When you first start out in the world of business, you will be optimistic about your chances. Much of the time, people make the mistake of thinking that starting a venture is simple. If you start out with that attitude, you will be in for a massive shock down the line. Sure, some people find that they have a particular knack for business, but those people are rare. Most of us have to work extremely hard to make ends meet, but it is all worthwhile in the end. Here are eleven crucial rules you need to live by if you want to succeed.
1. Don’t spend more than you make
People will tell you that you need to speculate to accumulate. That is true to a certain extent, but you need to be realistic. If your outgoings are much higher than the amount you are making, your business will not last five minutes. You need to ensure that you can afford to run a business before you start one. It is tricky to understand the key financial points of running an enterprise, but you need to try.
2. Face to face promotion is valuable
These days, people are all too happy to sit behind a computer screen. You can promote your business online, send emails to clients and even file your taxes. Just because it is possible to do everything online, that doesn’t mean that you should. You must never underestimate the value of face to face interactions. If you get the chance, you should meet all your business contacts in person. Sure, it might cost you an extra train fare, but it will mean that your business blossoms.
3. You need to create a culture of work
When you run an office, you are responsible for creating the right atmosphere for work. Sometimes, that means that you need to set an example for your employees. You need to show people that, while they are at work, they need to behave in a certain way. If you let your staff slack off every single day, they will find it difficult to meet your targets. Some businessmen find it difficult to discipline their employees. Remember, you are running a company, not a social club.
4. Your customers are your top priority
You need to keep in mind that your clients are your top priority. Sometimes, people lose sight of what they are working towards and how they can meet their goals. If you do not please your customers, you are not doing your job. Don’t focus too much on the bottom line. Obsessing about your bank balance will only lead to your failure. Instead, think about what your customer needs from you and how you can provide that service.
5. Chasing invoices is costly
If you are waiting for money from clients, it can be infuriating. You might wonder what takes your customers so long to pay you. This issue is one of the biggest obstacles you will have to overcome as an entrepreneur. You need to walk the fine line between being tough on your customers and being a pushover. You might think that you can chase customers all day long, but you will not have time for that. Instead, get a motivated accounts team to do that for you.
6. Sometimes, technology will fail you
Most contemporary businesses rely on technology on a day to day basis. Sometimes, though, that technology will fail you. Computers break from time to time. The internet might go down. In fact, there is all manner of things, which could go wrong. Make sure that you have things to do when your technology breaks.
7. You need to keep staff safe
As a boss, you are culpable for anything that happens in the workplace. If something happens to your team at work, they could claim compensation. Take a look at russellworthsolicitors.co.uk for a list of reasons people can file claims. If you don’t ensure that your office is safe, you could have legal trouble in the future. You should make sure that your workplace meets the national safety requirements.
8. Hire someone to keep financial records
Keeping financial records is essential to a well-oiled business model. If you don’t have an excellent system, you could find that your company gets into debt. You need to ensure that you hire someone who can help you deal with your records. You can’t take everything on yourself, and so getting help will be your only option.
9. Motivation is more than just a word
People often talk about motivation in the workplace, but do they know what it means? When you are in control of a large group of people, you have to find ways to spur them on in their work. Many bosses use cash bonuses to motivate their staff to work super hard. That is not the best way to help people. Instead, you need to use practical, motivational techniques to help your employees. Sometimes, that means that you need to engage with your staff on a direct level.
10. When hiring staff, look for charisma
When you are hiring a new employee, you probably look for a variety of things. One thing, which every member of personnel needs to have, is charisma. When you work with people every single day, you need to have a rapport with them. You can’t fake a relationship. When you interview people for positions, you need to see whether you click. If you have an affinity with someone, they will suit your company.
11. Always have a backup plan
Remember, not everything goes to plan. In fact, unexpected factors often crop up to hinder your work. When you have an obstacle in your pathway, you need to find a new way to go. For every plan you make, you need to make a backup plan as well. That way, if things do go wrong, you will know what to do about it. When people are rigid and unwilling to differ from their original plan, they fail. It is as simple as that.