General Business News for January, 2011

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Tips Help Business Owners Achieve Success

Did you meet your business goals in 2010? As we begin a new year, now is the ideal time to reflect on what happened in 2010 in order to clearly plan for the changes you want to make in 2011.

Following your assessment, focus on the areas of your business that will impact your bottom line while also serving your clients, employees and other stakeholders.

In an effort to grow as a company, continue to keep your employees educated. To do so, you must evaluate each one and assess which skills they need to build to help your business operate more effectively. To prevent boredom and complacency, employees need to learn. This fosters new opportunities for personal growth and the growth of your business. Mentoring your staff is important, as is putting them in touch with accomplished peers in the industry.

One of the most important qualities a businessperson must have to be successful is good communication. Whether through social media, work conversations, email or participating in a meeting, you must know how to craft your message in a way that reaches your audience. Keeping your points concise will keep the attention of those around you and gain respect from your peers.

Another strategy to make sure you are going in the right direction is to build relationships between your co-workers and others in your industry. Through teamwork and collaboration, you can work together to generate new ideas, better your business and build alliances. While this might take time and patience, it can pay dividends and cost very little.  

Throughout the year, it’s important to set goals and work to achieve them. Jotting down actions you must take to obtain these goals is integral for success. Start with the low-hanging fruit – or the more reachable goals – to build determination and confidence.

In order to build business and credibility, ask clients for referrals. Because individuals put more value on recommendations as opposed to advertisements, don’t be afraid to ask for a referral. Word-of-mouth from trusted colleagues and friends goes a long way – and it doesn’t cost a thing as long as you thank them in return.

While tracking your net income is important, it’s just as important to make your employees feel valued. Boost their attitude toward working for you by compensating them through money, but don’t forget to give verbal and written praise where it’s due. This not only shows how much you appreciate them, but it also goes a long way in motivating employees to working harder.

Don’t forget your clients! We get so caught up in meeting deadlines, managing multiple projects and dealing with stress that we sometimes forget how valuable clients and customers are to the long-term health and welfare of our business. Giving great customer service and keeping in touch with them builds relationships and earns respect.

While you must stay on top of your work, it is also important to take some personal time and enjoy life. Spending time with your family, pursuing your hobbies or hanging out with friends is essential to creating a balance between work and fun. While it might seem hard to find the time to enjoy these getaways, there are ways to reduce the amount of time you spend on work so that you can live a little outside of it.

One way is through time management. If you were to write down every activity you do each week, you might find that some of these activities aren’t helping you accomplish your goals. You might also discover that some things can be delegated to other team members or outsourced to contractors.

Exercising some or all of these strategies will lead to more success in the workplace and generate more happiness outside of it. Make this New Year a successful one by practicing some of these tips to further your business and your relationships.


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