When was the last time you learned a lesson the hard way? You fumbled in negotiations, costing you that contract. Do you have pangs of regret remembering that business deal snagged by your competition?Should have considered outsourcing projects instead of in-house operations, to cut costs?
You’re in good company if you ever made a costly misstep, it comes with the territory. If it’s any comfort, the most successful businesses are constantly roadblocked by pitfalls. It’s fortunate the stories are well-documented; for your business sake, skip the mistakes and apply costly lessons others learned.
This isn’t your usual to-do list, though. Consider these points as precautions in running your business:
1. Don’t Forget Why You’re in Business
It’s easy to get sidetracked when you’re in the thick of a thriving business. Some forget why they started their businesses in the first place. The reasons may vary, but it’s often to fill a need; it could be personal, financial. Is there a niche on the market few businesses are catering? Did you intend to break new ground in the industry?
The “why” of your business will tide you through times when the “how” doesn’t make sense. If you built your business so you can spend more time with family, keep this in mind once there’s too much on paperwork your plate. Successful entrepreneurs are fully aware of priorities, and they’re willing to drop everything for the sake of what’s truly important.
2. Don’t Enter Partnerships in a Rush
This is tricky dilemma, especially if the prospects are too appealing to pass on. When you’ve done all the legwork, consider trusting your intuition. It’s great if you’ve started this business with friends and long-time acquaintances, and now everything’s as strong as ever. However, some partnerships fall flat because of mismatched expectations. It’s best if you thoroughly consider future business partners, ensure they’ll complement your team.
Opposites do attract, and it’s good business sense to on-board someone with skills and approach opposite to yours. This creates conflict, but it also keeps you from being complacent. You can bounce and filter ideas off each other, in effort to glean best solutions.
3. Don’t Stay on the Plateau, Keep Evolving
All progress occurs outside the comfort zone. You’ll reach plateaus in productivity, in revenue; there’s trickle of new clientele. These should push you to be proactive, take measures and get out of that rut. You only need to consider the humble beginnings of the most successful companies. Google and Apple started as garage businesses; imagine if these plateaued after eperiencing moderate success?
Successful companies keep evolving, for better or for worse. If outsourcing projects is the hard decision you have to make, consider the trade-off in cost and efficiency. There’s always risk of loss in business, but there’s also potential for gain. You can’t know what’s waiting for you at the corner if you don’t turn the bend.
You’ll make mistakes on your own, some can be costly. But, learning from other people’s mistake gives you the advantage. You don’t have to go down the well-tread path of mishaps. If ever you stumble into obstacles few have hurdled, you’ll at least have acquired wisdom of others, enough to tackle problems head-on.