Running your own business is as enjoyable as it is challenging, and it certainly isn’t something that everyone is able to do. For many it is almost by mistake that they end up operating a business, while for others it is a very intentional process. However, it is that you came to be running a commercial enterprise of your own, there are certain rules and fundamentals that apply across all businesses if they are to be successful and stress-free venture. Here are a few tips to help keep you on the path to prosperity and to help ensure that you can focus on the important things.

Financial Information

Without proper financial reporting and information your business is sunk. If you are not able to look at management accounts, budgets and cash flow statements on a regular basis and use them to help you inform your decisions then you are flying blind. Not every business owner is an accounting wizard, but that doesn’t mean that you shouldn’t find the right people to help. The reality is that no matter where you are based, in our digital age there are partners to whom you can email reports or, better yet, there are services with API’s that you can integrate with who will offer robo financial advice to you wherever you are in the world. Frankly, there is no excuse for not having the right financial statements.

Drive sales

There is only way to grow a business and that is through driving sales. Sales generate profit and they are the lifeblood of the organization so if you are looking to scale up, invest in sales people or products that you can sell. Good sales-people, in whatever guise they come (they could be cold-callers, telemarketers, waiters, door-to-door types, subject matter experts or expert networks), are the most important assets that you have. Incentivize them well and keep them happy and watch your business grow.

Cut costs

While there may only be one way of growing your business, but there are two ways to increase your profitability. The first is to increase sales, which we have already spoken about above, the second is to cut your costs. So often as businesses grow the controls and checks on the outgoings relax. If a business appears to be doing well then it is easy to take your eye off the expenses, knowing that you generate more than you spend. But just because that is the case, doesn’t mean that you should be profligate. The more profitable you are the better the returns for the shareholders and the more resources there are to reinvest into the business. So, don’t be wasteful during the good times because it will come back to bite you badly in the tougher times.

Happy people

Keep your staff happy and make sure that your business workplace is a fun space to be in. The golden rules of leadership are that you should be both consistent and fair. If you can only manage one of those two then make sure that it is consistency. Your staff want stability and they want to know where they stand with their boss at all times. So, if you nail those to key elements all the other HR ingredients will fall into place; almost by themselves.