6 tips for new business owners navigating the entrepreneurial maze

​ Jumping into the business realm? It can be both exciting and daunting. Every worthwhile journey has obstacles that make the success feel worth it. In this post I'll share 6 tips to help you navigate the entrepreneurial maze as a new business owner.

Photo by Mikhail Nilov

where passion meets purpose

You’ve probably heard the old adage, “Do what you love, and you won’t work a day in your life.” Sounds dreamy, right? And it’s not just some feel-good quote. Take it from Raj Kalyandurg, who’s written about how merging passion with your career can be a game-changer. Check-in with yourself. Does working towards the success of your business bring you joy? If it did once, but not anymore, look inwards to assess what's changed and how to get back on track.

the art of balancing work and play

Being passionate is great. Being burnt out? Not so much. Yes, your business needs you, but remember, you’re not a machine. If you’re skipping those Sunday family brunches or those Netflix nights too often, maybe it’s time for a little calendar magic. It might be as simple as managing your time better, getting some extra hands on deck, or just setting a ‘closed’ sign on your office door after hours.

If your schedule is full of scattered meetings, try blocking off your time so that all your meetings occur during the afternoon, and your morning (if that's when you work best) is reserved for the work you need to get done.

customer knows best

The idea that every customer interaction is a goldmine is no overstatement. When a client gives feedback, they’re essentially providing you with a roadmap to tailor your services better. Negative comments? They may feel like attacks; but take a deep breath, step away, and come back to read the comments. Try thinking of them as free consultancy. They pinpoint areas that need refining. On the other hand, positive reviews aren’t just pats on the back; they underline what you’re getting right and should keep doing. Actively seeking feedback, be it through surveys or more informal chats, can help in creating a business model that’s both responsive and proactive. Imagine having a dynamic business that evolves based on real needs, rather than guesswork. That’s what effective feedback management can offer. You'll often be surprised at what customers prioritize versus what you were planning to do.

checking your business's financial pulse

Your financial status is more than just numbers on a balance sheet; it’s a vital sign of your business’s health. When you make a habit of closely reviewing financial statements, you’re more likely to spot inefficiencies and address them promptly. This could be redundant expenses, a product that’s draining resources without adequate ROI, or even surprisingly lucrative areas that deserve more investment. And while you might be the captain of your ship, sometimes an external perspective - like a financial advisor - can help you navigate treacherous waters with their specialized expertise.

happy employees make a thriving business

​There’s a ripple effect that starts with your employees and extends to your customers and business reputation. When your team feels valued, they’re more inclined to put in discretionary effort - that extra mile that can make all the difference. And this doesn’t always mean hefty bonuses or extravagant perks. And it definitely doesn't mean pizza parties in place of a raise. Sometimes, a listening ear, opportunities for professional growth, and a positive work environment can work wonders. Investing in employee satisfaction is a long-term strategy that can lead to better customer service, increased innovation, and a stronger brand image. It’s not just about keeping them happy; it’s about unlocking their full potential for the benefit of the business.

But also, make sure you pay them their worth.

treading the digital tightrope

In an era where the digital domain reigns supreme, just having an online presence isn’t enough. Think about it. Your website is often the first interaction a potential customer has with your brand. If they can’t find what they need quickly, they may bounce over to a competitor. On the other hand, a well-strategized social media campaign can be the difference in engaging another market segment versus remaining completely invisible. Engaging online customer support can turn irate customers into loyalists. Being digitally savvy means continually assessing, iterating, and improving your online strategies to ensure they align with both current trends and your target audience’s preferences.