Do you properly manage your business 24-7?
Whether you're a long-time business owner or you're considering starting a business, it's important to keep your expectations in check.
Although you have high expectations for your business, you can't let a slow month or a dip in sales derail your long-term goals.
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Here are just a few ways you can manage your business expectations:
Successful business owners in Canada
Canadian entrepreneurs are opening businesses of all kinds to much success.
By managing their own expectations on a daily basis while meeting customer expectations, the following business owners are thriving and growing their brands.
Among the examples:
#Hashtag Gallery Ltd.
Run by Graeme Luey and Johnny Hollick, this contemporary art gallery in Toronto opened its doors in 2012. Featuring mid-career and emerging artists, the #Hashtag Gallery has grown to be one of the premier galleries in Toronto. The owners manage their business expectations by gathering business advice from other gallery owners and mentors in the arts community.
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Ecoloodi
Ludiwine Clouzot started Ecoloodi in Toronto in 2013 to teach people about water conservation. With Ecoloodi growing and finding new clients every day, Clouzot manages her expectations by revaluating what she wants to accomplish at every business milestone.
Exigence Technologies Inc.
Located in Winnipeg, Manitoba, Exigence manufactures antimicrobial compounds used in hospital garments to reduce the spread of infectious diseases. Owner Zach Wolff manages his expectations by never letting his business's success get ahead of his top priority: making the best product possible.
With the successful entrepreneurs above in mind, here are a few ways as the following article looks at you can manage your expectations as a business owner day in and day out:
Profit expectations
The number one area you need to manage your expectations as a business owner is with your profits.
If you've been running your business for a while now, then you need to track your slow months and your busy months. Knowing when your sales are likely to drop and that there are busier months which will make up for the slow times is all part of managing expectations.
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If you're just opening your doors for the first time, then you'll need to handle your expectations a bit differently.
Don't assume you're going to make huge profits in the first few months or even the first few years. Running your new business one day at a time and having realistic earnings goals will help you better manage your expectations.
Growth expectations
Do you expect to have a certain number of customers by year's end? Is your goal to franchise your business within five years?
Although setting goals is important when running a business, you need to base these expectations on past and current data.
Growing a business takes time, which is something you should be aware of from the start.
Personal expectations
Managing your personal expectations goes hand-in-hand with managing your business expectations.
Knowing that you won't be able to devote as much time to family and personal life is something you should expect, at least when initially starting your business.
Likewise, you need to be prepared for long days and late nights. Having these expectations will better prepare you for running a successful business.
When you have clear expectations for running your business, it creates a recipe for success.
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About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including small businesses and business management.
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