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- Issue 7 > Looking to the past to grow the future of your business.
Looking to the past to grow the future of your business.
Taylor Ellwood with suggestions for developing your business.
With each business I've run or co-run, the sources of inspiration I've turned to sometimes have been classic strategists such as Sun Tzu, Zhuge Liang who offer excellent insights into not only the art of war, but more importantly the art of governing.
And while running a business isn't necessarily as political as running a government, it can provide situations where having some good advice can lead to a much better solution than what a business owner might initially come up with. With that thought, I'd like to offer up some of the wisdom I've gained from reading and following through on the advice of the strategists mentioned above.
1 Acceptance of advice. Learning to be receptive to others' ideas, even when hearing those ideas may not be what you want to hear.
Even if you're a solopreneur, you'll inevitably encounter a situation where you'll seek advice from other people. And sometimes what you'll hear may not be what you like hearing, but it may be what you need to hear. Or you may simply hear criticisms that are applicable to a situation you are involved in.
Learning to be receptive, really involves learning to turn off that inner critic and listen to what someone says, without letting your pride or ego stop you from considering what you're hearing. A wise business person always takes the time to consider advice. That doesn't mean you have to accept it or act on it, but it does mean considering it.
2 Provide a clear system of rewards & punishments and stick to it. Having a system of rewards and punishments in place, with clear policies which explain when the reward or punishment is applicable is important for providing a sense of structure and morale within an organization.
Following through on the rewards and punishments is also just as important, because if you don't follow through, the perception is that you lack discipline and can be easily swayed.
It's important to note that in any business, even a solo one, not having clear policies and expectations as to the consequences involving those policies can easily sabotage the effectiveness of the business.
Having a policy and being consistent with it provides structure for your endeavors. Additionally as your business grows, that structure can help you determine how to grow it effectively instead of haphazardly.
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