13 Basic Rules That Every Business Owner Should Follow

Posted on Dec 9 2013 - 11:31am by Josef Albers

Rules

So you have nurtured a dream of being your own master and are taking steps to manifest it in your life. Entrepreneurship is a huge responsibility and only structured and thoughtful steps can ensure your business to enjoy lucrative results. You can have a glance at some of them mentioned below.

Have a Clear Vision

It is important to envision your business goals. Have a plan in place and know in which direction would you like to steer your business. Do not just work endlessly without having any plan in mind. This will enhance your efficiency and motivation and give you unswerving focus to meet targets.

Dream Big, Start Small

Your very decision of taking up entrepreneurship has proved your desire to rise above the mediocrity of life. So now when you are already out there in field, heed an important tip. Have king size dreams, do not compromise as everything under the sun is impossible. If you put out an intention and act towards it with positive energy it will come true. Period. However take baby steps, one at a time, and aim for excellence in every step. In the end trivial achievements will add up to a milestone.

Efficient Time Management

If you have studied success stories of one of the greatest leaders today, you would realize that they all stressed on managing time well. Chalk out a day plan right in the morning. Prioritize. Eliminate jobs which are useless and eat up your precious hours. Make a schedule that contributes to the business and your productivity. Everything else becomes secondary.

Organized Working Style

This simply means you have to have your things in place. Categorize your job list, keep documents and files in particular sections. If you draw out a paper document for reference, remember to keep it back into the file. Keep a clutter free office and your table for that matter.

Research Your Market Thoroughly

Starting a business without studying market properly can prove to be a blunder. Research your market to see if the products or services which you are about to launch are being rendered by other companies as well. If yes, how can you make your presence felt amongst your competitors. Understand your target audience, what makes them tick and what is a complete turn off for them. Doing a physical market research will prove to be very beneficial in this case.

Understand And Emphasize The USP

It is mandatory to have a Unique Selling Point in your business that makes you stand out. Understand what it is and brush up on it. Highlight the USP of your business and earn maximum brownie points through it.

Respect Money Management

To be realistic, we mostly work in order to earn money and to live the life of our dreams. So it is justified to spend money on your needs and desires. However, curb extravagancy. When cash flows in, respect it and manage it well. Invest small sums of money after consulting experts. Save for the rainy day. Do not buy things which you do not need simply to impress the world.

Swear By Professionalism

Adhering to deadlines and delivering quality services is the key to earn and keep your clientele. One thing which will serve your business in the long run is credibility. Work towards building it.

Hire Efficient And Performance Driven Individuals

Hire employees with a steel trap mind. Have performance targets for them and identify the unproductive ones in the bunch. A motivated and focused lot will contribute to the growth of your organization largely.

Keep A Conducive Environment For Employees

Encourage an open working culture, respect your juniors. From time to time, indulge in small office get together or a mini vacation with your team. Deliver what you promise them. Also, remember that no one works for peanuts, so never under pay them.

Never Indulge In Harsh Comparisons

Knowing what your competitors are up to is an important facet of the game. It subjects you to reality checks from time to time, keeps you on your feet and you can also learn them in a healthy way. However getting into constant comparisons with them and how much success they have earned can be self destructive. It hampers self confidence and sucks away your positive energy. Be confined to your own journey.

Avoid Being A People Pleaser

All leaders and new age spiritual gurus today advise you to learn the magic word NO. When you have a goal to meet, refuse saying yes to anything or anyone that you know will obstruct your work or prey on your time. Be honest to yourself and know what you are doing. If they raise eyebrows, do not bother. Eventually, everyone salutes the successful.

Failure Is Another Side Of The Coin

Every successful person has faced criticism and failures. No big business was ever established without facing hardships. So take heart brave one, just trust yourself, keep working hard and turn all obstacles into opportunities.

Photo Credit: Flickr/Michael Stout

About the Author
Josef Albers

Josef Albers is a blogger for EmpireCarpetCare – oriental rug cleaning reno and in his free time, he likes to research on various business strategies to boost business productivity.