Beyond the Basics: Business Acumen as You Grow
By: A Staff Writer
Updated on: Sep 02, 2024
Beyond the Basics: Business Acumen as You Grow
The numbers that mattered when you were a solopreneur won’t cut it as you scale. Staying ahead of the curve is key.
We get complacent once we hit a comfortable income level, not realizing new problems will require new knowledge.
- Team metrics: Efficiency, productivity, etc., become crucial when you’re paying others, not just yourself.
- Forecasting: Past data is helpful, but being able to predict future trends is how you make strategic moves.
- The “lingo” matters: If you want to raise funds, etc., you need to speak the language of investors fluently.
- Pricing psychology: There’s more to it than cost + markup. Understand the perceived value of your offers.
- Legal + tax stuff gets real: The DIY approach that was fine early on could get you into major hot water now.
- Delegating the numbers: Eventually, you won’t be the one in the spreadsheet daily. Can you trust someone else to do it?
What business skill do you wish you could outsource, if money was no object?
Do some casual reading about different business models (subscription, licensing, etc.). Could one spark a new revenue idea?