The Art Of Running A Business

The Art Of Running A Business Running a business should be considered a form of art. The amount of concentration, determination, and execution that it takes is immense. Right from the very beginning your problem solving skills, as well as decision making skills will be put to the test. For a first time business owner, it can be rather worrying. For someone who has been in the game for a few years, it may just become natural. But we’re aiming to talk to those who are new to business, and those who might be struggling with the day to day management of it. The art of running a business doesn’t come naturally to some, but for some, running a business is the only career they see themselves working in. So, for those of you that find yourself unsure, here is how you can master the art of running a business to make sure you take your business to successful heights. Making Connections Making connections with the people you meet through business is so important. To put it into terms that will make it easier to understand, we’re going to refer to your school years. However many moons ago they might have been, you will remember that making friends within the first few weeks was essential. They were the people who would carry you through your school years, and be there for you whenever you needed them. If you think of the connections you need to make within business like this, you’re going to go far. The amount of connections you’re going to need to make throughout the years will grow and grow, but as they do your business will get stronger and stronger. One of the first connections you’ll make is with a financial adviser and accountant. In the first few months, they will be your saving grace with guidance on how your finances are doing, and if you are heading towards deep waters. Having an accountant that you can trust to actually manage your finances is esse ntial. Like with most people in life, a lot of accountants are just out there to take your money, and the time they invest into managing your accounts isn’t as good as it should be. So, do your research and find some recommendations. The sooner you find someone reliable, and someone you can actually get along with, the sooner you can relax with your finances. Managing Your Time Unless you went straight from school and into managing your first business, it might be hard to manage your time. It’s not going to be a structured life, and in the beginning you’re going to be dealing with a few sleepless nights, many weekends at the office, and a lack of social life that might be hard to deal with. But that doesn’t last, and it’s just the effort needed to actually get a business off the ground. As time goes on, you’ll find that your time becomes more free, but by no means does it compare to the freedom of a normal 9-5 job. To manage your time effectively, you need to be able to plan in advance, and actually make sure you stick to a schedule that you create. So, if you know you’ve got a day full of meetings on Thursday, make sure all the daily tasks of running a business that you manage are completed by the Wednesday night. You’ll then have the Thursday to focus on the task at hand, rather than having your mind wander to the tasks you know you were meant to be completing. When planning your week, you also need to make sure you’re giving yourself some time to rest and recover. Mid week is usually the perfect time for this. Take the afternoon off, spend it with family or friends, and forget about everything business related. It’s going to be so easy to overload yourself and become purely business based. You’ll lose touch on reality, and can often lose contact with those that you would have considered your nearest and dearest. Plus, when you come in the next day, your mind will be refreshed and ready to focus on the rest of the week. Wherever possible, you should also try and give yourself at least one day of the weekend to go and enjoy yourself! Owning a business will make you a lot of money if you do it right, and that money can be put to good use with a couple of days off a week, and the odd treat here and there whilst you’re finding your feet in the business world. Managing Your Employees Managing your employees is a skill that isn’t going to come easy. Unless you’ve had previous managerial experience, it can be rather intimidating. The process of hiring your first employee, and knowing how to treat them is one we’re going to explain to you. You’ve got two options when it comes to hiring. You can either outsource to an agency, or you can try it yourself by putting a job advert out. For your first time, we highly recommend that you do it yourself. It gives you the full feel of the person you’re hiring, and you won’t be hit with any major fees that an agency might charge. It also helps you build more of a connection right from the beginning, something a lot of companies fail to do. It might benefit you to do a probation period. Your employee has to prove themselves, and you need to know that they’re perfect for the job. A 3 month probation period for example is the perfect way of getting to know someone. Just make sure you actually are monitoring their progress throughout to get a clear understand of whether they’re right for the role. As for keeping a group of employees happy, there’s one big thing that you can do. If you’re a company that works shifts, it’s essential that you’re not putting the same person on the same shift, unless of course they have specifically requested that. What is a rotating shift? It is one that you can create that will allow individual employees to switch between shift times. It gives them and yourself more flexibility and happiness. You should make it a priority that your employees are safe and happy within the workplace. You should always encourage honesty, and make sure that your door is always open to deal with problems they may have. The more confidence they feel when talking to you, the better your business is going to be ran. Events Attending events is something you should do right from the very start. In fact, you should try and attend some trading events or conferences before you even launch your business. The valuable insight they can give you with regards to improving business processes could be the key to your success. The more information you’re armed with, the further you’re going to be able to go. When your company is up and running, attending trade events is essential. It is a form of marketing that some companies seem to ignore, but what can be better than face to face interaction with potential customers? However nerve wracking it might be, it’s the perfect chance for you to share your business with the world. There is always a fee involved with having a stand at a trade event, but the marketing you will do on the day should be able to cover the majority of the costs that you will have had to spend in the beginning. Just make sure your stand is fun and interesting, with perhaps a freebie to lure potential customers over. So now you can see there are many factors associated with the art of running a business, but hopefully now they will be much clearer for you, and your business will be as successful as you want it to be.