Tips For Struggling Businesses, Continued

Last month I introduced several concepts put forth by John Chidsey, president and chief executive officer of Burger King, to help struggling firms. The first two points were to focus on two or three major drivers that will make the biggest impact on the business, namely revenue generation, cost and expense control, and cash management. His second point was to maintain a sense of urgency and risk taking to get things done. This involves effective communication and involvement with both employees and customers. Soliciting ideas from both groups may well yield positive results. This month I present two of the three remaining topics in Chidsey's “Five Tips.” They are: “Know your customers” and “Great relationships are key in this business.” Knowing your customers is easily stated but hard to do. It's one thing if you're a single-store operator. Even then, you likely have sa

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