Recently, a group of successful Savannah area small business owners met with Savannah SCORE chapter mentors and shared a series of business management tips. These owners acknowledged that these tips were learned, oftentimes the “hard way,” as they faced the challenges of starting and growing a successful new business. These tips cover subjects ranging from business strategy to tactical managerial issues.
Leadership is not bestowed through titles but must be earned. During periods when sacrifices are required you need to step forward to offer guidance, encouragement and importantly work shoulder-to-shoulder with your employees to confront business challenges.
This demonstration of leadership by example is a powerful motivator.
Find a Market Niche
Be unique and find a niche. Market niches typically do not attract the interest of large, well funded businesses consequently you should enjoy pricing flexibility and opportunities for attractive profit margins. “Its preferable to risk failure by being unique than failure by copying others”
To encourage innovative thinking allow your employees the freedom to make mistakes. There is, however, one containment rule to be followed, namely ” if they are going to shoot a proverbial hole in the boat they must make sure the hole is located above the water line.
Recognize and focus on what you are good at and hire people to perform those tasks that are beyond your capabilities. As a leader your primary role is to ensure your staff has access to the full range of resources needed to accomplish the organization’s mission.