PART 2....3 Economic Professors 1 Rented Motorhome = The Holy Grail of Small Business Success
In part two our three economic professors continue their journey south of San Francisco and visits a small manufacturing company in Adelanto. The next sets of small business "Lessons Learned" quotes derived from this visit are:
Combine product and process innovation
Institutional knowledge matters
Become an expert at what your business does
Motivate your employees to gather the knowledge that will make them experts in their respective roles in your business
Pay employees well, so you can retain them and they will help your business grow
In return the institutional knowledge of your business will be preserved
Create and value custom solutions
Stay in regular personal contact with your customers
Will allow you to stay in front of innovation and keep your business competitive
Key to pricing your product is to know the value your product adds to your customer, then price to split the value and make both sides better off.
But in order to understand the value you must first and foremost, know your customer
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