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11 Personal Factors That Determine Business Success

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StrategyDriven Professional Development Article |Determine Business Success|11 Personal Factors That Determine Business SuccessThere’s no shortage of things that influence how successful a business will be. Much of it has to do with the strength of the idea and the execution of those ideas. However, it’s also important to remember that they’re not the only things that influence business success. It’s a complicated aspect of life that everything from politics to world events can influence. One of the biggest influences is personal. It’s about the person who’s leading the company.

In this blog, we’re going to run through a bunch of personal factors that you should keep an eye on because they might just impact the future of your business.

Your Routine

It’s not just what you do while you’re at the office that counts, but what you do outside of the office too. You’ll likely be pretty good at coming up with routines for when you’re at work. But it’s also important that you have a routine outside of work, too. If your routine isn’t well established, or it’s damaging, then you’ll be unlikely to arrive at work ready to hit the ground running. A chaotic schedule outside the office will create chaos inside the office!

Where You Work

It’s not just how you work that’ll guide the future of your company, but also where you work. There’s a big difference between working at a cramped kitchen table and working in a beautiful office. This is something that we all intuitively know, but it’s actually been backed up by research in recent years. People work better when they like their surroundings! If you’re currently uninspired by your working environment, then it could be time to upgrade your office space. You’ll find that, by doing this, you don’t just work better, but that you also raise your company’s standards.

Soft Skills

You may have a vision for where you want to take your business. But you won’t be the only person involved in that process — there’ll be plenty of others, from staff to contractors to customers and beyond. As such, it’s vitally important that any leader develops the soft skills they need to get where they want to go. Everything becomes much easier when you’re effortlessly able to talk with other people in a friendly manner, for example. Don’t worry if this isn’t something that comes naturally to you — as with most things, it’s something that you can learn.

Energy Levels

It takes a lot of time, effort, and energy to build a successful company. If you lack any of those things, then you’ll find things difficult. So let’s think about energy. Are you continually getting tired and finding it difficult to work at a high level throughout the day? Then it’s likely that something needs to change. There are plenty of tried and tested methods for boosting energy levels. For example, you can improve your sleep, begin exercising (which boosts endurance), and rethink your relationship with coffee; that caffeine hit will be beneficial at first but may cause an energy crash later in the day.

Optimism

There are times when we make our own reality. If you go into things with an optimistic, positive attitude, then you’ll be much more likely to succeed than if you went into it with a negative attitude. Your attitude might seem like a small influencer, but it’s not — especially not when you expand the timeframe over the course of a lifetime. A person with a positive attitude will see and do things that the negative person would not. Of course, you can’t be positive all the time, but if you find yourself slipping into negativity a little, then it’ll be important to rein things back in a little.

Leadership Skills

Business owners learn, at some point or another, that they won’t just be in charge of their own work. They’ll also be in charge of other people’s work. And that means that they’ll need to call upon their leadership skills if everything’s going to run smoothly! There’s a big difference between being a boss and being a leader. Anyone can be a boss. It takes work to become a leader. But it’s work that’s worthwhile conducting because of the massive impact it can have on a business — and, indeed, the impact it can have on the lives of the workforce.

Adaptability

There are some things in life that you can control and some things that you can’t. When you’re running a business, you can do a lot to ensure that your company can work well. But then, you never know what’s going to happen. Any number of external factors could play a role. And when they do, it’ll be the company’s adaptability that determines how well they’re able to continue moving forward. It’s a good idea not to get too locked into one way of doing things. If you’re open and adaptable, then you’ll be able to roll with the punches and find success in a new environment.

Ability to Spot Problems

There’s value in valuing the good things that you do. But in many cases, it’s identifying the things you’re not doing correctly that can have the biggest impact on a company. The good aspects of the organization will naturally reveal themselves. The bad ones can stay lurking in the corner until at some point they reveal themselves — and at that point, it may be much more difficult to undo the damage. It’s a good idea to perform periodic reviews of your company’s operations to check that there’s not some fundamental error that could cause major problems.

Outside of Work

It’s impossible to have a frantic personal life and run a successful business, at least on a long-term basis. They say that you should keep your public and personal lives separate, but that’s never as easy as they make out. There’s a lot of value in working to ensure that you’re physically, mentally, and spiritually well – as well as making life more enjoyable, it’ll allow you to work better. Of course, most people don’t need to radically change their overall health. But even small improvements can make a big difference. For instance, if you’re drinking alcohol a little too regularly, then a short break can do wonders.

