Best Business Practices

The Best Business Practices - Advice From The Pros

If you’re brand new to the world of entrepreneurialism, you probably don’t know much about where to begin, what to do, or how to handle the problems that frequently plague business owners. New entrepreneurs should consider implementing the best business practices possible, whenever possible. We asked entrepreneurs about  the best, tried and true business practices every company owner should do. Here's what they told us!

  1. Keep a happy staff. An upbeat company is a productive, happy company. It’s a company that will be much more likely to get sales, and will be much more likely to work together happily. Do what you can to engender a happy group of employees, and make it a family atmosphere. You will be amazed at what a difference this can make.
  2. Do not keep around an employee that makes life harder. Some company owners, when they first start out, will end up with a bad hire. Whether it’s due to their ineptitude, their bad attitude, or the fact that the employee just doesn’t fit in, many business owners will feel bad for the guy and keep them on payroll. Don’t. Do. It. This is only going to be a drain on you, your company, and your fellow employees.
  3. Keep things honest and transparent. Do not hide things from your employees or your clients. Make a point of it to allow feedback from both your employees and your clients, and actually listen to it. People respect you and trust you a lot more when you speak your mind, when you’re transparent with them, and when they know that you won’t sugarcoat things.
  4. Document things regularly. It’s amazing what gets lost when you don’t have paperwork that keeps track of everything. Document everything, and you will find yourself to be a lot more organized, responsible, and capable of handling bigger jobs.
  5. Keep your ego in check. A business owner’s ego is often his worst enemy. You are NOT too good to do tasks you hate, nor does owning a business allow you to act like a jerk. Too much ego can kill a business, ruin relationships with people, and also drive you to make very foolish decisions.
  6. Deliver awesome customer service. People will come back if you treat them well and have a good product. If you have a great product but terrible service, you will not stay in business for too long. 
  7. Tell people your expectations. This way, they won’t be confused or have an excuse if they fail to meet them. Technically, this is part of being clear and transparent with your employees, since leaving them to guess what you want will not do anyone any good. 
  8. Have a solid foundation before you start working really hard. You will need to have a strong business plan, a great core group of employees, and a general idea of how you are going to do business on a day-to-day basis before you will be able to see your business be fully operational.
  9. Don't force yourself to do everything. One excellent piece of business advice that we had gotten is to learn to delegate tasks to your employees. After all, you hired them for a reason. If you end up doing all of the work yourself, you will burn out. So, don't force yourself to be the only person who works. 

 

Every business will be different, but the truth is that every business will still need the same things in order to be successful. If you don’t have a working staff, happy customers, and great management skills, it’s nearly impossible to succeed. So, do your best to work to implement good business practices. It may save you a lot of money, time, and tears later on.

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At Capital Key our team simply loves helping our clients get money so they can grow their business! In todays economy it can be very frustrating for a small business owner that has a great business plan and vision, but cannot get the money needed to put everything into action. We help make the process of getting approved for business capital easy and fast.


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