Getting the upper hand of your small business

It is a reality that succeeding in today’s business world is not as easy as it was a decade ago. Flexibility, adaptability, and proper planning are just some of the skills needed to triumph and get the upper hand. While there is the stigma that making money in business requires solely a functional computer and keeping a tight grip on your emotions, the reality is far different.

Should you be on the hunt for a B2B service such as IT support, capable of connecting you to potential customers, might be a great place to start. Alternatively, we have come up with a few things you should do in your business ventures –all steps needed to achieve the success you’re dreaming of.

#1 Keep track of everything

Although the days of putting everything down on paper are nearly obsolete, you still need to create a written system which will help keep track of the numbers. It’s not uncommon to hear that entrepreneurs fail to do so, and the result is second guessing each decision and ultimately becoming untrustworthy.

Especially as a female in an industry which is highly dominated by a male presence, it’s essential to maintain consistency, train your employees, and have them respect you by the time the day is over. In fact, make sure that you check your numbers on a daily basis and make decisions based on the facts, rather than on emotions. One such example is the cash flow pro-forma. Determine how much cash you need to complete a deal, and do not start without having the required money on hand.

#2 Analyze Your Competition

There is a saying that competition breeds the best results. To clarify, this means that success cannot be equivalent to being afraid and failing to learn from your competitors. We are, in particular, speaking about those firms which have been in business for years. They have both the experience and expertise that you can extract and then implement into your business –making more money along the way.

#3 Draw the emotion out first

There is a fine line between our feelings and our working lives. Since we spend the better part of nine hours at work, it can be hard to draw the emotion out of different situations. Nonetheless, it’s essential to recognize when the party across the table from you has a legitimate grievance.

In business, there is no other choice but empathizing with others and keeping an open mind. You might not always want to do what’s right, mostly because of your ego. Ultimately, however, you should move past it. Simultaneously, if you have to deliver bad news to customers, you should be prompt and polite –not further delaying the inevitable final step. Taking delicate matters into your own hands and handling them accordingly will not only make you feel proud of your results, but it will also pave the way for proposals that both sides can agree on.

#4 Understand the importance of delegating employees

When we’re discussing the process of empowering employees, we’re also speaking about avoiding micromanaging them. To better put things into perspective, a manager’s role is to delegate responsibilities and then inspect the overall progress. In other words, avoid being that manager who sits on top of their employees and controls their strings.

Not only will you build a stronger relationship with your team, but you will also get more respect and effectiveness than you might have expected. To better achieve your goals, write down any training modules and orientation skills needed for you and your colleagues. By having a plan, your employees will understand what is required of them and when.

Of course, don’t forget about the power of incentives. These types of reward system are capable of positively influencing others to conduct their business more efficiently, all while managing their time adequately.

#5 Rein in your ego and listen to others

Even if you’re the superwoman of the office, the chances are that you can’t conduct a successful business all by yourself. It’s crucial to acknowledge that advisors are vital for providing numerous ideas that you can rely on, inspect and judge your progress, or even push you closer towards the finish line –achieving your business goals. Moreover, we can’t forget that advisors are typically the ones who hold you accountable for your success or lack of it, especially when you don’t follow through on commitments.

While we understand that finding solutions can be challenging at times, being able to step over hurdles has little to do with you, and more to do with your business. In other words, don’t take things personally and keep your ego in check.

#6 When necessary, adjourn

It’s not uncommon to hear that negotiations can often get emotionally heated because of some issues, and sometimes throwing in the towel and postponing a meeting is not half a bad idea. It will ultimately be a far better idea to get your bearings before returning, and as we’ve said before, not let your emotions rule your decisions.

Before leaving the room, summarize the points already discussed, clarifying any issues sooner rather than later. If time is of the essence, only take a few minutes to catch your breath and then remember the ultimate goal of making a decision or deal happen.

Your emotional control during negotiation can either make or break a deal –differentiating between a senior leadership role and an entry employee. Particularly since women are often underrepresented in leadership positions, it’s essential to assert your role in the organization and lead by example. Plus, you might even pave the way for younger female colleagues looking to advance in the same position.

#7 Keep Being Consistent

To get the upper hand in business, you need to maintain a level of excellent consistency. In fact, you need to continually keep your habits in check, day in and day out. You will ultimately create long-term positive habits that will last in the future.