Back in January, for National Mentoring Month, Bob was chosen by Mycorporation and gave them some business insight he’s learned from past mentors. Bob was one of the twenty entrepreneurs chosen to be featured in this article. In Best Business Advice from My Mentor, Bob was tip #6: Business must expand or contract.
“The best advice that I received from a mentor is that a business always needs to be either expanding or contracting. Standing still is not a logical strategy. If you see an opportunity, you need to expand product lines and staff.
On the other hand, if that opportunity no longer exists, you need to treat the business like a cash cow and downsize expenses to maximize profits. Seems like simple advice, but I always think about it.” — Bob Bentz, President, Advanced Telecom Services & Purplegator