Over the years, I have worked pretty closely with business owners, and some want to be business owners. People who may make good managers, but what does that really say about them? A monkey could essentially be a manager if trained correctly, but business owners, on the other hand, are a whole other breed.
As an owner, you must eat, sleep, and breathe your company. It must be at the forefront of your mind at all times, whether in day-to-day operations, in improving procedures, or in creative ways to expand. Here are a few traits that may seem like no-brainers when it comes to running your own operation.
5 Things to Keep in Mind for Running a Business
Keep Personal and Professional Feelings Separate
Oh, you’re having a bad day? Leave it at the door or for someone who cares. Sorry for being harsh right out of the gate. Personal feelings should not be brought into the workplace. We are all here to do a job and get things accomplished. Your boss doesn’t care if you got into an argument with your significant other right before you logged in.
This goes for ownership as well. If you are part of a team, it’s unnecessary to fill in your teammates with every little detail about what you have going on. Have a major surgery coming up? That’s all I need to know. How long are you going to be out for, and what slack do I have to pick up? Your coworkers don’t need to know that you’re having a colonoscopy and won’t be able to sit right for some time.
Communication
In every relationship, communication is key! Trust me, I know. This goes for your work relationships as well. Being clear about what you want, need, and expect from your employees is one aspect. If we need Tim to help pick up some slack or get us to the next level, then lean on him if he is your strongest employee. There should be no hesitation to reach out to a person on your payroll to get the job done. Even if he is a contractor or freelancer, we hired you for a reason.
Your employees and peers should be available at your disposal. An owner should not have to wait two weeks to meet or hear from anyone in the company. Are we running a business or watching paint dry? Time is money, so if you need to communicate with workers or fellow management about pressing issues, then get it done!
Avenues of Revenue
Here is the section everyone cares about! How is your business going to make money? How will you monetize your hard work? If you’re not in the business to make money, then why are you doing it? Do you just want to say that you’re a “business owner?” That’s cool! So is everyone else with an LLC. If you aren’t trying to make a profit with your company, all you’re doing is essentially “playing house” and wasting your time.
You know the saying “time is money.” Well, do something about it then. Start doing research on your target audience, selling your product, and finding ways to be profitable. Owners who don’t put a “business plan” together are destined to fail sooner or later.
Pay Your Employees
Oh my God, I can’t believe I actually have to put this on the list, but trust me, it has to be there. Imagine getting hired somewhere and finding out your pay is either being delayed or not coming at all. This is reality for some writing jobs specifically. Writers are supposed to take the word of some sleezy owner, promising pay someday while they get free content? As Hulk Hogan said a few times, “That doesn’t work for me, brother!”
If you can’t afford to pay people for the task that they are doing for you, then hold off on hiring. Do the work yourself until you can pay them. If you are not getting paid, that puts a lot of trust into the owners to do what is right when the time is right. I still have hope that people make ethical business decisions, but in my experience, ethics have been thrown right out the window.
Create a Culture Early
You may be miserable before you even get out of bed because you hate your job. Do you know what helps make a job better? Great management! The management, culture, and morale of the workplace can make any crappy job that much better. That doesn’t mean it’s a free-for-all with no structure. Trust me, I’ve been there too. Structure and organization are keys to success, but you can still build a culture that sticks with your employees.
You may be the nicest boss in the world, but if there is no structure to a company, then you won’t see results. By showing appreciation and gratitude towards your employees that will set them up for success. Would you work harder for someone who is always micromanaging and getting on your case for every little detail? Or do you want that talented person you hired to display their talents, spread their wings, and bust their a** for a boss that respects them?
Final Thoughts
If you’re a business owner, manager, or just the lowest employee on the totem pole, these tips should help you in some way, shape, or form. Being accountable and respectful in the business world will take you far, along with hard work and dedication. Everyone isn’t cut out to own their own business, and usually it is pretty apparent early on.
Sometimes it is difficult to put personal feelings aside, but then again, that’s business. You can’t let people get in your way or cry when you disagree. We’re here to make money and hopefully create opportunities for others to achieve their career goals.
Point of Vision 