How to Manage a Successful Business

Ever since I was a little girl, I've always dreamt of working for myself. My dream came true over five years ago, as here I am today, self-employed and running my own business. I may not be as successful as others out there, but I am really proud of where I’ve come. Running a business is difficult, and you don't really understand how difficult it can be until you set up one yourself. Whether you are a blogger, craft maker or a shop owner, etc., whatever you do, there is always going to be more going on behind the scenes that no one sees. Here are my top five ways to manage a successful business:

Find your Niche and Stick to it

This is important to think about when you're starting up your own business. For example, if

you are selling products, you need to try and think about what type of products do you want to

sell? There's a huge range to choose from, motherhood, children, clothing, home, photography

and so much more. You must create an identity and a brand, who’s product or service offering

is clear. Although you may wish to extend upon your offering in time, it is important to make

sure that you stick to that niche as you don't want to lose customers or the branding you first

established.

Retain Top Talent

When you run a business, and have employees, you need to make sure of a few things. Firstly,

you need to make sure they are getting the right pay, and that you are complying with any laws

which concern employing staff. You should keep them informed with any futures plans for the

business, always encouraging engagement and growth for them within their role. Running a

successful business also requires being honest and open with your colleagues. It is important

to make sure that they feel comfortable by creating an environment that makes your employees

feel like an asset to your company. You can read more on this and learn to encourage employee

retention with this guide from Thirsty Horses.

Set Realistic Goals

Always ensure, particularly when starting up your business, that you make realistic goals and

work towards them. This will allow you to organise yourself, and keep a measure of your

progress. By following the SMART criteria, S - specific, M - measurable, A - attainable, R -

realistic and T - time bound, you can be sure to have set yourself reasonable objectives you are

able to achieve. To really attain success, you should always try to push yourself to reach these

goals, and don't be afraid to push yourself further too - leading on to my next point.

Be Prepared to Make Sacrifices

Every business has its ups and downs, so it's important that you are prepared to make any

sacrifices that you may be faced with. This may mean spending late nights or getting up

super early to work on the business, having to use personal savings or feeling at times like you

have less security for yourself or your family. These are all potential consequences which can

come with running your own company, but through commitment, sensible decisions and a

clear sense of direction, it should hopefully result in success for your business.

What are your top tips for managing a successful business?

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