Do you own your own business? Or are you considering opening your own business? Well, take a look at the guide we’ve put together below.
We’ve listed some of the key traits and habits you’ll need to establish to help you run a successful business and be a good boss to your employees. Keep reading to find out more.
1. Be Prepared To Work Hard
It should go without saying that if you want to be an entrepreneur and business leader, you need to establish a tough work ethic. Sometimes this will mean early starts, late nights, working on your days off, and working when you don’t feel like it. There will be days when the business experiences losses, setbacks, and failures. So you need to be able to persevere through the tough times. When you set out with a vision, you need to keep this in mind for you to stay focused and driven.
Most businesses take years to even begin to see success and good profits, so running a business isn’t for the faint-hearted or pessimistic. However, at the same time, it’s important that whilst remaining optimistic, you are also realistic. If your business is seeing loss after loss and no progress, it might be time to consider how you can adapt the business to be more lucrative.
2. Be Willing To Network
When you’re starting a business, and even when you’ve had a business for years, you should try and network as much as possible. Networking can help you build up invaluable contacts, as well as gain knowledge and expertise previously out of your reach. Networking doesn’t appeal to everyone, and that’s understandable. However, it’s worth trying it out at least once. You’ll often find that it isn’t as bad as you’ve built it up to be in your head and could be more useful than you realized.
You can make connections with like-minded and driven entrepreneurs who can give you the inspiration to keep working hard for your business. Networking is especially helpful if you’re new to the business world or you’re thinking of launching a business in a new field you’ve not got previous experience in. There could be fellow business owners there that can help give you advice and guidance along the way.
3. Take On Board Feedback From Both Customers And Employees
As an entrepreneur and business owner, you will need to get used to the idea that you’re going to be receiving a lot of feedback from all kinds of people- and it’s not always going to be positive. You’ll find this gets easier as you gain more experience about how to deal with these kinds of situations, but try and go into everything with an open mind.
Being unable to take any kind of criticism on the chin will make it difficult for you to cope in the business world. Feedback may be frustrating at times if it’s negative, but it can actually prove to be one of the most valuable tools you have for your business. From listening to the opinions and experiences of customers and employees, you can learn about ways to adapt your business to be more successful and productive.
Very often, other people can give you an insight into your business and practices that you wouldn’t have been able to see. Use feedback to your advantage and adapt your business accordingly. Customers or clients can offer different angles from their point of view, and employees can have knowledge and experience you don’t, so their opinions shouldn’t always be dismissed.
4. Always Have A Business Plan
Although you might be aware you need a business plan to start out, it’s actually a good idea to maintain a business plan and update it as your business grows. This helps to keep you focused on your goals and the next step for your business.
Your plan will allow you to plot out milestones for your business and what you need to do in order to reach them. It also gives you the opportunity to compare your business to your competitors. The initial plan for your business may adapt as you go along and learn what works best.
Keeping a business plan in place will allow you to look over what strategies and approaches have worked best historically for your business and which haven’t. You should also update your financial planning too to meet your goals and how you plan to raise the capital to reach them. This can also be useful when planning events or campaigns, for example.
5. Learn How To Budget
When starting a business, you need to master the art of how to budget, but it’s also essential even when your business has been long established. As mentioned, your financial plan will help with this so you can oversee the financial history of your business and where your best investments have been made. You should have a set budget for different areas of your business, as well as where you’ll be making investments.
6. Consider Having A Separate Business Number
When you’re running a business, it’s a good idea to have a separate cell phone for your personal life and your business life. It will help to promote a healthier work-life balance for you and your family, as well as keep business information stored in one place. Lebara offers cheap SIM-only deals with excellent coverage and international calls to keep you connected and available for all your business needs.
7. Respect Your Employees
When you’re a boss, whether you employ a few individuals or hundreds, you should always remember to remain respectful of your teams. Being a business owner and employer doesn’t give you the right to treat people as lesser than yourself. Not only does it build a hostile and difficult relationship with your employees, but it can also lead to legal cases too.
8. Be Approachable But Authoritative
Being courteous and respectful of your employees doesn’t mean you have to be a pushover. You can be approachable and likable but remain authoritative and respected at the same time. If you feel employees are not taking their role seriously, you should be able to talk to them about it and make them aware you expect more, but this can be done in a calm and respectful way.
9. Take An Interest In The Emotional Wellbeing Of Your Staff
A boss that cares about the emotional wellbeing and mental health of their team is far more likely to be respected by the team– and when you’re more respected, the more likely they are to want to work hard and contribute to the success of the business. As the business owner, it’s your responsibility to take care of your employees and make sure your business is a positive and healthy environment to be working in.
10. Lead By Example
If you expect certain standards from your team, you should be prepared to lead by example. Why should your employees have a strong work ethic if they don’t see you putting in any effort? Similarly, your employees aren’t going to respect you if you don’t respect them.
Communicate to them what you realistically expect from them, and mirror this in your own actions and behavior.