Have you ever heard someone use the term ‘good on paper’? As in, “Well, he looks good on paper, but how is he in real life”? It’s a term that’s often used to describe the credentials of a person – usually a potential hire or business partner – based on the official records that represent them, like a resume, a job application, or a credit report. So how does this term relate to a small business?

Over the years, I’ve had the chance to see and work with a number of different businesses. What I’ve noticed is that most small businesses often hit a wall within the first 1-3 years of existence. They have a good product, paying customers, but for some reason can’t ever seem to move from being a surviving business, to being a thriving business. But the truth is, most of these businesses could readily move to the next level, just by fine-tuning some key areas of their operations. After...