10 Things Every Business Owner Must Know

1. Plan to succeed. Develop a business plan to move the company forward. Outline key goals, objectives and the strategies to achieve them. Review plans regularly to measure results and make needed adjustments along the way.
2. Manage well. Set the direction for how to run the business. To manage well it is important to implement systems and have written policies and business procedures. This sets the tone and ensures that standards for performance are maintained.
3. Build a sustainable business. In the early stages of business it is common for owners to be the company's number one source of funds. Over time it is important to create a business that can stand on its own. Identify financial options so that you can position the company to take advantage of them.
4. Market strategically. Marketing, advertising, and sales are important keys to increasing revenue. Identify proven strategies for branding, attracting clients and building relationships to grow your company.
5. Tighten up administration. There are various types of administrative tasks that are important in every business. Be sure to implement efficient systems to manage paperwork, stay on top of deadlines, and process financial transactions.
6. Financial Reporting. Regular, timely, and relevant financial reporting can give companies an advantage in the market. Two keys to good financial management are maintaining accurate records and using financials to grow the business.
7. Follow the rules. There are rules that govern the legal and financial activities of business. No company is above the law. So take time to get familiar with industry and business regulations. Understand the type of business documents and tax returns you are required to file and stay on task with submitting them on time.
8. Create your dream with a team. No man is an island which means you don't have to run your company alone. Fill in the gaps in your business by hiring part-time staff, using temporary assignments, outsourcing, or teaming up with companies for special projects.
9. Invest in yourself. Increase knowledge and stay abreast of business trends in new technology, industry practices, and customer wants and needs. Use training to increase efficiency and profitability in your business.
10. Reinvent when necessary. If your business model is no longer profitable don't be afraid to take a new direction. As noted by success coach, Ken Brown, "Those who are unwilling to change will either expire or become extinct." Be willing to rebrand, reposition, or release an idea if the market you serve doesn't need or want it any longer.