PART 2....3 Economic Professors 1 Rented Motorhome = The Holy Grail of Small Business Success

In part two our three economic professors continue their journey south of San Francisco and visits a small manufacturing company in Adelanto. The next sets of small business "Lessons Learned" quotes derived from this visit are:

Part 2 of 5

 

  • Combine product and process innovation

  • Institutional knowledge matters

    • Become an expert at what your business does

    • Motivate your employees to gather the knowledge that will make them experts in their respective roles in your business

    • Pay employees well, so you can retain them and they will help your business grow

    • In return the institutional knowledge of your business will be preserved

  • Create and value custom solutions

    • Stay in regular personal contact with your customers

    • Will allow you to stay in front of innovation and keep your business competitive

    • Key to pricing your product is to know the value your product adds to your customer, then price to split the value and make both sides better off.

    • But in order to understand the value you must first and foremost, know your customer

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