Many business leaders focus diligently on their company’s small, visible details only to be blindsided by the monumental and far more impactful events they didn’t see coming caused by one or more of those 5 biggest mistakes.
How might each blind spot affect your business?
1. Customer and product profitability Example, my business does not accurately know who its 10 most profitable customers are.
2. Change Example, my company does not know how changes at one of our top 10 customers would affect our own bottom line.
3. Overly optimistic balance sheet Example, my business occasionally capitalizes expenses that create assets with questionable recorded value.
4. Opportunity cost Example, my business has an asset it would be better off selling at a loss to free up cash to pursue a more promising opportunity.
5. Puffery Example, my business paints an overly optimistic picture of our company among customers, vendors, or financing sources.
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