We’re fairly certain you didn’t start your business to become a business, marketing or financial expert. We suspect most of you started your business to do what ever you are passionate about or just really good at! What you probably found very quickly is that what your business actually does consumes most of your day. But maybe you’ve come to find that general information, tips and advice from others has been essential to the survival and growth of your business. Well, if that’s the case, you’re not alone.
Since The Business Hut began in 2014 we have taken on so much advice from friends, family and clients. This has helped us to not only to continue to grow but to also really enjoy what we are doing. So we thought we would share some of the golden nuggets of information from other successful business owners – that could just help you too. We particularly like the advice from William Chase – what advice do you think will help you?
Look after your staff
It shouldn’t be forgotten that your employees are your most important asset, and wellness at work – ensuring that your workforce is well looked after – has become a hot topic. Include a regular slot in the working day or week for staff to work out together or alone, followed by a healthy communal lunch. This is a great way of bringing staff together socially, whilst improving their physical and mental health. This leads to a happier, more productive and collaborative workforce.
– Charlotte Roach, boss of fitness firm Rabble
The winds of change
Every industry is being transformed directly or indirectly by technology, and the rate of change will increase in the next few years. So think not about what your business is doing now, but how it can be positioned in order to be a part of that technological transformation. Then, as always – work hard, learn from mistakes and keep evolving
– Maximo Cavazzani, founder of quiz app Trivia Crack
Create a buzz
Don’t forget to spend time and effort making sure people know what you have to offer. I see so many people who have great shows, great products and great ideas but decide to cut the marketing budget, or just think that it will work because it’s clever. I always say you could invent a kettle that boiled in a second, but if people don’t know about it then it doesn’t matter. Get people excited. Think of interesting and amazing ways to get people involved and get your message out there. Create a community and harness the power of social media. Be brave and try new things. Become an expert in your field. Above all, have fun and people will soon be shouting it from the rooftops.
– Gerry Cottle Jr, founder of Rooftop Film Club
The Four P’s
I have four “Ps” as my guide.
Firstly, passion – you must be totally passionate about what you do, because customers and employees will only be as passionate about your product or service as you are.
Secondly – people. It is important that you employ great people. This will allow you to build a sustainable business with amazing customer loyalty and retention.
Thirdly – product. Make sure that you give a quality product that will allow you to build a business that customers and potential staff will want to be aligned to.
Finally – profit. It is vital that you understand your numbers and know what is gross and net profit, and work hard to protect your margins.
Business is like life – you get out of it what you put in. For me it is all about hard work, persevering and not giving up.
– Ryan Longmuir, founder of catering firm Regis Banqueting
Seek a second opinion. Then a third.
You must learn to be a good listener in order to succeed, and that means bouncing every idea you have off numerous people before finally saying, ‘We’ll give this one a miss,’ or ‘Let’s do it.’ That means being thorough and deliberate before executing any decisions. In business, seeking a variety of opinions can save you a lot of time and money. Don’t tell people about others’ suggestions until you’ve heard what they have to say. In the end you may decide that the best advice is to walk away—and later find out it was the very best solution.
– Richard Branson, founder of Virgin Group
Don’t burn out
Success in business is about finding the right balance between pushing yourself to your limits, and knowing when to take time out to re-energise, regroup, and to take a moment to plan your next big push. Many of us are great at the pushing bit, but forget about the importance of the other side, which can lead to burnout or perhaps a growing underlying resentment of the dream you’re following. In order to allow you the time to do this, it’s essential that you build a strong team around you, who all share the same values. Empower them, give them space to grow, and reward them in the way that pushes them forwards individually – what motivates your team will vary drastically between individuals.
– Pip Black, co-founder of fitness firm Frame
Every business needs to expect even more work and new challenges in 2017. Here in Brazil there is an economic crisis that can’t be ignored, but it is important for any company to spend more energy finding new ways to make things work out rather than cursing the current situation.
– Mauricio de Sousa, Brazilian cartoonist
Have a focus
Be clear about what you want to achieve. I have set myself half a dozen key things I want to realise this year. If you get to the end of the year without achieving any or all of them, the things you identified at the start of the year were either not important, or you failed to deliver them. If they weren’t important after all, you called it wrong at the start of the year, which can be just as bad for your business as failing to achieve them. Always be alive to what is going on with your competition, and with the market uncertainty we’ll experience over the next couple of years this will be even more critical. Too many people are too insular within their business, and they don’t see who’s in front and, even more importantly, they don’t see who’s coming up from behind.
– William Chase, founder of Chase Distillery
Don’t do it if you don’t enjoy it
The last tip is from us! Running a business takes a lot of blood, sweat, and tears (and caffeine). But for us, building a business is all about doing something to be proud of, bringing together people and businesses to create something that will make a real difference to others. So go on, enjoy it. It’s yours.
– Charlotte Morley, The Business Hut
We hope you enjoyed our business tips and took something from it. We certainly had fun researching these business owners and looking through their advice. We know that business can be a little overwhelming at times! If you would like assistance with your finances and getting organised, talk to us. We offer completely free of charge business consultations so we can get to know each other and see if The Business Hut is a good fit for your business.
Check out what our clients had to say about our services over on the testimonials.
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