Our Top 10 Business Tips All Entrepreneurs Should Know
Estimated reading time: 5 minutes, 17 seconds.
In this article, we will discuss our top ten tips on how to make your entrepreneurial venture a success. It must be noted that success can be viewed subjectively and the majority of business owners, have failed many times to get where they are today. Failure in itself is a lesson and therefore a successful step if you do things differently next time! Remember that when thinking about and implementing the following tips.
1) Utilise Experts to Grow Your Business.
Many business owners know the value of having a good accountant. However, business development, marketing, research and management experts are not viewed as essential as an accountant. Failure to seek advice or support from experts in these fields can lead to short- and long-term issues and, ultimately, business failure. A great point of contact is your local chambers of commerce. They will be able to point you in the right direction; many books also discuss these business issues. The FT make a great list of good business books. Remember your business is unique, and any knowledge or tips you learn needs to be applied in context to your business.
2) Never Underestimate the Value of Team Start-Ups
Running a business, no matter the size is complex and requires various skills; diversity of thought and ideas can be an invaluable source of administration and innovation. So working with a trusted friend or relative in a new venture could be an ideal way to ensure your business’s success. Working in teams also helps reduce the stress, burn out and overload that can come with running a business.
3) Add Value Rather than a Discount
Many studies have shown that adding value to a product or service is a much more effective way of increasing sales or generating customer loyalty than aggressive pricing. This can be very sector-driven; however, when trying to achieve a competitive advantage, do not go for cutting prices first. Look at how you can add value. A small example could be in hairdressers, giving away a heated handcloth after each cut and a small hand massage during treatment instead of undervaluing your work.
4) Push yourself outside your Comfort Zone.
While this might be a phrase you hear in the gym or from self-development gurus, it also carries weight in the business world. For example, an entrepreneur who does not drive due to fear of learning will be disadvantaged over the one who fights their anxiety and learns to drive. Learn a new skill, do something different at the weekend, live with a little anxiety, and improve your confidence and self-awareness. Anxiety and self-confidence are two interconnected systems in psychology; you need to experience some anxiety to strengthen your confidence. This can then spilling over into other aspects of your life, making those stronger too.
5) Develop Micro Habits
The power of micro habits can not be underestimated. Micro habits can break or make you. The great business and personal development book Atomic Habits by James Clear explains everything you need to know about micro habits and their power. However, in a nutshell, micro habits, and stacking micro habits have a compounding effect on your and your business. Your phone can be a constant distraction, studies have shown that simply having your phone in view while working or studying can impair your productivity. So a micro habit could be to put it out of sight when you get to your office and have set times that you look at it. A pro tip here is to utilise your phone’s settings and create a work mode that shuts off all none work-related notifications.
6) Expand your Reading.
The benefits of reading have long been studied and are countless, but they do include
Improved brain function.
Improved levels of focus and concentration.
Can motivate you.
Can reduce stress.
We have two pro tips when it comes to reading.
1) Ultitise a mixture of business books, credible online resources (Harvard Business Review, Business Insider, The Economist and the FT are some of our top picks) and fiction to expand your vocabulary and keep up to date with the latest thoughts, ideas and news. While also helping to improve your long and short-term memory, this is a benefit of reading fiction.
2) Ultiise the power of assisted readers in Chrome and Edge, or use Audible and audio versions of news/business articles if you struggle with reading. However, pairing audio and written together and reading along with the audio will help significantly if you have any learning difficulties or poor reading skills. (Did you know that proportionally, more people who are dyslexic are in business than those who are not – it can be an advantage).
7) Create an identity that people can relate to.
A study by Harvard Business Review suggests that 64% of consumers look to build brand loyalty with businesses who they share values with. Look at your business and create a personality shaped by the values you wish to represent or those that your clients are likely to aspire to. What can you do to promote these intentions, values, and aspirations? Make your brand relatable.
8) Review review review your strategy.
“Fail to prepare, prepare to fail.” is a saying we all know. Many business owners take no time to plan, review and develop their strategy or goals. Is this because strategy is one of those business terms which seems alien to us? A simple quarterly meeting with your investors or team to review your last quarter’s results and plan for the quarter ahead is a form of strategy and planning. Many analytics frameworks can support you in this; these include SWOT, Pestle, Porters Fiver Forces, Value Chain and Business Canvasing. A great starting point is to think about your goals, where you want to be as a business, what your competition is doing and how you can do things better.
9) Harness the power of formal training personally.
Governments across the world have started to acknowledge the power of formal training on GDP growth and productivity, in the UK, we are now moving towards a Lifelong Learning Allowance that is due to launch in 2025, which will shift the focus away from rigid training at one set in a time of your adult life to a life long allowance that we should all utilise to improve our education, skills and capabilities. This will allow people to train, retrain and upskill throughout their lives to respond to changing skills needs and employment patterns. However, options available today allow you to upskill and gain formal qualifications. A Google search for free adult learning courses will give you a wider selection of options. Setting aside a few hours a week, can make a big difference in your skill set and therefore improve outcomes.
10) Choose the Right Email Sign-Off
How often have you typed, deleted, retyped, and second-guessed your email sign-off before you finally hit send? Whether you’re trying to show gratitude (Appreciate your help on this!) or respect (Warm regards), signal next steps (I will follow up shortly), convey congeniality (Cheers!), or conclude a long dialogue (Best of luck in the future), your sign-off is key to punctuating your message. It can be a minefield and baffles the best of us. First, what message are you trying to send? If you want the recipient to stop contacting you, it might be best to use a sign-off like Best of luck which suggests the exchange is over. If you’re looking for feedback, leave the door open with something like Tell me your thoughts.
Next, what’s your relationship with the person you are emailing to? Is this your work best friend, your manager, or a new client? You can adjust the level of formality accordingly. Think about organisational culture, too. If you’re working in a laid-back environment, your “Sincerely” might not land well — even if you’re talking to the boss. Finally, adjust depending on external circumstances (difficult news or family events) that could be affecting your recipient. If they’re going through something challenging, it would be best not to sound too happy.
We hope some or all of these tips, have inspired you to reshape the way you see your business venture or entrepreneurial ambitions. With little changes, you can make big things happen! We are also here for you if you need to discuss any concerns or needs, and want any support in growing your business. Just email firstname.lastname@example.org, the author of this article.
4th July 2022
Author Michael Chapman-Johns, Managing Director.
Michael has16 years of experience being self-employed and found his true passion is helping others achieve their entrepreneurial goals and dreams through digital marketing & business support. Having helped many small businesses get off the ground and stay viable, he prides himself on personal development and believes passionately in putting people first in everything.