Running a successful business is a commitment and requires balance within your life. It’s easy to allow the business to take control of your life and problems are a regular part of business life:
- Staff issues,
- Customer issues,
- Cash flow….the list goes on…
To achieve business success, look at both sides of the coin, don’t let the problems take over, instead look for the opportunity to improve. It is normal to make mistakes but take the time to learn from mistakes and make improvements.
Stay open minded to new ideas, you cannot know everything, and adaptability allows your business to respond to changing circumstances. It is important to be realistic when implementing change and new ideas take time to work. Don’t change too much at once and take time to see how each new change works.
- Learn – go to seminars, surf the net, improve skills, attend courses, keep up to date with new products and practices.
- Keep detailed records of all incomings and outgoings – you will be able to see exactly where you are and plan accordingly. If cash flow is a problem know how much money is outstanding, though this will not help if your business needs the money now! It could be worth looking into factoring, many businesses are facing cash flow problems at the moment and this can have a knock on affect.
- Develop a healthy relationship with suppliers – if you have been a good customer don’t be afraid to ask for a better deal. Switching suppliers may be cheaper but there may be other costs to consider, for example would any paperwork need to be updated? Consider all costs before making a change.
There are times in business when it is necessary to take a risk: look carefully at the risk and always work out the worst case scenario.
To be successful you need to be flexible, compromise, have good planning and organisation, be consistent and keep doing the necessary tasks each day.
“There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when it’s convenient. When you’re committed to something, you accept no excuses – only results.” Kenneth H. Blanchard
Take the time to plan each week – separating time for daily business tasks and creating some free time will make your business and life more enjoyable.