Inherent wisdom or boring cliche?
We hear clichés and truisms in life and business all the time. Do you really apply the wisdom upon which they are based or tune it out as boring noise?
Could your business be better if you applied such wisdom?
“working on the business, not in the business” – delegate the basic tasks and functions within your business so you can work on the most important
“Cash is King” – focus on cash flow – get your invoices paid quickly and pay your creditors when you need to
“Fail to plan and plan to fail” – define what you want to achieve, how you are going to do it and then take action!
“win-win situation” – the ideal outcome, if possible, for any negotiation or agreement
“The 80%-20% rule” – Pareto’s classic formula that suggests most results will come from only a small percentage of the effort expended e.g. 80% of profit comes from 20% of customers
“putting all your eggs in one basket” – the risk of putting all your reliance in one supplier or customer
There are hundreds of such phrases which we hear every day and yet so many businesses fail to apply them causing unnecessary pain and underperformance.
How could you apply this wisdom to your business?