Never allow this to happen. Accept that you don’t know everything and that you don’t know what you really need to know in your business. With these 15 easy to understand tips, assured to benefit you and your company out of hot water. Some are forthright, others are implausible but they’re all true. And in the future, you’ll be thankful bumping these stuff.
Check your financial status, make sure there is adequate cash stored for the business
Period! Often business flop because of lack of funds. If you feel you are foreseeing a cash flow or liquidity issues in the coming days, waste no time, you need to work on it now. Fix it while it still can be fixed.
You can’t fire bad employees that easy and fast
No, you just can’t! Be sure you know they’re the problem and not you.
It might be you are the problem
During my humbled year as a manager, our company sent us for team building and most inputs we picked was that majority of all the issues were coming from management itself. When things messed up, the first person to be asked is the person right in front of the mirror.
Treasure your stars
This is true to giant and small companies. The cost of losing a star is immense, yet key personnel rarely exert an effort ensuring their top performers being well challenged, sparked and compensated.
Your team is not your kids, your personal assistants, or your sponge.
Using and abusing them that way, giving less value, you bet! You’ll lose them and you’ll regret it!
Learn to say “yes” and “no” a lot
Be firm and consistent, know when to say “yes and “no” and say a lot of them when needed. It calls for being decisive. The significant reason to focus – to be vivid on what your company does – is to be vivid also on all the things that it doesn’t.
Listen to your customers
It intrigues me why some entrepreneurs pay less value to the customers when their inputs and feedback are important factors for a business to succeed. Repeat business is the easiest business to get.
Be guided by these two words: meritocracy and nepotism.
The first involving on how you manage an organization, either through recognizing, giving accolades and 0ffering compensation based on skills and achievement. The second is all about not running an organization and that is through practicing the favoritism scheme and being partial.
Know when and when not to be transparent.
Sometimes a situation calls for you to cover something or to share openly. You must be smart in identifying when and with whom you can do such thing. Transparency is as inimical at sometimes as it is advantageous at others.
Trust your gut.
This phrase is always repeated but hardly understood. It implies that intuition always works and it never fails, it can be a barometer to a decision – making the situation. Most of the time we end up with rregret,“ Why did I not, what if I have done that” The secret here is to know how to reach your intuitions. Be quiet and listen to the silence, you’ll hear something, be sensitive for that.
Be smart or be left out, protect your intellectual property.
Most does not know to differentiate a trademark, copyright, patent and trade secret and this is deangerous. If you are not doing anything to protect your IP, you are wasting your only competitive edge.
Learn to write and understand valid agreements
“Good fences make good neighbors”, this line is true to a business industry. The clearer and effective your business agreements are, the better and harmonious business relationship you will have.
Run your business like a business
There are some entrepreneurs manages their business like a sideline or a just another source to generate some bucks. Not good! Create a right business body separate from personal life
Be aware of all your finances, either internal or external.
If you are not conscious of your cash flow, expenses, capital requirements, profits, debt and tax rate , you will end messy with your business venture . Expect a big trouble!
You don’t know what you don’t know.
Be humble. Humility is a powerful asset of a great leader and that is true for CEOs, business owners, veteran CEO’s of Fortune 500 companies .
Behind a losing business are the incompetent, delusional and dysfunctional leaders. So irony, because until now none of them accept this fact. Sad but make sure you will not end up one.