The most common failure in business is running out of money. This is a risk for even the massive corporations. Think about how many big brands over the years you have known to go bust. If there is a potential problem with your finances, fix it fast.
Accept that you could be the problem
90% of all business problems are management problems. Although it is possible to have an employee that isn’t pulling his or her weight remember that you are the one orchestrating the entire operation. The way you conduct yourself and the decisions you make for the business and the staff has a huge effect on every single employee. It will be better for your business is you can realise early that the problem will probably be related to you in some way and will rely on a change from you to solve it.
Give credit where credit is due
This is a huge problem in companies big and small. The cost of losing your best employee is high. However managers time and time again don’t bother to show their top performers how much they are appreciated. Give rewards and recognition to those who deserve it. Not only will it encourage them to continue working for you it will motivate others to step up their game.
Learn to use YES and NO
These two short words are some of the most powerful words in all languages. By using them directly you are showing decisiveness. This means you need to learn to make big decisions in order to use these words. Be clear on what your company is about. This will give you the power to say yes and no accordingly.
Listen to your clients and customers
A strong customer support base is the key to success in any business. Also customer feedback is critical to development. Listen to what your clients and customers have to say.
Trust your instincts
This is a commonly used phrase however too often are business owners saying they knew something was a bad idea. Your gut instinct is an extremely valuable decision making tool. Even if you don’t want to say “no” in the first instance at least use your instincts to delay a decision. If something feels off it probably is. Learn to recognise that and don’t be afraid to say no.
Run your business like a business
Far too many small start-ups use their business as an extension of their own personal finances. Do not make this mistake. Use your business profits for business development only, except if you have budgeted to give yourself a salary.
Admit when you don’t know something
Humility is an honourable trait to have, especially if you are a leader. It is sad but true that there are many failed businesses out there behind which are incompetent business leaders who couldn’t admit that they needed help or that they didn’t know all the answers. Every day is a learning day for everyone, it is delusional to think otherwise.