Growing and managing your business is a tough, yet exciting project. Seeing growth means your customers experience the business positively and revenue is pointing upward.
Keep in mind that the potential to have things go wrong to exist as you work toward building your business. With that in mind, let’s look at what to do and what to avoid as you work to grow and manage your business successfully.
A Business Owner Paying Attention to Detail Sets Success in Motion
Especially in the beginning, it’s vital that you pay attention to the details. As business owners, we can’t allow ourselves to think as though any task is meaningless or beneath us.
You don’t ever want to avoid doing the small tasks. It helps to know how to do everything inside your business for two reasons.
First, it shows your people how committed you are to the enterprise. Second, it helps to know each task when it comes to hiring and training others down the road.
Maintain Optimism and Win No Matter How Negative a Situation Seems
Optimism is contagious. Unfortunately, so is negativity. This is why it’s important to always look for the good in every situation. Look for the lessons to be learned whenever something seems to go wrong or doesn’t work out the way you had hoped.
Allowing your passion to shine through is one way to keep optimism high. Whenever you might feel like giving in to negativity inside a difficult situation, remind yourself why you built the business in the first place.
It’s this kind of outlook that helps keep employees motivated during challenging times and keeps customers excited to keep coming back. Passion is also important inside selling situations. Remember that a big part of selling is the transfer of enthusiasm.
Do the Upfront Research That Results in Increased Revenue
You need to plan and conduct proper research before you can successfully manage or grow a business. It’s important to know what your business is capable of achieving its revenue and other available resources.
Assess your business ahead of time. Take the time to inspect all statistics, accounting, and analytics available to you. Analyze how your business has performed in the past.
Look for trends. Create a goal to look for ways to make improvements whenever possible. Make projections for how you believe the business will perform in the future, such as increased revenue. John Hall, the co-founder, and president of Calendar has identified seven ways to keep with industry trends.
Put a good team around you during this process. Experts like accountants, business advisors, and attorneys can help you make important decisions for the future of your business.
Set SMART Goals That Provide a Compass for the Entire Team
As you work on growing the business, it’s important to set goals that you work toward achieving. It’s impossible to know whether your business is getting better and improving over time without goals in place.
Putting goals out in front of you and your team allows everyone to strive for something. Goals provide a compass and let us know whether we’re headed in the correct direction or not.
When setting goals, it helps to use what are called SMART goals. These types of goals have the following characteristics:
Define Your USP so That Your Company’s Uniqueness Shines Through
There’s no sense in building a “me too” company. This means that you should create a way to be seen as unique against your competition.
If you don’t already know immediately that you and your company have a competitive advantage, then it’s time to create one.
This is known as a unique selling proposition or USP. According to Neil Patel, a USP is a “must-have” for all businesses. Take time to figure out what you can uniquely provide your customers. It needs to be a uniqueness that no one else in your niche has the ability to duplicate.
Avoid Burnout by Doing Less & Listening to Other Creative Ideas
Too many owners try to do everything inside the business. They get protective of all needed processes that allow the business to operate. Don’t make this mistake. The more you try to keep up with doing every last required task, the more you’re hurting your ability to experience growth.
Doing too many causes burn out. As well, refusing help or outside input might stunt your ability to stay creative. New ideas are the lifeblood of all great companies. You’ll allow more people to present creative solutions to problems when you avoid taking on everything inside the business.
When hiring, take time to make sure key roles are filled with creative people who share your overall vision. Don’t be afraid to hire independent contractors to help alleviate smaller tasks you or employees simply shouldn’t focus on anymore.
Protect Your Interests by Putting All Agreements in Writing
Never run a business that relies on handshakes and verbal agreements. Putting written agreements in place ensures that everyone involved is clear on and delivers on their promises.
Use written agreements when dealing with lenders, business partners, employees, contractors, and other businesses.
Hire Well & Delegate so You Are Free to Become More Creative
We briefly mentioned hiring above. However, this topic deserves more specific information. According to Forbes, hiring the wrong people is costly to far too many companies.
Get clear on the position you’re looking to fill before starting the overall hiring process. List all the needed qualifications and skills inside a quality job description.
Take your time in this area. A well-written job description doesn’t just help discover the perfect person for the position. It also keeps bad candidates from applying in the first place.
Don’t hire the first person you come across. Post the job and take your time working through interviews. Sift out bad candidates quickly and spend more time with people who seem to be a good fit.
Narrow the field to the top three candidates and then make them work hard to convince you why they should be hired for the position.
Don’t forget about the advantages of creating part-time positions in your company. Some tasks don’t require a full-time person getting paid benefits.
Additionally, there are many people inside the new gig economy looking for a part-time solution to their income needs. There are people and platforms that specialize in connecting the part-time workforce with employers, such as Stephen Holmes ShiftPixy.
Seek Out Customer Feedback & Use it to Make Important Course Corrections
Never take your customers and their opinions for granted. Stay connected with them and seek out their feedback. Getting to know your customers better allows you to discover what they want. This feedback allows you to shift with the times and make course corrections that align with the needs of the people paying for your products.
Set up systems that allow customers to easily provide feedback. Use surveys. Ask for reviews. If possible, take the time to talk to customers on the phone so you can learn detailed information about their needs.
You’ve learned the importance of maintaining passion, setting goals, being unique, avoiding burnout and keeping customers happy.
Don’t get overwhelmed by all the pieces involved as you strive to manage your business successfully. Instead, identify your most needed next step task from the list above. Get that completed. Then, move to the next item that needs attention. You can do this if you take it one step at a time.