Whether you’re starting a new business or have been established for years, it’s easy to forget how challenging business ownership could be. Sometimes, we need a wake up call in order to help our company succeed. These five hard truths could be what help you be the best in your industry.
5. You’re Going to Fail
No, your entire business won’t go down the toilet. As Sujan Patel explained, “I’m talking about smaller failures. A misstep that costs you funding. A mistake in marketing that sets back sales. Failure to have a good customer service department that responds to issues promptly and encourages client retention.” Just be prepared to dust yourself off and start again. Perseverance is the key to success as a business owner.
4. You Have to Price Yourself Well
If you charge only a small amount for your product or services, people will think that you’re shoddy or not dedicated. We recommend pricing yourself north of the median for your industry, because it shows you’re serious about your work. “We don’t have to constantly change our pricing,” said Excellence Expected. “Clients become used to our process and trust our transparency from day one.”
3. You Need to Know Your Numbers
While being able to see the big picture is important, knowing and understanding the financial aspects of your business is vital. This will give you an edge over the other new business owners who are your competition. “A lot of leaders can’t tell me income or expenses of the last month & a projection for the next one,” wrote Casey Graham. “It’s just foolish.”
2. You Have to Ask for What You Want
This is one of the all-encompassing hard truths. Being comfortable with “making the ask” will help you in all aspects of your business. Start at the beginning: Quora wrote for Inc. Magazine, “Get the best investors, the best advisers, the best mentors. Figure out who they are and aggressively find them.” Then, make sure you are ready to make the ask to your potential customers and clients. If you don’t ask, they won’t say yes.
1. You Can’t Do It All
Grant Cardone of CNBC reported that three-quarters of all small businesses have zero employees. He theorized that “they don’t trust others to produce the same quality and level of work.” This results in a loss of focus and, ultimately, entrepreneur burnout. That’s why it’s so important to delegate tasks in order to grow and be successful. If you need to, hire a virtual assistant who can handle office tasks for you.
These are only five realities in the business world. What harsh truths have helped YOU be successful?