Hiring great people is absolutely key to running a great business and often, new business owners think that means hiring smart people. Lee Iacocca once said his secret to success was to "hire people brighter than me and then I get out of their way." It's great to hire smart, but my experience is that smart isn't the most important quality.
Every business owner has different goals. Some owners want to grow a huge business with hundreds of employees that dominate a market. Some owners want a self-sustaining “lifestyle” business that lets them spend more time with their families or leave a financial legacy for their children. Some owners want to build something that benefits their employees and their community. No matter what your goals are, sustained profitability is what lets you reach your goals. To achieve this, you need to know your costs and price on value.
Tags: Pricing and Margins