6 Crucial Business Practices for Thriving Entrepreneurs

Karleia Steiner

May 07, 2014

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For entrepreneurs to succeed today, managing the business practices of both themselves and their employees can be critical to establishing a successful brand. This article will explain some of the most important business practices for entrepreneurs to thrive in today's business world.

1. Be Responsible

Clients, employees, and partners alike will all expect perfection from entrepreneurs. When something goes wrong, the leader of the organization will have to accept the blame, and when things go right the credit will need to be given to others. An entrepreneur who reliably does what he says he will do can gain a substantial advantage, since many more will want to work with him. By remembering promises and building trust, an entrepreneur can build a culture and brand based on values that can interest anyone.

2. Deliver on Time

Entrepreneurs who deliver products late will have to face the consequences of customer loss, bad reviews, and even damaging lawsuits. By making the commitment to always deliver on time, entrepreneurs can increase repeat purchases and referrals.

3. Overdeliver to Customers

While delivering more product than a customer requested might be unaffordable, giving small gifts to the most valuable customers can help entrepreneurs reward loyal customers. This in turn will build a revenue stream that can be maintained for years to come.

4. Provide Quality Support

Nobody likes businesses that don't support their products. While companies that do the minimum might be able to win in a bidding war, most industries won't take this lightly. Companies that don't help their customers get nasty reviews online, which in turn can damage a brand and decrease sales. Companies like Pack All International are able to utilize quality customer support to improve customer satisfaction and keep their loyal customers coming back.

5. Love Your Employees

Your employees are people too, and making them feel genuinely appreciated is usually enough to motivate them to go beyond what is expected. By making your employees feel good, they will want to stick around during rough times and support you when something goes wrong.

6. Be Innovative

By definition, enterprising leaders should aim to revolutionize their field. While entrepreneurs shouldn't aim to reinvent the wheel, they should aim to improve its fundamental design by aiming to innovate. Innovation is the foundation of growth, and all success as an entrepreneur is based on disrupting established norms.

By implementing the above, aspiring entrepreneurs should be on their way to achieving success. While actually following these principles can be difficult, through practice these fundamentals can be incorporated into any organization.