Anyone can set up a business, however maintaining a successful business is a lot harder to do. his month, we have Tena Shiels from the Book-keeping Academy sharing her five great tips for any business to thrive.
Tena's knowledge is invaluable and her advise is very attainable for any budding entrepreneur. Let me take you through them one by one.
Step 1: Have Confidence in Yourself
Having confidence in yourself means understanding the value you offer, presenting yourself and communicating effectively. In doing this you can get your business noticed and grow your success. If you are not confident in your abilities, you will get dragged down by fear and self-doubt and your business will suffer. By having confidence in yourself and what you have created you will know that you can achieve your goals and you will be able to overcome and handle any obstacles that get in your way.
Step 2: Set goals
Make sure to set yourself business goals that are not too vague. It is important that you define your end goal and then work on a strategy for how you plan to achieve that goal. You also need to set a deadline as doing this puts your goal into context and gives you a date to work towards and milestones to reach along the way. Once you commit to a goal, stick with it, and see it through until you complete it even if it takes longer than you planned to get there. A great technique for holding yourself accountable for reaching your goals is to involve others who can check in and keep you motivated and spread the word. This technique adds and extra layer of healthy pressure to see your goals through.
Step 3: Accept help from experts
We look up to those who represent the things we aspire to be. That is why when running your business, you should not be afraid to ask for help and advice. Business owners have a different perspective than other professional mentors and can use the experience they have in the business to guide you in the right direction. One of the most important things to take from this is, you should never stop learning and developing your knowledge in the area of your business. Even when you think you know it all, there is more to learn.
Step 4: Be efficient with cash management
Being able to predict short and long term financials in any small firm can be difficult. Uncertainty around cash collection can make the accuracy of planning ahead tricky. That is why efficient cash management is so important as it helps businesses determine whether they are likely to need additional funds in the future. For small businesses it is essential not to have too much cash tied up in inventories. If a business has too much cash on hand it could miss out on big opportunities to invest and generate more income. On the other hand, if a small business does not have an adequate cash supply you could run into problems if cash is needed in an emergency.
Step 5: Recognise small accomplishments
Even small wins in the day to day running of your business can improve your mood and self-esteem. Allowing yourself to celebrate the small milestones when working towards a larger goal can make you see more clearly the progress that you are making. When working towards a big goal, the end can often feel boundless and unreachable. You need to remember that success takes time, you must stay focused, be patient and be proud of what you have achieved so far.