There is plenty of advice available for first-time business owners. Sometimes it can be difficult to know where to start and what you should or shouldn’t do. While certain advice will work for some and not others, there are six fool-proof things that every first-time business owner should know, regardless of sector, structure or goals.
Honesty is extremely important in business, as a lack of it can ruin your reputation beyond repair. As a first-time business owner, clients and suppliers aren’t expecting you to know, or be able to provide, everything immediately. You’re still finding your feet, and that’s understandable so be sure not to over-promise when you can’t deliver.
Make honesty one of your business’ biggest values and integrate it into your business by fostering a culture of transparency, making the value you place on honesty and communication widely known. This will earn you the respect of potential clients, encourage employees to come forward when they’ve made a mistake or want to offer their perspective on something, and will deter any shady businesses from targeting you with less-than-transparent proposals, saving you time and money in the long run.
Building and nurturing a strong business network is critical, as it can offer support and put you in contact with other businesses or customers who may be interested in your service or product. Your next client, deal or opportunity could come through the contacts in your business network, so it’s important to start building one as soon as you can and never stop trying to expand and strengthen it, remembering to keep in touch with those in your network and take care of the relationships you have.
Irrespective of the previous experience you may have in your sector or in working within similar businesses, as a new business owner, you won’t know it all. Welcome opportunities to learn and be willing to continually educate yourself. Consider all of the advice you’re given – you don’t necessarily have to take it, but be keen to listen to others’ suggestions and remain open-minded when it comes to your thoughts and perspective being challenged.
In the same vein as being open to learning, view mistakes as an opportunity to learn. Embrace failures as the education opportunity that they are and the growth experience that they present. View failures as necessary steps in moving forward, thinking of every failure as pushing you closer towards one bigger success, rather than moving you away from it.
As a first-time business owner, the money will be something that’s on your mind. Try not to worry about not making huge profits as soon as you set up your business. Returns, profit and growth all take time, so be patient when it comes to seeing profit but also be energetic when it comes to chasing your profit goals. Essentially, don’t give up, but don’t be disheartened if it takes a while, either!
Make sure that profits aren’t the only financial aspect of running your new business that you’re focused on. Your overheads, spending and other associated costs are important and need close monitoring. Be proactive when it comes to your cost management and consider looking into getting support to help you keep on top of your spending, lowering your costs and streamlining your purchasing process in the long term.
Collaborate where possible and be open to getting involved with new projects. Take any chance to converse with those in your network about how you can work together moving forwards and down the line. This will get your connections more interested and invested in your success, making them more likely to offer help and support as you begin to grow.
For further information about how NJG can help your business with cost reduction and purchasing services, please get in touch today.
At NJG Purchasing Services Ltd we believe that there are many basic tips and tricks which can help to reduce your company overheads with almost immediate effect.
We have produced an ebook to guide you through some of the more basic methods which you can implement alongside using NJG Purchasing Services.
As a procurement specialist for more than 30 years, I get the frustrations you face. Growing a business is complex and challenging, but don’t let high costs be your downfall.
No matter what size your business, any inefficiencies you have now will only get bigger as you grow. Getting lean and resourceful as early as possible, will enable you to build an efficient and streamlined business for the future…
We understand how frustrating it is when you know your overheads are high, but you don’t have the resources or expertise to get them down.
That’s why we do it all for you.