Willingness to Learn

You’ll begin your company knowing some things about what it takes to be successful. But the majority of what you know should be learned when you’re running the business. If you make time for — and have a willingness for — learning, then you’ll be putting yourself in a good position for success. There are plenty of highly valuable business blogs, books, podcasts and more out there that can give you the inside scoop on what it takes to find success. However, while all that information is there, it’s up to you to seek out and absorb that information!

The Grind

Finally, let’s talk about the grind. You could know everything about building a successful company, but if you don’t have the capacity to work for long hours and chip away at all the tasks you need to do, then you won’t be successful. The grind is something that you can’t think about or read about in books — you just have to do it. There’ll be times when your business has to be your whole life. Make it so!

Conclusion

And there we have it. The above won’t guarantee success, of course, because there are so many other elements involved. But they will be important steps along your journey towards building a successful company that make everything easier.

Intrepid Entrepreneurs > Entitled Entrepreneurs

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StrategyDriven Entrepreneurship Article |Entrepreneurs|Intrepid Entrepreneurs > Entitled EntrepreneursIt’s very important to consider what kind of entrepreneur you hope to be once you decide to go it alone. More than simply branding yourself and wearing a cool suit, its the values and virtues you bring to this role that will really sustain you.

Some people may misinterpret that fact as meaning that as an entrepreneur, you have to get everything right. That would be nice of course, but it’s usually far from the reality of how success is actually gound. Entrepreneurs that come into their own and feel as though their willingness to take risks should define their success are not entirely wrong, but with that comes a sense of entitlement that can make them inflexible, immodest, and less open to opportunities that come.

It’s much better to be intrepid than to be entitled. Does that mean that you have to fly blind and think that nothing wrong can happen? Absolutely not. But it does mean curating a certain willingness to not only being taught the path through foresight, but through error too, as it’s almost impossible to ignore the latter. How can you achieve this? Let’s consider:

Follow Similar Thought Leaders

It’s good to follow thought leaders that focus on fearless visionary thinking while also never allowing that optimism to render their practical assessments useless. Dee Agarwal is a great example of this, and a sterling person to showcase how resilient business leadership should operate not just in general, but also the world of today. Thoughts leaders like this can show you just how visionary thinking works, and why it’s so necessary.

Learn From Your Mistakes With A Clinical Attitude

Learning from your mistakes isn’t easy. It’s not nice to say ‘this is where I messed up, and wasn’t prepared enough, and didn’t realize the error I was making.’ But it’s essential to do that, because even the biggest CEO’s in business make mistakes from time to time. A good way to look at this approach is to learn from your mistakes with a clinical attitude. Just see mistakes as tools and stepping stones to help you get to where you want to go. Feel your way forward and dont’ be afraid of making additional mistakes. Your character isn’t defined by the mistake you make, but how you react to and what you do with it.

Know The Value Of A Risk

Intrepid entrepreneurs know the value of risk. Some entrepreneurs think that risk is something to be minimized in all areas. But outside of safety precautions, that’s never really what you should chase. A healthy understanding of what the risks are and how to properly deal with them is much better than trying to eliminate them entirely and failing to make any progress because of that. This can help you become motivated to accept an investment, or try a service offering never done in your industry, or champion sustainability in an industry known for its waste. When you can more readily approximate a solution like that, you’ll not only achieve potentially resounding success, but you’ll have learned something from the effort.

With this advice, you’re sure to become a worthwhile and intrepid entrepreneur.

Unexpected Costs of Running a Small Business

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StrategyDriven Managing Your Finances Article |Small Business Costs| Unexpected Costs of Running a Small BusinessRunning a small business may seem easy to do on paper, but there really are so many other things that you need to think about. One of them is unexpected expenses because this can easily be the downfall of your business.

Extra Office Space

Sure, a home office may work for your small business, but zoning and other related regulations may require you to have something a bit more official. When making the decision to rent or purchase a property, you need to think about how much space you have now and how much you actually need. A lot of companies will offer you temporary office space, which is great if you are not quite sure which direction you need to take your business in, or even the arrangements that you are going to have. Utility costs can also eat away at your budget. Leased spaces will often include these types of costs as part of your agreement too, so look into those and always make sure that you are getting the best deal.

Equipment and Maintenance

The tools that you need to run your business need to be maintained. You may also need to pay out for equipment you didn’t think you’d’ need, such as a scanner, copier or even a shredder. Stationary should also be included in your budget because this can also eat away at your money more than you realise. If you want to save money here, then consider buying equipment second-hand from a range of auction sites. You should also buy stationery or any other related equipment in bulk, as this will help you to cut down on the cost per item.

