As business owners, it can be tempting to see ourselves as the “king of the jungle,” but even royals must abide by a set of regulations if they want their ventures to succeed. The “King’s Quandary” blog post examines lessons small businesses and entrepreneurs can take from studying the rules of the jungle: taking cues from lion prides and bee hives while learning from pack leaders and colony queens can provide invaluable lessons about thriving amid competition.
Know your enemies
In business, competition can be fierce. Just as predators must constantly watch for threats such as lions or wolves, small businesses need to remain aware of who their competitors are and how best to defend against potential adversaries. Be ready to strategize against them if you wish to remain victorious in this game!
Establish stronger relationships
By cultivating lasting relationships with colleagues in your industry, you’ll form a stronger support network to increase both parties’ success. Bees provide an excellent example – their hives are built upon tight ties and social organisation which encourage loyalty amongst its members. By building interdependent relationships with other companies, you’ll be able to leverage one another’s resources more efficiently while making joint efforts more fruitful.
Lead by example
Animal pack leaders are highly respected figures who are looked upon for guidance by their followers, which applies equally well when running your own small business. Being an inspiring example is key when leading by example; so entrepreneurs should look up to you for guidance as a leader of equal stature among peers. Display responsible behavior, set clear expectations and provide strong leadership when necessary – these qualities will earn respect among peers.
Utilise networking opportunities
Networking is essential to the success of any company or organisation – as evidenced by colonies of ants working together as teams to efficiently complete tasks. Small businesses should seize every opportunity available to attend industry functions, build associations with fellow entrepreneurs and form meaningful connections – not only will this strengthen your presence in the market place but it may also open doors to resources that would otherwise be difficult to come by.
Stay ahead of the curve
In business, change is inevitable – just as herds of elk must adapt their migration patterns based on changing seasons, small businesses must also adapt to their environment in order to remain profitable. Keep abreast of developments within your industry and follow developing trends; that way you’ll always have an edge against your competition and be well prepared for whatever may come your way in the future.
Laws and Regulations
Finally, it’s crucial that you become acquainted with the laws and regulations governing your industry. As ignorance of these laws won’t be an acceptable excuse should anything come up, make sure that you conduct your due diligence by researching licensing requirements and tax obligations in detail. Doing so will not only protect your business from costly legal troubles, but will also ensure an ethical operation. An employee should not be sacked for having an accident at work if it was preventable by following health and safety regulations. Just as all animals abide by certain codes of behaviour in nature, small businesses must abide by laws and regulations set forth by their industries.
Running a business can be like running any venture; those best prepared will thrive and those unprepared will fail. By following these six key tips for success, your small business has an increased chance of thriving in an increasingly competitive market environment. By adopting an attitude, resources, and preparations tailored specifically for its needs; small businesses not only survive-but thrive.