Is your business running you down?
Whether you’re small, medium, or large scale, the challenge of running a business is enormous. It takes long hours, hard work, and above all else, dedication.
There is a reason that 20% of small businesses fail within their first year of operation. But working hard should equal working yourself to the bone. There are things you can do to make it easier on yourself.
Read on for these 10 tips for business owners that will make your work life much easier.
- 1 1. Design Your Business Right From the Start
- 2 2. Set a Balance Between Business and Personal
- 3 3. Make Strategic Decisions
- 4 4. Get Organized
- 5 5. Don’t Let Your Business Run You
- 6 6. Outsource Any Activities You Can
- 7 7. Look After Your Customers
- 8 8. Look After Your Employees Too
- 9 9. Don’t Neglect the Competition
- 10 10. Be Realistic
1. Design Your Business Right From the Start
Designing anything means you plan on having it completely executed at some point. Think about the steps to that end goal, and ask questions like what:
- will your business look like?
- is it’s function and purpose?
- tasks and activities will you need to do?
- are the priority tasks?
- is your timeline and roadmap for getting these tasks done?
You should look to answer questions like these in the design phase of building your business when you’re a start-up. Getting your design right at this stage will set you up for the future.
If you know what you’re doing and where you’re going, it’ll be easier to go from each step to the next. And easier to reach your end goal of an established, successful business.
2. Set a Balance Between Business and Personal
Having the right work-life balance is a key piece of advice. Some of the best business ideas become a nightmare because there isn’t enough balance. Your personal life is most important, and your business life needs to fit around that.
It’s also not a good idea to mix your personal and business life. For example, you should set up a business bank account and business credit card right away. You should never mix personal finances with your business accounts. You can learn more at Nav.
3. Make Strategic Decisions
Having a strategy and keeping a strategic mind when making decisions will take you to your goals. You need to have a plan, and you need the right tactics to execute it.
Think of it as though you’re traveling, you wouldn’t do so without a map, would you? So, you wouldn’t go on a business journey without a strategy either.
Once you get a strategy down, you’ll see your business and your road to success a lot clearer. You’ll know what metrics you need to focus on tracking, and what areas you need to improve going forward.
4. Get Organized
As a business owner, it’s not enough to have a plan, you need to know how and when you’ll execute it. You need to organize your time and schedule important tasks and meetings. Organizing your time is one of the biggest ways you can make things easier for yourself.
Do you know what you need to do each working day? When are your meetings? What tasks need doing? How will you achieve your goals for the day? Those are things you need to know for each day you’re working. Transfer this organization to your employees too.
The more organized you are, the easier it is to track your KPIs and goals. It’ll be easier to fix any issues that come up or work your way up to further success.
5. Don’t Let Your Business Run You
You run your company, not the other way around so be sure to remember this. It’s one of the biggest tips you could take on board, or you may end up becoming a slave to your business.
Your business should be able to run without you. Your framework should mean employees know what they’re doing and your processes work. Don’t get into a position where your business can’t function without you.
6. Outsource Any Activities You Can
You’ll come across a lot of tasks and processes that take a lot of time away from more important issues. As IT support, for example, it’s often better to outsource these tasks.
If you spend your time on menial tasks or tasks a professional service can do better, it could hurt your profits. By outsourcing what you can, you’ll free up your own time, and employees time to focus on driving profits.
7. Look After Your Customers
It can go one of two ways with customers, either they’ll make your life easier, or they’ll be your worst nightmare. But without them, your business wouldn’t survive or even exist.
Focus your efforts on how you can improve your service for them, and give them more. The more you give them what they want and need, the more you’ll get back from them in return.
Build a relationship with them too, let them know you value and care. Treat them as individuals, and let them get to know you too. The stronger your customer service, the easier it’ll be to do business.
8. Look After Your Employees Too
As well as your customers, you should look after your employees too. Without them, your business couldn’t function, and you’d have to work to the bone. They’re the core of your business, and you need to treat them as your most valuable resource.
Make sure your staff feel valued and listened to. Let them feel involved in decision making and they’ll amaze you with ideas you may never have thought of.
Keep morale high, a happy workforce is a productive one, who will want to go above and beyond. Let them feel part of something, and they’ll reward you with hard work and loyalty.
9. Don’t Neglect the Competition
Don’t forget about your competition, it’ll always be a source of stress in your work life. You need to track what they’re doing and take countermeasures so it won’t affect your business.
Keep an eye on any new products or services, or new marketing strategies they’re trying. It’s best to try to stay a few steps ahead at all times, so make sure you don’t let them out of your sight. You want to be the leader of the pack, not the one coming in last all the time.
10. Be Realistic
Planning means you’re putting in place steps and measures to reach future goals. But these goals need to be attainable, and not too far in the distant future.
Keep a realistic head on your shoulders when you’re planning KPIs and other goals. It’s ok to have a dream of where you want to end up, but you need to take it a stage at a time.
Tips Business Owners Won’t Want to Miss
So, there you have it! Now you know these 10 tips all business owners should know you’ll be well on your way to success!
Make sure you set clear and realistic goals and stay on top of your business and competition. Don’t let your business run you and be ready to outsource tasks if you need to.
If you found this article useful, be sure to check out our other blog posts.