It takes more than desire to run a successful business — it also takes strategy, perseverance, and the ability to recover from setbacks. Establishing good habits now can help you achieve the success you desire for the coming year and beyond. Here are a few tips to get you started.
Practice Self-Care and Stress Management
As a small business owner, your main priority is likely income. After all, you are responsible for your familys well-being and that of your employees. However, working through the night and continually trying to bear the burden of your entire business can take a toll. Success magazines Karima Mariama-Arthur sums this idea up quite nicely by stating, Work without play is a recipe for burnout. In other words, you have to take some time out for yourself and step away from the demands of leadership if you want to be more effective.
Self-care and stress management go hand-in-hand, so start by figuring out what keeps your cortisone levels turned to 10. This could be anything from chronically late suppliers to uncertainty about the economy as a whole. Once you know — and are truly honest with yourself about — what bothers you, look for coping strategies to help you get through the worst of times. A few of these include breathing intentionally, taking time out for exercise, and saying no to projects that put a strain on your mental health.
Taking care of yourself will lead to a better work/life balance, which is, according to at least one Forbes contributor, critical to your success.
Manage Money Matters
If your business is in an upward swing and you think youre ready to expand, dont grab your checkbook until you know the best path for growth. Make a point to continually evaluate your financial status so that you can make the most advantageous decision when it comes to funding future endeavors. If you need to buy new equipment, for example, a small business loan may be a better option than draining your savings. You can pay over time without touching the cash reserves you may need in case of a professional or personal financial emergency.
The decision to apply for a business loan is not one to be made lightly. Be responsible by researching the products available so that you can be better aware of your loans exact terms, including prepayment penalties and interest rate. Interest rates vary from loan to loan and are dependent on many factors, including your credit history and loan purpose.
Be Consistent in All Areas
You may be the most experienced person in your industry and have the best products and services available. However, if your customers cannot count on you to be there when they need you, they will look elsewhere. Consistency is essential for financial success. This means you must pay attention to quality in all areas.
Just as important as what you are selling or the service you provide is who you have on your side to help you do it. Good employees are an asset, so take the time to hire the right people, not just people you like or who are readily available. Your employees can help ensure your business runs smoothly 100 percent of the time. You should also streamline operational processes when possible. By maintaining a continuous workflow, you simplify your business, which allows you to shift manpower and other resources to areas where they are needed most.
Perhaps most importantly, make a habit of turning your failures into learning opportunities. Remember, some of the most well-known names in business, including Walt Disney and Vera Wang, had to deal with bumps and bruises on the road to success.