STAY INFORMED! Click here to visit the Covid-19 South African Online Portal

Business Tips – 8 Tips on Stuff you Should Know Before you Start a Business – Part 3.

1163 Views 0 Comment

So far we have looked at how vital it is to get clarity, to put a Business Plan into place, doing the research, and avoiding discounts. Today we will be looking at a few more issues.

Hiring Friends
If ever there is a quagmire in business, this has surely got to be one of the biggest!

The reason for this is that generally speaking emotions get in the way and when things should be debated or problems discussed, we tend to try and steer clear of the confrontation so as not to upset the friend and in doing so, we put the friendship under another type of strain.

The reality of course is that the friendship/relationship should not be brought into the office and any issues concerning work or the office should be dealt with as you would deal with any other employee.

Human nature being what it is, however, means that that seldom happens and unacceptable situations are allowed to continue until somebody snaps and irreparable damage is done to both the working relationship and the friendship.

If you are one of those people who find it difficult to separate the two relationships (and please understand that this would put you in the majority of individuals out there) then it would be in your own best interest not to hire someone that you consider a friend.

Similarly and equally as dangerous is developing ‘friendships’ at work. What usually happens then is the same type of scenario as hiring friends and/or equally as serious, holding onto staff (who are now friends) who want to leave for whatever reason, but you don’t want to let them go.

Both situations are not sustainable and will more often than not, not be a good fit and when things go south and really aren’t working out well between employees and employers who are friends (or even family), then emotions need to be put aside and good business sense needs to be exercised and the employee needs to find work elsewhere.

Leave the Past in the Past, where it belongs!
Sounds like a title for a song doesn’t it!

Don’t get me wrong for one moment – having previous experience is a great benefit and it certainly will serve you well in a new venture. However, that said, especially if your previous business failed or did not take off as planned, don’t bring your fears and uncertainties and expectations in with your new ideas – leave those behind.

Previous competition, crazy customer needs, and service challenges, and the expectations that went with those, should also be left behind. Learn the lesson that they taught you and move on.

This is a new business and it needs to be given the respect and dignity that it deserves. So start afresh with brand new players for customers and new suppliers alike.

Remember that your business plan is a living, breathing document and you need to keep changing it and tweaking it as the marketplace changes and moves with the times.

Remember to keep up with the ever-changing market place too. Technology moves very fast and often as a product hits the shelves it is already “old”! Make sure that you keep abreast with what is taking place in your industry in order for you to be a leader who reaps the rewards rather than a follower who fights with snaps and snarls for the scraps left behind.

Next time we will look at a few more of these points that should be taken into consideration before you even start.