Starting a business and growing it is an exciting thing to do. But, while doing so you need to keep some things in mind alongside your business idea. These are the things you must do and some mistakes you must avoid.
Most of the small businesses are based on great ideas. A small business owner always strives to grow these seed into a huge tree nurturing their creative ideas. But, you have to look at some other tasks also such as managing finances, market presence, customer reach, and many more. Hence, we will talk about some must-do things and some mistakes to avoid here while growing your mall business.
1. Do maintain a startup mindset
You should always keep on working on your creative ideas. While growing a small business, there will be challenges and hurdles. Your creative mindset which helped you to start the business in the first place will always help you to be flexible and reactive to tackle any challenge you face keeping the original values intact.
2. Don’t lose touch
While climbing the ladder up of the business growth, don't let the communication hamper. Don't turn into just a CEO nobody wants to hang around with. If you observe any successful business owner started from small businesses, they are always approachable to people and listen to them and communicate well.
3. Do be a team player
Work on problems and challenges as a team and take suggestions from your colleagues on the table. Answer their questions as well instead of just seeking clarification from them. Delegate responsibility to them and give them the freedom to work with it and let them be comfortable working with you. Hire people who will work on solving the problem and not only answer your questions and getaway.
4. Don’t ignore people beneath you and their time
Don't just always stay in yourself. Get out of self and be friendly with the people around you. Try to get some attention at problems your subordinates are facing and try to consult them as well. Keep in mind that it is not just your time that matters. Other's time is also equally important. Try to be punctual for meetings and appointments you have committed time for. When you are a leader, how you treat people matters and it shows most of your character.
5. Do keep the habit of research and analysis from customer feedback
The habit of doing complete research and planning before working on any project or problem is a very important one for small business owners. Closed-loop working with customer feedback is quite necessary for growth. Analyzing customer feedback and modifying or making new decisions accordingly helps you to adapt and adjust to these continuously and quickly evolving business world.
6. Don’t stay informal about agreements
Don't just rely on verbal or informal contracts. Try to get things written or on email. While starting new and growing a business, facing legal issues is the last thing you would want. To stay clear, you should have written agreements with lenders, business partners, investors, and other businesses wherever possible.
7. Do show your customer respect
In this highly competitive world customers are equipped with many options for the same product/service they want to buy. Hence, how you treat your customer is as critical as the quality of your product/service. Showing respect to your customer makes them feel special which is very important for customer retention and business growth for any small business.
8. Don’t take your opinion for fact
The knowledge about the industry is an important thing. Your experience in the industry may have given you quite some insights about many things out there. It is always good to have an understanding of the industry. But, your view or opinion on some things should not be necessarily a fact. Don't close your mind with your views. Keep it open for getting facts you never knew before and then work on it.