One of the biggest challenges owning a business is being a specialist in your own field, but a complete newb on the skills for managing a business and scaling it.
You can dodge the bullet of making common mistakes many startup founders make by reading the following 5 tips every business owner should know.
1. Learn to Make Definite Decisions
One of the biggest ways to fail in business is being indecisive. Not making a decision is a decision too and can hurt your momentum as well as create new problems. Getting crystal clear on what your business does and what it doesn't do will help you refine your process and get-er-done much faster.
2. Study Your Competition
Be aware of your competition and either reverse engineer their successful tactics, improve upon them or use first principle thinking to overcome where they offer something better than your company does.
3. Know the Marketplace and Define Clear KPIs
A successful business needs data on who their target audience is, market trends, current competition and expected growth in supply and demand.
Glossing over this can be a fatal flaw where an entrepreneur bases a whole business model on an audience that doesn't actually exist.
Don't make that mistake. Do careful, detailed and written down market research from the jump.
You need to be clear on the 4 Ps: product, price, promotion, and place. They can navigate the creation of your market research, marketing plan, and customer avatars, and serve as a great jumping-off point if you're not certain where to start.
4. Learn How To Write & Read Good Contracts
Whether it's an NDA, non-compete or a marketing proposal you're presenting or receiving this is another overlooked skill that can be developed with a little googling. (Here are 12 Elements Every Marketing Contract Should Have)
The more proficient you become at writing agreements and reading them (or outsourcing this to your lawyer) the better business you'll be able to do.
5. Consistently Improve One Thing Everyday
Consistency is the key to growth and learning how to adapt to new and changing markets. Find out which processes work well, optimize them and look for ways to improve them. Daily.
While it may seem like a lot to ask, to improve one thing everyday it could simply come down to improving how you make your first cup of coffee, getting consistent wake up and sleep times to increase productivity, using tools like Evernote to schedule meetings and times when you put the nose to the grind stone to churn out new ideas for your business.
All these little things add up to create the momentum that carries you forward to the next gen level of what your business is able to accomplish - as long as you are consistently mentally looking for ways to up the ante.
It is as much an attitude as it is a daily ritual. Reviewing your day's tasks at the end of the day and seeing what you've got done adds to the feeling of completeness, helps remind you of things you forgot to do, and shifts from the frantic overwhelm to an organized plan of attack for the next day's activities.
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