Being a business owner often means you have to make it up as you go, blaze your own trail, and go into uncharted territory. Whether you’re an unemployed professional striking out on your own or a seasoned veteran looking to expand, there are some things you can do to survive the turbulence in the entrepreneurial landscape. You can get useful insights from a professional CPA, and you can learn from the success of others. Here are some valuable tips for entrepreneurs to help you steer your business to success.
Appreciate Your Team
Your team members are critical and can make or break your business! The truth is, without your employees and business partners, you would never be where you are. As an entrepreneur, your objective is to drive the train while your employees provide the steam to power the engine uphill.
It always pays to appreciate your team and delegate specific tasks and inspect the progress. Never try to be a control freak to get the most out of your employees. Instead, use an incentive-based reward system and maintain a no-problem attitude in addressing issues that crop up.
Consider Your Customer’s Point of View
Learning your customer’s viewpoint is valuable for every aspect of your business, from marketing promotions to problem resolutions. Along with the perspective that the customer is always right, it is also critical to put yourself in their shoes. Serve them like you would want to be treated if the roles were reversed.
Keep the Big Picture in Mind
Staying focused on the big picture will ensure that you achieve both your short-term and long-term goals. Successful entrepreneurs don’t settle for the bare minimum for their company – they continually and consistently work to grow it, evolve it, and set it up for future growth.
Avoid the temptation to split your team between different tasks that don’t build your primary business. This can easily stall your core venture since you won’t have enough time to dedicate to your startup’s growth. A successful project requires 100% focus, attention, and effort. Any secondary venture will need a full-time manager, or else it can distract you and derail your steps towards success.
Make a Plan and Be Flexible
Another important lesson about growing a successful business is to craft a plan and be flexible in implementing it. One method is to break down big goals into smaller ones. That means you can have a 10-year plan, a 3-year plan, a 1-year plan, and quarterly plans for your business.
After creating your business plan and laying down your goals, ensure that every employee understands their specific goals and reports their progress towards those goals. This strategy is a great way to keep everyone focused.
Don’t Reinvent the Wheel
Never waste time trying to reinvent the wheel when it comes to running a successful business. A professional CPA can help you evaluate your ideas, inspect your operations, and push you to more significant accomplishments.
It would be best if you had someone to keep you accountable for what you are committed to achieving. Always be true to your word and follow through on various commitments, even when they seem complicated and challenging. Everything isn’t about you; it’s about the business, so stay focused and welcome professional advice.
Measure Your Results
Everyone defines success differently. However, the best measure of success is enjoying what you do and hitting those numbers consistently. Create a written system for everything you do, and you’ll reap the benefits down the line.
Know your success numbers and check them regularly to help you make informed decisions based on what the figures tell you. Create systems for measuring success, such as cash flow management. This will tell you how much cash you need to do business without running late with your payroll or getting into trouble with your suppliers.
Build a Strong Support System
Running a successful business can sometimes be an isolating experience, especially if you’re a sole proprietor. Never lose touch with other business owners and professional business consultants, such as CPAs.
Always stay networked with the broader business community. That may mean meeting with a business coach every month to help you find solutions to emerging problems and work through tough business decisions. Networking with other business owners on Facebook, LinkedIn, and other social media platforms is also a good idea.
The Bottom Line
Many new businesses close down during the first two years of operation, and only a small percentage of new ventures make it to 15 years or more. So, if you want to be among the ones that last, you need to pay rigorous attention to the tried and true objectives of those who have gone before you. Embrace a successful entrepreneur’s mindset and plan to overcome various challenges in the business landscape.
Are you a business owner with a collection of your own secrets to success? Please pay it forward and share them in the comments below!