Creating and managing your online business requires you to follow the same basic principals of any business - relying on sound Business Strategies. There are however, a few practices that differ or that just are unique to an online business. Here we share our views and experience with you to help you develop a more effective and profitable online business.

Hierarchical Needs of Business Owners

Hierarchical Needs of Business Owners

There is little doubt that as a business owner you can find great rewards, not just financial but in a sense of personal achievement in running your own business.  Significantly the nature of these rewards will vary from one individual to another.  My view is that no matter what sort of business you are in, where you are operating from or the size of your business, all business owners operate from a common set of higher needs unique to business owners. 

The challenge we face as business owners is in meeting these needs whilst still focussed on achieving your goals and objectives at a personal and business level.  Just as Maslow proposed that as individuals we all function from a basic set of hierarchical needs, and with personal needs, so to do business owners and by acknowledging these needs you will achieve better success

Control

As a business owner you need to be in control of your businesses destiny.  Essential to this is having an appropriate set of strategies and plans in place, supported by systems, processes and the people to deliver to those plans. 

Confidence

Have you ever come across a successful business led by someone who lacks confidence in themselves?  I would suggest that this is a very rare situation.  Confidence comes from experience, knowledge and intuition.  A good leader doesn't necessarily need all the knowledge and experience within themselves. However, by surrounding themselves with people who do possess these attributes will give you the resources you need to make decisions confidently and strengthen your intuition.

Trustworthy and Reliable Networks.

As I mentioned above, the secret of success is not about knowing everything yourself but ensuring you have access to those who know what you need to know.  A good business owner will ensure that they have a network of resources in whom they can trust their advice and in whom they can rely upon for the right advice.  These people will invariably feature in your management team however you should also include a network of business contacts and advisers or mentors. 

Clear Focus.

Every day we find ourselves distract with new information.  We are continually bombarded by advice on how we should be doing things better, how we should be doing things differently or how we need to be innovative.

Whilst these are all worthy of consideration it is important for leaders, which is what you are as a business owner, to maintain focus on your business.  This is difficult as business can be complex. We need to keep abreast of innovation, change and our place in the greater business environment.  There is always the temptation to jump on the bandwagon of what is new and exciting.  There is also the temptation to do it all yourself as there is so much information that is telling how easy it is to do so. 

More often than not, it is far better utilisation of your skills as a business owner to be singularly focused on developing your business tracking current performance and planning future opportunities.  Engage those who possess the skills to analyse new ideas and have them provide support and advice you need such that you can make better management decisions rather than technical decisions.  You will also find that by utilising such resources in whom you can trust and rely upon will reduce your own levels of stress and frustration.

Validation

Not just limited to owners, validation is, I believe, a primary motivator in all of us in both personal and business lives. 

The reason for suggesting this need however is, just as with all of us, many people fail to recognise that even business owners seek validation of their achievements.  It is however, sometimes difficult to find.  For many business owners - it's “very lonely at the top of the hill”.

It is important that you seek opportunities where you can receive such validation.  It may also be as simple as having someone in your business circles with whom you can share/discuss your ideas, challenges and frustrations.  The simple process of bouncing ideas around can not only be productive but also very self-gratifying. 

Respect

Respect is earned. It is not bestowed or acquired. As a business owner it is essential that you have the respect of your staff, your customers and your peers. Invariably the respect you seek will be the end result of achieving your other higher needs listed here and applying your principals in a fair and balanced manner in all you do.

When I first established Top Left Designs one of my core objective was to make business easier for owners when it came to their website needs.  I recognised that many people confused and frustrated at the lack of understanding shown to them by web developers because they simply failed to recognise business drivers ahead of technology.  Our objective from the outset is to put business needs first and then assist owners understand technology at a level that empowered them to make better management decisions.

If this article rings true to your own situation or you simply seek professional services for your business' website, then we are happy to discuss your situation without any obligation.  Call us on 0419 706 325 or contact us via our online contact form and we'll get straight back to you.

    Other Recent Posts

    Sign up for our newsletter!