Business Principles

Business Principles to follow

Business owners don’t often think about basic operating principles but here are a few thought starters to ponder on what fundamentals drive the business.

1.     Measure risk

In early stages you can have an appetite for greater risk as there is lots of time to recover if you misstep. As the business and ownership matures perhaps a more prudent approach to risk taking is appropriate.

2.     Maintain control

Take a hands-on approach to accounting and record keeping as a means of gaining a better feel for the progress of your company. Gaining control of accounting and record keeping allows you to end any dubious activities promptly.

 

3.     Communicate, Communicate, Communicate

Whether it is with investors, customers, co-workers, or business partners, you have to over communicate.

Listen carefully, communicate regularly, be clear and concise.

 

4.     Be Respectful

Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.

 

5.     Build a network

The activity of building a network of contacts within the industry and the local business community will be invaluable in the long term. Attending networking events and community activities can expand awareness of the business and expose potential future consumers to your products or services.

 

There are many other principles that could be added to the list; these should provide some input to how you operate your business.