If you’ve started your own small business or have invested in a franchise, chances are you’re networking with peers, taking courses, and doing some research on best business practices so that you can find what best fits your strategy for success. If so, good for you! Running a business can be challenging, but if you have a solid foundation, you can make things much easier for yourself in the long run.
There are several best business practices that successful entrepreneurs pay attention to when developing their business strategies. Would you like more information on Business Strategies? Read of blog on the Different Types of Business Strategies
- Surround yourself with a good team. When you become a small business owner or a franchisee, you become the person responsible for everything: production, operations, customer service, accounting, and everything in between. But the good news is that you don’t have to perform each of these tasks by yourself. It’s essential to hire professional, experienced individuals who are qualified to run these day-to-day tasks so that you don’t get tied up in trying to do everything yourself.
- Set proper team expectations. Setting team expectations and creating accountability is incredibly important. Once a week or at least once every other week, consider bringing together all partners, managers, and executives to discuss department team members, their accomplishments, their setbacks, and their challenges.
- Allow your team members to provide feedback. A strong potential downfall of an entrepreneur is stubbornness: thinking that the way he or she does things is the best or only way that they should be done. But if you refuse to take into consideration the valuable thoughts of the people on the floor (or “in the trenches”), then you could be missing out on ways to increase efficiency, cut down on costs, or improve customer service.
- Always keep in mind the “three Ps.” People. Product. The three Ps. If you want your small business or franchise to be successful, it’s important that you build your operation on these three key factors.
- Don’t make decisions in the dark. No one likes making decisions in the dark. But if you don’t have a grip on the complex daily and hourly events happening in your small business or franchise, that’s exactly what you’re doing. Make sure you’re not “just winging it” when it comes to making key business decisions. Look at the data and make an objective decision of how to move forward.
- Know your market and your competitors. As discussed in a previous post, a thorough understanding of your industry competition is one of the biggest key factors to the success of any business. Regardless of if your service/product satisfies a unique market, there is always another company offering a similar service/product. The fundamental thing to remember when sizing up your competition is that you need to learn what makes your customer choose your company over another or vice versa.