Four Principles That Can Affect Your Business
Whether it's evident or not, principles are the brick and mortar of every business. What makes a run-down motel different from a quaint bed and breakfast? It's not just the packaging, it's equally the principles laid down of what flies and does not fly. The truth of the matter is that whatever principles you lay down, for both you and your employees to follow, influences your business. It may be in a positive or negative way, regardless of the direction, you need to be aware of how the pillars of your business affect it all together. It's the same at MIKOL, if you look at the company, it's based on a simple, minimalistic approach striving for something unique which is why natural marble is the centerpiece of the products and company.
Here, it's all about honesty or the lack thereof. It goes without saying, if you're going to run a business, it should be as transparent as possible. On one hand, if you're honest, it pays off big time in the long run. Long run is the keyword there, you see, in some cases, honest businessmen don't see returns right away. But, best believe that having clean hands will keep you afloat once a storm threatens.
One major way to stay on top of this is by using effective communication. If you're as open and as precise about your means and motives, the likelihood of anything coming to bite you in the behind, later on, are slim.
The topic of ethics is one that no businessman or woman can falter from. Unethical practices have sunk more businesses than you can imagine. Regardless of the line of business, you're in try to follow ethical standards that'll keep you afloat. The result of not doing so could be far costlier than actually doing ethical things in the first place.
Sometimes neglecting to follow best ethical standards can result in bankruptcy of your company.
You may be asking yourself, what is bankruptcy in Canada or wherever you are local and what can do it mean for your company? Simply put, someone will have to step in and liquidate all of your business’ assets in order to settle your debts. It is not something you want as a business owner because you could lose out on a lot of money earned.
So, if you run a business that deals with a lot of waste, get yourself an Oily Water Seperation System. Similarly, if you're handling a large amount of private information, don't sell it out to the highest bidder. We live in a highly inquisitive time, everything eventually comes to light.
3. Forming Relationships
Just like interpersonal relationships, business relationships can be quite difficult. One thing said or whispered can bring the whole thing crashing down. But, one major thing to keep in mind in business is that all relationships count. Even if you don't quite like the other organization, remain cordial. There is no need to burn bridges. Also, keep looking for avenues to form new and more beneficial relationships. Hand out business cards, interact on social media, attend fairs, and industry-related events. Never meeting people and maintaining relationships, it's a major recipe for growth.
4. New Ideas
If a business was a vehicle, ideas would be the fuel they'd run on. You have to go beyond just brainstorming when it's convenient and incorporate innovation management into your process. The only way you can stay relevant and profitable is to look for new ways to do both old and new things. Altogether, this is one principle that you need to really stay on top of. If not, your business will end up paying dearly.