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3 keys things of running a business

Running a business takes hard work, dedication, and commitment. Whether you’re just starting out on your own or have been running a business for a while, there are a few things you can do to set yourself and your business up for success.

 

  • The right team

Success depends on having the right people in the right roles. While hiring a team can be a challenge, especially in the early days where budgets are limited and you only have the capital to hire one or two key people, the people you bring onto your team are ultimately either going to help or hinder your success. When you find the right people, you make your job easier as a business owner.

 

  • Having a strong vision.

Creating a vision helps define where the company wants to go, and where it sees itself in the future. If we don’t know where we want to be a few years from now, and build an organisation around that vision, changes to the marketplace or outside forces can easily derail us and knock us off course.

 

  • Be aware of potential bottlenecks
  • Inefficient time management.
    • Time is your most valuable resource, yet most entrepreneurs think on infinite time scales. Ensure you regularly analyse your business metrics and identify timewasters.

 

  • Too much noise.
    • Building and running a business can become too complex when you're trying to cut through the noise generated through social media, marketing, apps and vendors. It’s enough to make entrepreneurs think they need to chase down the "next big thing". Remember, limelight doesn’t guarantee success!

 

  • A small network
    • A strong network is crucial to your company’s growth. In fact, research conducted by the Economist Intelligence Unit found that 78 percent of start-ups surveyed linked their success to their founders’ networks. But strong networks aren’t built through viral campaigns or flashy marketing. They develop over years through resilience, relationship-building, and cultivation of a community around your idea.

 

In any business, there are many trials and tribulations amongst the successes. The key is to not let things get you down, but to instead take those challenges and use them to fuel your drive and desire. It takes perseverance to push through the challenges to come out on the other side and achieve success.