Betty Galligan | Newberry Public Relations and Marketing Inc. founder and president
No one taught me how to run my business. I had to figure it out myself. Fortunately, the School of Hard Knocks was still teaching free courses in business, so here I am 25 years later with my doors still open.
Here are three things I learned along the way:
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Have the difficult conversations. Don’t shy away from solving issues, because they never magically go away on their own. Talk to your nonperforming employee; ask the colleague why they just rolled their eyes; find out why your customer is angry; and don’t be afraid to call your vendor after a missed deadline. Approach with nonthreatening discovery questions.
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Dive fully into your finances. Get a thorough understanding of your profit and loss statement. I’d been in business for 19 years before I truly grasped this [I credit the Goldman Sachs 10,000 Small Businesses program for this invaluable knowledge]. You can’t run your business properly or make decisions without knowing where you stand financially at all times. Looking at your checking account balance is not enough. Know the source of every dollar that comes into your business and goes out, and why and how.
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Never stop upskilling. Your industry evolves every day, so you must keep up with it. Wake up 10 minutes earlier to read articles to stay current in your profession. Attend free webinars or watch a video to learn something new. Join Toastmasters International to become a better public speaker. Invest in yourself to create your own successful future.