Article Contributed by Dan Razak
While some new business owners are more modest when it comes to their expectations than others, the end goal that they all share is the success of their young company. Some aspire to make their brand as popular as much as Coca-Cola or McDonald’s, and that way, create a legacy that will stand a test of time, while others are merely content with the idea of being their own boss. However, in order to get there, one must first reach some minor milestones along the way. With this in mind, here are five easily reachable goals that every new business owner should set their mind to.
1. Keep your employees
What makes people fall in love with their workplace? Well, there are several factors. Some are driven by ambition and chances of vertical mobility. Others are motivated by greed. Then, there is a number of people who feel some sort of loyalty towards your brand or their boss. This final part is particularly important since there is a study that shows that people are more likely to quit because of the manager rather than the company. Be that as it may, as your employees start gaining more knowledge and start delivering promising results, your competitors might decide to try and poach them.
2. Develop a sense of community
An ideal team model in the 21st century puts a heavy emphasis on diversity. Even though this may bring better results, this also means that you are supposed to put people coming from different backgrounds side by side and expect them to just get along. Well, this is actually not impossible, as long as you are there to give them a little push. Try to turn your teams into homogenous communities by exercising teambuilding activities and making interactive meetings where they will be able to share their ideas with each other.
3. Develop a better tax strategy
In order to keep your business profitable, you need to pay attention to both your income and your expenses. One of the ways you can become more efficient in the latter is by developing a better tax strategy. However, this would require you to have a better understanding of tax structures, which would in turn give you a much more reliable succession planning. The best way to get a grasp of this would be to find a reputable tax accountant in Sydney area and consult them about this issue.
4. Learn how to say no
One of the biggest mistakes new owners make is believing that saying no to a business offer is a bad practice. While there is some sense to this claim, it is even worse to agree to a project you know you can’t finish in time. This way, you will get a bad reputation and probably be forced to pay some penal fees for failing to follow up on your promise. Sure, it may be difficult, but for the sake of your business you must learn how to say no to your clients. Still, you’ll need to be quite delicate about it. Luckily, there are more than a few good ways to say no to a customer or a business partner.
5. Diversify
Finally, keep in mind that putting all your hopes in a single product or service seems more like gambling than running a business. This is why, in 2017, you need to try and diversify a bit. Try to make another source of income for your business, even if it means advertising or retailing products made by other companies. Once you manage to secure at least a few streams of revenue, your business will become more independent and you will get into a position from which you can make some riskier moves.
Conclusion
While on their own, each one of these goals may not make that much of a difference, together they can completely revolutionize your business model. Apart from improving your income and making your company’s future more predictable, they are also making your business more flexible. This means that no matter what happens in the future, your business will adapt much easier.
About the Author
Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.