How To Be A Successful Business Owner – If you don’t take care of the “boring” stuff, your business won’t last long enough to deliver on all the promises you made to your customers.
Even companies with great products and hungry markets can fail. If you don’t take care of the “boring” stuff, your business won’t last long enough to deliver on all the promises you made to your customers.
How To Be A Successful Business Owner
That’s not to say that your product or service isn’t an essential component of your success—poor product-market fit is the number one killer of failed startups. However, factors such as lack of capital, inadequate management and marketing mishaps are more often to blame for turning both promising startups and established companies into stories than they could be.
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To avoid joining the league of companies that didn’t make it, business owners need to pay attention to the back-office tasks that keep operations running smoothly. No matter how dedicated your employees are or how revolutionary your product is, if paychecks don’t arrive on time, the power is out, or an unexpected legal battle ensues, your odds of survival can plummet.
Take care of these “boring” tasks in advance so you can focus on the fun parts of growing your business:
No matter how lean your company is, employees need to be paid on time every time. The moment people have to ask about the status of their direct deposits is the moment your top performers start looking for new opportunities.
Payroll processing and administration company OnPay recommends companies follow a six-step process to get ahead of any payroll issues as soon as they start hiring employees. Businesses must register with the IRS and, in some cases, specific state agencies. They should also work out the logistics of paying employees in advance to ensure that employees never have reason to doubt their employer’s creditworthiness.
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The same goes for benefits beyond paychecks. Workers depend on their employers for health insurance, PTO and other benefits. If an employee is denied at the doctor’s office or paid for using earned PTO, you may wonder if the company really has its affairs in order.
The starting point? Don’t play around with payroll and benefits administration. Do it first, and do it well, to keep your team together.
Good technology management should not be reserved for technology companies. Any business that has a computer in the building needs an IT plan that fits the needs of the business.
Companies using customer data need to be especially proactive in this area. Nothing can bring down a promising startup faster than an early data breach that kills customer confidence.
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“Having the right technology is a critical line of defense when dealing with hackers, malware and other cyber threats,” says Erik Brown, Chief Technology Officer at GigaTrust. “Smaller companies can do this manually, while larger organizations will want to automate as much as possible.”
Get the best of both worlds by investing in good security from day one. Set up systems and databases that comply with new rules, such as GDPR. Don’t know what that means? Find someone who does. The initial costs may be high, but the long-term protections are worth more than the investment.
Your LLC can’t protect you from everything. Even if your business structure insulates you from certain lawsuits and lawsuits, you can still be held personally liable if someone is injured on your property, if you accidentally break the law, or if you’re not careful about mixing business and personal finances.
For a fairly low price, commercial liability insurance protects business owners from non-standard threats. The Balance reports that most annual premiums fall between $750 and $2,000.
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Different types of insurance cover different types of events. Product liability insurance, for example, protects businesses if a product harms a customer. Professional indemnity insurance covers service-based businesses against errors that lead to losses. In many situations, federal or local laws may require businesses to obtain insurance.
Landlords should check with a law firm to ensure they remain in compliance. However, law firms can do much more than just help companies tick boxes. Instead of waiting until a small problem turns into a costly legal battle, growing companies should work with lawyers early and often to protect themselves from future problems. Lawyers who help start small businesses are generally much cheaper than litigators who represent companies in messy court battles.
Business owners cannot afford to ignore the details while promoting their products and services. Only employees can do this. Things like payroll administration and business insurance may not be fun, but they are essential components for growing businesses. If you want to run a successful business, you have to lay the “unsexy” foundation first. This former ballerina continued the legacy of a women’s tea and coffee shop in Yorktown that dates back to the 1800s.
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I spoke with Jimmy Esparza, CEO and founder of Renewable Power USA, to learn more about the skills he used to build his fast-growing business. He shared four key skills he credits to his success.
Interpersonal skills, also known as people skills, are the core skills that all business owners must master. These skills include communication, leadership and empathy, and are essential to building strong business relationships and managing teams. Having a good understanding of interpersonal skills helps you manage the people side of your business more effectively, both internally with your teams and externally with customers and clients. “It’s very important to understand how people react to things, and that you learn to deal with different characters and characteristics,” says Esparza. These skills can help you confidently approach challenging situations and navigate them with ease.
To build a successful business, you need to build relationships. This applies to all aspects of business, from hiring a team to growing your client base, as well as seeking partnerships or securing investments. The key is to approach every interaction as an opportunity to foster a relationship rather than just being transactional. “When you really develop a relationship with someone, it goes a long, long way,” Esparza explains. “Try to understand the person you’re talking to and work on building a relationship with them.”
Professional development is something every employer should invest in. When you have the money to spend, invest it in yourself. “If something is really going to transform your life and your business, it’s worth making that investment,” advises Esparza.
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In the early days of your business, when funds are tight, you have to be resourceful. You may not be able to afford to go to a Tony Robbins seminar, but you can read his books and watch his videos online for free or at low cost. Once you start earning more, take some of that profit and invest it back into your career development. Keep educating yourself in any way possible.
Self-care is an incredibly important skill to master, yet it’s often overlooked or sacrificed instead of hustling and grinding. Esparza recommends prioritizing self-care and thinking of it as a business tool. “You have to take care of yourself, take care of your mind and take care of your family, because if you’re good in those areas, it will reflect in your business,” he says. There are many ways to practice self-care, so experiment until you find what works best for you.
One final skill worth mentioning is perseverance. You must have a strong belief in yourself and an attitude that as long as you persist, you will be able to achieve whatever goals you set for yourself and your business. Passion, motivation, persistence and a bit of luck. play a role in separating the successful entrepreneurs from the less fortunate. But what makes some business owners super successful? They have the following eight habits:
Successful entrepreneurs and leaders are known to emerge early to catch that proverbial worm. But, they don’t just wake up early. They wake up long before the sun rises. The reason? Give them time to answer emails, catch up on the news, or exercise. Research has found that early risers are more productive and happier.
Character Traits Of Successful Business Owners
Jack Dorsey, the co-founder of Twitter and Square, and Kara Goldin, the founder of Hint Water, are just two examples of successful people who wake up early.
Richard Branson, the founder of the Virgin Group, said: “If you want to succeed in business, you must welcome your competition with open arms – just don’t let them run you over. Get the balance right between respecting your rivals and focusing on how you can beat them, and you’ll have a winning formula.”
“I’ve always believed in making friends with your enemies. Years ago, British Airways did everything they could to put us out of business. After the court case, I called Sir Colin Marshall, who ran BA.
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