Entrepreneurs do not share a single characteristic; the mindset required to be a leader varies among individuals. Nonetheless, possessing specific qualities and traits can undeniably facilitate the journey towards success for both oneself and others. Heading a company means prioritizing and catering to the needs of customers.
To get ahead of big chain stores, it is a great strategy to display selflessness and wholehearted commitment, which are uncommon traits in today’s large corporations, in your small business’s interactions with clients.
In light of this, let’s examine some actions you can take in order to gain and maintain a favorable reputation, as well as some actions to steer clear of.
Top Dos and Donts In Small Business
Dos In Small Business
1. Have Noble Intentions
From the beginning, prioritize being transparent and honorable in all your actions, eliminating any attempts of manipulating customers or harboring concealed motives. Eventually, any deceitful actions will surface and potentially result in a crisis. If a decision does not benefit everyone involved, including the customer, it is best to avoid pursuing it.
The most successful small business owners are dedicated to eliminating dishonesty, corruption, and unethical practices from their industry, without any hidden intentions. Aim to become the company that customers turn to and feel at ease with, especially after experiencing mistreatment from your competitors, rather than vice versa.
2. Show Your Customers Respect
In order to gain respect within your industry, it is important to earn it. The most successful entrepreneurs show respect to all individuals, regardless of their wealth or social status, without making any judgments. Keeping in mind Franklin D. Roosevelt’s quote, “If you treat people right they will treat you right … ninety percent of the time,” can be helpful when establishing a customer base.
3. Communicate Tactfully
To demonstrate your exemplary character, integrity, and maturity, it is crucial to be conscious of your communication style.
Successful business owners possess the ability to share their expertise, communicate thoughtfully, and know when it is appropriate to speak. They exhibit good manners and possess the skill to interact considerately. Through tactful communication, they demonstrate emotional intelligence, compassion, honesty, and courtesy.
4. Stay Approachable
Congratulations on your business starting to thrive! Just be mindful not to become arrogant or unapproachable, which may cause people to distance themselves from you.
The most successful business owners are not focused on winning a popularity contest or being featured in the local news due to their accomplishments. Instead of being arrogant and boasting about themselves, the best leaders make themselves accessible to others and willingly take on tasks without seeking recognition.
5. Take Risks
In order to truly maximize your business’s potential, it is necessary to take certain calculated risks, even if you choose to keep your doors open. These risks may encompass more than just financial ones, including the option of seeking another loan from the bank.
Don’t hesitate to show your true self and stand up against unjust government regulations or speak out against harmful industry practices that you are aware of. Your customers will appreciate and respect your integrity.
Top Donts In Small Business
6. Wasting People’s Time
Maintaining the same meaning, rephrased text: In line with not becoming arrogant during the process, this is closely related. When you are late for an appointment or a meeting, it implies that your time is more valuable. However, arriving 10 minutes late for a staff meeting that you organized may not seem significant. But that assumption is incorrect! Your behavior towards others, particularly as a leader, in situations where it appears inconsequential, reveals your true character.
7. Assuming
When you pay for a professional service, do not assume that it is being done correctly. Mistakes can occur in accounting, whether due to misunderstandings or neglect, and these mistakes can affect your business.
It is crucial to always be aware of your numbers, and if the figures provided by your accountant do not match your expectations, prompt review is necessary.
When accounting mistakes are made incorrectly, they can result in significant financial consequences. This also applies to any other service provider you utilize. Thoroughly review and verify all vital elements of your business, and always remember that no one has as much concern for your business as you do.
8. Don’t Get Personal!
It is important to keep your business and personal life separate. Despite being a likable person, sharing your personal beliefs and opinions can always have an impact on your business, whether positive or negative. It is advisable to completely refrain from doing so, especially on social media platforms.
When you think logically, make sure to avoid sharing personal information on your business page. It is crucial to acknowledge that your personal page has the potential to impact your business negatively, as people are aware of both your personal and professional life. This can result in undesirable distress for both you and your business.
9. Don’t Expand Too Quickly
If your business is thriving, you might contemplate expansion. However, it is crucial to bear in mind that over 80% of small businesses collapse within the initial five years. Therefore, it is essential not to bind yourself in a severe financial predicament solely based on the success experienced in the first year or two.
When deciding on leases and other business debt, consider the statistics regarding the longevity of businesses. Out of the 100 businesses that start up this year, only 20 will remain after 18 months, and an additional 10 will survive beyond five years.
10. Don’t Hire Friends
Hiring friends or family members can generate avoidable complications in both your professional and personal spheres. Colleagues who are not related or close friends might assume that you would prioritize your relatives or friends if a disagreement arises. Moreover, friends or family members might begin perceiving you in a similar light as your employees do, which could have negative consequences on your relationship.
While there are a few cases in which the bond between an employee and a boss who are friends or family turns out well, it is uncommon. It is advisable to maintain professional boundaries and keep your business relationships strictly professional. Despite any personal fondness you may have for employees, becoming too friendly with them can result in complications.
11. Don’t Believe
Do not assume that your most valuable employee is not the one responsible for stealing from you. Numerous examples have shown that the employee who consistently goes above and beyond for the company is often not the culprit when it comes to workplace theft.
Although it is not implied that you cannot or should not trust your employees, it is important to acknowledge that they are all human and have the potential to make mistakes. These errors have the potential to incur costs for your business.
12. Don’t Stick to Conceptions
The better your business is in terms of being groundbreaking and innovative, the better it is for you as a small business owner. Many small business owners adhere to certain beliefs without any valid reason, which is actually causing more harm than good. For example, do open space offices truly enhance productivity?
Opposing voices are now emerging against the set-in-stone fact that has been unchanged for the past 10 years. The same can be observed in the case of bank loans versus online lenders – there is no compelling reason to remain loyal to traditional and well-established loan facilitators solely because they are familiar.
