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What 1 thing would you tell a new business owner?

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    #32
    Axwell
    Moderators, Business & Finance Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    BingCrosbee wrote: »
    Most important rule in business TRUST NO-ONE.

    While it might work for you and your family I couldn't disagree more. While I would say trust your instincts, be wary and never lead anything as just a verbal agreement, I would on the flip side say if you can't trust others you are setting yourself up for failure imo.

    Networking, building up relationships, building a team you can rely on is all part of making a successful business. If you are constantly second-guessing your employees and don't trust them how can you expect them to grow themselves and help your business grow. Micromanaging people because you can't trust them and won't let them make decisions, constantly doubting people or even worse thinking everyone is out to steal or take what they can get from you - all things that will come back to bite a person in the ass who isn't willing to trust those around them. Instead, you need to find good people, put them in the right roles and trust them to do a job and be a success at it which in turn will make your business a success.


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    #33
    pgj2015
    Registered Users Posts: 8,980 ✭✭✭pgj2015


    Axwell wrote: »
    You started the thread aimed at advice new business owner - any business owner starting out will have enough on their plate just focusing everything on the one business they are trying to get off the ground rather than concerning themselves with having a second one in case the first one fails so I don't really think it applies to the audience the thread is aimed at. Not at that stage of there journey into setting up a business anyways.

    The reality is a huge amount of new business owners are going to fail for various reasons. If they do they either can take the knowledge they have gained, brush themselves off and look at another venture or decide maybe business isn't for them and go back to a traditional job but at least having tried it they know they gave it a go instead of wondering what if. For those that do end up with a successful business then, by all means, consider a second business but the number of people who will be in this situation and have their first business running like clockwork to allow them to focus on a second business is going to be quite small and not something people should be thinking about early on.



    Good point. so maybe just have another business in the back of your mind and have your eyes open for new opportunities, even as a new business.


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    #34
    kellso81
    Registered Users Posts: 307 ✭✭kellso81


    In many instances your staff are more important than your customers.


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    #35
    pgj2015
    Registered Users Posts: 8,980 ✭✭✭pgj2015


    on the trusting your staff. I reckon it takes a year or two to really know what they are about. you might think they are trustworthy after 6 months but then after a couple of years you see their true colors.


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    #36
    kellso81
    Registered Users Posts: 307 ✭✭kellso81


    Gloomtastic! wrote: »
    When you start a new business. The three most important things are cash flow, cash flow and cash flow.


    Strongly agree here. When I started I had a cash flow forecaster, i tried to keep it up to date for 3-6 months ahead, just a basic excel template. Found it invaluable and headed off many problems before they arose


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    #37
    Sky King
    Registered Users Posts: 4,431 ✭✭✭Sky King


    If you F something up for a good customer and its your fault... or even if its not entirely your fault, suck it up and sort it out for them without dispute. I've done this so many times.

    It is worth it when they keep coming back for years, and referring others.

    Put those little issues down to the cost of doing business and accept you're going to get a few each month / year, and build it in to your costs, it makes it a lot easier to stomach!!


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