THE 10 COMMANDMENTS: BUSINESS OWNER EDITION
Much like life, every business owner should have a set of rules or commandments they set for their business. These will help your business with longterm success and enable you to both set and enforce boundaries.
Set boundaries
We create businesses for more flexibility but often fall into the trap of being available 24/7 and working more than ever. If you don’t implement a set of boundaries, you’ll forever be ‘on’ so creating work hours is vital. While you’re setting boundaries you should also take days off, take holidays and set an ‘out of office’ too!
Surround yourself with positive, successful people who are different from you
You’re a reflection of the company you keep. You can learn also learn so much from people in different industries. We get caught up surrounding ourselves with ‘likeminded’ individuals but we often have the same thoughts, conversations and opinions and this can limit your growth and mindset.
Back yourself but take constructive criticism
Believe in yourself, know your worth and what you bring to the table but always take on board constructive criticism graciously.
Fail better
Look at every mistake, failure or hurdle as a lesson and means for growth. Embrace the process, reflect and analyse what went wrong and then do better next time.
Learn to outsource
Repeat after me, ‘I can not do everything’. Being a business owner often means you’re wearing multiple hats but you don’t have to do everything. When making decisions, think about what you have more of, time or money and then delegate or outsource, especially your business legals.
Get intimate with your finances.
Money isn’t scary, it’s one of the most important aspects of your business and allows you freedom. You need to be across your cashflow, know how much money is coming in vs how much much you are spending and that you are making a profit. While you’re at it, set yourself up for success, pay yourself a regular wage, make regular superannuation contributions and hire an accountant or bookkeeper to do your taxes.
Rejection isn’t personal
It’s not you, it’s them. You aren’t going to be the right person for everyone and that is ok. You want to find your niche, your ideal client and serve them well. Don’t take it personally if someone chooses to go with someone else. Instead, take it as a compliment!
Say no
Again and again and again. The more you say no, they more the right opportunities, collaborations and people will present themselves.
Check your ego
Success is great and you should be proud. However remember to stay humble, compassionate, honest and transparent. In the end, you’ll get you a lot further in business and people will be more attracted to these qualities.
Invest in yourself and your business
How do you expect people to value you and invest in your business if you are not continually investing in yourself and your business. You should continually upskill, learn new skills, upgrade systems, processes and more.
This is just the beginning! As you and your business evolve, so should your commandments. Over time you will outgrow your current circumstances and life changes so rapidly. Remember to be flexible and adapt to all the changes coming your way while maintaining your boundaries.
