Tag Archives: success

Vital leadership skills every small business owner needs

Being a small business owner means that, other than entrepreneurial spirit, you will need to have leadership skills to succeed. You will need to be able to lead your team with ease and have an understanding of all aspects of your business, including financial accounting and marketing. If you are not sure what, exactly, being a leader entails, below are just some of the vital leadership skills you will need as a small business owner.

Organisation

Arguably one of the most important leadership skills you will need is organisational skills, and this pertains to every aspect of your business. Keeping your workspace neat and tidy will help to calm your mind, and keeping your business data in order will help to make your work more streamlined.

Keeping everything organised will help you to quickly access information and make quicker business decisions. You will need to be able to organise your contact information, tasks, sales information, and all the other moving pieces involved in bringing in new business, as well as understand your financial situation. This can be done by taking a diploma in financial accounting. An organised business is one that performs well and provides customers with outstanding service and experience.

Effective communication skills

Being able to communicate with your employees and your customers is essential to the smooth running of any small business. Communication is equal parts talking and listening, with listening being vital for meeting with employees and clients.

As a business owner, you can build your success by being able to communicate your goals clearly to your team so that they are able to implement them. Listening to the opinions of the people on your team will also enable you to become a better boss, and it can improve your business operations. Without the ability to communicate your value to potential clients, you are unable

Confidence

Confidence is more of a personal attribute than a skill, but it is important nonetheless. Without confidence, you are unable to inspire trust and respect in your employees and customers. Leaders need confidence in order to make decisions and stick to them.

Self-confidence is important for small business owners as you will need to convince clients to use your skills and buy your products. If you are not confident in your business and in yourself, this will shine through in your business and will increase your profits. Confidence is an attribute that is inherent in entrepreneurs and can be built on with courses and conferences.

Strategic thinking

Thinking strategically is important to  the success of any business. This means that not only do you have a vision for your business but the ability and drive to move forward with this vision. You are able to think on your feet and use all the information available to come up with a plan of action to reach your goals.

Strategic thinking is a leadership skill that can be applied to your entire business, such as marketing and finances. Strategic marketing means that you will look at what is trending in the media and use this to your advantage in your campaign. Using strategic thinking financially could mean that you take financial accounting courses in order to better understand your bookkeeping process.

Emotional intelligence

Being emotionally intelligent means that you are able to understand and control your emotions. It will help you to understand yourself and those around you, namely your employees and your clients. It also means that you are able to act diplomatically rather than simply following a whim or an emotional reaction.

Having empathy is a part of having emotional intelligence, and empathy is what drives a small business that wants to connect with customers and give them the best customer experience possible. You should be able to effectively demonstrate emotional intelligence and use it to form connections with your employees and clients. Emotional intelligence also means that you are better able to make smart business decisions with your head rather than your heart.

The ability to adapt

Having the ability to adapt to difficult situations is vital for any small business owner. Change in the economic environment is constant, and being unable to adapt to these changes is highly detrimental to your business success. The ability to adapt also means you need to have the ability to embrace change, too.

Leaders are also able to implement changes easily and efficiently in their business. You should be able to do this without disturbing the organisation’s balances and should provide your staff with help as they strive to adapt to these changes too. Adaptability is highly important in this digital world we live in, especially for small business owners.

8 things productive people do before bed

Ever wondered why some people are seemingly more ‘successful’ than you are? Well, it’s simple. They have their own daily habits that contribute to a happier, more organised routine. Productive people understand that their success is all dependant on their mental and physical well-being, which is why they always take the time to reflect and adjust their strategy each night before bedtime. In order to be just as productive as the person you admire at work, perhaps you should consider trying the following tips:

They sit back and review their day

According to Steve Jobs, everyone should always strive to do something wonderful. Hustling through life to be the better than the person next to you is a great motivator, but when you’re so focused on your career you’re likely to become obsessed which is dangerous. When you think, breathe and live your job, you forget about the finer details in life: the part where you contribute to society or your community at large. Understanding and living your purpose are the first two steps to making a difference. Before you go to bed at night, try and think about your contribution to the world and how that effort is directly aligned with your goals for a happier and healthier life. The simple act of laying down and thinking back on your day will inspire you to be better each day, which will guide you to achieving your goals and aspirations

They write down their thoughts

Often times you lay awake at night thinking for hours. If you simply took the time to write down your thoughts and emotions, you will be able to sleep better and it will allow you to analyse yourself and your actions more accurately. Many successful leaders tend to do this because they get the time to review what they did or didn’t do in the day, or how they spoke to someone in the workplace. Writing down your thoughts will help you to clear your mind and slip into a peaceful, much-needed sleep.

