Productively Become a Better Business Owner - Foundation Finance

Productively Become a Better Business Owner

Setting guidelines as a business owner is essential to your company’s growth. As a business matures, it becomes clearer about what it will and will not do or tolerate any more. Doing these three things in your business will set you up for success and prepare you for anything.

Be productively unreasonable. Early on in business, most owners are just doing what they can to succeed. Accepting reasons and excuses for missing timelines or exceeding budgets in order to meet goals is common place. To take your business to the next level, being intolerant of these types of excuses is necessary. This may mean losing employees who aren’t up to the challenge of meeting your standards but you will be better off in the long run to stand your ground and expect excellence from your team.

Be productively arrogant. New businesses often take on any client they can get in order to establish themselves – even if the client isn’t a good fit. This leads to stress and occasionally lost revenue. As the business matures, owners and staff need to recognize when a client isn’t a good fit. Give your managers the ability to terminate clients who aren’t a good fit for your goals and guidelines. Having courage to decline a job from a prospective client will go a long way to improve your business.

Be productively paranoid. As you become more successful in business, it is common for owners to relax their standards and expectations. This can leave you vulnerable to be caught off-guard in a situation that could have been prevented by continuing to hold true to your company values. Being paranoid in your business simply means that you are aware you are susceptible to conflict and to consistently be prepared for the unexpected.

Adopting these three traits as an owner will give you the advantage in most situations. Having processes, policies and values as a company prepares you for most changes whether they be due to the economy, staffing, weather or anything else that may present itself.

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