Let’s laugh first.
Now we can cry.
Now pause and take a breath.
We are all human and we will make mistakes.
As you read through this, let’s remember that our mistakes do not define us, and what defines us is how we bounce back and learn from our mistakes, even when running a business
HAVE A VISION
Having a vision for your business is very important. Write down what you want to see for your business and your employees.
Whether that is having a property, having more clients, or opening more branches, write everything down.
You need to have a clear vision and know which direction you want your company to go. You also need to have small goals that you will set out to achieve periodically to help you achieve those larger goals.
If you are unclear about where your business is heading, your employees, investors, sponsors, and supporters won’t know either and that will make it very difficult for them to get behind you.
CHECK YOURSELF
Be slow to anger and frustration. Don’t throw your toys when things don’t go your way. Things will more often not go your way than they will go your way. Adjust your sails and keep moving.
Sometimes we tend to react in the heat of the moment and we end up making decisions based on how we’re feeling at that moment.
Whether we’re angry at a business partner or we are irritated at an employee or frustrated with a client. It’s important to make decisions when you’re in a clear and sound mind.
THINK LONG TERM
If it won’t matter or make a difference to your company in the next 2 to five years, stop pondering over it. Learn from it and move on. The quicker you get over it, the faster you can grow and improve who you are as a person and in your business.
ASK FOR ADVICE
There is absolutely nothing wrong with asking for help or advice. Some people have been running businesses longer than you have and they have more likely been through all the things you’re finding yourself in. There is no shame in admitting that you don’t know everything.
Every expert was once a beginner.
LISTEN
Listen to your employees, your clients, and your business partners. You are not an island. There are other people involved in your company. It may not be direct involvement, but you do have other people to account for.
Figure out what it is that they need or want from the company. Where it is that they see themselves in the future of the business. This will not only make things clearer for you both and the employee/investor or client but it will also give you a sense of understanding and clarity on the role you all play in moving the company forward.
MEETINGS
Meetings are important. Don’t be afraid to set up meetings and appointments, either with staff clients, or business partners. Meetings are important to establish where everyone’s head is at and luckily we live in an age now where we can do things online. Do try and set up in-person meetings as often as possible. It helps to sort out grievances and also give appraisals.
EMPLOYEES ARE NOT YOUR FRIENDS
Understand that your employees are not your friends and that they probably don’t even like you. It’s true. I’ve seen and been on both sides of the situation and can 100% guarantee that you are not your employees’ favourite person and that is okay.
You will knock heads with them but as long as the respect remains and things don’t get out of hand to an extreme extent.
LEARN FROM OTHERS
Learn from other business owners and entrepreneurs. This goes with the same point about asking for advice. You can learn a lot from people who have been doing what you’re doing for a longer period. Watch YouTube videos, do research, read books and articles, and follow different business accounts on social media or accounts that are associated with your industry. The internet is at your fingertips and you have no excuse not to do the research. Information is abundant and readily available.
LOVE YOUR BUSINESS
No one should love your business more than you do.
Remember why you started in the first place. Revisit your vision. Remind yourself what the motivation was behind all of it and that will push you to continue to nurture what you have.
That being said; you need to put in the time and effort to grow and strengthen what you have. No one else will do it for you.
TAKE THE LOSSES
It’s hard and sometimes extremely heartbreaking when your company takes a loss; whether financially or if it’s staff or clients. It’s never easy and no business owner wants that.
Pain however is a great motivator. Use that loss to accelerate to greater heights.
Also remember that not every idea you try out will work but don’t give up, something eventually will.
Take calculated risks and if it doesn’t work out, at least you can say, I tried.
ACCOUNT FOR EVERYTHING IN YOUR BUSINESS
Keep a record of everything, even if you don’t think it’s important. Make sure you have records or a paper trail of all your transactions including payments, purchases, employee details, asset lists, and more. You need to be able to account for everything in your business.
Learn everything you need to know about tax, policies you must comply with, contracts and legalities around your company, and everything in between. I’m not saying to become an expert on everything but I am saying, to be aware of what is going on in your company so that you can again, account for everything.
Lastly, remain humble and grateful always.
If you are in a position to create a job for someone else, that is a blessing.
Don’t take it for granted.
Have fun and always take every challenge as a learning experience.