They read interesting books

Great leaders and influential people read before bed. More often than not they’re reading self-help and learning books to give them advice on particular areas in their lives, but either way, reading something that provides you with something to incorporate into your life is well worth the time. Reading is also an ideal way to distract your mind and work your brain in different areas.

They set priorities for the next morning

Many people can vouch that one of the first steps to a successful day is making your bed. If you feel disheartened because of your bedroom setup, buy yourself some new duvets and comforters available for sale in South Africa to keep yourself motivated and inspired.

Wake up, make your bed and go over the list of tasks you need to get done for the day. Knowing you have things to attend to the following day will make you feel more prepared and ready to tackle the new day. Every minute you spend planning in advance saves ten minutes in execution.

They spend quality time with people who matter

Whether it’s family or friends, never neglect the people who matter most because of your job or business. While life is about earning a living and being successful, success can be showcased in various ways. Never give up quality time with your family for something that could be completed the following day. There are always going to be times when you need to work overtime, but you cannot be stretching yourself beyond capacity. Life is already stressful as it is. Don’t miss out on ‘life’ because of something temporary.

They get things done

Productive people use their skills and talents to reach their full potential. Simply by planning ahead to get things done, they make it their mission to work hard and commit themselves in every department of their lives. No matter what industry you’re in, there are going to be days when you’re feeling unproductive and slower than usual, but you just need to push through and try your best.

They go on a digital detox

Something that has become extremely popular is digital detoxing. While digital plays an important role in how we operate and do business, coming home and spending time on your mobile is not the way to go. In order to rest your body, mind and soul, you need to take a step back and reevaluate your priorities. Spending plenty of time on social media is wasted time that you could be spending with your family.

They spend time outdoors or meditating

Spending time outdoors is a wonderful opportunity to clear your mind. Sometimes when you’re feeling down or stressed, going for a walk or meditating can help you turn off your thoughts for the time being. These activities are also good in moments of anger as they allow you to calm down and rethink a particular situation Taking the time to unwind will leave you feeling focused and rejuvenated.

10 Ways to save your sinking business

Businesses go through many phases over their lifespan. During certain seasons the sales can go through the roof and during other periods, the sales may dip. But what happens if your business is experiencing slow sales for a long period? When the customers aren’t flocking to your business in large numbers like they used to? Your business might be sinking rapidly and you need to find ways to save it.

Find out where the problem lies

Is it poor management? Failure to implement marketing strategies? Lack of experience? Or maybe you won’t take risks? When you find out the why your business is failing you’ll be able to find solutions to help revive it back to life. You can’t implement strategies effectively if you only cure the symptoms and not the real problem.

Figure ways you can save your company:

Rebrand

In order to save your business, you may need to rebrand your company. Rebranding is great when you want to grow your business and reach a new market. The market you may want to target could be based in a specific demographic, you could want to reach more woman or a younger audience. Rebranding involves more than just changing your company slogan and logo. It also involves changing the vision and mission of the company but when you do this you need to keep your target market in mind. Will your new brand appeal to them? Will the risk pay off? Make sure your brand distinguishes you and is in line with what your company stands for.

But before you rebrand your business, make sure you first find the root cause of the problem. There’s no point spending money changing your company’s branding strategies only to find that the reason your company is performing poorly is that you offer poor service. Make sure you find the real cause of the problem first.

When should you rebrand?

If the name of the company no longer serves its purpose then it may be time to change it to something else. Or maybe the name doesn’t fit with the market you are wanting to acquire.

If your brand doesn’t stand out

The marketplace is competitive and for a business to be sustainable, it needs to be the fittest in order to survive. And a key way to help it succeed is to set it apart from the competition. Consumers need to be able to differentiate your business from the rest of the businesses in the marketplace. You can take a gamble and rebrand your company. The more you stand out, the more you’ll be memorable to your target audience.

Ask customers

Your customers are the ones taking money from their pockets in order to make use of your service or buy your product, so it would make sense to ask them for feedback. Ask them to rate your service. The feedback could help you solve problems. Do your customers feel well connected to you? Does the advertising you use to appeal to them?

