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The Golden Rules Of Owning Your Own Company

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Opinions

The Golden Rules Of Owning Your Own Company

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Life is full of golden rules. So much so, that you might find yourself conforming to these so called rules that everyone seems to be piling in front of you. Eating healthy, doing exercise, having a good job, staying out of debt.

The list of golden rules that you could apply to your personal life is a never ending list, because it would seem that there’s always someone on hand to judge what you do, and tell you how you need to do it differently.

But when you compare your personal life to your business life, you’ll see an even bigger difference. Business is like a show, and you’re the star of your own show! Everyone is looking at what you do, thinking about what you should be doing, and judging a businesses every move.

You discover rather quickly that the crowd judging you should be the ones spurring you on, but we feel that the more judgement you know you’re facing, the better off you’re going to be. You have something that’s constantly driving you to do better, whether you like it or not.

This coupled with your own desire to be the best that you can be, and you’re onto a winner. But within all of this judgement, are a few golden rules that you’re going to have to follow if you want to win at this business game.

Some of them we know you won’t be following, some others we know you might be doing at the minute, but it’s all about making sure you do it right!

Stay On Top Of Finances

This is the golden rule that you might think we’re fools for talking about. Most of you will do nothing but check your finances on a daily basis, but how many of you will admit that you analyse it in detail, or are you just checking it to see what profits and losses you’re making for the day?

We’re sure that’s what most of you are doing, because you will be thinking that it’s the most important thing for you to monitor. But you’re wrong! So many companies crumble within months because they’re just not managing the finances in the right way.

So your next thought might be, why is the account manager not organising it? Well, not all companies have the finances to employ an account manager part time, or even full time.

Little things slip through, parts of the finances aren’t managed, and before you know it one thing piles up and the finances are in tatters. So our golden rule here is to make sure that you’re checking every aspect of your business finances.

Figure out how much you’re going to need to pay business taxes and put some aside so you’re not paying it all in one, see where you’re spending the most and try and reduce it, and golden rule number two for this section, stay away from debt!!

Like with your personal life, it’s easy for one thing to lead to another, and suddenly you have borrowed too much. So although you might still be paying off the initial investment that you might have borrowed, you need to think about paying it back methodically, and staying away from any other loans that might be tempting you.

Let your business grow and your profits along with it, and then use your profits to better your business, rather than another loan!

Keep Your Employees A Priority

If your employees were never a priority from the very beginning, then you might be about to learn that you’ve broken one of the most golden rules that you could ever make.

Because your employees will soon become some of the best people to ever grace your company, and you’ll rely on them more than you ever have for anything else.

That reliance could become something that really does go against you as time goes on as well.

Because the more you start relying on your employees, the more you’re not going to be able to live without them. But they’ll know that if they’re not your top priority, and they feel as though they’re not being treated as well as they would if they were to work somewhere else, you’ll start falling victim to a high employee turnover.

This will then come with many problems of its own, including bad reviews, and only being able to hire a certain type of employee, one that isn’t going to be as hardworking as you would want them to be. Starting an employee assistance program through an external company could be the answer you’re looking for.

It’s a great way for you to give your employees benefits that other companies perhaps aren’t offering them, therefore allowing you to attract a more elite type of employee. But even more basic than this, you should really try and focus on their basic needs, ensuring you’re being the best boss that you can possibly be, simply by being happy and approachable!

Think Of Ways To Be Different

If you want to own your own company, and you want to do it right, you need to always be thinking of ways that you can be different. We think this really is something that can easily not be done by so many different companies and we do understand why.

When you see others doing so well, and so many of them doing well by copying others, it might be easy to jump on the bandwagon. But we think that the best way to truly be successful now, is to think of ways that you really can stand out from the crowd.

With business, we think it’s so easy to fly under the radar when so many other companies are doing the same thing as you. But would it not be easier for you to stand out to get your attention.

Be wacky, wonderful, bright, and interesting. It only takes one crazy stunt of doing something different for the whole world to notice you. TV advertising is where you could really give this a go. There are a select few companies who actually do advertise on TV, so if you were to do it and do something completely unique, we think it really would go in your favour.

Don’t Be That Bland Business

Being a bland business is never going to get you anywhere, yet it’s what so many people seem to chose to do. It’s so much easier for people to chose the road that they’re comfortable with, rather than pushing the boat out and seeing what happens.

So, this is for all of you who need to see what happens in life when you decide to do something that’s completely wacky and fun. We’re trying to encourage everyone to be that business that’s spontaneous, loud, and very proud.

It’s the businesses that don’t care what people think no matter what they do that bring us the most joy. They’re just doing their own thing, changing the norm, and catching people's attention like you wouldn’t believe.

So, it doesn’t matter if you have been a little bit bland to begin with, there really is no time like the present to do something a little different, and change the way you run your company!

Give Something Back

A business can easily become very selfish, which is why we think it’s so important to be able to give something back to the people of the community. Some of the most recognised businesses out there are the ones who are doing charity event after charity event, and doing their part to make sure the world is a better place!

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The Golden Rules Of Owning Your Own Company

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