5 Things Every Business Owner Needs To Know

By 11th October 2016 August 14th, 2019 Archive

Owning a business is nothing short of a rollercoaster and you will be amazed at the number of skills and talents you never knew you had.  However, it’s essential you get the basics right to give your business the best chance of success.  Check out these 5 crucial things every business owner needs to know:

1. Take time to work on your business

When you are running your business day to day, there are a million things you have to do.  It’s so important as a successful business owner to have a plan and goals for your business.  Set at least one morning a week to work on your business, rather than in it.  Spend this time looking at your business from the outside, what are you doing well?  What can you do better?  Where is the business heading?  What can you do to get it there?  How do other people view your business?  Talk to a mentor, or a business coach who will be able to look at your business from an entirely different perspective and offer invaluable guidance.  Get visual with post-it notes or mind maps and be clear about your business and where it’s headed.

2. Think positively

Running a business is full of challenges, and it can be hard to remain optimistic in the face of lots of ‘no’ answers and setbacks.  But the thing that sets successful entrepreneurs apart is a can-do attitude and a positive mindset.  Instead of thinking ‘I can’t do that because…’ think ‘I can do that and overcome that barrier because…’.  There are plenty of excellent resources to help you nurture a positive mindset – on the internet, in books, by talking to people.  One great way is working with a business coach, who will get to know you and encourage you.  Try to develop confidence in yourself and your business and learn techniques to encourage motivation and positivity.

3. Get social media savvy

Social media is a brilliant tool for business owners to communicate and engage with your customers, but sometimes it’s done so badly!  Make sure you’re in the know and that you are using the right social media platforms for your customers.  Post content that your customers will enjoy and share, know what they are interested in and post accordingly.  Hootsuite is a great tool to help you manage your social media.  In order to stand out on social media in a crowd of other businesses, you need a clear identity, a great plan and allocated time to work on it.  If your knowledge isn’t up to scratch, maybe take a short course or consider outsourcing.

4. Know your numbers

Though there are many fantastic benefits to running a business, at the end of the day it’s the financials that make or break it.  Make sure you have a clear understanding of your cashflow and keep your profit and loss account up to date.  By keeping the financial side of your business at the forefront of your mind you will be able to make better informed decisions.  Knowing what you can afford and when your money is coming in and out is essential for business owners.  Though it might be tempting to buy the latest laptop, look at whether you really need it – could that money could be spent on something more pressing?

5. Have a great team and inspire them

Your people are one of your greatest assets and having an inspired, positive and enthusiastic team is a huge factor in successful businesses.  Customers who leave your business with a positive impression, excellent customer service and a great experience are far more likely to come back to you in the future and tell others about your business.  Your staff should be brand ambassadors, aware of the goals, ethics, values and plans for the business and it’s your responsibility to communicate that to them.  Try and make your team feel involved and important in the business – with clear goals and strategies for moving forward.

If you would like to discuss how we can help you in these areas, and others, contact us to arrange your free initial consultation.

Gemma Rolstone

Gemma Rolstone

Helping good managers to become great leaders