Lessons Many Business Leaders Wish They Learned Sooner

Managing a business is not for the faint of heart. A surprisingly large percentage of businesses do not make it past their one-year anniversary and even fewer see their five- or ten-year anniversary. To succeed as a small or medium-sized business leader, you must be continually vigilant for ways to improve and grow. One of the best ways to do this is to ensure that each hardship you experience teaches you something. Read on to learn about some of the lessons that business owners and business leaders learned the hard way and how you can learn from their mistakes.

Always Get Agreements in Writing

If you are someone who likes to see the best in people, you may assume that most individuals can be trusted to keep their word. Unfortunately, relying on verbal agreements can prove disastrous when you are running a business. This is why it is crucial to get agreements in writing. Whether you are entering into a partnership, hiring a contract worker, purchasing services from an outside vendor, or renting out part of your office space, always get your agreement in writing. A skilled business lawyer can ensure that contracts are written correctly so that they will be legally enforceable if there is any type of dispute in the future.

Invest in Your Managers to Invest in Your Company

Grumpy and uninspired employees and managers can quickly start to affect the morale of your clients and customers. High turnover rates can also leave your business short-staffed, which can make it nearly impossible to meet your customers’ needs. One way you can avoid staff turnover and unhappy customers is to hire and train good managers. When managers are skilled, motivated, and well-trained, they become an extension of you. Many business owners make the mistake of assuming that managers do not need as much coaching as other employees. In reality, management can make or break your business. By investing in your managers, you are really investing in your business’s long-term success.

Recognize Your Own Limitations

Some business owners make the mistake of trying to do everything on their own. While confidence is an essential quality of any business leader, trying to be Superman (or Superwoman) can backfire spectacularly. Have the humility to recognize your limitations—both professionally and personally—and to ask for help when you need it. Knowing when to delegate is a key aspect of business leadership. As your business grows, you may find that outsourcing certain responsibilities to third parties allows you to focus on core operations and avoid being stretched too thin.

Learn From Our Experience

If you are a business owner, entrepreneur, or business leader, keep these lessons in mind: Always get agreements in writing. Invest adequate time and attention into management. Finally, recognize when it is time to get help. The Naperville business lawyers at the Gierach Law firm offer dependable legal guidance regarding a wide range of business needs. To learn more, call us at 630-756-1160 and set up a confidential consultation.

Sources:

Entrepreneur

Forbes