Heard the joke about the owner who says he loses ten cents on every sale? “How do you stay in business?” he is asked. “Volume.”
All costs are the result of a decision. Small businesses succeed because they give proper focus to knowing and managing costs.
Years ago I worked for a company whose owner, Don, was quite wealthy. I admired Don’s stable of exotic cars and enjoyed my first ride in a new Rolls Royce—his. How did this journey from rags to riches start? Don produced and sold unique, but simple metal artwork out of his garage. His distinctive gift was the ability to create artwork that could be mass-produced with a consistent gross profit margin. [···]