Advice that will help you as a small business owner as you grow.
Everyone wants their business to grow and turn a profit. But, as with everything in life, there are growing pains. As a business owner, you don't have to learn things the hard way; take it from others who have already done it. Here are five key lessons that can save you many headaches if you apply them.
Learn to listen to your gut.
Education, education, education.
Invest in your business and yourself.
Outsourcing tasks.
Have an emergency PR plan.
1. Listen
Your services are not for everyone, and you have to be okay with that. Some deals are too good to be true, and others are there to take advantage of you. The bottom line is, go with your gut. Listen to that small voice when it tells you to go ahead or walk away. Remember the famous Kenny Rogers tune, "You've got to know when to hold 'em, know when to fold 'em."
Someone once said, not all money is good money. Not every deal is meant for you, be willing to walk away. But, conversely, you will know when you need to tender your services - pro-bono. Not everything has to have a price. Be willing to offer your knowledge and know-how to those who will benefit from your expertise. A word to the wise, 'please don't make it a habit or allow yourself to be taken advantage of.'
2. Educate
To succeed in business, you can't just ride on the belief that you are the best at what you do. Every day is a learning opportunity. Invest time in reading every day. Some life lessons are found in books, and others are found in life experiences. Every situation you come across is there to teach you something. Pay attention. Open up your mind to different genres of reading. Don't just focus on what makes you comfortable or what you like reading. Go beyond your comfort zone and seek knowledge that will challenge your thinking, cause you to grow, and shift your thinking to a higher dimension; educating yourself about business and life will always bear fruit.
3. Invest
To lower your stress levels, investing in yourself can mean treating yourself to that manicure, pedicure, massage you've wanted to go. It could also mean setting time aside where you are not working or thinking of work. As business owners or entrepreneurs, we know it's hard, but schedule some free time on your calendar. Clear all distractions and allow yourself to decompress and rejuvenate your soul. Investing in your business can mean attending a conference, taking a class that will level up your business game, or purchasing software that will automate tasks.
4. Outsource
Figure out what you are good at and can do it efficiently; whatever you cannot do, outsource! It means outsourcing mundane tasks that take up so much of your time, allowing you to handle the more critical tasks that will grow your business. I always like to say, "You will either pay in time (doing the task yourself) or in money (paying someone else to do it for you.)." Either way, find out which is more valuable to you as a business owner and follow through. Choose wisely!
5. Plan
"Fail to plan or plan to fail." Emergencies can occur at any time. Do you have an Emergency
Plan in place? For example, if you had to leave your business for a couple of months, can someone else run it for you efficiently while you are away, or will the business crumble?
If a disaster occurs in your business, do you have a plan on how to put out the fire quickly? Do you know your go-to solutions, or will you fly by the seat of your pants? Consider the example of the recent Oscars fiasco; you can see how public relations flew into action in the days right after the Will Smith-Chris Rock scandal. If your business suffered a similar setback, will you survive it?
Comment below on your thoughts about the lessons we have share. For more tips and advice on thriving as a small business owner, please keep checking our blog and follow us on Facebook.