How to Be Successful in Business

people outdoor having a casual business meeting

Success means different things for different people. For some, small achievements can mean big things, such as going for a run, having a shower, or even just getting out of bed. Every little win in life should be celebrated, as surrounding ourselves with that positivity can drive us forward and motivate people to do more. 

Success is relative and is defined by the individual, not the collective, and that’s the same for those in business, too. Gaining just a single new customer, or successfully launching a new product, or heck, simply hosting a productive meeting are all little success stories that take confidence, drive, and skill to achieve. 

In terms of business, it’s best to think of successes as occurring in three stages: with the first stage of success being self-sustainable and happening without the need for extra investment or loans. That truly is a great success as not a lot of new and small businesses ever achieve that stage, with half of all new businesses closing down within their first five years of operation. So, lasting beyond that is a huge success and is something worth celebrating. The next stage of success is continuing growth. If your business finds that it’s constantly expanding and getting bigger and bigger, and that the brand awareness is increasing month after month, year after year, then there’s no doubt that you’re running a successful business. Then there’s the third stage, fourth stage, fifth stage etc. It keeps going to infinity because to be truly successful in business is to never stop, never be content and to always create new objectives to push yourself forward and make your company the best it can be. This motivated attitude of never being quite satisfied is just one component of how to be successful in business. Here are a few more tips and guidelines to hopefully enable you to build the biggest brand you can. 

Keep Your Ego in Check 

Some business owners, even though they may be operating a small company, go on a power trip, and due to their rank, find themselves rejecting external ideas and criticism constantly as they consider their vision for the business to be the best one. Although having such a high level of confidence isn’t such a bad thing, blindly dismissing outside views can be damaging for your business, as most of the time, criticism or advice is being directed to help you and may be offering great solutions that could take your business to the next level. 

Having advisors and people around you that you trust to monitor your business and give you help is crucial as it allows for more ideas to be bounced around, and these people also help push business owners forward as they hold them accountable. Plus, having an external viewpoint of someone who isn’t so invested in the company inspect how it’s going could uncover some issues that may not have been considered otherwise. 

As well as advisors, it’s also important to listen to your customers and really take into account their feedback. Although no one likes criticism, especially if it is scathing, taking it on board could lead to a solution to your business’ challenges. 

You should never challenge customer reviews because that sends a negative message to other potential customers that you may be too proud to change. Learning how to turn criticism from something that knocks you down into a tool that can enable you to grow is key in your quest to become successful in business. 

Get the Right Education 

Knowledge is power, and it usually takes a significant amount of knowledge to achieve success in business. Whatever sector you are in, there will be many different challenges, fields, situations, legislation and methodologies that could trip up inexperienced entrepreneurs.

It’s a good idea to obtain a qualification that shows you know the essentials of business and management. Getting a general overview of how business works through an MBA degree can be really useful as it can help you better understand and navigate the business world while also make you feel more confident in it. To find out more about an MBA, click here. An MBA is an essential degree for an aspiring successful businessperson to achieve as virtually no top CEO in the US achieved their position without obtaining the skills and knowledge passed down on through a degree. 

There are also plenty of specializations that individuals can master to better equip them for certain situations. For example, you can focus on analytical courses to help you better understand business metrics that track performance and that influence decision making. Or then there’s people management. Learning people-management skills will make it a lot easier to manage staff, organize shifts and HR functions as well as oversee recruitment processes. Even if you’re an expert in your business’ area, that counts for very little if you are not business savvy as well. 

Trust Your Employees 

To be a successful business manager, it’s vital that you trust your employees enough to get the job done themselves and work at a good standard that reflects the values of the company. You don’t want to become a business owner that turns into a control freak who micromanages your staff. This is because this type of treatment would severely put off your employees from giving it 100% and thus will actively work against making them more productive. 

By having a well written and robust training program and orientation period, employees should quickly understand what’s expected of them and the standard that you want their work to be at. If your business is specializing in sales or if you want to make an excellent sales team, you should also invest on your employees such as letting them undergo this sales training Sydney. This will make it more likely that they’ll create good work and to encourage this further you can also offer incentives and rewards, as well as implementing a ‘no-problem’ attitude where you don’t get too angry if issues do crop up. By delegating effectively you’ll find that you’ll get better and more frequent results than beforehand. Hiring a trained inbound closer could help ensure your employees are best equipped to bring in business.

Another thing that a business can do to make sure they can trust their employees is to simply hire better. If you find yourself not trusting your staff it may be because they’re not the right fit. To avoid making hiring mistakes, which can increase recruitment costs as well as hassle, you can always hire through a third party, who usually have a larger talent pool than when searching independently and can provide shortlists of the best candidates for interview. 

Plan Ahead 

For a business and business owner to be a success, there needs to be a robust plan in place so that progress can not only be measured but also be led by that plan. Businesses that fail to prepare properly and launch without a strong enough plan are far more likely to struggle and ultimately fail, so it’s vital that you plan well before you start trading and continue the planning as you move forward. 

A business plan should include objectives, budgets and finances, sales, and marketing strategies, as well as anything else that would benefit the company if it is worked out beforehand. A great technique to help with planning is to set SMART goals for your business. These are goals that are built using the following criteria to make sure that they can easily be acted upon and helps keep them useful. 

SMART goals are specific in nature, basically meaning that they are well defined so that it’s easy to know when they are achieved. To further aid with this, they also have to be measurable, meaning they have a numerical value so that they’re easy to track. In addition to this, they also have to be achievable and not too outlandish: they have to be a realistic target. They also have to be relevant, which means that they’re goals that when achieved will actually benefit the business. The last requirement is that they have to include a deadline or a time limit, so that they help motivate the business and staff to achieve the goal in time. Using all these metrics means that a smart goal would be something along the lines of: “To gain 50 new customers by the end of January 2021.”

As mentioned before finances are a big part of your business plan. That means you should have a cash flow model in use. It’s the most simple financial model that every company needs. Usually it’s used in any acquisition, and it can get more complicated depending on the size of the acquisition or merger. Financial models have many functions, if you want to know more about them look through this Wall Street Prep guide on financial modeling.

Acquire Partners 

No businessperson became a success on their own, as they need other people to help them achieve their vision and grow. To truly take your own business to the top you need to acquire different partners as you expand. When starting a business, the owner is usually found wearing many different hats as they have a big say in the majority of their business’ operations. Partners are individuals who can take one of those hats off you, concentrating on their aspect of the company while using their own knowledge to drive growth. Doing this takes off some of the burden, and enables the business owner to put more time, energy and resources into more projects. Partnering with other companies to improve your business is an amazing way to create a successful business as well. An eco-friendly company such as Polythene UK , which supplies polythene products, will help your business meet their packaging regulation obligations.

Business-people want to ensure that they assemble a great team of personnel around them and to do this they need to be good leaders and good motivators so that these partners buy into the vision of the business and want to help it grow. 

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