In this article, we’ll discuss how a new business owner can avoid taking stability for granted, and what contingencies they can put in place to pretend against them and bend with the wind as the most long-lasting trees can. Continue reading for 6 measures a business owner should never ever take for granted.
By Team Savant
Image: Josh Duke
It’s easy to take things for granted in our careers. If we’re gainfully employed, we come to rely on the salary payments we receive, any of the benefits we enjoy, the hopeful future stability of the company, and the chance to learn new skills and potentially develop in our roles. Sure, there can be layoffs, company failures, and even bad bosses, but it’s not too hard to find yourself on the right track and in the groove if you make wise choices and work diligently.
All of those standards and assumptions can fall away when you’re a business owner. That’s not to say every decision comes with an innate amount of risk, but where risk is to be found, it can be massive. After all, many businesses fail within their first three years of operation, and those that continue on have learned to be flexible and never take any success for granted. The Covid-19 pandemic was perhaps the most stark example of this.
Financial Management
Some business leaders start their company with a full understanding of bookkeeping, as well as financial and account management. Many don’t. That doesn’t mean you’re incapable of running a business of course, but it does mean these are skills you have to learn. Luckily, using tools to help you can be a good start.
Digital bookkeeping tools, outsourced payroll, accounting, or even software suites that allow you to collaborate regarding accounts. However, learning basic concepts is essential, as using software as a crutch can prevent you from developing capably in that regard.
Customer Satisfaction
Customer satisfaction is something we assume grows after we deliver what we promise, increasing value for them year on year. But that’s not always the case. In fact, it’s not absolutely guaranteed that customers will love your firm simply because you uphold your end of the bargain.
That’s why it’s important to continually review their needs. That might involve focusing on what your competition offers, how customers are looking to others in your industry and responding to them, how you can address certain complaints or feedback you get, and how you can overdeliver on each product or service brief.
If you can do that, you’ll have shown that customer satisfaction is not something you expect, it’s a goal you’re in constant pursuit of. Customers almost always notice that effort, even if they’re just sitting down for a haircut and are offered a hot drink instead of just being treated like a quick customer to rotate out of the building.
Data & Document Management
Thankfully, the days of needing multiple filing cabinets with an archiving department and endless papers are nearly over. That’s not to say all businesses are paperless, but many are. Document management, then, is a key approach to take when everything is virtual. Just assuming your tools are up to scratch and allow for appropriate permission settings is not ideal.
That’s why using tools such as Legislate can be so helpful, as extracting data from your various documents can save you a great amount of time. That can also teach you how to index and correctly categorise documents, so you don’t immediately lose them when planning your business management. This also adds a level of security, as setting permissions from document to document can prevent eyes that shouldn’t see them from seeing them.
Employee Training & Development
If you’ve never served in a management role, then you’ll notice that these skills are a heavy requirement once you hire your first staff member, even if they’re an intern, a volunteer, or a part-time hire.
Learning to train them is important. Ideally, you should be able to show and onboard them in the unique systems your company uses. Show them your process, and discuss how improvements could be made. Take an interest in their career and development, even if that means placing them on skills courses that allow for continual development every few months.
It’s also important to develop a healthy professional relationship that isn’t necessarily personal or based on thorough friendship. Hires want to know that their career is safe in their hands, not that they have an excellent friend at work, though friendliness is of course essential. When we appreciate our staff instead of taking them as temporary individuals who can come and go, they’re so much more likely to come back.
Legal Compliance
Of course, legal compliance isn’t just a nice boost that can help promote success, it’s essential for us even if our business fails. Criminal proceedings are not fun, and the platform a business generates for itself can easily fall into that if not responsibly handle its necessary approaches. For example, data protection, IT security, product quality care, and attention, all of this is essential.
Researching the compliance of your industry, applying for permits, requesting reviews, and implementing suggestions, all of this is key. It applies if you’re a small cafe requesting a food safety inspection before you can begin training, or a company looking to hire and have their robust staff policy reviewed before doing so. Having legal experts overlook your systems and update you with new standards can be ideal, and will remain a vital part of your business infrastructure as you develop.
Brand Reputation
Ultimately, a reputation can take decades to build, and a few minutes to destroy. That’s why it’s important to be mindful of the popular discussions around your brand, even if that’s just on social media. Also remember that you’re always an ambassador for your brand, as are your staff. For example, if you find that a staff member you otherwise trust continually posts controversial content on social media, well, it’s good to review if they’re a fit for your brand. If so, fine. If not, it might be worth escalating the issue.
This is just one example. Keeping a healthy eye on the social forces, feedback, and capabilities of your brand will allow you to develop a better outcome.
With this advice, you’re certain to never take essential parts of your business for granted.