Most small business owners have some regrets about how they tried to get established, and the approach they used to achieve business growth. In some cases, goals and objectives fall by the wayside as an owner becomes overwhelmed by the day-to-requirements of conducting business, and as a result, you can slip into the trap of simply reacting to circumstances as they arise. Here are some recommendations on how to avoid this common business pitfall.
Don’t compare yourself to rivals
Your business may be similar to some others in the marketplace, but you shouldn’t allow yourself to fall into the bad habit of comparisons with those rivals. Chances are they’ve been at it longer than you, and have already experienced their own growing pains. All you accomplish through comparisons is stalling your own progress, and clouding your vision for your own company.
Develop a strategy for acquiring quality leads
Learning business skills can be an extremely valuable undertaking, but one that you should put at the top of the list is the art of acquiring a number of high-quality leads. These will be your customers, both now and in the future, and they can literally become the lifeblood of your business. As a corollary to this business skill, devise a sound strategy for following up on all those leads you generate. Most businessmen are aware of the high cost of new lead generation, so you certainly don’t want to squander those you do acquire.
Save money for taxes
No matter how tight things might get in the early going for your business, you have to steel yourself to set aside money for tax filing. If you don’t, you are likely to slowly get crushed under the weight of taxes you owe and simply cannot pay – many a small business has disappeared for that very reason. This is one of the best business habits you can develop, and it will serve you well throughout the life of your company.
Surround yourself with talent
There are a lot of ways that you can benefit by surrounding yourself with talented people. Within your organization you need to delegate whenever possible, and empower your employees so that you build a strong company of motivated employees. You can never have too much talent in your company, and the benefits you’ll derive from them will make your business that much stronger. It’s also a good idea for you to network with professionals who are successful and are doing things right, so that you can learn from them and make use of some of their methods.
Guard your time jealously
Being super-motivated to work hard for success is a great thing – but it shouldn’t mean that you work yourself to exhaustion each day trying to establish your company. You should develop a sense for knowing when enough is enough, and just shut it down to recharge your batteries regularly. If you’re constantly giving your all to the company, you may find yourself too burned out to really be effective anymore, and you will have reached the point of diminishing returns. Don’t be afraid to unwind and have some fun once in awhile – you’ll stay more refreshed, and you’ll probably find yourself better able to commit quality effort to your business.
You need all the help you can get to run a small business successfully. Doerhoff & Associates is happy to help. We strive to provide what you really want and need, a unique and customized set of services to fill the gap and support you, the business owner.