0816_TOEFL-Test-and-Score-Manual-1997

236 ● 201 Great Ideas for Your Small Business
be tempted to hype sales figures or inflate projections, don’t. These little
untruths will come back to bite you.
Convincing yourself that things are great when they are really bad
always backfires. Stand up to your problems and face them head-on.
Successful businesspeople readily admit they need help. They acknowledge
their mistakes and change direction, no matter how embarrassed or
upset they may be. They base decisions on fact, not fiction, and take responsibility
for their actions.
Telling your employees the truth shows you care enough about them
to share both the good and bad news. Don’t keep bad news a secret. Your
employees will eventually learn the truth and will feel betrayed by your
silence. If you are facing a cash flow crunch or major crisis, rally the troops
around you and work together to turn things around.
Being honest with customers and suppliers is critical to building trust. If
you screw up, be quick to admit it and remedy the situation. Making excuses,
pointing fingers, and shifting blame gets you nowhere. Customers appreciate
dealing with a company that admits it’s not perfect and quickly solves problems.
Deal with your vendors in an open and honest manner. If sales are
slow and you know you won’t need as many cardboard boxes, plastic bags,
or fabric, give your suppliers a heads-up. They will appreciate your candor
and, in some cases, may extend payment terms.
Our clients appreciate my straightforward approach. There have
been times when, after signing a contract, I realize that it was a mistake.
Depending on the contract, you can usually negotiate a graceful exit. You’ll
gain points by suggesting a replacement and making an introduction.
GREAT
IDEA
Overcome a Fear of Public
Speaking—Join Toastmasters
Most entrepreneurs are the company spokesperson,
whether they like it or not. While public speaking
can be terrifying, knowing how to make a clear, concise presentation
can mean the difference between financial success and failure for many
small firms.