This a continuation from the last post made here.
Most people with small- to medium-sized businesses end up where they are by accident. When we were younger, few of us said that we wanted to grow up to be a business person. It is something we come to.
If you want to create a thriving business, you should follow rules. And more importantly, you should follow these rules:
Rule #6: Business and emotions don’t mix
I can’t stress enough that business and emotions just don’t mix. When you get emotional, you’ll start making decisions that will likely make you feel better in the short term, but they will cause your business to suffer.
Base all of your decisions off of logic. Through these 4 simple tactics, you can cut emotions out of your life so that you can make better business decisions:
- Stay grounded. When something good happens to you, don’t get too excited as someone out there still is better off than you. And when something bad happens, don’t get down on yourself as people out there have it much worse off than you.
- Don’t hang out with emotional people exclusively. If you tend to hang out with emotional people too often, you’ll start embracing negative emotions.
- Stop Bee Essing. By cutting out useless conversations in your life, you’ll also cut out unnecessary drama. And the less drama you have, the easier it is to make logical decisions.
- Don’t count your chickens until the eggs hatch. Just because a contract is signed or someone claims that they are going to pay you, it doesn’t mean they will. You have to wait until you have the money in your bank account and it clears. If you start getting excited about “potential business”, you’ll start getting disappointed.
Rule #7: Don’t spread yourself too thin
I’ve made this mistake one too many times over the years and I still make it to a much lesser extent. Focus and priorities are the wheelhouse where revenue and sustainability come from.
Rule #8: Never stop learning
You are green and growing or you are dead and dying. There is no in between. The former makes you dynamic and engaged while the latter makes you lazy and complacent.
Here is a common tale: Once someone starts making some money, they start to get comfortable and naturally lose a bit of their drive. And when they make even more money, they get even more comfortable and start to get stuck in their ways. At first, it doesn’t sound that bad because you think you know what’s best for your business, but sadly it isn’t always the case. You need to keep up with what’s happening in your industry or else your competitors are going to start eating your lunch.
Keep an open eye out for things, as you can always be learning.
Rule #9: Treat your business with respect
A business, like a person, can get stressed out if you place too many unrealistic demands on it. If we consider ourselves entitled to income from the business and let our lifestyle dictate how much money we expect the business to produce, then we have taken a very big step in the wrong direction.
Business people must live within their means. The moment our interest in the business becomes about how much money it can produce before we care about how healthy it is, we are in big trouble. If you treat your business with respect and nurture it properly, it will provide for you.
Rule #10: Be cheap, but not with employees
Money gets good talent. Everyone who has ever hired someone knows that good employees are hard to come by. Spend money on employees instead of unnecessary overhead that has no ability to help you make money.
The best part about taking care of your employees is that they’ll be loyal and stick with you for a very long time.
Rule #11: Perfection isn’t important, speed is
I am a big fan of the phrase, “Done is better than perfect, and perfection comes through implementation.” It is that simple.