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By Ste McGrath

As we welcome a new year we welcome new opportunities to grow and thrive as entrepreneurs. Following on from a successful first year in my own business, Collective Coaching, I’m giving you 10 secrets that will help you thrive in this upcoming business year. 

  • Don’t Be Afraid to Fail

The first and arguably most important tip is don’t be afraid to fail. Your failures help you progress just as much as your successes do. Make mistakes, learn from them, move forward. So long as you are willing to analyse and make the necessary changes to come back from those failures then it is a tool for growth.

Your team is a direct extension of you as a business owner, so a focus on finding the right group of people and building their skills is one of the most important things you can do. Take time to work closely with them and build that trusting relationship as you help develop their skills to the level you need them to be at. 

  • Practice Reflection

Reflection is key if you want your business to grow. Constant analysis is needed as a CEO in order for you to see what is and isn’t working. Sticking to what you know is a huge detriment if you want to see progression- don’t be afraid to change things if they aren’t working in hindsight and make it a priority to review. 

  • Get a Mentor (or a few)

You may feel as if you have all the skills you need as the head of your business, but learning is a journey that should be continued well into your time as a CEO. There are people there to help you perfect and progress, so don’t be afraid to get a mentor or two to help you build your skills in your weaker areas. 

A tip to follow on from the last is always set time aside to gain new skills or improve the skills you already have. ‘Every day is a school day’ as the saying goes, and there is always room for you to learn and grow while you’re on this journey. 

A great way to learn is by spending time with those “above you”- people that have been in the game longer or that you look up to as an entrepreneur. They can offer a great insight on what it means to be a successful business owner and you can learn a lot from them.

  • Spend Time with People Trying to Get to Your Level

Equally, you should be spending time with the people that are trying to get to your level. Teaching is one of the greatest ways of learning, and mentoring someone is a great opportunity to perfect your business skills- you might even learn something new yourself.

  • Balance is What You Make of It

It’s easy to get caught up in the thrill of running your own business, but it can also be a stressful role to be in. Avoid taking on too much too quickly and burning out- maintaining a healthy work-life balance is just as important as every other aspect of building a successful business

  • Don’t Diversify Too Early 

Make sure you’re focusing on your niche to begin with and make sure you’ve got your offer perfect before branching out. Putting your eggs in too many baskets too soon will only create problems further down the line, so really knuckling down on what makes your business special is key while you’re still in the starting stages. 

  • Perfect Your Leadership Skills

My final tip is make sure you are the best leader you can be. Perfect your management skills as you are the one steering the ship. Your team will lead by example so long as you are a strong leader that knows what they’re doing.

With every new year comes an opportunity for a fresh start. Keep these secrets in mind and jump into the business world head first! It may be overwhelming but it’s definitely worth it in the long run and who knows, you could be ending 2023 as a successful entrepreneur yourself!

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