Owning a business is appealing to everyone for numerous reasons including; being your own boss, working with amazing teams, creating your own schedule and turning a passion into a career. Alas, it’s not all rainbows and sunshine, there is nothing easy about it. 2020 has especially been a challenging year, emotionally, physically and economically. Needless to say, profits have dipped and businesses have had to make sudden and drastic adjustments. For the most part, organisations that have survived the pandemic have well-structured internal systems which have helped them to circumvent sudden shifts.
One of the most important practices for a successful business is to hold regular meetings. They provide the opportunity to restructure principles and get a new perspective on business operations and practices. Holding meetings regularly means constantly nurturing the company’s core values and making sure everyone is on the same track. Reaffirming the mission statement helps everyone remember why the business was started and where it needs to go. Going over the company’s vision and mission statement also reinvigorates the company’s culture. Thanks to technological advancements, teams have been able to meet via Zoom, Microsoft Teams, Slack channels etc. However, it’s important to note that the meetings must be structured and not ad hoc to avoid having too many meetings that could have been emails!
Keeping company records is vital for any business to help manage costs and plan for the future. A well-run business must maintain well-organized, easily accessible documents. Well-organized records allow for seamless tracking and more effective business exchanges. Adopting technology to make archives easier to manage is advisable. There are numerous software solutions that help digitize paper records and automate the record-keeping process, making it easier to stay on top of your organisation’s filing system. Some of the best management softwares include: Microsoft SharePoint, Rubex and M-files. It’s important to keep your company software up to date; running the latest version to protect you from devastating attacks that might disrupt your business.
In most businesses, rewarding employees might not be of paramount importance but research over the years has shown that it helps boost employees’ motivation. Recognition for their work and effort can improve the company culture and incentivize them to produce the best quality work. Rewarding employees for their hard work will help an organisation retain staff and build team morale. Therefore, a company must build in reward systems during management planning and strategic meetings. Don’t figure it out as you go as this might negatively affect your bottom line!
Routines provide the form/structure and continuity that employees, clients and customers rely on to conduct business efficiently and effectively. Some business routines are better than others. Below are some tips for creating successful routines, especially for start-ups:
- Establish regular work schedules
Maintain regular business hours just as you would if you were working for a 9 to 5 organisation. You can decide to work from 9 to 5 or from 5 to 9, whichever schedule meets your needs and the needs of your clients and customers.
- Take plenty of short breaks
Human beings become less productive when they spend too much time looking at the screen or doing the same thing over and over again without stopping. Taking lots of short breaks refreshes the mind and body and prepares you for more productivity.
- Schedule your tasks
There is so much work to be done in the workplace ranging from checking emails, taking meetings with clients, field visits, writing proposals etc. Make sure to schedule your tasks so that nothing falls through the cracks. For example, one can decide to check their email only in the first hour they come in to work or take meetings with potential partners on certain days only. How one schedules their tasks depends on the type of organisation and the work they’re engaged in.
Last but not least, innovation learning also plays an important role in the success of your business because future success is dependent on innovation. Continuous learning allows businesses to stay relevant in the competitive market, and also plays an important role in economic growth. Organisations, therefore, need to embed these opportunities for continuous learning throughout their entire operations and value chain.
In conclusion, businesses need to make sure they have focused leadership that motivates every employee to work towards the goal of survival. It is also very essential for a business to analyse each strategy before implementation, making sure that the strategy suits the industry and ushers in the required results.
What other internal business processes do you think are crucial for success? Share your thoughts in the comment section below: