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In this blog post we'll go over some do’s and don'ts for running a successful business – from creating a business plan (or what I prefer to refer to as a map), customer service to employee engagement. Whether you’re just starting out, or are an established business owner, there’s some basic principles that will help guide you in running your business.
As a business owner, you're responsible for several obligations and duties to operate an effective company. You have the responsibility of ensuring that your business is generating revenue, managing your employees, and finding new customers.
Among the many tasks there are "do's & don’ts" when running any business and the following tips will assist you in organizing your company correctly.
By understanding these factors, not only can a sustainable and profitable company be created for yourself as an entrepreneur but also with the right knowledge of what needs attention now or later down the line, it could lead to even greater success.
What Are the Do's and Don'ts of Running a Small Business?
· Do – Embrace Change – In today's economy (and especially considering current circumstances), it’s imperative that you embrace change on all levels. Technologies and consumers will continue to evolve, so your business needs to stay ahead of the curve or else become irrelevant (and it can happen so quickly in this digital world we live in now where everything moves at lightning speed).
· Don't – Take Your Eyes Off the Prize – It takes focus. It means never losing sight of who you are and what you're attempting to accomplish for your organization. Regardless of what changes are taking place around you, including management changes, market developments, or technological improvements, stay focused on your company's goals and mission. Don't be sidetracked by these circumstances; learn to embrace them without losing sight of your goal.
· Do – Research Competitors Regularly – Studying your rivals is an essential method for staying up with industry trends. You may learn a lot about their brand, marketing strategies, and pricing just by looking at what they're doing differently from the rest of the market. You can also use this opportunity to learn from them how to improve on strategies that are already working for you. With that said, don’t copy what they’re doing, use what you learn to improve your positing in the market. If you’re looking for a real-world example of where this is used, look no further than Russell Brunson with Click funnels, and how he teaches you how to ethically “hack” your competitions funnels.
· Don't – Be a One-Man Show – You can't grow a business to the levels that you truly desire by going at it alone! People are essential to the success of any business or entrepreneur. The key is to find people who share a passion for your mission and who will be willing to work with you. The most successful businesses have built their solid foundation on hiring the right talent then letting them do what they love. Building a business through the power of others is one of the most exciting opportunities available today.
· Do – Create a Business Plan For Success – A successful business plan (read: map) is an actionable roadmap with clear goals. It’s critical to begin by researching and answering all the important questions to move forward. This is how you develop a solid blueprint for getting your business off the ground, as well as enabling it to become radically successful in the long term. This is a fundamental principle and is a prerequisite of keeping your business not only going but thriving.
· Don't – Reduce Your Customer Service – Failing to give top-notch customer service is one of the most damaging things you can do to your small company's reputation. Customers are fickle, and their views may be easily influenced by the opinions of others, both good and bad. Customer service has never been more necessary You can try to fix the problem with your customers but there's no guarantee that they'll accept your apology. If you fail, it doesn't matter what is said or done afterwards; damage has already been done.
· Do – Find Your Ideal Employees – Finding great employees is one of the most important functions of a business. A great employee is one who is a good fit for the job and the company culture, who shares your goals and is mission driven, and who will add massive value to your company. The better you can identify these people, the stronger your team will be. Taking the time to find individuals whose skills and personalities are best suited for your business is one of the most important things that you can do to ensure your company's long-term success.
· Don't – Expect Immediate Results – Building a successful business is an ongoing process. It takes time to create the product or service, it takes time to gain traction, and when you have something great, it takes time to find the right people who will be able to help you grow your business. When you think of building a business as an incremental process rather than a one-time event success, you're more likely to come out on top.
It's estimated that up to 65% of small businesses fail within the first five years, and up to 90% fail within 10 years. This can be attributed to various factors including economic conditions, financial management practices, etc., however, through our own research we’ve discovered that one of the most significant reasons companies fail to prosper is directly linked to a lack of business fundamentals team training, coupled with structured business mentoring.
It's important to do your homework before starting a company so you can better defend yourself against failure. There are many pieces of information out there yet using the tools wisely will be what counts in this endeavor.
Individuals who are anxious to start their own businesses, may many feel discouraged when they research the number of businesses that fail, yet others are afraid that they may not be entrepreneurs at heart and don't think that they have what it takes to be an entrepreneur.
However, I'm here to tell you that anyone can be an entrepreneur, even if they feel like they lack the fundamental talents it takes. It's not about where you're from or what you do, it's about who you are and what you make of yourself.
It’s clear that there is a lot to know when it comes to running any business. That doesn’t mean you can’t do it, but it does mean you’ll need help from people who have been through the process before and learned what not to do, along with exactly what to DO, to create massive business success.
Small businesses especially are a vital part of our society, not just because they provide goods and services but also employment for people - that’s why it’s important to ensure all small business owners succeed.
Whether you're just starting out, or are an established business owner, entrepreneurs like yourself need to always be learning, investigating, and seeking out new information that can help you move your business forward. After all, knowledge is a potent weapon when wielded in action - resulting in some serious business success.
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