Some Things Business Owners Should know

Navigator's Field Notes

Costs will quietly kill your business

Most business owners underestimate the impact of untracked costs—especially taxes. Remember: tax isn't working capital. It's already spent.

Are you treating tax money as if it’s yours? Build a habit of excluding it at the source.

Simple systems beat sophisticated ones you won’t use

A three-column spreadsheet will outperform complex software if you actually stick to it. What matters is the habit, not the tech.

Could someone else understand your business from your P&L in under 5 minutes?

You're not in business until they come back

One-time buyers aren’t customers—they’re experiments. Real businesses are built on return visits, not just acquisition.

What are you doing right now to give people a reason to come back without needing to be asked?

Equity decisions should not be guesswork

Knowing how much of your business you’re willing to own—and under what terms—is foundational, not optional. So is understanding your exit.

If someone offered to buy part of your business today, would you know your number?

Revenue has only three levers

Every revenue boost comes down to one of three things: more products, higher prices, or wider distribution. That’s it.

Which of the three growth levers are you ignoring—and why?

Read full article: Some Things Business Owners Should know

Image from Some Things Business Owners Should know

1. Cost is king. Cost will cripple you. Know all your costs. Don’t count taxes, taxes are not your money you’ll have to hand it over.

2. Simple system. A 3 column spreadsheet p&l is as good as any. (item | in | out). Have a system of recording receipts for your spending and sales. Exclude your taxes at source. Tax is not working capital.

3. Sticky business. You don’t have a customer until they come back with you asking them. You need them to come back. You can’t keep paying them to come back.

4. Your share. Decide how much of the business you’re willing to own at a minimum. Know your liabilities. Understand the possible exits.

5. You can grow revenue by. Selling more products. Putting the price up. selling in more locations.