If you’ve worked to build a business from scratch, you probably followed some traditional business rules to get things up and running. Many of those concepts probably came from long-established practices about how to set up operations, find and work with employees, record accounts and more.
But some rules are made to be broken, right? Where would some of the greatest business leaders – like Steve Jobs, Richard Branson or Bill Gates – have ended up if they hadn’t taken a different path and broken some of the ‘established’ business practices?
Taking a business to a higher level always involves taking some risks and ‘mixing things up’ a bit. With that in mind, here are 4 business ‘taboos’ or rules you should break:
1. Don’t connect with the competition
Talking, networking or collaborating with competitors was often seen as the wrong thing to do in the past. But today, the trend (especially for small businesses) is to work together, learn from one another, and when needed, help one another out. The attitude of everyone benefitting from improved sales and economies – in other words, following the idea of “A rising tide lifts all boats” – supports everyone within the business community.
2. Don’t mix business with pleasure
Connecting with co-workers outside the office can help you see completely different sides of their personalities – and help you forge closer relationships. It’s important to socialise with people you don’t work with, as well, but being with colleagues away from the office can help you better understand one another and work together more effectively when on the job. In fact, many companies now schedule family events, social gatherings and volunteer opportunities to bring their people together in totally different environments.
3. Sell to everybody
This idea isn’t usually wise. Not everyone wants what you offer. Chances are, you have a specific target market or two who buy your products or services, and the more you focus your efforts on that group(s), the better off you’ll be. Personalised marketing is best. Work on defining your ‘perfect client’ as carefully as you can – for instance, young couples in the greater Adelaide area between the ages of 25-45 who are looking to buy a home in the next two years – and focus your proactive marketing efforts on that audience.
4. Look at past performance to predict the future
If you’re only booking sales when a contract is signed or when money appears in the bank, you’re not on a path to take your business from ‘good’ to ‘great’. Instead, use purchase orders and quotes to help anticipate future business. Good accounting software can help you do this, but most companies don’t take advantage of this tool. They should because a sales pipeline is likely the single best indicator of your future success.
Need guidance from a professional on ways you can break the rules, take your company to the next level and make your business truly great? Get in contact with your local Accru office today.