“Experience is often the best teacher.” Whether it’s your own personal experience or that of others, you can save yourself a great deal of time and money by using the right frameworks to make decisions. We’ve compiled business advice from four top CEOs to help you on your business journey.
If the opportunity to network with other business people presents itself, grab it! One of the biggest assets a successful entrepreneur has is their network of people. People are not just potential clients, but also possible investors, retailers and sources of ideas. Laszlo Block, CEO, Humu, a human resource software firm stresses the importance of networking.
“Treat building relationships like a job, especially if you hate politics (like me) and are basically introverted (like me),” he says. “This will be obvious to people from certain backgrounds and hard to do for others. In school, I never approached teachers outside of class for advice. In consulting, I never felt comfortable schmoozing with the partners. But there are people less capable than you who will invest in those relationships and be advantaged as a result. Building those relationships is part of the job.”
To ensure the long-term success of your business you need to be forward thinking and always on the lookout for growth opportunities. Set aside an amount each month that can be used to capitalise on future opportunities the business identifies. Edgar Collado, CEO, Tobias Financial Advisors says business owners should always keep an eye on the future.
“A small business that wants to continue to grow, innovate and attract the best employees should demonstrate that they are willing to invest in the future. Customers will appreciate the increased level of service. Employees will appreciate that you are investing in the company and in their career. And ultimately you will reap the benefits.”
Tip: Make sure you are saving the maximum amount possible towards your business’s future growth. We’ve helped over 200 businesses better manage their financesand automate processes helping them save both time and money.
As an entrepreneur you’ve learnt to manage your time well, but the real key to productivity is managing your energy. Kathryn Minshew, CEO of The Muse, optimizes her work day by doing her most concentration intensive tasks during her ‘golden hours’. “I find it’s been immensely helpful for me to pay attention to when in the day I’m most productive (what hours, under what conditions), and aggressively guard that time for focused work.” Kathryn does not attend meetings during these times, making sure her best hours go into producing quality work for her business.
In today’s society the benefits of being thrifty and running a lean operation are usually undervalued. However, cutting back on unnecessary costs like flights, Uber rides or expensive coffee and rather putting this money into your business’s cash reserves can help you buffer difficult times.
“While long-term financial planning is incredibly important, I find that the best place to start is to find small ways to minimize spending on a daily basis.” Rahul Gandhi, CEO, MakeSpace.
Tip: Having an financial expert look at your business’s finances can often save you more money than the fees they charge. We offer financial management servicesand have over 52 years total experience in small business management.