Employees

Salaries, medical leave, health insurance and even training can factor in a large amount of cost for your budget. If you fail to invest in your employees by providing them with a reasonable wage or even a clean office environment then they will leave and this will cost you even more in the long-run. The cost of replacing an employee can be extortionate depending on the avenues you need to go through, so make sure that you set aside a good amount of your budget to accommodate this.

StrategyDriven Managing Your Finances Article |Small Business Costs| Unexpected Costs of Running a Small BusinessSecurity

If your business is not secure then you will be putting it at risk. It doesn’t cost a lot to invest in
CCTV installation, but you would be surprised at how much it could help you to prevent break-ins. You should also focus on securing your network as well. This can be done through encryption, which will cost you, but it is most certainly a worthwhile investment.

Shrinkage

Shrinkage refers to inventory loss at some point between the purchase you make for the items and the sale you make to your customers. Shrinkage can occur through vendors not shipping the required total of products, couriers losing packages or even poor inventory management. This expense can be entirely prevented by being diligent and by also making sure that you document and process every single step of the shipment until it reaches your customer.

9 Things Your Business Needs for Protection

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StrategyDriven Managing Your Business Article |Business Protection|9 Things Your Business Needs for ProtectionRunning a business in 2021 is not an easy task. Apart from the everyday functions of successful operation, there are numerous satellite issues that every business needs. The many facets of business operation revolved around protection. Protection doesn’t only refer to financial insulation but legal protection for employees and your business.

In addition, the 21st-century proliferation of internet-connected systems makes any business a target for malicious hackers, the damage from which can be disastrous. Recent times have also brought to light many issues related to race, sexuality, and gender. It would be best to tackle these issues head-on, and it is necessary to educate all employees at every level.

Nine of the most critical protection issues in modern-day business include:

  1. Quality Legal Representation
  2. Accounting Strategists
  3. Cyber Security
  4. Multiple Insurance Policies
  5. On-Site Medical Aid
  6. Medically Trained Staff
  7. Emergency Exit Procedures
  8. Employee Training Programs
  9. Employee Awareness Seminars

Implementing one or more of these strategies into your company is guaranteed to help your business, yourself, and your employees when related issues arise.

Quality Legal Representation

Love them or loathe them, lawyers are an immense help in almost every aspect of a business. Apart from criminal law, there are multiple aspects to the discipline that most people will never use. A personal injury attorney can expertly represent your case when you have suffered injuries in the workplace.  If you have been injured on the job, you must get a company with good workers comp attorneys to help you with your case. Keep reading and find out more about how an attorney can help you get the compensation you deserve. In addition, business lawyers are incredibly knowledgeable when it comes to liability issues. For example, if you are a doctor, it could come in handy for your practice should you come under pressure or a face suit from a medical negligence lawyer. In addition, business lawyers are incredibly knowledgeable when it comes to liability issues. For example, if you are a doctor, it could come in handy for your practice should you come under pressure or a face suit from a medical negligence lawyer.

Accounting Strategists

Good accountants are necessary for optimal business. Apart from their well-known skills when it comes to taxes (which you need as a business), experienced accountants and financial planners will advise you on all aspects of your company’s finances. The expertise of accountants includes investment strategies, insurance decisions, and auditing. Auditing is a specialized technique that aims to highlight all expenses of a business.

Cyber Security

Protecting your business from malicious hackers has never been more critical than it is now. The year is just halfway through, yet the UK has suffered almost 10 million record breaches so far in 2021. Additionally, ransomware attacks are on the rise at the cost of approximately $6 trillion per year to companies worldwide. Consequently, one in five small to medium businesses fold within six months of a devastating breach. It would help if you considered managed IT services.

Multiple Insurance Policies

Probably the most vital protection your business needs is insurance. Good insurance doesn’t only protect your company, but your employees as well. Property insurance, liability insurance, and worker’s compensation insurance are a good start.

  • Property Insurance: provides compensation for any property lost or damaged inside the business.
  • Liability Insurance: pays for damages incurred from a lawsuit as well as related fees and expenses.
  • Worker’s Comp Insurance: pays the salary and medical expenses of employees injured while at work in your company.

On-Site Medical Aid

At the very least, essential medical treatment should be available at your company. Such on-site treatment includes first aid boxes and specialized care such as eyewash stations in industrial areas where shrapnel or chemicals are a risk.

