Healthy Business Practices for Entrepreneurs
Healthy Business Practices for Entrepreneurs Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference. -Robert Frost Starting your own business can be like having a baby — a very important life decision that might not always be a rational one. 9 months into your 9-5 insipid job and you might decide to take the proverbial exit from the freeway, onto the smaller more challenging road less travelled. But it’s not always smooth sailing. Akin to raising a baby, your business is bound to give you many sleepless nights, demanding all your attention and testing your resolve at every stage. Persevere, and you shall be rewarded. While watching your business take its first steps towards success will fill your heart with joy, there are a few steps you must take in order to witness this. Here are a few healthy business practices every small business owner must practice — 1. Assess your product — as a businessman, one must always strive to deliver products/services of the highest quality. You need to ask yourself several questions before starting your business — will my product fulfil consumers’ needs? Is there a market for the product/service I’m delivering? Is the pricing right? A thorough SWOT analysis of your product will shed light upon different aspects of your product, and will help you identify key strengths and weaknesses, and how they can be overcome. 2. Gauge the market and your competitors — the business environment can be like a warzone, you often don’t have complete control, and your fate depends on the exterior environment, your enemies, and your comrades. There can be landmines everywhere, so one must tread with utmost caution, or result going kaput. It is thus imperative for a businessman to have adequate knowledge about the market his product/service exists in and the competitors in that market. This knowledge is indispensable for a businessman. It serves as a crucial decision-making factor in charting the growth route of a business. The product/service should be strong enough to be able to withstand blitzkrieg marketing campaigns by competitors. 3. Evaluate yourself — a successful small business owner always monitors the value of his
business. The value of a business plays a fundamental role in making future business decisions
and financial planning, especially when matters such as the sale of your business or an insurance evaluation are at hand. 4.Transparency — make sure to keep a record of all financial transactions undertaken by and for the business. In an environment where fraud and lawsuits are rampant, being transparent will add credibility to your business, and create a favourable perception in the minds of the consumers. Maintain the transparency of your business like a ruby smitten by the Sun, and it’ll go a long way in adding goodwill to your business, ultimately leading to a gradual increase in equity. 5. Set realistic expectations — don’t expect to go win 8 Olympic golds like Phelps in 2008 in the nascent stages of your business; it’s important to set expectations that are reasonable and achievable. Don’t trudge into waters deeper than you can survive in. Typically, you should give about 12 months before starting to see a customer bring more value to your business than how much it cost you on-board that one customer. It’s essential to take an as much as you can handle, and no more. If not the case, you might end up compromising on the quality of your product/service, and this can have a detrimental effect on the credibility of your business. While starting a business is a path many people have chosen to tread in recent times, sustaining it and maintaining its viability are the biggest hurdles. The aforementioned business practices will help you take obstacles head on, and lead to a win in this ultra-marathon.
Disclosure The information contained in this article is general in nature and is not legal, tax or financial advice. Investment Services offered through Knox Capital Advisors LLC. Insurance Services offered through Knox Capital Insurance LLC. Investing in equities can result in loss of principle. Past performance does not guarantee future results. In specific cases, clients should consult their legal, accounting, tax or financial advisor. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice that you need.
business. The value of a business plays a fundamental role in making future business decisions
and financial planning, especially when matters such as the sale of your business or an insurance evaluation are at hand. 4.Transparency — make sure to keep a record of all financial transactions undertaken by and for the business. In an environment where fraud and lawsuits are rampant, being transparent will add credibility to your business, and create a favourable perception in the minds of the consumers. Maintain the transparency of your business like a ruby smitten by the Sun, and it’ll go a long way in adding goodwill to your business, ultimately leading to a gradual increase in equity. 5. Set realistic expectations — don’t expect to go win 8 Olympic golds like Phelps in 2008 in the nascent stages of your business; it’s important to set expectations that are reasonable and achievable. Don’t trudge into waters deeper than you can survive in. Typically, you should give about 12 months before starting to see a customer bring more value to your business than how much it cost you on-board that one customer. It’s essential to take an as much as you can handle, and no more. If not the case, you might end up compromising on the quality of your product/service, and this can have a detrimental effect on the credibility of your business. While starting a business is a path many people have chosen to tread in recent times, sustaining it and maintaining its viability are the biggest hurdles. The aforementioned business practices will help you take obstacles head on, and lead to a win in this ultra-marathon.
Disclosure The information contained in this article is general in nature and is not legal, tax or financial advice. Investment Services offered through Knox Capital Advisors LLC. Insurance Services offered through Knox Capital Insurance LLC. Investing in equities can result in loss of principle. Past performance does not guarantee future results. In specific cases, clients should consult their legal, accounting, tax or financial advisor. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice that you need.
