By Chris Mandzufas
The 6 Biggest Learnings for Business Owners
Running and managing a business is a source of continual learning. In our Business Growth Network workshops, we often ask business owners to reflect on their learning and challenges and share them. We repeatedly hear consistent themes around what is challenging or a source of learning.
We’ve recently surveyed some of our business owner clients and these are 6 of their key learnings as business leaders or owners.
- You need to monitor cash flow on a regular basis. It seems easy to forget this one, but lose sight of cash flow and things can easily go awry.
- Bring energy every day. We sometimes forget how much we impact the people around us every day. Bring positive energy every day, and you and your team will benefit.
- Managing people is challenging and ongoing. Learning how to manage and attract good people is not easy, but is crucially important for the success of your business. A common learning is that business success is about the team. When working from home is more common than it once was, business leaders also appreciate the importance of in-person interactions.
- It is not a lack of opportunity that will hold our business back it is finding the people. If business success is about the team, then it goes without saying how important it is to find the right people. Do not underestimate this or under-invest in either time or money to find the best people for your business.
- How much waste we have in our business (inefficiencies). When time is our most precious commodity, it goes without saying how important it is not to waste it. Business leaders need to keep looking for ways to identify and remove waste and inefficiencies in their businesses.
- Delegating is important to create space to work ON the business. So often, business owners can get caught in ‘The Owner’s Trap’ and become involved in too many aspects of their business. Balance at work is essential and strategy works. Make the time to work ON your business and keep these front of mind.
If you are interested in joining our Business Growth Network, or would like to learn more about how you might improve your leadership performance, please do not hesitate to contact us or call our office on (08) 6212 7200.