Learning the 'Facts of Business Life'

All entrepreneurs wish there was a manual to help them become successful and grow their companies, right? Bill McBean provides such a manual in his book, The Facts of Business Life: What Every Successful Business Owner Knows That You Don’t. In the book, McBean elaborates on seven business facts, including:

  • If You Don’t Lead, No One will Follow
  • If You Don’t Control It, You Don’t Own It
  • Protecting Your Company’s Assets Should Be Your First Priority
  • Planning is About Preparing for the Future, Not Predicting It
  • If You Don’t Market Your Business, You Won’t Have One
  • The Marketplace is a War Zone
  • You Don’t Just Have to Know the Business You’re In, You Have to Know Business

Each chapter offers lessons and anecdotes to help business owners clear through the distractions to find their way to success. And while some of this advice seems commonsense, the author presents it in a way that benefits even the savviest business owner.

The Facts of Leadership

Leadership, says McBean, is key:

“The first thing any businessperson needs to know about management is that it always comes after leadership. Leadership points the way, but it’s management that gets you where you’re going.”

While the purpose of management is to gather information and develop financial forecasts, leadership for business owners centers around providing a solid backbone for the company.

The Facts of Knowing Business

Toward the end of the book, McBean discusses the benefits of knowing business, rather than focusing on the industry you’re in:

  • Helps you recognize areas you’re weak in and get help for them
  • Lets you acknowledge that you can’t do it all well, so you can hire great people
  • Enables you to make smarter hiring decisions, since you know the right questions to ask
  • Helps you better evaluate employee performance
  • Assists you in making better decisions
  • Shows you how all aspects of business are interrelated and work together

If you’re looking for a book that gives smart advice at every stage your business goes through, pick up a copy of The Facts of Business Life.

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