Five Ways Your Business Can Thrive as a Business Owner
In recent times, the number of businesses springing up yearly has been quite heartwarming. Becoming an entrepreneur is a dream to which many people aspire and realizing that you are going all out for your dream is just beautiful.
Running a business is exciting and owning one gives you a sense of freedom, empowerment and responsibility. But venturing into entrepreneurship is also considered risky.
Here are five ways to become a better business owner and bring consistent improvements to your business.
1. Draw Up A Formal Business Plan
A business plan is the most important document every business owner should get. Without a business plan, your venture would be like a ship without a compass being steered through rocky waters, even with luck on your side, you are doomed to sink sooner or later.
If you have begun your business without a plan and all seems rosy, just know that it will only take a while before the storm comes knocking on your sails and without a plan it is quite easy to lose your direction.
To become a better business owner, draw up a business plan to give you a sense of direction and help you identify issues with your idea. A business plan should show the product or service you offer, the costs involved, your funding needs, your competitors, potential customers and market opportunities. Even if you have an existing business plan it is important to review it often. Do not let your dreams hang on a rigid plan. Be flexible. Allow room for little changes, which would not affect your focus and goal.
With a business plan which is regularly reviewed, you can seek out investors, partners, and apply for seed funds or grants which may push your venture to a whole next level.
Even though a business plan is very important it should be drawn only after a feasibility study and a SWOT analysis have been carried out.
2. Find The Right Partners And Investors:
Many established businesses have reliable partners. Having the right partners in your business reduces the workload of the business, having nonchalant partners double the problems facing your venture. You will spend most of your day and a huge chunk of your nights with your partners and if you settle for someone whom you can’t stand then your venture already has a recipe for failure. It is therefore important that while searching for a partner you find someone who understands you and compliments you for your deficiencies.
Finding the right investors for your venture is also as relevant as finding a partner. Seek out investors who would not try to either control your business with his funding or influence all decisions you make. The investor should give you some leeway to making your marks, decisions and little errors while working on your venture.
It is therefore crucial to network and has your elevator pitch ready to go anytime any day.
3. Know Your Customers
“Customer is king”, of course, you must have heard this before. The king influences his kingdom and your business is the kingdom of the customer and not your kingdom. So you must take into serious consideration, information obtained from customer feedback. Create a link for your customer to have access to you, listen to their complaints or recommendations, draw conclusions and make decisions from these.
As the owner of the business, you must not swallow the hook line and sinker of the data or information obtained from the customer. Rather determine its validity by putting yourself in the shoes of the customer who is making the complaint or giving the recommendation and see how your venture can improve on what you have already got running.
Know your customer- engage them, obtain data or information, draw conclusions based on the data obtained, make decisions based on your conclusions and take action that will be both beneficial to your venture and is satisfactory to your customers.
4. Market Your Products Properly
Marketing has been one of the major strongholds of successful businesses since ancient times. Knowing when and where to advertise your products or service is a huge plus for your venture. Determine if your products draw more customers during a particular season and make plans to go all out once that season approaches. Determine if your marketing strategy will involve traditional media or new media. Leverage the internet to publicize your products or services.
Even though marketing through the media and other sources might be a great idea, marketing your venture yourself takes it to a whole new level. Hold your 15-sec elevator pitch close to your heart and be ready to go off at any moment. Inform friends and family of the strengths of your venture. Blow your trumpet if you have to, but never falsify details about your service or your product- that would just result in shooting yourself in the foot.
Get your employees involved in speaking positively about your products and service to their friends or family and gradually your business will blossom.
5. Delegate Tasks To Employees
As an entrepreneur and an employer, you have to be able to trust your employees with delicate tasks. Assign tasks and motivate your team. Let them see the benefits of completing the task perfectly. Give incentives and celebrate your staff. Let them dream your dream.
To become a better entrepreneur you will need a very good workforce who is well versed in the activities within your business. Employ trustworthy personnel; treat them fairly and with kindness. Use the carrot and stick approach, celebrate with them, make them feel at home while working for you but never let any staff get away with breaches in rules, regulations or work ethics. Do not get over-familiar with your employees, always let them know who is boss but also let them know and believe that their hope lies within your enterprise.
By delegating tasks to employees, you will have more time on your hands to do other stuff which will be beneficial for your business.