10 Leadership Tips to Succeed in Business in 20177:55 AM
When the old calendar came to an end, and the 2017 calendar has just begun, business savvy thinks about their challenges for the next 12 mo...
When the old calendar came to an end, and the 2017 calendar has just begun, business savvy thinks about their challenges for the next 12 months.
They believe that of some potential factors: from expansion plans and new products, to whether they need to change providers and how they will fit into the economic context.
Advance planning becomes a priority at this time of year.
James Watt, co-founder of Scottish firm BrewDogMy advice is to work like a demon, many hours, and make sure you are enjoying yourself. Running your own business should not feel like a job but as a hobby. That will be the support when things get tough.
I also recommend hiring only amazing people. You need to get the most out of your staff, so do not hire anyone you're not sure of.
Do not be afraid of the risks (for the company to grow): the biggest danger of a company is to be paralyzed.
However, at the same time, you need to be careful with finances. That's something small firms do not pay much attention to. It's not the funniest thing about running a business, but it's vital to your survival.
Rob Baines, co-founder of the frozen yogurt chain SnogNever spend more than you are earning and be wary of inviting friends to your business life. When I started with my first chain of coffee shops, I went from selling coffee in a small cart at a bus station to having three locations.
My business took off overnight. Many people came out of nowhere to ask for work, cars, bonuses, dinners in five-star restaurants, vacations, etc. Very quickly I went from having a lot of cash to owing money to suppliers and to the tax collector unmanageable amounts, which generated severe cash flow problems.
Luckily I managed to restructure the business, get rid of people who might not have the best interests and continue trading. Still, I ended up being the bad guy in the movie, and I lost most of the "friendships," even though I never stopped paying anyone.
Danae Ringelmann, IndieGogo collective financing websiteAs Gandhi once said, "I know the change you want to see in the world." I sincerely agree with that.
As a leader, I think actions speak louder than words. People follow what they see, what they hear.
It does not matter if you want to innovate faster or gain greater responsibility: change starts with you.
Paul Lindley, founder Ella's KitchenAs an entrepreneur, the people I work with inside and outside the organization help shape my actions.
Ella's team has been a source of inspiration crucial to our success. I'm also fortunate to have forged a personal friendship with Neil Grimmer, co-founder and executive director of Plum Organics, one of our top competitors in the United States.
Our friendship has been strengthened by mutual respect and vision to help babies and young children become healthier.
My advice to any entrepreneur would be to inspire his team with purpose and leadership and to foster solid working relationships with people beyond the organization.
Collaboration is key to achieving success with socially responsible companies.
Angus Thirlwell, founder of Hotel ChocolatThe only opinion that matters is what the customers have about the business. I always find it useful to look at things from that perspective.
When you have real people working, anything is possible. Most of the regrets I have in business are around the subject of keeping people wrong for too long.
The most honest thing is to approach the matter as soon as it is identified. When you find the right person, it feels like a breath of fresh air.
Divine Chocolate Director Sophi TranchellMy advice to anyone who has a new business, or thinking about creating one, is to use all the support and guidance available.
Divine Chocolate could not have become what it is without consulting specialists and training staff to prepare for the challenges it faces each year.
I suggest planning what you want to accomplish next year and figuring out what external support and internal skills are needed to get there.
Charles Rolls, President of the beverage company Fever TreeMy advice is for any small business owner who is thinking of selling it.
I understand that for an entrepreneur it can be tempting to take an early offer for the entire company, charge the cash and forget about the uncomfortable levels of financial risk and stress.
If it is good business and the potential buyer sees value in the business, there may be ways to stay with it and to get some money while maintaining a significant stake in the future of the enterprise.
Nick Hungerford, founder of investment company NutmegAny business should go back to basics. Do not overdo it, think about what your customers really need. What will make their lives easier and more practical?
When it comes to assembling a team, create one for the future. The better the equipment you have, the more likely it is that the business will exceed expectations. So put maximum care on hiring and do not be afraid to check and re-check the references.
For the business to grow, trust is essential. Be open and honest about your business and team weaknesses. Rely on employees and clients. And accept the comments and criticisms, even if the words hurt your feelings, as they can offer the opportunity to improve.
And lastly, do not be fooled into thinking that the owner or boss can do it all. Even if you want to make all the decisions desperately, it allows the specialists to guide you. Sometimes you have to learn to delegate.
Simon Woodruffe, founder of the Yo! SushiIf you dream of creating a business, do it. I have never met a person who finally gets to do what he dreamed and then repented, regardless of whether the idea fails or succeeds.
What I have known is people who, already older, wish they had taken more risks.
When you run a company, identify your skills and incompetence. Then spend 90% of the time doing what you know how to do.
And be prepared to fail. Only by risking can success be achieved.
When choosing your team, work with people you like and show them great respect. Finally, as a general rule, reduce the number of meetings you attend.
Edwina Dunn, chief executive of social networking company StarcountThe key to any small business is keeping your original idea fresh in mind. It is very easy to be distracted and take an easier or less risky route.
Throughout the trip, people will offer you insights and tell you what you think your business should be.
Of course, it is important to be opportunistic, to adapt and to listen to good advice. But it is easy to deviate, and the proposal is diluted.
Keeping passion and vision in spite of ups and downs requires courage and endurance.