So maybe you’ve been in business for a few months, a few years, or a few more years than you’d like to admit. Whatever your level of experience or success, there will always be “traps” in the world of business. But today, we're going to talk more about business tips and traps, as well as the three critical components that can make or break your business.
Recently, a colleague brought an article to my attention written several years ago by successful entrepreneur and author Jay Goltz entitled “Seven Deadly Sins.”
At first, I wondered whether it would be worth my time, but I was glad I did after reading it.
Here are a few of the things Goltz mentions which can truly make or break your business. Some changes may yield results fairly quickly, and some may take some time to show results, but all of them are important to successful business ventures.
Goltz makes a point of saying upfront that hiring smart is something that requires “patience and skill.” It’s easy to be influenced by Bob Interviewee, who says the right things, even though he may have no idea what your company even does.
The bottom line is, following through on the little things like phoning references can make all the difference when hiring. I love what Goltz says about that long silence at the other end of the reference phone call when asked why Bob doesn’t work there anymore. It “tells me this candidate isn’t worth hiring.” Enough said.
(Don't forget to give those people you hire sufficient vacation days! These help you bring in—and keep—great employees. Learn more in this post)
While it’s not the easiest or most pleasant thing to do, every entrepreneur must fire someone at some time in their career.
If you want a great company, you need to have great people. And while the “nice and loyal” folks may be your favorites to stand around the water cooler with, they won’t further your business if they aren’t up to your desired caliber.
How do you know if you should keep them around or not? Well, Goltz gives this advice: “Would you be relieved if anyone on your team quit tomorrow? If the answer is yes, you’ve got a problem.”
Most successful entrepreneurs realize this simple fact: They are branding their company with each customer or client interaction.
Branding doesn’t just happen via a snazzy logo or website. As Goltz says, companies brand themselves in many ways. In turn, this influences customers.
Some examples? Your signage, floor layout, or customer service say volumes about who you are and what you can offer a customer. The question is, how are your customers and clients being influenced?
(Another important element of a successful business is its company culture. Read about building a winning culture in this post)
We wouldn't be a company that offers bookkeeping and tax services for small businesses if we didn't touch on the importance of these services for building a successful business. If you're ready to learn more about what effective bookkeeping strategies and smart tax solutions can do for you, click here to set up a call with us today.
These business tips and traps were first published in 2015, but we updated the article in 2021 just for you.