If running a business were easy, everyone would do it.
The truth is, keeping a company afloat requires a lot of business savvy and even more tenacity.
Many business owners learn the hard way what kind of habits it takes to help a company reach its full potential. Thankfully, you have the option of bypassing the school of hard knocks by consulting this list. Here are 10 habits most savvy business owners have in common.
They Manage Costs
The way you manage your costs can make or break your business. So you should continuously evaluate and reevaluate the way you allocate finances. Use a critical eye to look at such things as the vendors and resources you use to ensure you’re getting the biggest bang for your buck. In instances where costs are too high, you can do such things negotiate with your suppliers to get better deals, change vendors altogether, reallocate resources or scale back on manpower.
They Set Goals
If continued growth is something you want to accomplish, it’s important to have a vision of what you want your brand, product and culture to look like in both the short and long term. Creating goals keeps you on track and helps position your business for growth and profitability. Since goals are not etched in stone, you can change them on a monthly or weekly basis.
They Stay Organized
The daily grind of running a business can leave you scattered and overwhelmed. Regardless of the challenges, staying organized is essential if you want to be taken seriously by clients, employees and others in the industry.
When you are unorganized, it can interfere with your ability to keep track of schedules, meetings and deadlines. This can easily earn you a reputation for being flaky, unreliable and unprofessional. Once you’re tagged in this light, it will be difficult to earn your credibility back.
They Listen to Advice
No matter how smart you are, you don’t know everything. If someone is offering you advice, it won’t hurt to listen to it.
If the advice is useful, weigh the pros and cons and then consider whether you should take it or not.
Advice doesn’t have to be from other business peers. It could also come from their employees. It’s whether or not they will listen to their employees or move forward with their advice. Thankfully, there are some great tools out there to help monitor the pulse and advice that come from your employees.
They Follow a Code of Ethics
As a company owner, it’s smart to conduct yourself with honesty and integrity at all times. Anything less can cost you your credibility and cause you to lose the trust of your consumers and your business connections. Once you garner a reputation as a shoddy business person, your clients will never buy from you again.
They Respect Their Employees
Your employees are not replaceable cogs on a wheel, and they should not be treated as such. While you want to be firm with your policies and maintain uniformity, don’t go overboard with unnecessary stringency. For instance, using your policies to ban the color purple in the office is overkill. Treat workers with the dignity and respect they deserve, and they will reward you with their loyalty.
They Make Decisions
Being indecisive about such things as purchases, company practices, directional choices, investments, and other things that factor into running a small company can negatively impact your business over time. Don’t let being afraid of making bad choices keep you from making decisions about your business. Trust that you are an expert at what you do and use a combination of facts, resources and guts to make the best decision possible.
They Put Their Health First
In order to keep your mind sharp and have the kind of energy you need to stay on top of your business, you need to remain healthy. Instead of grabbing fast food and donuts because they’re convenient, take the time to prepare meals that are nutrient-dense and low in saturated fat. Also, try to get at least 30 to 60 minutes of moderate exercise per day. If you spend a lot of time in your office, find ways get your workouts done there. You might consider taking several breaks throughout the day to run in place or do jumping jacks.
They Have a Life Outside of Work
While your business is an important, it should not be your entire life. All work and no play can cause you to crash and burn. Take a few hours each week to give your mind some relief from the pressures of work by spending time with your family and friends, or engaging in hobbies you find pleasurable.
Running a small business requires you to do more than just place an “open” sign on the door. If you want to position your company for success, you must acquire the above habits to foster growth, and to help customers and peers see you in the best light.