One of the best things you can do for your small business is to know yourself. Know what you want to do and do it. This applies not only to the type of business you start, but also your role in that business. A common misconception is that, as a new small business owner, you have to do everything yourself; but this is where many entrepreneurs fail.
The difference between having experienced people taking care of the aspects of your business that you are not that familiar with and you doing it yourself can make or break your small business. Many new small business owners fear that hiring and paying up will sink them. After all, a higher pay roll maybe hard to cover for a start-up. However, having the right people in the right positions can help make your business succeed.
Paying a livable wage has been proven time and time again to lead to lower turn over rates and higher staff satisfaction. When your staff is happy, they work harder and better. Many small businesses cannot compete with their big box counterparts in many areas; and those who succeed know that being the best where it counts is the key to growing businesses. This includes customer service. When your staff is happy and knowledgeable, your customers will notice the difference and choose you time and time again.
Paying employees more is not the only way to help your business succeed. Here we circle back to the idea of knowing yourself. This not only means hiring great people to do the jobs you do not want to do, it also means hiring people to do the jobs you cannot do well. Knowing yourself means knowing your weaknesses, even if that means giving up a position that a business owner typically might hold such as manager.
Filling out your team in such a way that supports you and your small business is the best decision you can make to help your business succeed. It allows you to focus on the aspects of the business that are best suited to your strengths and helps you to succeed in areas you might not have been able to by yourself.