“Mind your own business”
Here we have compiled twelve things that every business owner needs to keep in mind, if he or she wants to sail through the sea of business without much turbulence.
- Have short term vision/goals. Develop plans, strategies, systems and process to meet the short term vision. Looking too far without seeing the immediate may land the business in murky waters.
- Leverage on Technology. Automate to the core with essential software and technologies and step quickly and wisely to bring in artificial intelligence to simplify tasks and gain time
- Onboarding talents. Get the best people for the right job. Make sure they are skilled, knowledgeable and have the right attitude.
- Leaders to create leaders – Make sure that you have leaders in the organizations good enough to strike warm relationships with employees, strong enough to get results, caring enough to develop employees and empowered enough to empower others and make them leaders.
- Role clarity for employees – Make sure that every employee and the team is having role clarity. They should be aware about their roles, responsibilities, KRA and KPIs
- Reviewing– A system should be in place to review the performance of employees.
- Training and Development – A process should be in place to ensure the gap in performance levels, skill and knowledge of employees and provide the right kind of trainings to address these gaps.
- Employee Engagement– Enhance the involvement and enthusiasm of employees through employee engagement programs.
- Reward and Recognition– Employees need to be appreciated and need to be recognized. Hence, come in with various rewards and recognition programs for employees.
- Be disruptive – Be proactive and innovative enough to disrupt your business before your business is disrupted by technology or some other innovation.
- Cautious diversification – Scale up to the best before diversifying. Even if you diversify, do not diversify to unknown areas/ domains
- Keep debt@ Minimum– First consolidate on your business. Don’t fall trap to the concept of expanding in big scale with huge debts.
