As the co-founder of Microsoft, and one of the richest men in the world, Bill Gates certainly knows a thing or two about running a business. While he may have resigned from his position as CEO of Microsoft, he still has nuggets of wisdom to bestow. Let us explore what business owners can learn from the experience and knowledge he has shared.
1. Keep moving and innovating
There is fierce competition in our local business market, with many aspiring startups competing for consumers’ attention. Many businesses in Singapore have found themselves supplanted by competitors that offer better services and products.
A brilliant idea alone is not enough to guarantee success. Your competitors are eager to seize on the next big thing to repackage and market as their own. Business owners should always strive to improve their services and products. Bill Gates ensured his company never stopped innovating, which has been key to improving Microsoft’s products’ features.
2. Learn to anticipate the future
It is not enough to innovate; business owners also have to anticipate the future. Consumers are always on the lookout for the next trend to jump onto. Suppose you can predict the next “big thing”. In that case, you can stay ahead of the competition by tailoring your products to suit those new demands.
Bill Gates predicted the advent of smartphones and smart TVs prior to his exit as CEO in 2008. That was years before these technologies would revolutionise our lifestyle. Anticipating future successes require extensive market research and analysing of market trends. It is crucial for business owners to absorb as much information as possible to make an informed decision.
3. Avoid wasting time
To quote Bill Gates himself, “No matter how much money you have, you can’t buy more time.” No one can rewind time, so entrepreneurs must make the most of their precious work hours.
It is vital to spot the time-consuming activities in your daily life and figure out how to minimise or eliminate them. Business owners should steer clear of any distractions so they can be as efficient as possible.
Bookkeeping is an essential task every business owner has to undertake. It is critical to keep abreast of your business financials and ensure a steady cash flow. However, keeping track of your accounts may divert your attention away from the essential day-to-day running of your business.
Allow Ackenting Group to offer our auditing services to ensure you receive prompt and precise financial reports. Outsourcing your accounting allows you to focus on your business’s daily operations while maintaining a solid grasp on your business’s finances. Together with our corporate accounting services, you can rest easy knowing you will be receiving sound advice from our seasoned accountants.
4. Never give up
As the saying goes, “If at first you don’t succeed, try, try and try again.” It is rare for one to achieve success with their very first try. Before co-founding Microsoft, Bill Gates started a company called Traf-O-Data which failed spectacularly and left him with a mountain of debt. However, this did not deter Gates from starting over with Microsoft, which is now responsible for the operating software that most computers today utilise.
Failure can be an important lesson, and business owners need to accept and learn from their mistakes. Don’t give up and let your efforts go down the drain. Go back to the drawing board and examine your mistakes, so you can avoid making them again in the future.
5. Pay attention to your unhappy clients
It is very tempting to focus on maintaining relationships with your satisfied clients. However, success may cloud your judgement and leave you unprepared for future challenges. Bill Gates has once said, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
Paying attention to your client’s feedback is one of the best ways to improve your products. Knowing what works and what doesn’t enable you to better your products and services. Turning an unsatisfied client into a recurring business can only be a boon to your company. Displaying a willingness to improve and being open to feedback will leave a good impression on your clients.
With an extensive history at Microsoft, Bill Gates was a seasoned entrepreneur with plenty of knowledge to dispense. This list is by no means exhaustive, but business owners can still learn plenty from the tips shared here and apply it in their own entrepreneurial journey.
If you require any assistance on accounting services, feel free to drop us an email at firstname.lastname@example.org or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.