If you studied the highly successful business owners in your region, you would realize that they all have certain characteristics, skills, traits, actions, call it whatever that they practised regularly in their business.
One should also remember that working in your business is great but won’t get you to the level you are aiming for (assuming you’re aiming for the best, of course), but working on your business will.
Before we get right into it, read this post on how to get more people to buy from you
So what are those things highly successful business owners (or entrepreneurs) do in their business that has generated a lot of successful outcomes, that you should also begin to practise?
1. Know What You Want To Achieve: Every business has a purpose, every successful entrepreneur started their business just to achieve something. It could be to solve a problem or to fill a need.
Having a strong purpose behind your business is really great because it helps you create innovative ways to see that purpose fulfilled. If you know what you really want, you’ll minimize distractions and quickly avoid things that will not help to improve your bottom line.
2. Backup Your Business With Professional Advisers: Hire the services of a lawyer, a financial expert, an investment expert, a risk adviser, a tax specialist, and other heavyweights.
Most entrepreneurs like to avoid spending too much on their business, so they tend to avoid these hires. But the trick is to get them started on a percentage based salary. Or if you have a good relationship with them, you can get started by paying just a small amount.
When you have finally gotten your business from the ground level up, you can renegotiate their salaries. But you need them to build your business from the ground level up.
3. Be On A Percentage-Based Salary Yourself: It’s easy to dip your hands in your business’ funds, especially if you don’t separate your personal account from your business account. What this does is that it runs the business to the ground.
As a business owner, no matter the level your business is, you must put yourself on a salary. The key to doing this well is to separate personal funds from business funds, and automate your salary, either monthly or per job. Never spend more than you earn.
4. Document Every Process In Your business: By documenting things as you go along, you will be able to look back and measure your actions with your results, understand what worked and what didn’t, and know what strategies to keep up or drop.
You should also have a written policy for everything. Establish guidelines, have a payment policy, debtor policy etc, and use them as control mechanisms over people, processes and technology.
5. Be Logical and Not Emotional In Decision Making: It pays dividends to make logical decisions in your business if you want to see it grow.
Too much emotional decisions or actions will run your business to the ground. If it’s not logical, and if it won’t improve your bottom line, it should not fly.
6. Personal Development Is Good, But Focus On People Too: Many entrepreneurs spend more of their time attending training, taking courses and networking that they inadvertently hand over their businesses to people without adequate supervision.
It pays to develop yourself so that you can run your business well, but never forget to do the due diligence of the people you hire, closely monitor them without micromanaging and make sure they are doing what they were paid to do.
7. Maintain Adequate Record Of Your Finances: Always let every financial transaction go through the bank. This is great for record-keeping and tracking your expenses.
This is when separating your personal and business finances come in. You will be able to track every financial transaction made in the business. When you audit your finances, your books will be up to date.
8. Never Do Anything Without Signing A Contract: Most times, many new entrepreneurs get excited about their new partnerships or deals that they forget to sign contracts. This may come back to bit you in the leg.
Always sign a contract with whoever in the business. Don’t base your business on trust, favour or familiarity.
9. Always Take Stock Of Your Inventory: If you are a product-based business, always take stock of all the products in your store. Make sure that you do this yourself one weekly or daily basis depending on the kind of products you sell.
Trust the people that work with you, but always verify transactions and reports against set standards.
10. Never Ever Think Small: You may be a small business today, but never think small. Every highly successful business owner started small. Thinking small only limits your growth potential.
So always have the big picture in mind as you take actions, make decisions and run your business.
You can catch up with this post on 10 things you need on your workdesk to achieve maximum productivity