Every small business needs policies for standardizing the way it runs. Without guidelines there is little structure and that contributes to an anything goes culture. Fortunately, new entrepreneurs have examples that they can model as managers who do things right and leaders who do the right things.
To develop your skills in business consider these ten leadership practices.
- Put clients first. Always remember that customers can make or break your business. Their buying power is a direct factor of your success. So be sure to make fulfilling the needs in the market your top priority.
- Price your offerings fairly. A sure way to attract new buyers and keep the ones you have is to avoid overpricing. Give consumers a reason to want to buy from you by keeping their best interest and your best pricing at heart.
- Follow fair hiring practices. Grow your business with potential employees and contractors who are qualified to work for you. Keep hiring and working with your company above board by following policies and regulations mandated by law.
- Be honest with vendors. If your company runs short on cash do not ignore your debts. Instead of ignoring the bills that are coming due work with vendors to negotiate payments. They appreciate it when you keep them in the loop.
- Honor your contracts. When you sign an invoice or an agreement to do business with a vendor, limited partner or lender you are making a promise to abide by the terms. Remember, nothing builds trust more in business than a person who honors their word.
- Be a good steward. This means keeping an eye on your company’s resources and managing them well. Good management seeks to eliminate waste, correct inefficiencies, and discourage fraud.
- Respect the environment. The planet we live in is all that we have and as leaders we are to hold our standards high. Your company has a responsibility to its environment. Create policies and take an active role to ensure that you are contributing solutions for your community.
- Comply with regulations. As the owner of a business there are various regulations to follow. Find out which ones apply to you so that you are abiding by federal, state,and local law.
- Maximize company value. Eventually you may decide to bring on investors, get a loan, or sell the company as part of your exit plan. Take daily action to position your company so that it creates value in your potential buyers’ eyes.
- Have business integrity. Above all honesty is the name of the game. Show integrity and professionalism in your business relations gives it the staying power to last.
These are the best practices that I use every day to have a profitable business. Check back tomorrow for more blog posts where I show you how to put these to work in your business, too.