This article talks about the tips for small business owners. Here you will find advice from successful business owners like how to adapt to adversaries, getting a Contract Management System, and delegation.
Running a business is challenging. It can be frustrating for business owners to know just how complicated running a business is. Contrary to popular belief, it is not easy as just setting up your business and waiting for it to be successful. We are all too familiar with the success stories of the CEOs of multi-billion global companies. Mark Zuckerberg, Bill Gates, and Steve Jobs are just some household names that have inspired many due to their unprecedented stories of success.
Their tales of triumph would always begin with, “It all started with a dream.” Blah blah blah. I am sure that you have heard of all those cliched stuff that makes for a great inspirational story. However, what they do not tell is that it is not a black-and-white story. There are multiple factors that affected their success.
Here we have compiled a list of advice from business owners that have achieved success. Take note that there is no perfect formula and these are just advice that majorly helped these companies.
Set a Clear Mission and Vision Statement
Before you set forth with creating your company, one important thing that you have to do is to set a clear mission and vision statement. The vision and mission statements of a company has a lot of uses. The purpose of your organization and its future endeavours are all dependent on the goals that you’ve set.
First of all, it will provide you with the purpose that your company will need when it faces adversary. Your Mission and Vision statement would also play a crucial role for your decision making.
As a business owner, your main task will be to make the big decisions. Use your Mission and Vision statement to help you decide which avenue to take. Always ask yourself as to which action would help you accomplish your goal better.
Research Existing Competition
Go around your local area and check whether you have any competition. Take note of what they are doing and ensure that you do something better. There is nothing wrong with getting ideas from your competition as long as you don’t exactly plagiarise their tactics. Just get the general gist and tweak it to your advantage.
Most of the companies in the Fortune 500 list achieved their success because their products/services were able to fill a void in the market. They re-invented the wheel so to speak. You don’t necessarily have to come up with an entirely new and original idea. You can take existing ideas and then give it a dash of creativity.
One thing that you have to know is that the market is very volatile. It will experience a lot of changes. You don’t necessarily have to keep up with all of the shifts but you do have to know how to adapt to these market changes.
Perhaps the best example of this would be Blockbuster and Netflix. Blockbuster used to be a mega-company that dominated the Video Rental agency. For a small fee, you can watch any video that you want. It was the norm for anyone to pass by a Blockbuster store to borrow a film to watch for that night. However, the rise of popularity of the Internet and streaming sites spelt out its demise. Without adapting to the market, it has become a warning sign to businesses that adaptability is key to staying on top.
Netflix, on the other hand, went the other way of Blockbuster by changing its business format and became a streaming site. Today, the annual gross income of Netflix is a whopping 16 Billion Dollars.
Invest In A Contract Management Software
You need organization in your life. No matter how small or huge your business is, you need to organize your systems. One important aspect that you have to take care of are your contracts. It is an important asset for your company.
When you have a Contract Management Software in place, you will have a full visual of your contracts and their performance. This means that you will most likely have a better grasp of how to manage your company. It will also allow you to mitigate the risks that you might otherwise take.
Learn To Delegate
You can’t do it on your own. You need to trust your employees with some of the key processes of your company. One mistake that new business owners often make is that they do not give specific tasks to each person which leads to chaos and miscommunication. Having a proper organizational structure will allow you to improve the accountability of everyone in the office. You will also be able to pinpoint any non-performing members of your organization and make the appropriate action.