Two Tips :Working with an Operator boss/husband; Maintain a profit margin despite rising costs
My biggest business concern/planning challenge heading into the new year is: ___________.
This question seemed to really resonate with everyone. We received several great responses from readers – so many, in fact, that Les decided to answer two of them and provide a bonus tip:
How do I make the transition from a one-man shop to one with employees? Do I advertise until I’m totally swamped (giving poor customer service) and then start hiring or hire (so I’m in danger of bankruptcy) and then advertise?
One of the biggest challenges is falling margins and rising labor input costs. It’s not easy to pass the entire cost (at times adding little more for that extra margin) to customers. How can I maintain the margin when customers are all too ready to go with a substitute product or some new entrepreneur who will offer initial discounts to get business?
Here is Les’ response to both questions, complete with a bonus tip about decision-making to help you in the coming year:
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