Many business owners are experts in the field but they are novices when it comes to knowing what it takes to be successful in the world of business. At some point, this will trip any real estate entrepreneur up. Take actions immediately to be sure that doesn’t happen to you. Admit what you don’t know and commit to wanting to learn more.
It’s OK not to know everything, but always commit yourself to want to learn more and commit yourself to learn how to be successful not just in real estate but in business. The following are 15 tips that the pros have shared to help you be successful in business:
- Before you go through making a deal, make sure that there is plenty of cash in the bank to make whatever deal you are about to make.
- When you come across employees who do not do their jobs you can not get rid of them fast enough. There is no place for people in your business who don’t do their jobs.
- Go out of your way to treat the best employees in your company right. If they feel appreciated they will continue to turn out great results, if not, their efforts may wane if they are not appreciated for what they do in your first place.
- Remember that when there are problems with the business, as a leader you are likely, in many cases, part of the problem. Listen and do what you can to help solve the problem. The sooner the problem is solved, the sooner you will able to move on to the next thing that needs your attention to help the business move forward.
- Remember that people who work for you are not your kids and you don’t need to babysit them. Your assistants are not your shrinks. Keep your personal life separate from business and treat people you work with as professionals, not like they are pals from down the street.
- Learn to say the two words that business owners need to use a lot “yes” and “no”. Saying yes and no when necessary you need to can help you run your business effectively.
- Listen to your customers and what they have to say. Your customers are the ones who keep you in business. If you are not taking care of the customers who keep you in business, then you are listening to those that keep you in business, you are likely to stay in business and gain more customers in the process. Ignore those customers and they will likely leave and not continue to be the loyal customers they once were.
- You run a quality organization by recognizing, rewarding, and compensated those involved accordingly. This is called meritocracy. The way you DO NOT run an organization is to play favorites and treat those you care about more like they are better than others in the company. This is called nepotism.
- You have to come up with an understanding of the difference between knowing when transparency is beneficial and when it is not beneficial to be transparent. Some things need to be said and others do not need to be said in public.
- Trust your gut and follow it when you are trying to make decisions. It’s a great decision-making tool and an instinct to use to help determine when you make decisions versus when you do not make decisions to follow through with something you want to do.
- You have a right to defend your intellectual property including anything that you have copyrighted, trademarked, or patented. If you don’t protect and defend your property, other people will be certain to do that for you.
- A key to running an effective business is being able to write and negotiate effective agreements that benefit both your business and the customer. Coming up with agreeable agreements that everyone can live with will help keep your customers loyal and your business thriving.
- Run your business as just that. Your business is meant to thrive and make money, not to be treated as a social or country club. These are your co-workers, not your golfing buddies or drinking pals. Treat them as that and your business as a business that is meant to make money and thrive, otherwise it may not thrive long-term as you wish it would.
- Know your finances when it comes to your business including your profits, expenses, net worth, etc. as well as what your cash flow looks like. This will help you make wise decisions that will help your business improve to continue to grow and thrive.
- Being humble and having humility is a powerful trait that many other people in the community will come to respect. It can put your business in a better position to run your business in the future. Moreover, when business owners let their success and choices get to your head, you get the dysfunctional or delusional business leader that was not able to make the business succeed because they were too “proud” to do what was necessary to make the business succeed.
These are just a few great tips for the new commercial real estate entrepreneur that can help them learn how to navigate the increasingly challenging and cutthroat competition that is the real estate world. Knowing your goals and where you plan on going will certainly help you make a clear business plan that allows you to follow it to success.
For more information on great tips for commercial real estate entrepreneurs please feel free to contact Blackwater Capital Funding to move forward.