Entrepreneurs like you and I, are accountable for each and every ultimate action at the firm. A business owner can either upscale the business to outreach its maximum potential and produce pretty good results or he can do quite the opposite of it and drown the entire firm to deepest of the oceans of the adversity. To ensure that your business doesn’t run down the wrong lane, here are a few do’s and don’ts that every business should acknowledge.
Always have a pre-defined plan
- Do you have a plan for this week?
- Next three months? Next six months?
- Next twelve months?
- Also in addition to that plan, do you have a vision?
- Are you following it?
- How are you following it?
Ask yourselves the above-stated questions and you will realize how secure the future of your business is. If you fail to substantiate the following answers you’re not moving the right direction – this goes without saying and you know it. A well-predefined plan should be the top priority of any business owner. Most of the entrepreneurs take this part very lightly and they fail miserably as they’re unprepared for the consequences, for they are driven by whatever comes to their way and business owners who are well equipped with the plan are the ones driving everything according to their way.
Always remember, it is you who has to create your success and set your own path.
Don’t second guess your strategies too often
The notion of second guessing your business strategies has killed many dreams than failure ever did. Most of the business owners are so low on confidence that they begin to follow the ill advice from an amateur. It is quite appropriate to be a self-critic but at the same time, you should believe in yourself, for it is you who will lead the way. Maybe somebody would’ve done the work differently but that doesn’t mean you’d do it the wrong way. Keep a tab on your resources and map your strategies accordingly.
Always make decisions rationally, not emotionally
When speaking in the context of business, it is strictly recommended to square every tile with a calculated step rather than hoping on them with your gut feeling or because someone from your family thinks so. Don’t get me wrong but unless your dad has a successful business set by himself, he is not the one you should be taking advice from regarding your business decisions and business strategies. Their personal care and affection for you must not be confused with anything else. The judgment you make in your professional life shouldn’t be clouded due to any personal reasons.
Don’t second doubt yourself again and again
Also, as a business owner, you need to value your position and have to have a self-dignity. Depending way too much on your employees will make them re-think your authority and increase their value in their perception and it will create a problem for you only. See, asking your employees every now and then about the solutions, remedy process degrades your credibility, nothing else. You don’t want them to think that you’re not fit as the leader. In other words, Show them who the boss is!
Do conduct workshops and other interacting sessions every once in a while
As your business expands and your progress with your company, it is advisable for you to conduct workshops and seminars for your staff. Make them sit together and have a disciplined brainstorming session – seek their suggestions and ideas, guide them through their shortcomings, appreciate their efforts and make them feel like they’re being cared for. This will not only make their loyalty to you unquestionable but will also enhance your productivity.
Don’t undermine your weaknesses
You may be an excellent accountant, a magnificent manager or a great HR but when you’re a business owner you need to cover it all. Fundamental shortcomings can cause a great deal of trouble to your entire business. I suggest you identify and categorize your shortcomings and work to improve them. This will require a lot of patience and dedication. You have to keep learning and feeding your mind regularly. Read books, listen to audio clips and watch videos that will help you grow with time.
Don’t try to be a grasshopper
This metaphor is for those who try to cross the river by being in two boats at once, again a metaphor? Let’s get it literal then. A business owner hampers the business development when he tries to jump on ideas too frequently and this gets even worse when he leaves the former idea unfinished. This marginalizes the potential of both the ideas and it degrades their productivity as well. When you detach yourself too much from one project it affects its growth. Starting another business is an indicator of your prosperity but only when you have perfected your current business, generated enough revenue to balance all costs and achieved your desired goals.
Always optimize your time management
The final tip for you is perhaps the most vital one. Most of the business owners work at unusual hours, mostly at night. I don’t know what they do it but if they think it makes them “COOL,” it might pinch them but it certainly doesn’t. As a matter of fact if you effectively utilize your morning hours and don’t exercise any kind of guilt business like being chained with mobile phones or e-mails you might as well produce massive gains while you get to keep your good night sleep.
If you’ve started a new business or you’re planning to start one, follow these instructions sincerely and you’ll achieve every goal you set for your company.