You’re the boss. You want your business to prosper. And naturally, you care about your business reputation. How do you make success happen? Start by cultivating your business relationships. Good Business Practice is a select community of businesses whose leadership recognize the importance of maintaining high ethical and moral standards, beyond the focus on immediate financial gain.
You don’t have to be a fortune 500 (or even a fortune 500,000) company to take advantage of these tips for good business practice. In fact, some of the best small businesses have evolved and succeeded by implementing some of these principles.
Know-How is not enough.
Just because you’re an expert in your field doesn’t mean that you have what it takes to be a business owner. When you hang out that open sign on day one, it is unlikely that customers will flock to you right away just because you know what you’re doing. You’ll need marketing and administration (at the very least) to grease the wheels of your company.
Don’t Hire your Friends!
This may seem obvious to some, yet I’ve seen it done over and over again. Not only can it compromise (and in some cases destroy) a perfectly good friendship, but it can do the same to the business. Sometimes, it works. But hire with caution, and a heck of a lot of communication (both in the friendship and business). Be prepared to wear different hats while at work and after work.
Hire the Right People.
If you are technically proficient in your field but lack marketing knowledge and expertise for example, then be prepared to hire the right people to fill in the blanks. This will start the trend of people beating a path to your door. The next trick is to keep them coming back and referring their friends.