One of the challenging parts of being a business owner is taking a substantial amount of time to make the best decisions for your company. It doesn't always mean that you just flip a coin whenever you need to choose. Weighing the pros and cons is the most effective way to move forward. Being patient while using the right tools and implementing a systematic process are some of the contributors to sustaining a start-up business. Many of us make the mistake of thinking that it has to be perfect by the launch date not knowing that constant running of tests, trial and error, and failures are included in the package. So preparation and consistency will help you armour your business on its way to success. In this episode, Crista Grasso, the creator of both the Lean Out Method and the 90-Day Lean Out Planner, shares tips for leaning out to level up.
Business Tips to Help You Get Ahead of the Competition
It’s important for business owners to understand the ins and outs of operating a business. Read on for some business tips and best practices that you can take advantage of.
Every business must have a strong foundation—from the people you can trust to the website you are planning to build and the marketing efforts you need to keep the business going. And whether you've been running a business for quite some time or you jumped into the world of entrepreneurship just recently, you must learn how to put these elements in place early on. Many questions remain unanswered especially when people and money management are involved. The key to an organisation's success is the relationship among team members and the cash flow management, which could be a challenge for some. In this episode, Jeff Chastain shares how we can make a foundation for the growth of your business.
Turning a small business into something bigger is never easy. Business growth will have a lot to do with budgeting and making sure you understand the cash that's flowing in and flowing out. It sets the path for where you want to go. I think between learning to work on the business to grow your business and working in the business is the differentiator between the business owners that own a job and the people that own an investment. How would you manage the cash flow of your business and what would help it? In this episode, Blair Ann Verrier, a Certified Practising Accountant with over 10 years of experience in the accounting industry, shares valuable tips on planning for growth and how to become a business warrior.
Documenting and establishing a direction for your business is called strategic planning. This is a process of identifying where your business is going. Strategic planning will give you a place to record your mission, vision and long-term goals. The most important part of the process is when your action plans are beginning to be effective to reach your desired result, and this can play a vital role in your business' growth because it will tell you how to best respond to the opportunities and challenges that might come your way. Strategic planning can take some time, but it's definitely beneficial for everyone involved in the organisation. The process can foster an increase in efficiency and productivity, contributing to the success of your business. In this episode, Kathy Bowman Atkins shares her ideas about strategic planning.
“Employees are a company’s greatest asset. They’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel they are an integral part of the company’s mission.”
- Anne M. Mulcahy
Anne Mulcahy was onto something when she wrote this and we can't deny that employees are the backbone of every corporation. It doesn't matter how old the company is or how big its area of operation but what matters most is its exceptional employees who are tirelessly working and offering their service. As time passes employees can tend to become disengaged and careless and don't work at their full employee potential. This is because they don’t feel valued and motivated.
Statistics have shown that every resolution set this year will be about health or money. Deciding to have a fresh start with your money will bring excitement and optimism. If you are a business owner who is currently managing a business and considering to invest your money into something profitable, it's wise to take a good look at the days ahead and consider planning to achieve your goals. Working on your finances might be stressful, but technology will definitely help you with your financial management, so the best thing to do is to keep your system up to date and your finances in perspective. In this episode, Tracey Bissett shares her strategies to help you avoid financial blunders.