Q. Aren’t you a successful business owner?
Q. Do you know what the characteristics of a successful business owner are?
If you want to know how to manage a business, here are some tips from Kuza Biashara, on the characteristics of a successful business owner:
Research and Plan in advance
Conduct your research first and make it a point to collect as much information as possible. With the information you gain from your research chalk out a plan for your business growth and development. Don’t just have a single plan; prepare alternative plans to avoid delays and losses. It would be good to be prepared well in advance. Alternative plans help you get better ideas and better growth. Whenever you make a plan make it a point to involve your employees also in it. Take their views and opinions which will help you to plan better.
Be good to your employees
The business owner should act as a friend, but should not try to boss over the employees. Be polite and friendly to them but at the same time do not be too lenient with them lest they stop listening to you. Communicate with them effectively. Let them know what is expected of them and also ask them for their requirements. Let them know about the importance of priorities, deadlines and punctuality. Treat your employees as family members and in the end a company stands for a family and it is a mutual understanding between the owner and the employees.
Take care of your finances
Taking care of your finances is the most important characteristic of a successful business owner. Any person who can manage his or her finances judiciously can become a successful business owner. Plan wisely before you invest and the quantum of investment. Keep a track of the amounts receivable and payable. This is a very important portfolio and constant follow up should be done. Just as having dues to someone else is not good see that you also get your payments regularly.
Business ownership requires certain golden rules to become a successful business owner. He/she should be loyal and friendly with the employees and customers. Plan and research for successful business ideas. Having alternate plans will help owners handle difficult situations. Every owner should manage finances wisely. So remember all these vital key points to become a successful business owner.
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