Fire Your Customers
Jack Welch, former CEO of General Electric, is known as a leading authority on business management. Each year he fired the 10% of his bottom performing managers to save resources being wasted on them. He believed it was better to hire new managers than keep ones that weren’t meeting expectations. The same goes for customers: the bulk of your resources will be spent on the worst ones.
This might sound blasphemous, but I believe more businesses need to fire their customers. A bad customer is very dangerous for a young business. There are huge amounts of pressure to always say yes to a customer. The saying “the customer is always right” paralyzes many young businesses and hijacks their success when a bad customer comes into the picture.