Business Mentor: Start the year right with a growth mindset

Armando Bartolome

Posted at Jan 02 2021 10:17 AM

Business Mentor: Start the year right with a growth mindset 1
A stall in Quezon City utilizes various online platforms to sell various decor. Mark Demayo, ABS-CBN News file photo

First, I would like to greet all of you with a Prosperous New Year! I know that we all want the same thing for 2021 – that it will be a lot better than 2020. And probably the best thing to do is to start with a clean slate. We all become very hopeful at the start of a new year. We make our plans that we hope can materialize by the end of the year.

We grew up listing down our New Year’s resolution, promising to become better, to do better, and to have a much better life than the previous year. And for sure, all entrepreneurs are feeling the same way, just like I am very hopeful that things will turn around for the better.

How should we start 2021?

The main goal of a business is to offer solutions to people that need them in their daily lives. To reach success in business, there should be full commitment.

We need a mindset that is focused on building and sustaining the business. Building a business needs both flexibility and excellent planning for continued success. Thus, it is crucial that the management should be properly organized and should remain focused despite the changing times.

COVID-19 should not stop us from making our businesses profitable.

To help you get started in 2021, here are some helpful tips that you can apply to keep your business running smoothly:

1.    Start by creating a plan

You may have an idea on the kind of business that you want. But you can’t just find a location and start your business immediately without truly knowing how to run the business. The plan acts as your guide on how to run your business- sort of a step by step guide that will help you run your business without skipping any important detail.

2.    Keep all business records

Even if you just paid less than a thousand pesos for something, it is important that you jot everything down in your record book so that it will be easier for you to reconcile all your finances. Some entrepreneurs fail to keep receipts and vouchers that they sometimes end up having a headache because they no longer remember where their money went. Therefore, entrepreneurs should ALWAYS keep all records up-to-date, because it will be beneficial when you are making vital decisions to keep your business running.

3.    Do your market research

Let’s say you have a particular kind of business in mind. Determine if it can be profitable, something that the people need, and something that you can handle. So, aside from learning what kind of business to start, you should understand how you can run the business. The “what’s and how’s” that you may have in mind should be answered prior to opening your business.

4.    Technology is your friend

Twenty years ago, businesses relied entirely on word of mouth, TV, and newspaper ads. But with technology today, a website, an app, or having a social media account have become very helpful business tools. Make use of these tools to help make your business profitable.

5.    Being an entrepreneur means having to sacrifice

Yes, it’s true that you get to have your own time and be your own boss. But, that doesn’t mean that you should be waking up at 10 am and start your day at 3 pm. Being an entrepreneur takes a lot of work. You are the brains behind the business. You need to be always in the know. Never let yourself be left behind. Personal relationships may be sacrificed. But, you can always make a compromise to make everything work well.

6.    Create a dynamic team

I have mentioned that you need to sacrifice a lot of your personal time for the business. But, you don’t need to be alone in taking care of the business. Hire the best people that can help you in the different areas of business. Make sure that you hire competent people and those who share the same vision as you. This way, it is easier to execute your plans successfully.

7.    Prioritize quality products/services

An ad saying “50-75 percent” off can easily lure anyone, and I am not against such a marketing strategy. Just, be sure, though, that even if you offer your products/services at a discounted rate, your customers are still getting the kind of quality they expect from you. To ensure that your business runs successfully, only offer what is truly essential.

Make your business relevant no matter what the situation is. Maintain your focus and take advantage of all the opportunities coming your way. Always remember that customers are looking for solutions that meet their needs. If you can do this, you can achieve your business goals. Hopefully, 2021 promises us a happier and more prosperous year!

For more information, you may contact Armando "Butz" Bartolome
by email:
FB Page: Butz Bartolome