6 rules that will ensure business success at your company’s next birthday
Last month I congratulated the UK Start-up magazine Disrupts on hitting it’s 1st birthday. — great news. I find that birthdays are a really good time to reflect, to look back, to capture learnings and to start to plan towards future success.
Reflecting back over my first 2 years as an entrepreneur, I personally have learnt some key lessons. Please find listed below, my 6 key tips to success as your own boss:
- Have a daily routine and stick to it….
Having a daily routine is very important. For me, my daily routine ensures that I always spend time doing the right things at the right time everyday. Do you have a certain time of the day when you read emails, look on Twitter, check the bank balance – maybe you do, maybe you don’t, maybe you should?
- Remove your foot from the pedal
Nothing is more addictive than running your own business – there is always something to do, someone to talk to, a deal to agree. This can be very challenging (and great fun), but it is very important to take time out from these daily presuures – you can’t keep your foot on the pedal all of the time – this isn’t good for you (or your business)
- Talk to other people
Having spent all of my career in the corporate world, I love the freedom and autonomy that you get from being your own boss. However, I quickly realised that I can’t do everything on my own. It is important to talk to other people and to start to build your own strong support system. A strong network is invaluable and should be worked on on a daily basis.
- Have more than one basket
You should always look for new revenue streams for your business, never have all of your eggs in one basket – market conditions change and subsequently so does demand. It is crucial to have multiple revenue streams (some big, some small), so that when these market changes occur your business can still continue to bring in money (cash flow) while you adjust to the change.
- Get the basics sorted
By basics I mean, getting your financial records in order, paying the taxman, sorting out your weekly receipts and expenses. Although not the most exciting thing about being an entrepreneur, these tasks have to be done at some point and generally if you leave it to the last minute, it can all get very stressful, take up a lot of time and potentially harm the health of your business? As the old saying goes ‘don’t put off until tomorrow what you can do today’.
- Unique x 2
Unlike the corporate world, most entrepreneurs see themselves as unique, there is no ‘follow the sheep’ mentality in play. However, it is crucial that you are unique to a unique type of customer. Every business needs to be really clear as to who their target (unique) audience is. If you try and be everything to everyone, you quickly mean nothing to anyone. It is crucial to offer a unique service to a unique customer.
I appreciate that the above tips aren’t ‘hot off the press’ and 100% original, but some rules and tips do stand the test of time. Over the last 2 years I have met many start-ups who have struggled (and in some cases gone under) because they have ignored one or many of the above – please, don’t become one of those stats of the future.