Business owners don’t often think about basic operating principles but here are a few thought starters to ponder on what fundamentals might help drive the business successfully.
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 and take ownership of results. Gaining control of information 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, and try to 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. Value every individual for their unique skills and contributions.
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.
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