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How to Run a Successful Business in 3 Easy Steps

Running a business is not something that suits everyone. But, you are able to cultivate and nurture certain characteristics that will help you along the way to success. We’ve compiled a shortlist of some of the key characteristics you should develop if you wish to run a successful business. Let’s jump right in.

Wrap Your Head Around Finances

Knowing what is happening in the background is very important to a company’s success. You should understand financial principles and keep abreast of what is happening in the finance industry if you want to stay in the race.

Practice the Concept of Leverage

Learn to see business opportunities where others won’t necessarily see it, and leverage them. If you are alert and aware there is money to be made where others simply could not see the opportunity. Networking and staying in touch with prospective partners is key to this concept as this will open up a whole new world of possibilities.

Become a Great Leader

If you want support from others, there is no better way to get it than to be a fantastic motivator and leader. The art of getting others excited about your ideas and committing to achieving the same goals you put out to achieve will go a long way. Great leaders also pull their weight and work with others to achieve a common goal. Don’t fall into the trap of sitting back and expecting others to put in the hours if you’re not pulling any weight.

Running a business is a full-time job. But don’t allow it to interfere with spending time on other things that you love. Living a balanced and healthy life will play a role in your business endeavors. Make time for family and friends and activities that you are passionate about, whether it is scrapbooking or hiking.

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Crunching Numbers: 3 Financial Tips for Entrepreneurs

Often overlooked, finances is the heart that keeps the business pumping and working. If left neglected, you may regret it. But what financial aspects should newbie entrepreneurs be aware of when starting out their first business? We’ve come up with three important aspects to share with you.

Time = Money

When you become a business owner, you’ll soon realize that the saying time is money is so accurate, it’s quite scary. Whatever time you spend on eating lunch or checking Facebook is literally money in the water. Every minute spent on something other than your business is time and money not generated.

Your Main Priority is To Get More Clients

Your clients are your bread and butter and pay the bills. If you are not paying any attention to growing your client base, your income may dwindle and the business may ultimately fail. Invest in getting marketers to run awareness and conversion campaigns to ensure you stay in the loop of information shared online. Remember, the more work, the more money, the more successful the company.

Know What You Want to Achieve Financially

If you do not have any clear idea of what you want to (or have to) achieve in one day’s time, you may find it very difficult to keep track of your business overall financial performance. Set up daily, weekly and monthly goals and see to it that you meet it. Without any clear financial goals, there is no way of knowing whether the business is a blazing success or a complete fail.

If you are not savvy in the finances side of things, hire an accountant who will be able to assist you every step of the way. We hope that you’ve found this article helpful and we wish you all the best in your business endeavors!

5 Tips For Budding Entrepreneurs to Implement Straight Away

Still thinking about starting your own business but not ready to take the plunge? Maybe you have started out but you feel overwhelmed with everything you need to get done. Running your own business is a rewarding experience. It can also be very trying if you are trying to find your feet. Let’s take a look at 5 tips that should help you out from the get-go.

  

1. Identify Your Product and Business Goals

Without a strong product and company goals, you might as well do door-to-door sales or infomercials. If you are providing a service, stipulate your business goals and know your ideal customer. If you are selling a specific product, know what you wish to accomplish within a certain timeframe and who would more than likely benefit from buying your product.

2. Develop a Unique Brand Image

Be sure that your prospective buyers or clients will be able to identify you. In a nutshell, stand out from the crowd. We’re not saying you should be controversial or that your logo should be neon pink, but just be sure that you have a clear brand image that resonates with your product and clientele. Pro-tip:  even though a lot of us think we can draw and you do get very handy design apps, we advise to hire professional designers to develop and design your brand’s identity.

3. Market Yourself Effectively

Be everywhere your client base is. Marketing effectively is a full-time gig, and most startup owners do not have the time or the know-how to get themselves out there. Having a professional marketing strategy should help you on your way to being successful. Marketing agencies can be costly, but hiring a professional marketer should make all the difference in putting you on the map. Pro-tip have a presence online, have a user-friendly website and a presence on social media channels that are relevant to your industry.

4. Charge Clients Up-Front

Never feel bad about insisting on a deposit on goods or services delivered – if you want to be taken seriously, you have to be comfortable with the fact that you need to charge clients up-front. This one is twofold as it is the best way of keeping the business’ cash flow going, and you avoid providing services or delivering products to a client who may or may not pay.

5. Learn From Your Mistakes

Or rather, get up after being knocked down. The seasoned entrepreneur will tell you that the best advice to give is to learn from your mistakes. If you have a bad experience working with a certain type of client, avoid working with similar clients again. If you hired a person that let you down, identify the personality traits and avoid hiring another person with those traits. Being a business owner is a fulfilling but trying job, and learning plays a big part in making a success of it.

These tips just scratch the surface of things to keep in mind before starting your own business. Can you add more tips for newbies to our list? Share them in the comment section below.