3 Key Leadership Tips to Make Your Small Business Successful

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thumbsupEvery small business owner should know that their influence as a leader plays a great role in their business success. Your journey starts from the moment your plans begin on that first day and continues throughout the length of your career. In business and in life we win some and we learn some, it is important to keep that in mind. It is important to learn from every lesson and continue to build on your experiences if you want your small business to be successful. This article will discuss three key leadership tips that will make your small business successful.

Tip # 1 – Determine Who You Are and Establish an Innovative Business Philosophy

Knowing who you are and the style of leadership you will apply to your small business is vital. Throughout the years your business will evolve and you will wind up honing your business methods. Consider your weaknesses, strengths, flexibility, your individual personality, and your social skills. Keep in mind these same things in regards to your employees, as they interact with your customers regularly. Everyone appreciates genuineness; be yourself and start every day with a smile.

Your point of view as a leader aids in identifying your business’ philosophy. Lead your business by example and set the pace for your employees. Remember your employees reflect who you are as a business owner, plus they are your representatives and they are your strength. As long as you set the atmosphere with a positive vibe your business and employees will prosper and eventually grow with great potential.

Tip #2 – Plan Ahead (Five Years in Advance)

At the start of your new journey, you will be so focused that it might be hard for you to see the bigger picture. As you embark on the daily grind, don’t lose sight of your long-term goals. Try to think outside the box. Envision where you want your business to be two to three years from now, even develop a five year plan.

In order to have a successful plan you will need to successfully manage your finances. Start with examining if you are overcharging or undercharging for your work. According to Intuit, a recent study of small business showed that 27 percent of small business owners thought they were undercharging for their labor. Another 15 percent thought they were overcharging. It is important to know your expenses and your profit, this will help you develop successful marketing strategies for the long run.

Tip #3 – Keep Track of All your Daily Activities

Running a small business is not an easy task but it is manageable. Keep track of every activity. It may seem overwhelming, but it is worth your time. Having an accurate account of all activities keeps you and everyone else accountable. Recording everything grants you the privilege to ask yourself questions like “What went wrong? What was the root cause of that issue? How can I fix that problem?” This in return opens up room for improvement, as it allows you to go back and examine what went wrong.

The Wrap Up

Determining who you are and establishing a business’ philosophy, planning ahead and keeping track of everything are just three key tips that will help lead your small business to success. If you are looking for more great tools for your small business check out our website and sign up for our free newsletter from Successful Startup 101.