December 11, 2023

Jerry Osteryoung

Small Business Columnist • Jerry Osteryoung

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:

The secret to growing and retaining customers is making sure you have regular contact with them. One of the best ways to do this is to have a loyalty program.
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Focus is the ability to dedicate your attention to just one thing for a period of time.
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It is not good business to build your budget without doing your strategic planning first.
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Running your own business is wonderful! No one is looking over your shoulder or telling you what you should be doing.
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Even small “white lies” have costs. For example, if your spouse asks you how he or she looks, most people will say they look great or beautiful regardless of how they really feel. However, lying – even about small things – creates a biological response that includes increased blood pressure, perspiration and pulse rate, which polygraph tests use to pinpoint lies with tremendous accuracy.
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Small companies can benefit by mapping the entire customer experience and evaluating how successful they are at every touchpoint.
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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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