Whether you are just keeping your Etsy shop going or running a large corporation, basic business principles apply to you. If you aren’t basing your business on best practices and keeping it organized, no matter how large your business is, it will eventually fail.
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So, we’ve paired up with Brytan & Associates, a dental embezzlement investigation firm, to give you some basic business tips that every business should be using if they want to be successful.
Get organized.
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This might be the most important thing you can do for your business. Most other practices kind of follow suit with this one. Organization is the key to staying on task and accomplishing the goals of your business. Without an organized plan and even keeping physical organization in your workspace, it would be pretty close to impossible to get anything done.
Keep records.
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Along with getting organized, keep detailed records of everything – expenditures, revenue, etc. Without financial records, you won’t know if your business is succeeding. And if you’re a small business owner or entrepreneur, you’ll find that keeping records will be your savior during tax season – especially when you can write off all business expenses.
Stay focused.
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Your business is not going to succeed overnight. It’s going to take a lot of time and dedication to your goals. Don’t get discouraged if you aren’t making the big bucks right away. It takes time to become a success, and all of that time spent will help people get to know you and your company, building a trust that can contribute to your success later on.
Be service oriented.
It doesn’t take a rocket scientist to know that customer service is crucial to maintaining a successful business. Without customers, do you even have a business? Make sure to be aware of the needs and concerns of your customers. This will help you provide better service and keep your customers coming back, and even potentially get them to recommend your business to others.
Treat your employees right.
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Respect for your employees is just as important as customer service. Happy employees will likely resort to happy customers – especially since they are likely the people who are in direct contact with your customers. Do what you can in your business to keep good morale among your employees.
Be decisive.
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If you can’t make the important decisions, your business is not going anywhere. Learn to say “yes” and “no”, and more importantly, learn when to say them. Be clear on what your company does and doesn’t do so that when it comes time to make a decision, you know exactly what to say.
Protect your intellectual property.
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As a business owner, you are probably developing and distributing products and content on a regular basis. Do you know the difference between a copyright, trademark, trade secret, and patent? If not, then it’s time to hit the books and learn which of these you can use to protect your intellectual property. Don’t let others rip off the things you have worked so hard to develop.
Be humble.
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Acknowledge that you do not know everything. When an employee or close associate offer you advice, listen. It’s likely that you aren’t the expert in every aspect of your business, and if that’s that case, then hire someone who is the expert in the areas where you really need it. If you’re unfamiliar with marketing or accounting or whatever area is outside of your expertise, bring in some outside help to keep your business competitive.
Always have cash in the bank.
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If you don’t have money, you aren’t going anywhere. Keep a plan in play to make sure you always have cash in the bank. Your business will always have expenditures (and you want to make a profit), so make sure you have good cash flow and keep an eye on this (this is where record keeping comes in) to keep your business from going under.