Offer what your customers need

Does the product solve the customer’s problems?  You may be providing a service which customers don’t want. If the product doesn’t appeal to your clients, go back to the drawing board and find something which will cater to their needs. Because if your customers aren’t satisfied, your business won’t survive. Align your marketing strategies and product model to suit the needs of your customers.

Outdated technology and skills

We live in a world of ever evolving technology and it may be your business is using outdated software or skills. When you’re falling behind in technology, you won’t be able to keep up with the competition. If your customers are using certain social media platforms to access the competition and you don’t use those platforms, you’re in trouble and you may lose out on a huge market. Make sure you keep up to date with the latest technology so you can keep up with your customers.

Check your finances

If money is the main reason your business isn’t doing well, you may want to look at your spending habits. You may need to cut down on unnecessary spending which could be costing your company each month. You may need to bring in outside help in order to help you figure how to solve your financial problems.

Merger

You can merge with another company. When you merge with another company you can lower costs through economies of scale and also have access to their customers. A merger will require financing and you can acquire funding through corporate finance.  

When your business is experiencing failure you need to go back to the drawing board for a fresh approach. Find the reason why your business by collecting data, asking customers and looking at your expenditure. Once you’ve found the root cause you’ll be able to find the best solution to help your business.

How to set up your team for success

Do you have a new team or are you starting a new project? Most teams rush straight into the work without having clear agreements in the beginning about where they are going or how they want to get there. The key ingredient for a successful project is clarity. If you want to set your team up for success, you should be clear about your project’s objectives and each team member’s role and responsibilities.

Don’t wait until you hit a bump in the road and then be forced to work out agreements in the midst of frustration and confusion. This is when conflict can arise in teams. Therefore, it’s important to clarify your expectations upfront to set up your team for success.

To lead a team effectively, you should try to establish rapport with each member. The most successful managers build their relationships on trust and loyalty, rather than fear or the power of their positions.

Here are a few ways to set your team up for success.

Start before your team does

The first thing you should do, before sitting down with your team, is to clarify your project’s objectives. This step, which is essential to successfully complete the project, is likely to be dictated by the client. Or if the project is an internal initiative, by your company’s management. It’s best to create a resource plan before starting the project. This plan should include details of the budget, hours needed for the project, the number of people included and the required skills necessary to tackle the work.

Many team members may work only part-time on the project, stealing time away from their regular responsibilities. If that’s the case, speak to their line-managers first before the project begins. That way you’ll have some understanding about what to expect from  each team member.

Clarify the roles and expectations

Try to reach out to each individual team member and nurture a relationship. Do this before the team’s first meeting. In doing so you’ll be aware of each member’s personality type and skill set. As a project manager, you should try to make the lives of your team members easier. While they are working on their individual tasks, you can clear obstacles from their path. Help them to meet deadlines, look for more resources or find more time to complete the project, if you must.

If your project involves both the business and technical side, make sure both share the same goals. Different agendas and opposite expectations often delay the progress of the project.

Set the right tone

You will play a big part in explaining the work tone of your team, especially at the beginning. You should talk to your team in a way that makes a positive impact. Remember that negativity can poison a team’s mood and effectiveness. Try to strive for an upbeat team spirit and an undivided team attitude. As the well known French author, Alexandre Dumas, said: “All for one and one for all.”

Having a sense of humour in a team is key. A fun environment can prevent a stressful situation. It’ll also help to get the most out of your team members. Instead of focusing on the problems why not turn your focus to the solutions? It can go a long way in maintaining a cheerful and positive atmosphere.

Foster the right behaviours

It’s important that you show your team how you expect them to work with your own good habits. As the saying goes, “actions speak louder than words”. A lot of obstacles will arise and you should overcome them calmly and openly. That way your team will learn the right way to respond to difficulties. You should have a life outside work to maintain a sense of balance and calm. There will come times when you have to work overtime to support team members to meet stressful deadlines. You should do things the way you’d like your team to do it. Try to set an example.

Deal with individual team members

If problems arise, don’t deal with the team as a whole. Instead, talk to team members individually. Some people will need hand-holding while others hate it. Some team members respond to a strong push in the right direction and others go into a mild depression if you’re too hard on them. It’s important that you know how to deal with each team member individually. You can do a project management training course to learn how to deal with different types of personalities you can find when working in a team. This course will also teach you about team management.

Being a project manager is quite a big role and you should be ready for what’s coming. And it all starts with getting your team ready. Together with your team, you should set goals in order to reach your full potential and make a success of the project.