/sell agreement is the most important document you’ll ever sign
  39. If you own a family business, the succession plan is the most important document you’ll ever create
  40. The path of least resistance for you or one of your employees doesn’t mean it’s the best path for others in the company or  your company as a whole.
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