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Some tips are great for business, and others can be transferable to every day life

 

There are those who choose to climb their way to the top of the corporate ladder, and there are those who prefer to create their own.

As a business owner, there are key differences in the way business is approached compared to those who work for a salary, and these differences tend to provide the person with skills in other walks of life as well.

Here are eight tips that work in entrepreneurship but also can translate to the rest of your life.

The ability to take criticism without getting emotional

Whether the business is developing a new product or introducing a new service, there will always be a certain amount of feedback.

When this happens, it is easy to become emotional, caught up in the moment, dismissive of the customer’s complaint or downright defensive. It becomes a real problem if the business owner feels like a failure when the specific product is hated by some customers.

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High-functioning entrepreneurs appreciate all forms of feedback from customers and use that information to develop new products or services or enhance their existing ones that suit their customer base better.

Allow others to make decisions

A human resource is just that, a resource. Business owners who still struggle with delegation will soon find themselves spread too thin.

This often leads to poor communication, which can place the business under tremendous pressure. There is nothing more frustrating for a staff member than having to run even the tiniest details through their superior, when they are perfectly capable and trained to handle the situation themselves.

If the issue is a matter of training, get it done. If the issue is a matter of trust, then it’s up to the business owner to ensure the correct protocols, checks, and systems are in place to ensure a smooth process.

Know key players and non-key players by name

It’s only natural that those employees who tend to be in the inner circle will be remembered, however, the owner that is able to enhance that personal knowledge to those on the floor tends to capture the hearts and loyalty of their staff.

This will make the staff member feel more engaged in the business, which ultimately leads to greater productivity.

Invest in staff

Business owners who know the value of their staff should not have any issues with their customers, as happy staff members won’t treat customers poorly.

Anyone who has ever been to a major retailer or even a small one and has received bad service and attitude consistently, can safely assume that the person hates their job. Bad attitude across the board filters down from the top, and it is only a matter of time before the customers drive a bit further for better service.

Putting the family first

Many business owners believe that their business is their gift to their family. Although it is important to ensure the financial well-being of the family, it is also important to be part of their lives on a personal level.

Spending quality time with each member of the household will ensure that the family is understanding on the days the business owner simply has to knuckle down and work a few extra hours. By neglecting the family for business reasons on a regular basis, human nature dictates that the family will feel second to the business.

Relationship before sales

Customers come and go and there are those who simply shop around for the best bargain. But those who have a relationship with the company will find it hard to do their business elsewhere. This is often where business owners make the mistake, as there is more to a customer relationship than simply just pushing a sale with every conversation.

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No one likes to be sold-to and merely just having a relationship with a customer for the sake of the next transaction will hardly encourage any loyalty. Many businesses implement a no-coffee-conversation rule, which restricts employees in their discussions with their customers.

It is much easier to bring a new customer on board than regain the trust of one that left, but it’s even better to not lose the customer in the first place.

Playtime

Simply just sitting behind a computer screen trying to make sense of the numbers or being at work all day, every day, can be a bit of a burden. Take some time and focusing on things that are fun, such as fishing, sports, recreation, or even vacations. It allows the mind to regenerate and the business to go to a whole new level.

It is important to sharpen the axe once in a while, and those who understand it tend to go further and last longer.

Constant development

Self-development is just as important as product development, as it allows the business owner to test new waters and perhaps even take on new projects.

Those who are able to bring in additional streams of income into their businesses or households will find it much easier to recover from the loss of a major client as opposed to those who tend to only focus on one portfolio at a time. By learning new skills, trades, or business techniques, the room for error reduces and with it the inherent business risks.

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Successful business owners hardly function at a low level, as they constantly challenge and develop themselves as a brand.

There are many aspects of success that they’ve come to terms with, and sacrificing family or personal time is not part of the idea. This is the difference between merely being successful and being a high-functioning successful business owner.

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