When it comes to certain aspects of running a business, such as withholding employee taxes, it pays to follow the rules. In other areas, however, straying from standard practices might be a smart move.
Here are four business rules you can break — and, in doing so, build a stronger company that is prepared for growth.
1. Avoid nepotism. “One of the biggest, unwritten rules in business is never to hire family members,” notes Nick Whitmore, managing director of ContentWriting.org. Yet bringing in a relative can sometimes be a solid solution.
Whitmore says he enlisted his brother to help with his e-commerce business and got positive results. “It was the first time in a very long time I was able to walk away from the business and take a holiday, with peace of mind knowing he was looking out for my interests and upholding my high standards,” he says.
One of the advantages of hiring a family member: You know your employee well. Another plus: “In most cases, you can trust family members with your life, and they’ll go above and beyond to help you make your business a success,” Whitmore says.
2. Sell to everyone. “Trying to be all things to all customers disappoints those who are not the right fit for your business, while alienating those [who] deserve your best focus,” says entrepreneur, mentor, and blogger Dodie Jacobi.
Instead of viewing everyone as a customer, take time to think about your ideal client. Some of the criteria you list could include a customer who pays on time, fits into your business model, presents possible future opportunities, and is easy to work with.
Read more from Intuit Small Business