Mike Tyson once shared the words of wisdom passed onto him by his late trainer, Cus D’Amato. The boxing legend said discipline is when you do things you don’t like so meticulously that people are convinced you love it.
To you, it may seem like some people are more responsible than others. They never miss a meeting, make all of their payments on time, and always have the right answer. The truth is that this is not something innate. It’s a skill that can be learned, a decision that can be made.
So, here are eight things you need to learn: eight decisions you need to make to become a more responsible entrepreneur.
1. Automate your AP
One of the things that will ruin your reputation the fastest is missing payments. By automating your account payables (AP), you will ensure that the payment is automatic as soon as the conditions are met (it’s the X day of the month, and you have enough balance on the linked account).
This is important for many reasons, including your credit score. You see, it’s not just the reputation in the eyes of your audience that you have to worry about but the reputation in front of the credit companies, as well.
Your credit score is your creditworthiness and will effectively determine your ability to get a loan when needed.
Most importantly, it determines your reputation when faced with your strategic partners. A late payment will deteriorate the relationship that you’ve worked so hard to nurture. The bottom line is that you should automate your payments and you’ll have one less thing to worry about each month.
2. Take your cybersecurity more seriously
You need to take your cybersecurity more seriously. You can use your pet’s name as a password for your personal Facebook account. It’s a horrible decision, but you can do it. After all, your private conversations are on the line; if you want to expose them, it’s your choice.
As a business owner, you’re doing far worse than that. You’re risking your entire business, other people’s jobs, and even the trust of your partners (whose businesses may also be ruined by your recklessness). In other words, there’s more on the line than ever.
So, start by using tools and apps for password management. This way, all your passwords will be unique, and you’ll have a much easier job of keeping everything in check.
Also use the right antivirus and take more care of your devices. Even if you don’t have this habit, now might be the time to develop it.
3. Treat your employees better
A good employee is the most valuable resource that you have. Someone you can trust and someone conscientious about the work they do is irreplaceable. So, you need to make sure that you keep them for as long as you can.
The biggest issue with this is that it’s not always up to you. Sometimes, the other offer will be just too good to pass up. At other times, they’ll have to move for private reasons, and they might not want/be able to work remotely. According to some surveys, your state may even have something to do with the resignation rate.
What you can do is treat your employees better. Show them appreciation, reward them fairly, and ensure they feel you’re always on their side. No, the customer is not always right, and sticking by this outdated rule will make you run your talent retention rates into the ground.
4. Don’t unnecessarily tie up your capital
There are so many good ways to spend money. When you’re running a business, there are so many tools, gadgets, and licenses that you could purchase, which would effectively save you a lot of money in the future. The problem is that you have to ask two questions before making this purchase:
- How far in the future? The thing is that if you spend a lot of money now for something that will return money in 5-10 years, the truth is that you may not have that much time. Most startups don’t make it past the first five years.
- Can you afford it right now? Paying something that will transform your business is great, but what if it means spending money you need to run your business daily?
Cash flow is far more important than you think.
5. Learn how to say no
Most problems you’ll find yourself in are because you just can’t say no. New business owners generally have a problem with rejecting work. They remember what it was like a few months ago when they were frightened about their ability to land a gig, so how could they refuse someone?
After all, a person that you refuse will go to your competitor, and chances are that you’ll never see them again. It just feels wrong, and it is wrong, but it’s not the worst-case scenario. No, this spot is reserved for taking work that you know you can’t finish or rushing to finish a task (that you should have never accepted, to begin with) and botching it.
This will ruin your reputation, overwork your staff, and even have people see you as a pushover. The sooner you learn how to say no, the easier it will be to run your business.
6. Have a contingency plan
Have an idea of how to upscale and downscale your business in moments of crisis. When things start going downhill, the worst thing you can do is pretend everything is fine. Sure, a temporary drop in workload is normal, but what if this is not just temporary?
So, try to have an answer to a few questions.
For instance, what happens when you have an increased workload? Do you hire new people, or do you just temporarily hire freelancers? It’s a simple enough question, but it could make quite a difference.
7. Look for an edge
Sticking to outdated practices is a principle a small business owner cannot afford. What we mean by that is that you need every inch of a competitive edge you can get. This usually lies in new technologies and business models, those that are too expensive for a massive enterprise to switch to.
Just think about new software and what it would take for a company with volumes of data on the old system to switch. Imagine re-training hundreds of employees and reshaping your business model that you’ve already dumped thousands and millions into. For a small enterprise, it’s usually just a decision and a minor readjustment.
Remember that changing things too often is usually not a good idea, but while starting, you’re looking for the USP (unique selling proposition), and you could use anything to set you apart from your competitors.
Be a perfectionist and never settle for average.
8. Work on yourself
You need to lead by example. You should be the first one to the office and the last one to leave, but everyone knows you have more skin in the game. So, how do you show everyone that you do care? More importantly, how do you do it in the most organic way possible?
The answer is simple – you self-improve.
Sure, being a hard worker is great, but expanding your knowledge is much subtler and more effective. Most importantly, it involves a task you’ll ask your employees to perform regularly (take new courses, undergo new training, etc.). If nothing else, it sends the right message.
Being more responsible is a matter of choice
As you can see, there are a lot of steps that you can take to be more responsible. As an entrepreneur, it’s not even a matter of choice. Everything depends on you, and everything revolves around you. The choices that you make are far more impactful than you think; make them count.
