One of the most surprising business-related statistics is the fact that 80% of entrepreneurs fail within the first two years. As somebody who has been part of a company from its conception, I have been through a tumultuous journey, and on this journey I have become wiser and more receptive to the challenges that have been thrown at me. Here are some of the pearls of wisdom I can offer to ensure that your business has a greater chance of success within the first two most difficult years…
Keep track of everything:
Every single payment, measurement, conversation and email sent needs to be kept track of and well documented. Organization within a workplace can be the key to its success. If you create written systems for everything, then you will most certainly see the benefit. A great way to maintain a level of consistency and organization is to make sure that you ingrain these systems into every fibre of your business and train your employees accordingly. Be sure to make your daily decisions and set your targets and expectations based on the data you collect, whether that is based on figures, inquiries or anything else related to your industry. Although this may seem like a really obvious thing to do, as a business owner there are a million tasks that can easily shift your focus and making decisions based on advice or hunches can often be tempting.
Hire smart and don’t micromanage:
A great business owner will tell you that your employees make your business. Their success is your company’s success, and their failures are your company’s failures. Only welcome people through the door if they share the same passion as yourself. The hiring process is an excellent time to gauge the strengths and weaknesses of a person, so be sure to really get a feel for how the person thinks and feels before bringing them on board – however tempting it may be, never ever fall into the trap of making quick hires!
If you recognize the strengths of your employees and delegate effectively, then then success will follow. Don’t fall into the trap of micromanagement as this can demotivate your employees and distract you from other tasks within the business. Use incentive-based reward systems to motivate and inspire your employees and ensure that you have proper training procedures in place to get maximum results.
Don’t be stubborn:
A successful business owner is versatile and receptive to change. Never marry yourself to your business plan, as markets change, industries change and in order to stay relevant, you must change with them. Don’t let your ego get in the way of your businesses success, if your plan isn’t working then take a step back and explore other avenues to take. Remember, that every day is an opportunity to learn more about your industry and about how the world works, so be receptive to change and open to advice.
Alice Porter is a business writer for Roger Hannah, she is passionate about sharing her knowledge with like-minded professionals and new business owners.