Business Tips: Words From The Wise

If you have your own business, you know how tough it is to keep it afloat. Ever felt like you needed to do more? Or you’re missing on something? We’ve tallied down some handy tips from the big guys who used these in making their success stories.

Communication

Communication is important in every aspect in life and business is definitely no exception. You’ll find yourself being yelled at by customers or having a petty fight with your co-workers or employees and the key to everything is to have a sit-down or phone call and just talk it out to find a way of solving the problem. Never solve problems through emails or text messages. Call your customer up and find a way to solve the issue by communication.

If It’s Not Written, It’s Not Done

Documentation is important and this can’t be stressed enough. Contracts are very essential in any business. If you’re making a deal with a client, it’s not actually a “done deal” if it’s just agreed upon through a handshake; take the time to clarify terms with the client and have a lawyer create a contract which can be modified by either of the parties involved. Contracts will also be needed for your employees, vendors or services that you render to clients.

The Customer Is Always Right

Although it may sound like a cliché, business owners must live by this rule. When your business is at fault, admit it and work out a way to fix things. Sometimes customers just need to hear an apology and that you’re man enough to take responsibility even if it hurts you (and your wallet.) Your customers need some TLC and it’s great to give a lot of it.

Cut The Ties

Never ever hire someone you can’t fire. More often than not, hiring someone important to you will just end badly. Keep your business apart from your personal life to avoid problems (or divorce papers.)

Trusting Your Instincts

There’s a saying that goes, “When in doubt, throw it out!” Always trust your gut. When something doesn’t feel right, it’s usually a way of telling you that it’s something you shouldn’t go for.

Create A System and Stick To It

Always have a clear system to keep everything organized. A secret to a great business is consistency; have routine tasks and standard operations and stick to it.

Competition? Who Cares?

Do not waste your time on the competition. Some people dwell too much on the other team when they should be working on their own. Instead, use that time to work on your business to be better and stronger for your beloved customers. Remember: Happy customer = happy business.

You never lose. This is probably the best lesson that you should always remember. In business, there is no win or lose. You only win or learn. If you fail, learn from it, work on it and make sure it doesn’t happen again. Time is precious and we shouldn’t waste it thinking about our losses or dubbing our failures as mistakes.