Some of the best small businesses have evolved and succeeded by implementing some of these principles.
Know-How is not Enough.
Just because you’re an expert in your field doesn’t mean that you have what it takes to be a business owner. When you hang out that open sign on day one, it is unlikely that customers will flock to you right away just because you know what you’re doing. You’ll need marketing and administration (at the very least) to grease the wheels of your company.
Hire the Right People.
If you are technically proficient in your field but lack marketing knowledge and expertise for example, then be prepared to hire the right people to fill in the blanks. This will start the trend of people beating a path to your door. The next trick is to keep them coming back and referring their friends.
Don’t Hire your Friends!
This may seem obvious to some, yet it’s been done over and over again. Not only can it compromise (and in some cases destroy) a perfectly good friendship, but it can do the same to the business. Sometimes, it works. But hire with caution, and a heck of a lot of communication (both in the friendship and business). Be prepared to wear different hats while at work and after work.
Hiring/Promoting From Within isn’t always Good.
Although promoting from within encourages staff to “reach for the stars” and gives certain personality types something to work for, it isn’t a good idea to categorically hire from within. Sometimes the skill sets just aren’t there within the existing employee base.
Good Business is in Consistency.
This could be the very key itself to good business practice. If you do nothing else, be consistent. With consistency, professionalism, proper planning of strategies, and alignments with the experts, you can run a top-notch successful business. Good business management equals good business.