Additionally, you could consider on-site defibrillators that employees can use in cardiac arrest or heart attack situations. Defib machines can be purchased for as little as a few hundred dollars/pounds and can save lives.

Medically Trained Staff

In addition to on-site medical aid, you can further protect employees by hiring on-site medical staff or training existing staff in medical procedures. For the most part, you may want to pay for a small number of employees to be trained in first aid procedures. But should there be a significant risk to employees, you could consider hiring an on-site nurse or physician. It’s also common for companies to hire therapists for treating those in stressful jobs.

Emergency Exit Procedures

Disaster could strike your company premises at any time. Acts of God, terrorism, and mass shootings are real threats in the modern world, and organized evacuation procedures are essential for minimizing potential damage. Regular drills are an excellent way of ensuring everyone knows what to do in an emergency as is installing security devices, fire suppression systems, and keeping emergency exits clear of obstacles.

Employee Training Programs

You should adequately train all your employees in their job. Poor job performance is dangerous and puts everyone at risk. For example, the current shortage of truck drivers means that companies are hiring unqualified drivers. Many of these contribute to the 121,000 bus and truck accidents each year in California alone. Additionally, should you employ an incompetent person for any role, you are liable for any negligent incidents in which they are involved.

Employee Awareness Seminars

Issues in the workplace have always been there. But the last couple of years have brought them to the fore. Movements such as #MeToo and Black Lives Matter are socially significant as they serve to highlight injustice and repugnant practices across society and in the workplace. In response, you have a responsibility to ensure the safety of all persons in your employ. A tried and tested method of this is to hold awareness seminars. Educational programs like this can help inform employees what is acceptable and what’s not while at work.

Conclusion

As an employer, you have numerous responsibilities. In addition to owning and operating a successful business, there are a variety of meaningful actions that you can take to keep yourself, your business, and your employees safe. While these mainly extend to legal issues, fiduciary aspects, and cyber protection, they also include medical and societal issues.

Legal representation, accountants, and adequate insurance policies provide excellent meta protection. This kind of cover will insulate your business against legal and financial issues and provide satisfactory solutions to employees in your duty of care, as will adequate evacuation and safety procedures.

Duty of care protection also includes medical-related issues where the risk of injury is probable. On-site nurses, doctors, and therapists are excellent solutions to any medical problems that can arise and only serve to increase protection for everyone involved in your business.

How Nurses Can Be Appreciated For Their Hard Work In the Workplace

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StrategyDriven Talent Management Article |Nursing Career|How Nurses Can Be Appreciated For Their Hard Work In the WorkplaceWorking as a nurse is a challenging and tiring job to fulfill. Those that enter this career usually do so because they genuinely want to look after the sick and nurture them through difficult times. No two days are ever the same and it can be quite a traumatic job to experience on a daily basis. It is particularly important that as an employer you are appreciating the hard work that nurses provide. Here are some examples of what you can do to make them feel valued.

Create a Team Atmosphere

Work is certainly more enjoyable when there is a sense of camaraderie and teamwork amongst colleagues. The manager in charge should make sure that everyone is working together and boost staff morale to keep everyone’s spirits up.

Staff Welfare Area

It is already a difficult job to cope with without having adequate breaks or somewhere nice to sit for a short lunch break. Providing a suitable staff welfare area where nurses can go to sit and grab something to eat will provide them with a much needed boost for the remainder of their shift.

Create Personalized Shirts

You could print some personalised funny nurse shirts as a small gesture to thank them for all the hard work they do. They could wear them on their days off so that other people can recognize their important contribution, or they could be worn in the workplace to raise the patients spirits. They could also be used to raise vital funds for charities as well as cheering the patients up.

Ask For Feedback

The manager should be asking staff about any areas that could be improved upon to facilitate their role. Including the nursing staff will be a positive way to make them feel appreciated and allow their opinions to be heard.

Look After Their Mental Welfare

The role of a nurse is demanding both physically and mentally. It is a profession that many enter in order to help others. At the same time though it is important that the nurses welfare is also being looked after too. Low morale can cause nurses to leave their profession so it is vital that there is a supportive mental welfare system in place for the nurses to be able to access.

Provide Incentives and Awards

Creating an area in the ward where staff can be recognised for their hard work and allowing patients to write positive feedback is a nice way to appreciate the nurses. You could place photos of the team members that have received the most positive feedback for that week and provide them with a gift basket full of items they can use at home. Small gestures like this can make a huge difference to staff morale and make them truly feel appreciated in the workplace.