Small Business Quick Quiz
Question #12
The small business owner’s most critical role is…
- a. buying competitively
d. marketing
e. selling
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The answers to the questions are listed here in short form. For more complete discussion of the issues raised, visit the linked resources. Better still, subscribe to Small Business Pro. newsletter .
12a. This is important in maintaining sufficient margin to ensure you make a worthwhile profit, but no matter how competitively you can buy, until you sell it — at a profit — all you have is more product or service than you need — and less money than you had before you bought it!.
12b. This is important, too, but nowhere near as important as your most important role.
12c. Business planning is critical — but it doesn’t actually create profit. It just creates the framework in which you can make it.
12d. Management guru, Peter Drucker, maintains that business is nothing more than innovation and marketing. We agree. But the best marketing strategy in the world won’t make you a cent until someone actually sells your products or services.
12e. This is your most critically-important role — because it’s the ONLY point at which money comes into your business with which to make profit. (Loans and investment funds don’t count. They have to be repaid — with interest.)
12f. Yes, this is important, too — but not as important as selling, because it doesn’t bring in the cash you need to make a profit.
12g. Bookkeeping is important to enable you to see where you are on your business voyage — but it just processes any profit or loss you make. It doesn’t produce profit.