Young Upstarts

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5 Things You Must Do To Run Your Business

by Stephen Sheinbaum, founder of Bizfi

key-to-success

As an entrepreneur, your days will be filled with surprises and unexpected lessons. You must manage through them, correcting course as necessary, to keep realizing your vision for your company. While there are many tasks you must juggle to do this, these five tips will help you stay grounded as an entrepreneur:

1. Learn as much as you can about your industry.

What new opportunities are others in your industry seeing? What new challenges are they facing? You won’t know unless you stay on top of your industry. So sign up for newsletters, set up Google Alerts on specific topics, follow influencers on social channels and check out local community societies. If you are constantly bettering yourself within your industry you will stay ahead of the competition.

2. Create a game plan.

A business plan is the blueprint for your company’s operation, and overall success. Write a plan and then periodically evaluate your company’s strengths and weaknesses. Build on its strengths and work on minimizing its weaknesses. This may seem like a grand task, yet doing this right will help prepare you for coming issues or opportunities for success.

3. Add the right team members.

You need the right support system to operate and grow your company. Aim to surround yourself with individuals who believe in your vision and who can bring the skills you need to your business. Being an entrepreneur doesn’t mean you have to do everything by yourself. It’s important to understand it takes a team to successfully run and grow your business.

4. Keep your customers satisfied.

Satisfied customers are more likely to be repeat customers and that is a key element of growth. When you ask your customers at checkout if they found everything they needed or enjoyed their meal, mean it—and listen carefully to their responses. Thank them for their feedback and, when you’ve made the changes they asked for, let them know..

5. Be patient.

Patience for your company’s success is a must. Sometimes rushed decisions can have a negative long-term effect on your business. Stick to your vision and save your energy for the big challenges. Remember each step you take helps your company in the long run.

Are there more things that you must do to run your business? Of course, and there are some tasks that will be more needed in some industries than others. But entrepreneurs are optimists at heart: Stay focused and you’ll succeed.

 

stephen-sheinbaum

Stephen Sheinbaum founded Bizfi as Merchant Cash and Capital in 2005. Since then, Bizfi and its family of companies have provided more than $1.8 billion in financing to more than 32,000 small businesses in a wide variety of industries across the United States. Bizfi’s connected marketplace instantly provides multiple financing options and real-time pre-approvals to businesses from a wide variety of funding partners. Bizfi’s suite of financing products include short-term financing, franchise financing, lines of credit, equipment financing, medical financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration.

 

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