Lead- No man or woman is an island, especially in the
business world. You need other people to help carry out your
business vision; this requires the ability to lead and influence
others.
Make Decisions- One of the best decisions you can make is to
learn how to be a good decision-maker. This requires commitment,
understanding, and skill. It will be worth the effort.
Manage Employees- Managing the actions of employees is a
critical component of running a business. Knowing what to do
with regards to hiring, motivating, directing, reprimanding, and
even firing an employee is information a business owner should
know.
Market and Price- Good marketing is critical to the success
of your business. Marketing has many dimensions, including
market research, customer service, advertising, targeting,
packaging, pricing, e-marketing, and others. Investing in a good
marketing plan will generate excellent returns.
Understand Fair Practice- Sometimes the Golden Rule is not
always practiced. It is important to be familiar with antitrust
laws so as to protect your business from becoming a victim and
to avoid non-compliance. It is also important to know where to
go for assistance if government regulations are unfairly
impacting your business.
Pay Taxes- You know what they say about death and taxes. If
you generate income, own property, buy goods, or hire employees,
you will most likely have to pay taxes. Many resources are
available when it comes to understanding taxes. It is important
to the success of your business that you pay only your fair
share.
Get Insurance- Business insurance is frequently a necessity,
not an option. As a business owner, you will have many choices,
some far better than others. Becoming an educated business
consumer about insurance will pay big dividends.
Handle Legal Concerns- It makes good business sense to know
how to handle legal issues that impact your business. Not all
legal matters require a lawyer, but they do require
understanding. Sometimes the best way to protect yourself and
your business is to know where to go for assistance.
Forecast- Maintaining your momentum means looking forward
even as you focus on the present. Forecasting and planning are
critical to your continued success.
Advocate and Stay Informed- The government regulates society
by passing laws and codes. Citizens can express their opinions
about laws that may affect them; learn how to post your own
comments.
Use Technology- Today’s very competitive business climate
demands that business owners understand and use advanced
technologies. Technology is an enabler; it can help a business
improve efficiencies and even expand operations. However, the
use of technology should be balanced with business needs and
practicality.
Finance Growth- You need money to grow a business! Capital
can come from many sources, including personal savings. However,
borrowing money from a lender is a primary source of capital, as
is raising equity capital from an investor. Many resources are
available to help guide a business owner to the best options for
financing growth.
