Mid West Business Journal: 7 Steps To Running A Successful Business

Monday, March 20, 2017

7 Steps To Running A Successful Business

Starting a business is often a labor of love. After long hours and often years of hard work, you may finally obtain your goal of running a successful business. However, as the economy shifts, new industry trends and other factors can bring new challenges to your small business and its success. The following seven steps will help your business remain afloat as new challenges arise:

1. Regulate and obey your business plan.
A business plan is a formal statement of action that explains your goals and how you plan to attain them. Although this plan is primarily used for obtaining initial grants, investor contributions, and other types of start-up funding, it is just as important to keep it updated according to industry trends. If necessary, modify your short- and long-term plan to meet new or unforeseen needs within your industry. This will help you better manage your budget and the way you serve your target demographic.

2. Track all company financials.

Similar to keeping track of inventory, you should meticulously track all the details of your business. This includes new and periodic purchases, staff and their hours worked, salaries, company inventory, and sales. Not only will tracking these details help you when it comes time to file your taxes, but it will also help you compare your overall costs to your company's revenue more clearly.

3. Stay on top of technology.
Technology is widely used today, and it is critical for your business to adapt to the latest changes as they pertain to your customers' needs and interests. For example, technology is a fairly inexpensive way to advertise your business and continue to bring in current and potential customers. This may include maintaining a company blog, using social media, and understanding how traffic is driven to your business

4. Understand current and new industry trends.

Every industry has trends that come and go. While some manage to catch on, other trends may not be appealing to a majority of consumers. Analyzing and embracing the latest trends within your industry is a surefire way to relate to your customers and stay ahead of the game. Keep in mind that not every change will necessarily apply to you, so it is crucial to understand how different trends affect competitors who rely on the same customer base as you.

5. Be open to suggestions.

There are a lot of ways you can improve your business by listening closely to customers, colleagues, staff, and other professionals. Your customers and employees most likely have some creative ideas on how you can improve products, services, or the way you run your business. Openly ask for advice in verbal or written form, as well as through customer newsletters and specialized online forms. If you are unable to comply with suggestions, explain your reasoning to reassure everyone that you are not simply ignoring their feedback. You can then offer alternative ways to meet the expectations of those who provide feedback.

6. Avoid micromanagement.
Starting a small business can be a lot like nurturing a child and watching them grow to be successful. Similar to that of a loving parent, you might unknowingly hover over your business and staff. If your staff is properly trained, they should be able to be successful without you micromanaging their actions. You should be responsible for handling the larger aspects of your business, while placing a healthy amount of trust in the people that work for you.

7. Remain competitive.

All successful businesses have a competitive edge, and whether it is a unique product or service, or the ability to provide exceptional customer service, it keeps them ahead of the competition. It is important to find ways to stay competitive with businesses that provide similar services or products. Use promotional discounts, exclusive services or products, or even customer appreciation events to keep your business relevant and successful within its industry.Starting a successful business requires careful vigilance. Start by following these seven steps, and your business will see continued prosperity and growth.

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8 Business Etiquette Tips Everyone Should Follow

Turn off your gadgets in meetings - My company’s CEO starts every meeting by reminding us to turn our phones face down, close our laptops, and focus only on the meeting. Having the discipline to step away from distractions is refreshing. Of course, this really only works if everyone adheres to it. It’s difficult to make that happen, but when everyone is unplugged and focused, meetings are much more productive.
Arrive on time for meetings — face to face or virtual - If you’re the meeting host, on time means at least five minutes early. If you’re the guest, on time means on time. It’s crazy how often people on both sides of the invitation are late and say nothing about it. If you get held up and know you’re going to be delayed, a quick email can keep the person on the other end from feeling stood up
No nail trimming at work - This wouldn’t be on the list if I hadn’t witnessed it too many times to count. This also goes for toes. I’ve seen that, too, and hardly survived it. Just because most of us work in open work environments doesn’t mean it’s a green light to do things better done in the privacy of your own home/bathroom. When should trimming nails at work happen? It should happen never. While it should be obvious, this also goes for large group meetings as well. Now, I’m not perfect by any stretch of the imagination. Once, one of my nail-trimming coworkers busted me doing my eyebrows at my desk, and she never let me live it down. I deserved it! The same rule applies for flossing at your desk.
When it comes to business meals, bring your manners - I once invited a client to lunch, and the first red flag went up when she brought a coworker that I didn’t invite. The client talked about herself the entire time while the coworker sat in obvious misery. When the client’s plate arrived first, she hovered over her plate and dove in with such intensity I figured she was finishing up a month-long juice fast. Mouth packed with food, she kept on talking while her colleague and I lost our appetites. Several months later, the client asked for a referral. I’ll let you guess if she got it.
Express gratitude. -Thank you notes go a long way. If possible, a handwritten note is best. Check out the custom engraved stationery from Dempsey & Carroll, where they remind you that “the first job starts with a thank you.” Fine stationery is an investment, though. Target has some lovely, affordable boxed sets. If you take the time to follow up, it will get noticed. It will also get noticed if it’s poorly executed. I once saw a note from a candidate that was written on something that looked like a kid’s birthday party invitation. Also, if you prefer a paperless option, make sure your message is concise, thoughtful, and free of misspelled words.
Whether it’s a company-wide function or a team dinner, ask before inviting your significant other. Ask the host/coordinator of the event. Are spouses in or are they out? This is really an all-or-nothing thing. If it’s not been offered to everyone, it’s inconsiderate to assume that the company wants to pay for your spouse. Secondly, if you bring your significant other and nobody else does, talking shop feels awkward to everyone (your guest included), and that’s what business dinners are often about. As a general policy, if spouses/significant others are openly invited, absolutely go for it. If it’s not a group-wide invitation, fly solo.
Don’t say anything in email or instant messaging that you don’t mind being broadcast to your entire organization. Once, I sent a gossipy email intended for a coworker directly to the person I was gossiping about. Ouch. Worse, my email got forwarded around while I wanted to crawl under my desk and die. Watch what you’re saying on instant messaging systems, too. Likely, there are chat logs of what you’re chatting about that are archived somewhere, so if you’re talking about your lady parts or who didn’t wash their hands after going to the bathroom, somebody in IT is probably reading it. No wonder those IT guys say so little and then go to lunch in huge groups — they have a lot of dirt on the rest of us.
Don’t dominate the “Questions” segment in meetings. How many questions should you ask? Frankly, I think one question per big meeting is usually enough; three is the maximum. For smaller meetings, just consider how much air time is available, and try not to dominate. Also, consider if the question has the word “I” in it. Who will benefit from the answer? If it’s just about you, save it and track down the right person after the meeting. There are all kinds of ways to be heard — if you just need to hear the sound of your own voice, start talking to yourself at home while you’re trimming your nails.