Every business owner knows that maintaining a successful business is no easy endeavor. Business owners also know that the feelings of accomplishment and pride that come with owning and running your own business are unparalleled. With an entrepreneurial spirit making its way through the globe since the Covid-19 Pandemic, self employment has reached an all-time high as people continue to crave autonomy and unlimited growth opportunities.
The idea of owning your own business sounds great to many, but thinking of ideas is easy - execution is the hard part. That’s why it’s important to have a few non-negotiables in your business journey: 1. Never stop networking and meeting new people, 2. Be a great leader. 3. Implement effective systems and processes that are always adapting, 4. Hire a worthy team, 5. Plan for the future. Businesses who use tools such as these can grow tremendously and achieve great success.
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Networking
The success of your organization is heavily reliant on an important aspect: networking. Meeting new business owners and cultivating genuine connections is a key growth factor for any business. Connecting with valuable partners, advisors, and clients should be part of your daily and weekly activities. Putting in the hours at local networking events, meeting new people at coffee shops, and joining your local chamber of commerce can yield great results in regards to your growth. Networking also includes using social media channels like LinkedIn, Instagram, and Facebook to build an online community of potential customers, share industry knowledge, and stay relevant.
Leading Your Team
Business owners should always grow and nurture their leadership skills. No matter the size of the team, every employee deserves a good leader. Taking the time to listen to your employees, making sure they are supported in their roles, and ensuring the systems and processes you have set up for them actually work are all important aspects of good leadership.
Leading employees and training them to be future leaders is vital to the company’s success. Replacing any one employee can be a large time and monetary investment. It’s important that employees are regularly trained in leadership and other team roles to fill the gaps when someone is out sick or you are gone. Training employees and trusting their judgment promotes a sense of trust and security, and helps you to know they will take care of the business, even when you’re not there. With the help of Transworld Indiana, team members who are trained to be leaders will be the ones to help make your someday exit transition a smooth one.
Taking Time Off
It can feel impossible to stop thinking about the never ending to do lists and explosive ideas you have as a business owner, but it’s important to remember that part of being a good leader is leading by example. Show your employees what it looks like to enjoy their weekends. Model what it means to leave their turn off their work brain until Monday. Taking time off is not only important for you as an owner, but for your employees as well.
Passion is one of the strongest feelings on earth, but taking on too many projects can damage anyone’s ego. Think of your business in the long term and only take on projects you can handle. You have a lifetime to expand your skills and create new project partnerships. It’s important that you and your team are not constantly overworked and overwhelmed. Finding a good work life balance as a business owner is critical for you and your employees. Burnout doesn’t suit anyone and can seriously inhibit your company’s growth, and even possibly your exit plan. Taking the time to properly recharge and spend time with loved ones must be a priority in your busy life. In turn, you will find your business more rewarding, and your connections with the people in your life stronger.
Planning Ahead
Preparing for the future means a lot of things for your business. Investing in long-term employees who are dedicated to growth, financially preparing months you might be in the red, and giving yourself the opportunity to grow and improve personally and professionally. Good business owners know that there is always learning to do, and it’s important to build a network of professionals around you who can give advice and be a sounding board for ideas and issues. Picking a professional mentor, continuing your education through courses or degrees, and innovating new solutions sets you apart from others in your field or niche.
It might be hard to think about when you’re first starting, but a crucial piece of planning ahead is having an exit strategy for your business. Having an exit strategy will help relieve any uncertainty you may have about what will happen to your business when you no longer can, or want to, manage it. As your business grows, it’s important to employ specialty advisors to help guide you in the right direction. When it’s time to sell your business, Transworld Indiana Business Advisors are here.
Business owners have a lot on their shoulders, but if they lean on their people, utilize networking opportunities, invest in leadership, and remember to take care of themselves, success will come - and we’ll be here every step of the way!
Thinking about selling your business? We're looking forward to hearing from you.
