I Almost Got Rich, Then This Happened: How to Avoid Losing
I've had my share of ups and downs in the business world. I've done well, but only because I was able to bounce back from some huge mistakes. You need to read this, and learn from my mistakes, I know I sure did.
On your rise to fortunes, you no doubt you will run in to some problems. Here are a few things to avoid at all costs to keep you making money, and continue increasing your wealth.
First, do not hire anyone based on the fact that you think they fit in, or they are in the right place at the right time. I have made this mistake, and even kept them around for much longer than I should have. To hire the right person, you need to make sure they match the criteria for the job. Don't expect to mold someone into a job. It take time and money, and if they don't appreciate it and stick around, and can cost you alot.
Don't enter into a verbal only contract with anyone ever. Get all contract in writing, and be very specific. This will avoid disputes. And be very careful not to take verbal change orders over the phone. If the customer decides they don't want to pay, it will be very hard for you to prove anything in court.
Don't overpay people. Even if things are going great at your business, and you want to give your top people good pay, make sure you know what the going rate is for that position. It is OK to pay them slightly higher than the average, but don't go crazy. Instead, use the extra money you would have paid them, and put it into savings for your business. This will come in handy if business slows and you need to dip into those reserves to keep making the payroll.
I have made all of these mistakes and more, but have used each to help take my business in the right direction. Success in business depends on many things, but knowing what to avoid is always helpful.
About the Author:Justin Razmus is a former personal trainer, who now owns a successful real estate company. When not working at his real estate business, he maintains several websites, and is the author of several training courses for Realtors and real estate investors.
Article Source: ArticlesBase.com - I Almost Got Rich, Then This Happened: How to Avoid Losing