You may be an expert in your field, but you may not be an expert on what it takes to run a business…This is one of the biggest problems that founders and small business owners can face. Avoid getting tripped up running your business with these 8 tips.
The two most important words business owners and founders have at their disposal are “yes” and “no.” Learn to say them a lot. And that means being decisive.
Listen to your customers
Value your customers. Not only are their feedback and input among the most critical information you will ever learn, but their repeat business is the easiest business to get.
Recognize, reward, and compensate based on ability and achievement. Don’t be biased or play favorites, this isn’t middle school.
Practice good management
Don't play the blame game, 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.
Know when and when not to be transparent.
Transparency is as detrimental at times as it is beneficial at others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.
Your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea.” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.
Know your finances inside and out.
If you don’t know your revenues, expenses, profits, debt, cash flow, etc., you’re asking for trouble. Big trouble.
You don’t know what you don’t know.
Humility is a powerful trait for leaders, and that goes for new business owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers.