As our Executive Chair Ruth Lowbridge says, there’s no job description for being a good business owner. To help you navigate the role successfully, here are her Top Ten Tips, gathered over two decades of business leadership.
1 Be yourself
You will have your own style of ‘doing business’ so don’t be put off just because it’s different to the way others do it. Give in to your gut feelings and don’t be afraid to use your instinct
2 Keep an eye on the money
Whatever business you’re in, you need to make sure that the money coming in exceeds the money going out.
3 Balance opportunity with risk
Don’t do anything that will compromise your relationships, brand or credibility. If it doesn’t feel right then it probably isn’t!
4 Check the legals
…and document all agreements, however small and unimportant you think they are.
5 Find ways of recognising the input of the people around you
Make them feel an important part of your business. This applies to staff, customers and family.
6 Respond to requests in a timely manner
…and always do what you say you are going to do.
7 Be prepared
Do your research and keep up to date with what your competitors and customers are up to.
8 Don’t respond too quickly to those wanting to ‘sell’ to you
The most attractive purchase is not always the best for your business. Ask yourself:
a. Do you really need it?
b. Is it value for money?
c. Can you easily measure the ‘success’ of your spend?
9 Location, location, location
Be seen in the right places both on and off line. Network well, decide what you want to achieve and check the results.
10 Meet a mentor
Having a business mentor to support you through the highs and lows of running your business will help you to become more confident and more successful.