Owner Operators |
Absentee Owners |
- Customers get a different experience each time depending on how busy it is and which employee is working that day.
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- Implement systems and procedures to create a consistent customer experience.
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- Work in the repetitive, daily operations of the business.
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- Work on improving the business.
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- Do not keep good records. Not very organized. Might even do “cash business” that is not recorded on the books.
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- Keep good books. Extremely organized.
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- Try to save money by keeping books themselves.
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- Hire a good bookkeeper.
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- Try to save a few bucks by doing payroll themselves, or even pay employees under the table.
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- Use a payroll company.
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- Make it difficult for the customer to pay by refusing to accept credit cards such as American Express.
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- Accept all major credit cards, including American Express.
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- Believe in the saying: “The customer is always right.”
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- Believe that the customer is not always right.
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- When there is a complaint, they speak too quickly without hearing all the facts.
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- When there is a complaint, they hear all sides of the story before making a decision.
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- Believe everything the customer says.
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- Know that the customers sometimes lie.
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- Think they can make every customer happy.
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- Know that they can own a profitable business with an excellent reputation – even if not every customer is happy.
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- Scared when customers take them to small claims court.
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- Well prepared for court (and often win the case).
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- Think that the longer their business hours are and the more days they are open, the better.
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- Sometimes it might not be cost effective for the business to be open on certain days.
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- Focus on pushing products and services onto customers.
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- Take the role of an advisor, and recommends what the customer needs.
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- Do not collect money from past due accounts regularly and systematically.
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- Actively collect money from past due accounts.
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- Too cheap to pay the price for good advisors.
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- Willing to pay the price for good attorneys, CPAs, and other financial advisors.
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- Operate as a sole proprietorship or general partnership.
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- Operate in legal entities that offer limited liability.
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