You know, it's not easy owning a business - especially, in the early years. As we gain success, we continue to be concerned with growing our customer base, finding the right employees, building our reputation and increasing cash flow.
I believe there are 4 guiding principles for business owners to follow that will significantly improve their opportunity for success:
1) Get a support team of people who you can really talk to and trust. Yes, we all need the attorney, accountant, and perhaps banker. But who are the folks you can honestly talk to? Surround yourself with a few of those - someone who you can talk to about your finances or your employees? People you can trust.
2) Listen to your numbers. Don't just read your financial results and sales figures but really understand them and listen to what they are saying. Don't make excuses and don't gloss over them. Listen to what your numbers are saying and then make appropriate changes in the business to continually improve them.
3) Get the right people on the bus. Thank you Jim Collins, From Good to Great, for this great concept. Time and time again, I see the difference between a successful business and a struggling one is that the owner can rely and trust his or her employees to get the job done and get it done correctly. Be able to say "I have great employees"!
4) Keep some balance in your personal life. You can't go at 120%, 7 days a week, 52 weeks a year forever. You must be able to have some time for your family, for exercise, to sleep and to have some fun. Yes, we all have busy times when work requires effort 'above and beyond', but then you need to take some time off. Remember, you are in this for long haul.
So, those are my 4 Guiding Principles. Your Thoughts?
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