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Smart tips from savvy business owners

“Owning a business isn’t for the faint hearted, and it is a hugely individualistic endeavour.  There are many ways to create a successful business, and many different styles to do it with.  However certain approaches are worth paying attention to because they work time and time again.  Each day at Bartercard we work with nearly 20,000 members to improve their businesses - here is what the most successful ones are doing.”
 
1. Treat mistakes as experience
Mistakes shouldn’t be underestimated for the powerful changes they can inspire if we learn from them.  We all make mistakes, and even the most successful entrepreneurs in the world have admitted to shortcomings in their business empires.    If a new product or service hasn’t worked the way you envisioned, treat it as experience, learn from your shortcomings and use it to take your business in a better direction.
 
2. Outsource
Being an expert in your field certainly allows you to offer a higher level of service to your customers,
but you don’t need to be an expert in every aspect of your business – such as accounting, legal and PR all in one.  Hire expertise where you are not, so that you can focus on what you truly do best.    
 
3. Commit to future-proofing your business
 Every day we hear at least one business owner say they only ever have the time to work ‘in’ their business rather than ‘on’ it.  As hard as it can be, finding the time to plan for the future allows you to take stock of what worked and what didn’t so you can ensure you stay on track with your business plan or adjust your goals accordingly.  We cannot stress the importance of creating contingency plans to help you stay agile in the market when unexpected events hit.   
 
Brian Hall is the Founder and CEO of Bartercard.
 
For more information on how Bartercard can help you reduce your cash expenses, improve your cash flow and attract new customers call Bartercard Mornington Peninsula on 03 9773 8177 or 0410 023 453; or visit our blog at bartercard.com.au/blog for more business articles.