How To Run A Successful Business
Many small business owners make the mistake of thinking that once the business is a success, it will remain a success. This is just not so. The continued success of a business is dependent on many factors, beginning with how the business is run. Here are some tips to help you run a successful business.
If you stay on top of things, and handle problems as they arise, you will be able to successfully run your business with less stress. Constantly be on the lookout for needed changes. Don't make the mistake of 'stagnating,' and always make it your business to know what is going on in your business.
- Participate in your business. Even if you turn the actual day-to-day operations over to others, make sure that you always know what is going on. Too many businesses fail simply because the owner wasn't aware of problems, and didn't stay 'in the loop.' Set up a system of checks and balances, much like the Government has. This will enable you and your employees to always know what is going on in the different areas of your business.
- Understand the roles that business professionals, such as accountants, play in your business. If you don't understand what they are doing, they can easily make mistakes that cost your business money. They may even steal from you. Understanding what they are doing, and keeping an eye on their participation in your business can help reduce or eliminate these potential problems.
- Keep an eye on your employees. Pay attention to how they do their jobs, and most importantly, how they treat your customers. Don't be afraid to fire employees who do not give you a full days work in exchange for a full days pay. However, do not become a tyrant either, or you won't be able to attract, or keep, good employees. Set up a schedule for employee performance reviews, and reward your good employees often.
- Keep good records, and review them often. Know what your expenses are, and what the business income is. Make adjustments in spending as necessary, and always be on the lookout for ways to cut back on costs, without altering the quality of service you offer.
- Put money back into the business. Every month, make sure that you are putting a certain percentage of the profits back into the business. This will enable your business to grow or improve over time.
- Implement a training program. Well trained employees are vital to the success of a business. Write a training manual, and give a copy to all new employees. Lead them through the training process, making sure that they understand all of the key elements of their positions.
- Take really good care of all of your customers, and reward your best customers. Without your customers, you don't have a business. Attracting and keeping customers is hard, but keeping a customer is easier, and less expensive, than attracting new customers.
- Be honest. Offer quality products and services to your customers at fair prices. Trying to cheat your customers is the fastest road to business failure. Follow through on the promises you make to both your customers, and your employees.
- Pay your taxes. Work with a tax professional to get the best tax advantages and savings, but do not attempt to cheat the Government out of what they consider to be their share. This will only cost you time, money, and quite a few legal problems in the future. The Government doesn't like to be cheated.
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