small business

Fundamental Leadership Skills

As a small business owner and entrepreneur, you need to rely on yourself to set the example and tone for your business. Your vision and leadership determine the success of your business, so developing good leadership skills will benefit not only you, but your employees and your customers as well. And in these challenging times, being a successful leader will show future generations what is necessary to endure and thrive.

Although leadership styles vary, there are some fundamental skills that apply to all good leaders:

1) Have the ability to develop a vision and inspire others

2) Set clear goals, stay focused and communicate well

3) Give AND receive feedback

4) Recognize strengths and weaknesses in themselves, as well as team members

5) Know when to ask for outside help

6) Act with honesty and integrity

7) Be committed and accountable for their actions

8) Be able to effectively execute a strategy or plan

The first step in becoming a better leader is taking stock in your current leadership skills. What are you good at? What areas could you improve upon? Look at each day as a new opportunity to try something new, inspire others or reinforce a healthy habit.

Leaders inspire others with their actions, so be sure your actions are aligned with your vision, goals and values. This is called "intentional leadership". By keeping to your core ideals, you will greatly increase the chance of creating the business you really want.


Dos and Don'ts of Borrowing for Your Business

Dos and Don'ts of Borrowing for Your Business

Most businesses will need to borrow money at some point. Some common examples of borrowing needs include start-up funding, capital investment and, more recently, COVID-related operating expenses. Borrowing money should be a careful and well-thought-out decision, and should include a thorough understanding and examination of the terms and conditions involved in the debt contract.