7 Hacks That Put My Business On Success Track  (Paperback, Ashish Agarwal)

In this book, I have tried to explain 7 key principles or hacks, which have helped me gain early success in my business and which have often been missing in several traditional and modern businesses. Some of these hacks challenge many traditional practices head-on and would be difficult to digest at a glance. So, wherever possible, I have tried to back it up with data points and examples. A request to all my readers, even in case of disagreements, do read through it and try to do similar 7 Hacks That Put My Business on Success Track 17 calculations in your scenario, and implement only if you get convinced. Real Estate: Purchase vs Lease This is the most common mistake I have come across where businesses chose to invest their capital in real estate instead of their core business. This usually pushes them into the debt trap dangerously early in the life of their business. Inventory Management To many people, the impact of inventory management doesn't appear to be huge, but in the real world, it has the potential to make or break a business. If done well, it can be a major reason for success, while poorly managed inventory can land the owners in a debt trap or even lead to shutting down the business. This principle also gives an introduction to the dynamic buffer management system based on Introduction 18 the “Theory of Constraints”; an overall management philosophy introduced by Dr. Eliyahu M. Goldratt in his book titled “The Goal”. Debt Trap This is another commonly made mistake by businesses. They easily land up into the debt traps laid by their banks and business owners unknowingly start working for banks instead of their own business. In case you have no choice but to enter it, you should always be cautious and disciplined about reducing it. The focus must be to use it to your benefit and not to the bank’s benefit. Team Building People can make or break a business, and hiring the right people for the right job is the key to attaining success. Abrupt team handling, unorganized division of work, and no 7 Hacks That Put My Business on Success Track 19 accountability are some of the issues that must be handled appropriately. If any of these go wrong, it may badly impact your business and personal life. This hack would also introduce the scorecard-based approach to hiring. Delaying Actions in Pursuit of Perfection Many businesses don’t act or even start because the owners and founders want to make a perfect product. It is important to realize that however hard one may try, no one can ever make a perfect product. To make a good product, you need to start and act to launch the product/process/business, and not just wait till the project gets perfect on paper. Downplaying the Role of Technology Many businesses consider technology as undesired and expensive, while it is actually the best investment for any business. Starting from computers to better machinery to Google Introduction 20 Suite, every technology investment returns back all the invested money quicker than other expenses. This chapter will also help you to analyze the affordability of technology in your organization and a proper way to calculate the return on investment (RoI) from investments in technology. Staff Welfare Staff welfare is not an expense, it is an investment that gives returns in the most unprecedented way. So, work towards the betterment of your employees to see unprecedented growth in your business.