Even in the best of times, running a successful business is not easy. These days, given the current economic climate, putting together a winning organization can be that much more difficult. Still, there are some basic practices that, when executed properly, can keep your enterprise going strong in both a bull and bear market. This article outlines six tips for building a high-quality venture.
First, make the business more about the business than you. The company name and reputation is more important than your own image or prestige. Most people want to be a part of something that is genuine. When employees and customers see that you care more about the business than you do about yourself, they will believe you are sincere and give their best to help you grow your new business.
Second, determine a vision that is consistent with who you are and what you believe. Having a vision is not enough. It is important to have the right vision – one that is consistent with your dreams and ideals. When the vision does not fit you, you will lack motivation and your employees will lose enthusiasm as well.
Third, make planning a priority. This way to set long-range objectives and targets and also short-term steps to achieve those objectives. With all the accessible assets to design and strategize, numerous business visionaries still fly by the whim of the moment. This is a formula for obstacles and failure. Carefully plan your steps and your enterprise will succeed.
Forth, never be afraid to hire others who are smarter than you are. When you drop your pride and allow business directory from other people who supplement your strengths and shortcomings, you will be on the route to framing a quality company. This means allowing them to be passionate about their work and department and giving them the room to have their say. (Of course, the open forum to speak and share ideas should stay in your office or boardroom and not be a license to undermine your authority behind your back).
Next, hire an accountant you can trust to keep your books and audit their work on a frequent basis. In 1987, I worked for a company that dealt with fire suppression systems. The owner was fresh out of Harvest Business School and soon he had the company going strong. Unfortunately, his bookkeeper was embezzling his payroll tax money and soon, after an audit by the state franchise tax board and the IRS, he had to lay off half the workforce.
Finally, evaluate each step and department. After you have completed a given project, it is imperative that you take time to celebrate milestones and adjust any gaps in the process.
New business owners have a lot on their plate when they are trying to learn how to run a successful business. The early years of any business are the most critical and while it is important to stick to the original plan, it is also important to recognize aspects that are simply not working out and that needs to be put to bed. Evolve with the business and control the costs that are within your power to control, and the business will have a much better chance of success.
