Learning how to run a business can be a daunting task. Everyone has had the dream one time or another, but it can be scary to be on your own and actually do it.
This article is about 5 tips that will help you run a small business. Each one is to be followed but tweaked to fit your particular business.
Let's get to it.
Tip #1: Get A Mission Statement
The first thing you need to do before you actually open for business, is to get a mission statement. A mission statement is a sentence or two about what your business is all about and what it believes in. When trying to figure out how to run a small business, through the good times and the bad, the mission statement gets you through. It is essentially the soul of your business. Without a soul, a business has no meaning, no purpose. Make sure your business has a reason to exist, and selling your product is not it.
Tip #2: Leadership
Businesses have to have leaders. You can't steer a ship without a rudder. You have to be able to tell the ship what direction it needs to go. Leadership can be a tricky thing. Learning how to be a leader is supposedly tough.
Some people believe that you are born with it, and others believe you can be taught. In my experience, it is a bit of both, but the best leaders were not born, they were molded. The importance of leadership in your business is a pillar need. If there is no leadership, the ship will wonder until it breaks down and sinks. A ship with a captain makes it to port.
Tip #3: Business Team
One of the biggest mistakes that young entrepreneurs make is trying to do everything themselves. Because of this, everything that has to be done can only get about half time between each of them. The thing is that you can only do so much. And, more importantly, you are not an expert on everything. A business team is a group of people who you put together with different skills that help different parts of your business.
For example: Bookkeeping, advertising, banking, product distribution, system management, etc. All these things are just a few of the responsibilities you will have as a business owner. With a team of people working with you, you will be able to get all those things done by experts in those fields and you will be able to do something else.
Tip #4: Systems
Business systems are what separate the small fish from the big ones. A system is a group of separate parts all working together to complete one task. The system, when defined, allows the business to repeat the process over and over without having to worry about something different happening. This is very powerful for you. It means that once in place, you can walk away from that aspect of your business and not worry about what is going to happen; You know what will happen.
Tip# 5: Product
I put the product last, because it really is the least important of all the business processes. It is often a misunderstood. Let's say you own a chocolate business call The Best Dark Chocolate, and you start selling chocolate and you are a hit. Then, you hire a new worker to help with the work load and the standard of the chocolate goes down and you lose customers. You may say it is the product that is the problem, but in reality, it is the system for making the chocolate that is the problem.
Don't get me wrong, the product you serve your customers is very important, but it is the system that makes it over and over the right way.
These tips should be a guideline for how to run a small business or any business for that matter. From a hotdog stand to McDonalds, the systems you have in place will dictate how well your business functions.