In a recent interview with the New York Times, George Cloutier offers up some tough love for small business owners.
The founder and CEO of American Management Services and author of Profits Aren’t Everything, They’re the Only Thing is infamous for such blunt words of wisdom as “Love your business more than your family.”
Some of his advice, in summary:
- “You don’t want the work? Tell me, and I’ll find somebody else.” Don’t deal with vendors who demand to be paid in 15 days. Cloutier advises that you stretch out your payables — 45 days is his standard — and then, of course, honour your word and pay.
- “I’m a control freak and proud of it.” Micromanaging is not a problem, it’s a necessity. You should be monitoring every element of you business — even employees you believe are capable of delivering on their own. In the end, if they don’t, it’s your fault for not intervening early, and your business is the one that pays for it.
- “You can only listen so much and then you have to make a choice.” It’s your business — you run it, not your employees.
- “Stop whining and get to work.” The economy sucks. Get over it and work harder.
Image: Turnaround Ace
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