5 Business Principles

If you are building a business regardless if it a franchise or a ground up start up there are a few things that you should follow that are good business practices and will help you grow your business.

1. Innovation
Business that keep the same plan year after year after, especially parts that aren’t working are doomed to fail. Constant market research and keeping up with the latest in business trends is very important to keeping your business on top of your market. Also keeping up with economic news and the situation of your prime consumers (businesses, corporations, personal consumer) is very important that way you always know what to do and how to move your business.

2. Exploit strengths and leverage weaknesses

Regardless of the size of your business if you are a sole proprietorship or if you have many employees you have to know what your employees do well and assign tasks to their strengths and don’t have them work in their weaknesses. Asking an employee to do something they don’t do well guarantees that it won’t get done very well at all.

3. Motivation and Teamwork
Working with other people, regardless if it’s a freelance you’ve outsourced to or people in your office, compliments and other motivational nods are really necessary to keep your professionals happy with what they are doing. Reminding them how much you need them and making you work environment the very best it can be to make people feel that they matter and that they are doing something important is crucial to keep people over the long-term and keeping employee complains down. Happy employees are productive employees.

4. Planning your work and working your plan
It should be obvious I know but having a good and reliable business plan that you’re going to stick to with tip #1 is crucial. Knowing your strategy, market placement and other strategy items is very important to long term success and getting past that 5 year death knell.

5. Have Fun
The most important thing to remember is that this business represents your dreams and your chances for success. Having fun, keeping an upbeat attitude is very important to your success. It will get you through the hard days, the stressful days, and for the days when everything seems to go wrong.

These 5 business principles while not exhaustive are principles that will keep you and hold your business and give you the freedom and success that you desire.