Strategies for Building your Small Business’s Confidence

by / Thursday, 01 May 2014 / Published in Productive Business Tips

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As in many things, confidence in business goes a long way towards helping business owners achieve their goals. Confidence is what allows you to put yourself out there, whether it is while pitching your business to a prospective partner or investor, creating a new product line or marketing strategy, or showcasing your successes at an industry event. Cultivating confidence in yourself and your organization takes some time and thought, but raised confidence is a truly powerful motivator and in most cases is well worth the effort, especially when paired with other management strategies, such as the addition of some employee benefits or hands on training events.

Set goals for your business and your employees. Goals are important not only because they help keep your business on track, but it also can help to raise your confidence levels as your team sets them up and knocks them down. Planning your goals effectively requires some give and take with your employees, so make sure you understand where they are in relation to your expectations otherwise your confidence boosting techniques can backfire.

Figure out where you stand in relation to your competitors. For starters, you should already know what market share you are getting, as well as your unique selling proposition that sets you apart from them. Whether or not you compare favorably, you will notice differences in your business that have the potential to be emphasized as major positives. Even if you are getting completely beaten out by your closest competitor, you can use your knowledge of where they are in relation to your business in order to revise your confidence boosting goals.

Foster and embrace creative thought. The knowledge that they are able to contribute their creative thoughts and suggestions should serve as a confidence booster for your employees, and can even help with your employee retention. There are many ways that you can help to stimulate creativity on the part of your team, it will really depend on the type of ideas that you are looking for.

Acknowledge your mistakes with grace. The best way to come out of a period of feeling low is to acknowledge what it was that went wrong and then take what lessons can be learned and apply them to the future. Business owners should learn to treat their failures as lessons that they have paid for. Like a college course, if you skip the lesson you don’t get the value of your tuition. In business, trying to forget or ignore mistakes means you aren’t taking their full value into making you a more confident business operator.

Photo Credit to Pete on Flickr

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