The Lessons WA Proprietors Have Learned About Managing An Enterprise.
There's plenty of value to learning from the experiences of your fellow students.
The SBDC’s Facebook group, I’m a small-business owner from Western Australia, recently shared the lessons they’ve learned during their journey when one of them asked the following question:
What’s the most important lesson you’ve learned in running a business you didn’t learn from a college or university course?
The post sparked a lively discussion that received more than 60 comments. Here are some lessons the participants have shared about their small-business experiences.
- Achieving great results in your job isn’t a guarantee of success in your business.
Many people enter business with years of experience in their field or profession and are adept at staying ‘on top of the game.’ But, business owners require various additional abilities, including financial literacy, business planning, sales, and marketing abilities, including people management, to run a profitable business.
There are many sources available that can help you move from being a master at what you do to becoming a pro in managing a business. An excellent place to start is our affordable and practical small business seminars and our free learning guides.
The advice of others who are in the same position is also helpful. Our Facebook group for Western Australian small business owners is home to over 10,000 members eager to share their knowledge with you!
- It’s only possible to do some things. However good your time management skills are.
Small-scale business owners have to make multiple obligations to you. The ‘hustle’ mindset can cause you to think that you must always have more to do. But, trying to manage everything, especially in a solo enterprise, can lead to burnout.
You can manage your time better by separating important tasks that help move your business forward and those that keep you busy. If you have the money to outsource your work to an individual who can complete the job more efficiently than you do it, it could be an investment worth it. If not, consider the things you can automate to reduce the time you could use for other, more important things.
Be aware that being busy all the time prevents you from doing work on your business than working on it. It is the key to success.
- If you are in any partnership with anyone, not just your family or friends, ensure everything is legal.
Suppose you’re considering working with your family or with another person. In that case, you must take the time to evaluate your prospective business partner to determine whether you share the same goals and can complement your contributions to the company.
If you’ve found your perfect partner, take the process of negotiating your partnership agreement with the assistance of an attorney.
- Set boundaries for yourself for an ideal life-work balance. Set them with your friends, particularly those who believe they’re entitled to mate’s rates but don’t offer anything in exchange. Place them in the hands of staff, suppliers, and customers.
Setting boundaries can be uncomfortable for some, particularly those who want to keep everybody’s (especially customers’) content. But knowing your limitations and staying within your boundaries can be essential to keeping your mind healthy and reducing stress.
- Take your lessons from mistakes. If they cost you money, consider the cost of the class you took in the way you chose not to do.
We all want to avoid costly errors in our work; occasionally, they provide the best lessons on how to avoid making mistakes.
If you need more clarification about the business decision you’re making, you can consult our expert business advisors to offer a listening ear. This can include specialist commercial tenancy guidance, which is a must before signing a lease with a commercial tenant.
- Your health is your biggest investment. Take care of yourself first so that you can take care of everything else.
Being mindful of your health as a business owner is vital, especially during turbulent times. It is essential to be aware of your mental and physical health before it develops into an issue.
While your doctor is a crucial first point of contact if you feel unwell about your body or mind, there are many other resources, including those on the Ahead for Business website, which provides several tools that are free and can assist you in taking action to improve your health and wellbeing along with the My Business Health portal, which provides mental health care specifically designed for small-business owners.
- My degree from the university gave me nothing in the way of managing an enterprise…
Although higher education can be extremely beneficial and gives you the necessary tools to be successful in your field, modern and relevant business knowledge is rarely taught in the university or other traditional institutions of education.
The SBDC is an agency of the State Government agency committed to giving small-business owners the tools and resources they require to establish a strong foundation and succeed in their business and field of work. Small business workshops at the SBDC were designed to teach business owners of any educational background the necessary skills to run a successful business.
- Ensure you have a continuous source of income in the back until the venture is efficient and reliable.
It can run part-time to be considered a business. Trying out marketing strategies while maintaining a revenue source to cover your expenses is a good idea when you’re unsure if your idea for a business will be successful.
In the current “gig economy,” the idea of a side job as an addition to your job is a viable option that can provide you with an income – but be sure you know the distinction between the two to be sure you are not liable for tax or legal consequences.
- The business cannot surpass its owner. The degree of a company’s growth and development mirrors my personal development and growth.
A growth-oriented mentality and investing in continual self-development will help you grow professionally and personally and benefit your company and you.
- Cash is the most important thing, so focus on receiving your money on time and paying promptly.
While there are many reasons why people decide to create their own company, at the end of the day, you must be compensated for your work and for your dream business to be a reality. Even though being paid on time could be a problem for many companies, staying in control of the flow of cash is crucial regardless of whether you need to engage in a tense conversation with a customer, send an email in demand for payment to the debtor or tighten the terms and conditions of trade.
Paying your suppliers on time will also help ensure that your company enjoys a stellar reputation and credit score. In the end, money is what can make the world go round!
How have you picked up from your work?
Being a small-business owner is not without its obstacles and rewards; every day provides the chance to learn what works and what doesn’t.
Remember that you don’t have to do it alone in small businesses. You can reach us to learn practical business workshops, free resources, and one-on-one business guidance from our knowledgeable team.
You can share your valuable business tips and lessons in our group, which is ad-free. I’m a small-business manager within Western Australia, an active online community with over 10,000 Western Australian business owners. Our Facebook group is a place to network with other business owners, seek advice from others and share your experience. Learn the details about our group on Facebook.