NAVIGATION

January 23, 2017

Jerry Osteryoung

Small Business Columnist • Jerry Osteryoung

Jerry Osteryoung
Dr. Jerry Osteryoung

Jerry Osteryoung is a consultant to businesses - he has directly assisted over 3,000 firms. He is the Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University. His newest book co-authored with Tim O'Brien, "If You Have Employees, You Really Need This Book," is an Amazon.com bestseller. Osteryoung's business advice columns appears every Monday on Florida Trend's Afternoon Pulse email and also on FloridaSmallBusiness.com.

Articles by Osteryoung:

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The reasons annual medical evaluations are so important for individuals are the same reasons annual evaluations are critical for small businesses. They allow entrepreneurs to identify areas with potential to be significant problems so they can address them early.
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One of the major problems I run into while helping entrepreneurs is hiring the correct folks to do their accounting. I cannot overstate how important this is for every business.
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Rather than have negative signs in your business, it is much better to speak directly with the customer and answer their questions kindly no matter how many times you have to give the same message.
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So what does the Mylan example tell us about small business? It is a very clear picture of what not to do when setting prices for your products. Pricing should be fair to both your company and your customers.
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Anger scares people even if it is directed at someone or something else. When faced with an angry person, most people draw the conclusion that the person is out of control. Whether this is true or not, it scares the heck out of people.
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I have always felt that nice bosses are much, much better than tough bosses, but it was not until recently that there was any research to back up my belief.
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The important thing to note about planning for emergencies is that you are not going to know what is going to happen or when. Whether it is a hurricane, computer failure, unexpected demand or another major event, you will rarely have warning, but you can -- and must -- have a viable plan to address any challenge your business might face.
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Many firms spend a lot of money advertising and networking to try to bring new customers through the door, but best practices say only 10% of sales should come from new customers.
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Making money is great, but there are so many other things of value that you can make a stand for in your business. This is what makes a business great.
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Interest rates would likely increase after the election and that now is a great time to borrow money. So many financial institutions have excess cash and are eager to make loans now. Just look at how you can get a car loan for under 2% these days.
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