Congratulations, you have taken the first step and made that business idea come into reality! And so, now the challenge lies in sustaining your business and making it grow even bigger. A lot of businesses start out with a lot of potential and promise. Unfortunately, not everyone can stay long in the game. Here are eight business tips that may help you grow your business and keep it growing in more years to come.
Business tip no. 1: Hang on to your stars
What every business
needs is a star employee (or employees). They are the top performers and whos
has gained the respect of their colleagues and so they have a degree of
influence over them. Hang on to these
kinds of employees and keep them well-compensated and motivated. But be careful
not to give the impression that you are pampering them or giving them special
treatment from the rest. Push them to do better and let them help you encourage
others to do the same.
Business tip no. 2: Treat your employees well
This one is rather
simple – remember the golden rule of not doing things to others what you do not
want others do unto you. Treat your employees with the respect they deserve and
give them a sense of dignity with their work. Never ever abuse your employees
otherwise you will regret it.
Business tip no. 3: Learn from your customers
Do not easily
dismiss the opinions or feedback of your customers. After all, they are the
ones who enable you to continue your business. But customers is not always
right so it is important that you listen but be critical at the same time.
Business tip no. 4: Follow your heart
You will be faced
with a lot of crucial decisions down the road. In decision-making, you can be
calculated and logical but always balance it out with your heart. Listen to
yourself because your instincts are often guiding you to the right path.
Business tip no. 5: Know everything that has to do with
Knowledge is power
and same goes with owning and managing a business. You should be able to know
all the goings-on of your business – from your financial situation, to your
strategies, and yes, even to your people. Business owners often do not mind the
people working for them as long as they get the job done. But it is important
to build trust and rapport between you and your people. Also, extend your
knowledge outside of your business – know the latest industry trends and
whatnot. Always be informed.
Business tip no. 6: But know that you do not know
Do not be too
arrogant and think that you have it all figured out. Have the humility to admit
that sometimes, you just do not know everything about running your business or
the business world in general. Once you acknowledge this, you will be able to
remedy it by continuing to learn and develop yourself. Not knowing is not bad, not
knowing and not doing something about it is.
Business tip no. 7: Always keep an eye out
Keep an eye out for
four things: your business’ strengths (it is your job to maintain or improve
them), its weaknesses (address and solve them), the threats (come up with a
strategy to eliminate them), and the opportunities for your business to grow
(lose your irrational fear and seize them!).
Business tip no. 8: Keep your focus
business is not the end of it – it is indeed only just the beginning. It is
easy to slip away and lose sight of your goals; and that can be the downfall of
your business. Stay focused – keep achieving your short-term goals but know
that it is still not yet half of the battle – keep working towards that