The economic landscape has changed drastically since 2008. The dark recession may have lost its bite, but the scars are still seen on the economy, especially with small businesses. Customers are slowly opening up their wallets, but it is very clear that their purchasing decisions and habits have been forever changed. In this environment startup businesses must rethink their priorities and change how they approach challenges if they are going to be successful.
Organization Is Key
Every good business idea must start with a plan that is down in writing. Any plan that is not written down is just an idea. Ideas are great, but plans make money. A good plan lays out the business’ objectives and financial goals. It organizes the things that a new business owner needs to do and when these must be accomplished. In addition to creating an overall plan, successful business owners need a to-do list every single day. This guarantees that none of the essentials of their business are forgotten.
Check Your Ego at the Door
What worked in the past may not work in today’s economic environment. A successful business owner realizes that they need the advice and suggestion of others to help them expand their view on how to accomplish things. Good advisors hold a business owner accountable for what they say they are going to do, help them follow through on their commitments, act as a sounding board, and inspect what the business owner is doing. A successful business is no place for arrogance or for thin-skinned people. Successful businesses are run by those who don’t take things personally and check their ego.
Get Out Of Your Comfort Zone
Business owners who fall into the pattern of not learning something new and just sticking to what they know will often fail. This mentality no longer leads to success. For this reason, many business owners who have experience in the business world have decided to go back to school to get an MBA master of business administration. They realize that the training they receive forces them to get out of their comfort zone and to learn what the latest challenges businesses are facing today. They learn to apply new management techniques, challenge themselves, and improve their business.
Throw Micromanaging out the Window
Many businesses that are run by control freaks fail. This is because one person does not have the time, skill set, or energy to successfully manage everything in their business. A successful business owner realizes that their job is to delegate and then inspect the work that has been done. Part of this delegating includes creating a detailed training manual so that employees know what is required of them.
In the business world, success is anything but guaranteed. However, with a little effort, an open mind, a willingness to learn, and a willingness to set ego aside, creating a successful business is possible.