Whether just starting out in business, contemplating setting up your own company, or already established, it is always pretty useful to have some tips and tricks to assist you in progressing with your aims. In this article, I hope to share some insights with you – some you may already know and some may just light a little fire under you, creativity wise. It can be tough enough out there in the big, bad business world, so if we can make things any little bit easier for ourselves, we should.
Cash – Make Sure You Have Enough of Funds:
This may seem very fundamental, but you would be surprised at the amount of times this one gets overlooked, or forgotten about entirely. Having plenty of cash in the bank, whether starting out or already up and running a local business, is very important. If you have forecasted that a cash flow problem is approaching on the horizon, address it as quick as you can. This way, there can be no nasty surprises.
Employees – You Are Not Their Friend:
Shooting straight – everybody hopes, deep down, that they are liked & accepted by people. It is a natural want, to feel that you are accepted and liked by people. However, with your employees, you will never be their friend. That is not to say that you should be nasty to them or distant even. It is worth keeping in mind however, that you will always be the boss to them. So no matter how well you get on together, at the end of the day, to the employee, you will always be their superior. And if a situation arises where you have a bad employee, it is worth keeping this mantra in mind. Do not be afraid to get rid of bad employees, as soon as you possibly can. There is always a risk that they could bring the rest of the workforce down with them. On the far side of the scale, if you have stand out employees, take care of them – not only will their motivation and morale be boosted, other employees will take note, and attempt to replicate these kinds of work practices, so that they too can receive the kinds of attention given to the star employees.
Learn the Power of “No”:
Similar to the above paragraph, nobody ever wants to be the guy that says no to somebody. However, learning that it is ok to say no, is a very important tool to have. The power of “No” cannot be understated. The more you use it, the easier it will be to say it. But use it where it is warranted only. If somebody asks you to do a task that they could easily do themselves, while you are busy with another task – NO! Your own productivity will only benefit as a result. You do not have to garner a reputation as somebody that refuses to do anything for people either. Just choosing your moments to say NO to somebody, where the situation calls for it, will lead to a workforce that takes better responsibility for their own workload, and frees you up to address your work too.
Be Sure to Run The Business, As A Business:
I know, setting up this business has been very much a labour of love for you, and you have invested a lot of time and effort into it. Therefore, it is very understandable that you would treat the business as something personal to you, and feel hurt by the lows, and ecstatic with the highs. These are all natural reactions. However, these is where many entrepreneurs go wrong in business. They tend to treat the business as a personal thing, allowing their heart to over rule their head when it comes to decision making. Make sure to keep the business entity separate from your private live. This goes for the finances aspect as well – make sure that you do not treat the business finances as an extension of your own. Leading to our next point.
Keep Track of the Business Finances:
This is something you should know like the back of your hand – inside out, and upside down. Know your expenses, what the upcoming bills are, what the different relevant tax rates are, how much the takings for the day, week, month are. Keeping track of these kinds of expenses, even on a micro level, will help you forecast and prevent any surprises.
Acknowledge Your Own Shortcomings:
Look – you are never going to know everything. Nobody does, and nobody ever will. If you do not know how to do something, admit as much. Trying to bluff your way through a situation is only leading yourself down a troublesome path. If you recognise yourself that there is a certain aspect of the business that you are unsure of, then you can make the necessary moves to improve yourself in this area, either by training course or self managed learning. They say you learn from your mistakes, but if one of those mistakes arises out of a situation where you enter yourself into something you know nothing about, then the fallout could be huge, and the lesson learned costly. To be aware of your own shortcomings is a great trait to have in itself, and you will be ahead of many failed entrepreneurs already, who were entirely unaware of their incompetency, whether through innocence or delusions! Humility is important in business – all the best leaders display it. You don’t know all the answers – but you can make the moves necessary to get to know some of them!
Customer Service Is Key:
The likelihood is, regardless of what business you run, you will encounter or deal with customers at some stage in the process. And great customer service is key to successful business. Going that extra mile, taking that small little extra step, may make all the difference. Worth of mouth is a powerful advertising tool, that money cannot buy. Look after your customers, and your fame will spread itself.