When it comes to mastering a financial plan, growing a small business for the future and connecting with a wide range of clients, experience really does make a difference.
According to a recent study of more than 1,400 entrepreneurs, conducted by business coaching firm EMyth, small business owners who think like the experts – even if they haven't done it all before – are more likely to succeed. In fact, channeling these specific traits can be the perfect way to grow a startup into a long-term, prosperous venture.
Experience leads to growth
EMyth's 2014 State Of The Business Owner Report found that entrepreneurs who heed the advice of seasoned professionals are expanding their operations 60 percent faster than other colleagues. These traits include teambuilding, adopting the proper mindset and following clear guidelines. Most importantly, entrepreneurs must surround themselves with the right talent, or else the entire operation could struggle.
"Business owners are by and large extremely passionate and committed people, but what's interesting is that there's a point – a very specific one – where that strength turns into a weakness, because that strength keeps them from building a truly growth-oriented team around them," explained Cameron Madill, CEO of Pixelspoke, a partner firm with EMyth for the study. "It's not surprising that the other key data point to emerge was that, overwhelmingly, owners said the best and the worst business decisions they made were about people – who they hired, who they fired, and why."
With that in mind, entrepreneurs who want to develop a sound financial plan, effectively manage business banking and tackle all challenges will want to bring in the best possible people for the job.
Become a better leader
Once those staff members are hired, it comes time for the small business owner to coach them into great workers. This can be achieved in a number of ways, but it can help to hit a few important notes along the way.
According to Inc. magazine, the best leaders are always kind. It can be incredibly detrimental to the overall company if those in charge are cruel, insulting and harsh during the day. Instead, it is best to keep other people's feelings in mind, and work with everyone to foster a team culture that is conducive to growth. In addition to kindness, business owners must also be respectful of others. Everyone in the firm must feel valued, and treating them like adults can motivate people to work harder and be more productive.