I’m pretty sure everyone is familiar with the phrase, you reap what you sow, which we have heard since we were small children. This is true when owning a business.
Whether you are a business owner or planning to be one, you understand the work ethic involved. Hard work and dedication are necessary, especially in the first few years. You expect to work long hours and deal with unexpected situations that arise. This makes you happy because you get to make all of the decisions and earn the profits, doing it all your way. If you are prepared and sow your seeds carefully, you will reap great rewards!
First of all, you need to get the knowledge needed to succeed. If you have worked in the type of business you are purchasing, you are off to a good start. If not, you will want to get some basic knowledge to help you succeed. It’s difficult to walk into a new business in which you know nothing about the product or service you are selling.
When preparing to be a new business owner, it is important to write a business plan. If you are hoping to secure a loan, it will give the banker information about the business and the plan you will follow to achieve your financial goals, showing the lender you are serious about the business and how you plan to make a living wage and make the loan payments. If the seller plans to carry the note, it will be equally important to him or her. You will include goals, objectives, and pro forma financial statements for three to five years. When buying a business, you look at the history of the business and review the financials for the past three years, but the business plan will be what you plan to accomplish in the future. You make your offer to purchase the business based on the past three years, but your plans will be for the next three to five years.
Never feel threatened by smart employees. You want employees with the knowledge and skill to accomplish the jobs set before them. Surround yourself with smart employees. They make you look good and help your business to prosper. It is important to let your employees know how much you appreciate them. Good communication is important, and listening is an important part of communication.
Never underestimate the importance of good ethics and your integrity, and don’t forget you are there to serve your customers. Your conscience monitors your emotions, thoughts, and conduct and is your radar system that notifies you of possible trouble. Only say good things about others. If your employees hear you say bad things, they may join in. You set the integrity standard for your business. If something is said that is not correct and it is repeated often enough, it seems to become a fact. Human nature seems to make people enjoy passing on information that is bad and incorrect. It takes strong character to stand out from the gossip group and stand up for what is right. As an example, look at news channels. When news feed says something that is not good and not true, every channel uses the same words directly off script provided.
You then have to wonder who wrote that for them. Obviously, the intention is clearly to have it repeated directly as written often enough so that it becomes the truth. Is that ethical? No, but it seems to happen often. It is sad to see so many act as robots and not think for themselves.
The unchanging principle of sowing and reaping is one that should guide every decision you make, because a harvest will eventually result from the action you take. The good news is that you can make a difference by intentionally living and loving differently from the world around you.
You can start by planting a good seed in your business, and continue forward in confidence.
