When I look back on my history in business, there were some important things that I didn’t know at the time. I’ve put together a list of 5 of those pieces of knowledge, which I think every business should learn as early as possible.
- Know your purpose.
I think it’s incredibly important to know your why—business is very hard and full of challenges, and if you don’t have a clear sense of purpose, you’ll quickly get lost. If you have a clear picture of why you do what you do, it will show you the way forward.
- Understand your clients’ needs.
What clients need and what clients want might be two completely different things. It’s very important as a business owner that you are able to differentiate between the two and stand your ground when necessary. Sometimes you’ll have to tell your client no (and you’ll have to be sure you’re not saying no to something they actually needed).
Everyone has heard the saying, “The customer is always right.” That philosophy does have its place sometimes, but we can’t compromise our business in the process. Businesses definitely need to serve the client the best they can, but we also need to keep in mind that it’s a living, breathing organization and we must be capable of sustaining our team.
- Know how to properly set prices.
Pricing is often tied to our emotions, and we all want to set a low price. However, if it isn’t set at a level that can help the organization stay in business, customers won’t be able to enjoy the low price for very long.
- Know how to coach people.
If you have a business with a team of employees, coaching is integral for investing in every single person on your team. The other option would be to just dictate, and that obviously wouldn’t be productive in the long term.
- Constantly work on improving communication.
Your communication habits play a role in every interaction you make, whether that’s with employees or customers/clients. Communication is a foundational element of a business, and you should constantly work on getting better at it. Even when you do mess something up, how quickly you can apologize and make the situation right will really set the stage for your success.
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