So you are an expert in your field and are positive, you can use your expertise to establish a flourishing business? This may be true, but the question here is, how well do you know how to run a business? Isn’t it better to use the Millionaire Blueprint instead?
Business ideas tank not because of lack of knowledge in the field but because of lack of business tact. Not everyone may be a born business person, and so it is important to learn the small steps towards a successful business.
Let us now consider some simple business tips, that come handy in the long run:
Have a detailed idea of your finances.
Lack of funds or improper management of it often is the prime cause of a lost business idea. One must know their financial condition inside out. Even once the business rolls, keeping tab of where the fund are going, where to put stop the losses, and how to re-invest the profits is vital. Running out of cash is unacceptable in business, make sure you have planned your money well.
Learn to identify your ‘Star Employee’
You need to be quick in identifying your best employee. Knowing which employee will prove worthy in the long run and rewarding them from time to time is mandatory. This does not imply you resort to favoritism or go on salary hikes. Simple appreciation of efforts goes miles towards a happy employee.
Never practice Nepotism
If you start a business with your own friends and family as employees who are on your payroll. Very soon you will not just lose your employees but perhaps your friends and family too. Not to mention, you will end up doing a lot of work on your own. Often friends and family may not regard you as their boss and making them follow orders will often turn out to be challenging.
Always introspect before firing an employee.
While it is incorrect to harbor a troublesome or a dishonest employee, it is always better to introspect before firing anyone. Often there may be miscommunication, or even your own fault that you failed to notice.
Never treat your employees anything other than what they are
While you must always have a personal touch with all your employees. Never ever try to molly cuddle them. They are not your kids. Again, using them to do your personal chores is thoroughly unprofessional. They are also not your friends, confiding in them or sharing your personal life details is a big ‘no no’. Maintain good relations with all of them, share a lunch perhaps, but never get too close that they forget ‘who’s the boss’
Give definitive decisions, either yes or no.
Leaving decisions up to employees or giving confused instructions can lead to chaos. If you are the boss, learn to give firm ‘yes’ or ‘no’ reverts. Never leave confused instructions, be clear about what you want.
Pay attention to your customers
While we work hard towards a flourishing business, we very often forget to pay attention to the most important people in question, the customers. Pay attention to what they want or dislike. A disgruntled customer could result in poor feedback and inevitably you might lose a customer or two simply by word of mouth.
These simple tips, are practical and one can never go wrong with them. It is important to start with baby steps, but with steps forward.