Entrepreneurship is a rollercoaster ride of highs and lows. And, there are many valuable lessons to be learned from the experience. If you’re someone looking to grow your business, these 5 priceless business lessons can definitely help you out along the way.
Business Lesson #1: Always Act with Integrity
The best entrepreneurs are those who act with integrity in all situations even when no one is looking. Their businesses are built on solid values and principles, and their brand is a direct reflection of this.
To be successful, you need to act in the best interests of your business and that of your customers and employees. The less they trust you, the more of them will go elsewhere. So, it’s important that you always strive to deliver on what you say you will and to maintain trust. Make it a point to live up to your word and to be honest and transparent. Otherwise, your business could implode.
Business Lesson #2: Activity Does Not Equal Growth
Business is always about measuring. But, successful businesses are not just measured by the number of business actions that are completed. When you focus on measuring activity rather than growth, you may find that your outcomes are poor and your objectives have not been met.
Instead of focusing on activity, think about what is actually being achieved. Make sure that you are making real progress and getting real growth. This means measuring the things that matter and taking action where you can. When creating a growth plan, think about your return on investment and what you will get out of it. Then, make a plan to implement those activities and measure the results. If you want to grow your business, you need to look for high-value activities that will translate into results.
Business Lesson #3: Undercharging is Unsustainable
One of the biggest mistakes contributing to business failures and closures is caused by undercharging for services and products. This can be a result of charging too little and/or having a poor understanding of or incorrect structure for profit margins.
You won’t go far in business unless you can effectively price your products.
- Study the numbers: Know your baseline costs and margins. Take into account taxes, insurance, wages, licences, and other expenses.
- Stop discounting: People don’t pay for a discount, they pay for the actual product or service.
- Focus on quality, expertise, customer experience (CX) and value: Customers who are only looking for a better deal on a product or service are likely to choose a cheaper offering from a competitor. That is why you must differentiate your business based on quality, expertise, CX and value delivery rather than just on pricing.
Keep in mind that more transactions do not necessarily mean more profit. Undercharging is not sustainable for long-term success.
Business Lesson #4: Look After You and Yours
There is no finer feeling than success and satisfaction in your professional life. However, this should not come at the cost of your physical and mental health, your family life, relationships or financial wellbeing.
There is no doubt that business life is challenging and demanding. You will face many hurdles and never-ending pressures. But, it’s vital that you build your business around your needs and those of your family as well.
Make sure that you set aside time to:
- Focus on yourself and the aspects of your life that matter to you
- Stay dedicated to your family and relationships
- Breathe and unwind from the daily stresses that are weighing you down
- Get enough sleep, eat right and exercise
- Delegate tasks and responsibilities or ask for help
- Set up a safety net and get financial protection that you can count on should things not go as planned
Business Lesson #5: Hiring Real Help is Essential
One of the most valuable tools you can have on your entrepreneurial journey is the guidance of a mentor or coach.
Even the most seasoned of entrepreneurs can often lose track of time and drift from their business vision and goals due to stress, time constraints and other obstacles. This can lead to a myriad of problems and affect critical decisions surrounding the business.
That’s why it’s so important to surround yourself with the right people to keep you accountable and make sure you stay on the right path. Hiring a business mentor or coach will help you do this.
A business coach or mentor can also help you with the critical strategic aspects of your business. They can help you find better ways of doing things, share knowledge and experience, identify the things that really matter to you and your business, achieve your vision, and guide you both through difficult times and to new heights.
Remember, the better your guidance, the better your results will be.
