Nothing is quite as scary, exciting, or fulfilling as running a small business. You might have heard all of the typical advice – about profits, insurance, and so on – but you may want to consider the aspects that no one tells you about. Here are some things to look out for on your first trip around the business block.

Progress Isn’t Steady

Business comes in cycles, and the reality is that most of those cycles are out of your control completely. That doesn’t mean that you can’t prepare for them and use them to your advantage. You absolutely should, as a matter of fact. Getting caught by surprise could have serious consequences, after all, since one big financial emergency in the early stages of a small business can kill the project entirely. Be aware that even if you’re getting regular customers, you may not be getting the kind of profit you might want or need for a year or even more. A lot of your money will go towards paying off loans, insurance, and whatnot.

The Busy Work

There are many aspects of running and owning a small business that have nothing to do with the product itself. Unfortunately, this means that your attention will always be demanded by something small or big. This can include accounting, hiring or firing, marketing, and a million other things – even just repainting the outside of your commercial property. And it’s not all unskilled labor, either. Accounting can be a time-consuming task that requires accuracy. Hiring new employees requires at least basic HR training on nondiscrimination. One thing you could consider is hiring professional contractors to help you complete whatever busy work you need done.

The Stress

Starting any new project is stressful. But a small, local business even more so, because its financial destiny can be so uncertain for so long. Thus, many first-time business owners have no way of regulating how much of their work can or cannot work its way into their personal lives. While it is important to make time for your business when an early-onset emergency demands it, you also need to create some healthy boundaries. That might mean setting at least a small amount of time aside for you and your family each week. It might mean delegating to business partners when you need it.

The reality is that every market and every location is different enough that you can only follow a list of guidelines so far, because your small business experience will be unique. That’s scary, but it’s also freeing. Don’t be afraid to plan extensively and then adjust as needed.

Check out this article on how to avoid regrets when hiring for your company!

As a business leader, you’re responsible for correctly guiding those under you and delivering positive business results for the company. Being a business leader is rewarding when you approach it in the right way that is built on a set of solid guiding principles. Here are some of the most essential qualities to have and actions to take to become a successful business leader.

Treat Employees Right

It’s important to avoid different types of discrimination that can often take place in a work environment and focus on treating employees equally. You should create clearly defined rules and enforce them the same for all employees. This helps prevent the problem of appearing like you’re playing favorites.

When employees feel like you’re showing favoritism, they will become less motivated and begin to feel more resentment the longer the perceived unequal treatment of employees continues. If you ever chat with an employee about topics unrelated to work, then you’ll need to remember to talk to all employees that week. When you only talk to some employees about non-work related topics, it gives the impression that you favor them.

Show Integrity

Be honest with people in all facets of your business, including employees, customers, suppliers, business partners, regulators and investors. If you get caught lying just once, it can ruin your reputation and break trust not only with the person you lied to but others who must interact with you. Integrity goes beyond honesty. It also involves having morals and operating based on those morals.

Consumers increasingly care about where products are sourced, how employees are treated, and the ways that business leaders conduct themselves morally. Integrity is equally important to your clients as it is for your own employees, so always strive to stay focused and not deviate from your set of morals.

Master Self-Discipline

Discipline is what keeps you doing the things you need to do, regardless of how you feel. Thus, it’s one of the most important qualities you must have to become a successful business leader. Master self-discipline by committing yourself to lifelong personal development, schedule time for monthly reflection, monitor your progress toward your goals, and practice it every day.

Over time, practicing self-discipline every day and learning new ways to stay in control of yourself will help you master this key quality. You will also become a good example to others when you’re the kind of person who always keeps your word, shows up on time, stays calm in stressful situations and successfully executes plans.

When you focus on the above qualities and actions, you can shape yourself into a successful business leader. Remember that treating employees equally might require additional planning and awareness on your part. You may be genuine in your attempt to treat everyone the same, but certain actions, like only making small talk with some employees, gives the wrong impression. Also, act with integrity, and stay in control of yourself.

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