19 Vital Tips That Could Save Your Business

You can never have too many tips on operating a thriving business. This business blog has a few recommendations that we’ve picked up from running our own small businesses.

Step Outside Your Comfort Zone

There is a good reason why a lot of entrepreneurs are extroverts. To start something new and unproven takes a lot of communication and promotion. Extroverts love conversing with people and are energized by the people around them. Introverts find it more challenging to step outside their comfort zone and are more likely to try and get someone else to spread the word about their new venture.

You can confidently communicate its value and purpose when you believe in your business. Plus, you don’t mind showing your passion for what you do and why your business is meaningful and relevant. However, not everyone can just do it; some people need encouragement. Using a business coach is one way to gain confidence and motivation to be the face of the business. Social media is perfect for introverts as they can network and share content without needing to front up in person.

Join groups on Linkedin and share relevant content that supports your business and its expertise.

Create A Community

Create your own groups on social media. We created a group called Business Talk and Blogs on Linkedin, and it’s organically grown to 2500+ members. Our Facebook page, called BusinessTalk, has over 18,000 followers, and our Twitter page, called BusinessTalk, has 24,000 followers. The quality of followers is more important than quantity. Focus on organically growing your social media pages and groups. See this business blog post on building a business community.

Remain an Expert in your Field

It’s too easy to get caught up in the day-to-day admin and stop reading those industry magazines, emails, and blogs. Spend 30 mins every morning keeping up-to-date with your industry. By doing so, you’re unlikely to get caught out by customers who know more than you, which will help keep you thinking strategically.

Never Let Perfect Get In The Way of Better

We see so many people who have fantastic ideas in their heads but don’t implement anything for fear that they haven’t got it exactly perfect. Some creators like Richard Branson use other people’s opinions and commercialize them. He doesn’t worry about ‘perfect’; instead, his focus is ‘first in the market, and later on, he gets a team to work with improving the product or service. Being first in mind works, and you should ignore the need for the best product or service. Rather, you want to have the largest market share, and with it comes sales and profit to turn the business into ‘perfect.’

Build Relationships by Giving

Put yourself out there and find ways to give back. With giving comes satisfaction and reward. You learn through giving, and when you build a business that has a reputation as community-first, it attracts like-minded people as customers and staff. Of course, you can not give all your time to voluntary work, but doing some is better than doing none. Encourage your team to also give back, and allow them to have a day in the community volunteering every six months.

Surround Yourself with Experts

As a business owner, you are great at what you do, but you are unlikely to be great at everything required to run a business. Select an accountant that understands your industry. Choose a lawyer who understands all the legal requirements of your business. Find a business mentor with relevant experience in the weakest areas, but most importantly, ensure you can work and trust these professionals.

Remember Your Clients and Customers

Clients and customers are what help a business succeed. If you have frequent customers or clients as a small business, ask them their names, never forget them, and always address them when they come in. Make friendships and get to KNOW them as people, not dollar signs. ALWAYS put customer satisfaction as the number one goal.

Believe, Ask Questions & Get Your Brand Sorted

Believe in your business and yourself as the business owner, and you’re already on a winning wicket. Don’t be afraid to ask questions! Employ a brand design specialist from the word goes.

Start Working ON Your business – NOT- IN Your business!”

If you want your business to thrive past its 1st year, then you must be, or planning to, Working ON your business & NOT In it. Unless you are a Lone Ranger, being a Lone Arkwright “OpenAllHours” means You created a JOB. Except you don’t get to switch off at 5pm. Working ON means bringing on Team; contractors, temps, VAs, spouses, family, or hiring employees. So go find Your G-G-Granville…

I will survive my first year of business because I will

Work my marketing action plan; Educate first, build relationships second and sell third; Invest one hour each day to expand my marketing knowledge; Continually measure my results; Adopt a proven sales process; Be personally accountable for all my actions; Demonstrate high business ethics with every interaction.

Don’t fall into the self employment trap

The trap is trying to do everything yourself. To have a successful business, you need support. So start with a plan of all the functions required to run the business, e.g., finance, marketing, admin support, etc. Then as the business grows, outsource those functions you don’t have the time or skills to do so you can focus your energies on the work you enjoy.

Prepare for the Roller Coaster Ride of your Life

Self-employment is not for the faint-hearted. Prepare yourself with plenty of self-confidence, a solid network of supportive friends/mentors, and a foundation of faith.

Six Secret Variables: Steps to a Successful Start-up

Of every six new businesses started, five fail within five years. Although the high failure rate can be attributed to many factors, one common issue (even after surviving the first five years) is misalignment with a business model. And a good business model really depends on how well something called the Six Variables factored in when you started your business.

“Do what you love”

You must genuinely enjoy and have a passion for your product/service or industry. Dale Carnegie wrote, “You never achieve success unless you like what you are doing.” Enjoying your business will get you over the hard times when others struggle. Your passion will also rub off on clients as they see someone who genuinely has a passion for serving them.

Identify clear goals and objectives.

Where do you want to be in your business in 3 years? Understand and stay focused on your goals and actions. Understand how you will reach your goals and develop strategies and action plans for marketing, production finance, and people. Identify what resources you will need that will allow you to implement your strategy and achieve your objectives. Measure your success; are you getting the results you wanted.

The 3X Rule of Business Startups

If you want to survive your 1st year as a business owner, follow my 3X rule. I’ve funded 30 entrepreneurs as an investor and started companies. The 3X law has never failed me when it comes to start-ups. You’ll need 3X the money you think you’ll need, and it’ll take 3X longer than expected. So, raise 3X the capital to sustain the roller coaster ride – otherwise, you’re out for the count. Game over.

Starting a Business – Are You Ready for Marriage?

Don’t even think about starting a business unless you are prepared to be literally married to it for the first three years. The vast majority of businesses will only have a chance of success if you are prepared to commit between 12 and 18 hours a day, and 5-day weeks do not exist.

Building Relationships

Developing and maintaining a good rapport with existing and prospective clients builds credibility and trust, which are the building blocks to success. Start by being genuine, and develop a system of accountability. If something goes awry, it is best to fix it and move on rather than play the blame game. Establishing a solid reputation starts at the community level. Network with like-minded individuals who can help spread the word about your business. Return the favor in kind.

Read Dale Carnegie’s book “How to Win Friends and Influence People”.

If you’ve already read it, reread it.