5 Business Rules You Should Break

Troy Hazard
September 25, 2019

Troy Hazard

Entrepreneur / Author / TV Host
Business Motivational Business

For years we’ve lived by a number of standard business rules, but as the landscape of business changes, so to do the rules.

Here are the top 5 rules you knew and lived by, but that you should now be breaking:

Growth is Good: Not all new business is good business.  After a period of fast growth in one of our businesses, I analyzed our $6 million client base and realized 60% of our clients weren’t profitable and, incidentally, it was the same 60% of our clients that we didn’t like, respect or trust. We bought the clients on too quickly and as a result, they were a poor cultural fit for the business.
 
Cash is king

Cash is not king. Cash FLOW is king. It’s easy to chew up money that you have by not watching the money you don’t have.  For example, you might think you have the cash to grow, but do you have the cash flow to fund the impact of that growth. Your investment in resources, product, marketing etc will always be ahead of your cash receivables curve.
 
Plan to succeed

In a world of faster, better, now, we need to be more agile in business to compete. Open the doors to your business, and print the business cards later. Call the client with the offer, refine the pitch on the feedback. Failure to launch is guaranteed failure.
 
The customer is always right - With access to the internet, the customer now perceives they are informed, but the information they bring to the table may not always be right. Our challenge is to not be subservient to them, nor to correct them, but more to guide them to the right solutions.
 
Social media is the way of the future
 

Contrary to popular belief, social media is not the game changer, it’s just another tool you need to be mindful of like radio was in the 20s, television was in the 40s, color television in the 60s the internet in the 90s. The key to understanding the ‘way of the future’, is to be aware of all of the elements that impact it.


To book Troy Hazard for your next event, visit his profile at https://premierespeakers.com/troy_hazard

Need books for an event? Get bulk books at non-bulky prices at Bulkbooks.com.

Troy Hazard is a keynote speaker on business strategy, growth and change. He is an Amazon Business Books bestselling author and television host. He has owned 13 companies over 30 years and has consulted with 300+ companies in 16 countries. 

Troy Hazard

Want Troy Hazard for your next event?

Find out more information, including fees and availability.
Find Out More
Keep Reading
Is the customer you have, the one you want, or need?
Troy Hazard
Troy Hazard
November 04, 2021
For sure the world has changed, so too has the way we interact with our customers. And as ...
Don’t PIVOT, just rethink the plan
Troy Hazard
Troy Hazard
April 12, 2021
It's no secret the world has been put on its head! Business leaders everywhere are just trying to work ...
Leading a Decentralized Workforce
Troy Hazard
Troy Hazard
July 01, 2020
In recent months, leaders all over the world have had to find a new way to lead a somewhat scattered ...
Is the customer you have, the one you want, or need?
For sure the world has changed, so too has the way we interact with our customers. And as we try and work through what that customer engagement looks like in the future, now is the perfect time to look at your customer base and ask yourself the question - 'Is the customer I have the one I want, or in fact the one I NEED to grow my bus...
Read More
Don’t PIVOT, just rethink the plan
It's no secret the world has been put on its head! Business leaders everywhere are just trying to work out how to get things done as efficiently as they can, and not go broke in the process. And everyone is hammering the concept of a need to 'PIVOT'! In reality, that's the worst thing a business leader can do. To your team, and ...
Read More
Leading a Decentralized Workforce
In recent months, leaders all over the world have had to find a new way to lead a somewhat scattered workforce. For some of us, working from home or having part of our teams work from home, was not unusual. What was unusual was to have ALL of our teams work from home, with the added distraction of the rest of their family being at home with t...
Read More
THE SMALL BUSINESS ANTIVIRUS
THE SMALL BUSINESS ANTIVIRUS Small business owners and leaders need to get busy to protect their business against the impact of this virus, as unfortunately it has the potential to bankrupt more people than it kills. I'm no doctor, but I have got a pretty good prescription for any small business owner or leader to survive this rollerc...
Read More
A 2020 Vision For Business
As we head into a new decade, the holidays will no doubt be a time for reflection on the last ten years, and a time to consider the next ten. So, what will the next ten years hold for business leaders? Well, for many of us we turn to 'experts' for advice on 'what's next' as we try and navigate our way through business and life. How...
Read More
It’s The Bottom Of The 9th!
With only a few weeks to run until the end of the year, for many business leaders, it's starting to feel like the bottom of the (never-ending) 9th! It's also about this time your focus on winning the game shifts to a focus of just finishing the game, win or lose. And in one of those moments a very long time ago I developed a simple pro...
Read More
5 Business Rules You Should Break
For years we've lived by a number of standard business rules, but as the landscape of business changes, so to do the rules. Here are the top 5 rules you knew and lived by, but that you should now be breaking: Growth is Good:Not all new business is good business.After a period of fast growth in one of our businesses, I analyzed our $6 milli...
Read More
It's Halftime!
It's about this time of the year that you can feel the halfway mark approach. It's a time of reflection, a time of anxiety, and, for some, a time when we start to fear we are not going to get the things done this year that we would have liked to…. THIS is the moment in time when our New Years resolutions and goals go out the window as - it's ...
Read More
GETTING THE MOST OUT OF YOUR DAY
I am often asked about how I get so much done in such a short period of time, so I only have to work 3 days a week. It's not rocket science it's just a series of habits that I follow every day. THE 'CAN DO' LIST First up I spend 20-30 minutes organizing my head. I make three lists, things I can change, things I have changed, and t...
Read More
What goes around comes around - are you ready for the next financial correction?
It's a clear day, the sun is shining, birds are chirping, dogs and cats are playing together, a unicorn just danced for you on your front lawn. Life is goooood. There are clouds in the distance, but they will pass. There is too much good energy around you, what can possibly spoil this perfect day? (Insert deep joyous sigh and blissful smile)....
Read More