7 Key Ideas to Help You Run a Better Business7:11 PM
We all know that starting a business is not easy—but the real challenge comes when you’re trying ...
We all know that starting a business is not easy—but the real challenge
comes when you’re trying to grow your company. To succeed in business
today, you need to be flexible and have good planning and
organizational skills. Many people start a business thinking that
they'll turn on their computers or open their doors and start making money,
only to find that making money in a business is much more difficult
than they thought. You can avoid this in your business ventures by
taking your time and planning out all the necessary steps you need to
reach to achieve success.
Enlist a partner. Even if you didn’t start your
business with a partner (or don’t want to add someone else as co-owner),
there are ways to share the burden of business ownership. Consider
teaming with a complementary business and forming a joint venture to
launch a new product line, service or website. Both of you benefit from
the other’s expertise, know-how and customer base.
- Get social. Social media helps you spread the word about your business far more easily and inexpensively than traditional marketing and advertising. Social media tools like Twitter, Facebook and LinkedIn intimidate many entrepreneurs. But with consumers and businesses alike hooked on these communication methods, you can’t afford to ignore the power of social networking. Get your feet wet by giving each of the sites a try.
- Get Organized. To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.
Stay on top of your cash flow. Keeping regular tabs
on your accounts receivable and payable is key to keeping your business
bank account thriving and your company rolling. If you aren’t
comfortable with accounting tools like QuickBooks, there are many ways
to learn the basics. You’ll be glad you did.
Value your employees. Could you run your business
without them? I thought not. Then show them how much you appreciate
them. Get out of your office and talk to them; get their opinions and
feedback on issues related to your business; and reward them for a job
well done. When your employees are truly engaged in your business,
they’ll work that much harder and make your life that much easier.
- Find a support system. Whether it’s an official entrepreneurs’ organization, a circle of colleagues or just one close pal you can vent to about anything, every entrepreneur needs a shoulder to cry on and an ear to bounce ideas off of. Your support group should be outside your business (so you can tell them anything) and noncompetitive (so you aren’t worried about leaking sensitive info). If you don’t have the support system you need, start looking for one.
- Keep Detailed Records. All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.