Whilst speaking at a number of events recently, one question kept coming up again and again so I thought put the answer in an article.
A successful entrepreneur needs to answer the question “How to I get more of the right stuff done in my business?”
The business owners asking this all commented that they seemed to get stuck in some of the day to day tasks in the their business and never seemed to find time to do those activities that they knew would contribute to their business achieving more, growing and thriving rather than just surviving.
So here are my top tips to help you really change the way that your business works. They’re really simple and really quite effective.
Successful entrepreneur tip#1 look at what activities you do daily.
I mean, really look at exactly what you’re doing, write it down, including the amount of time you spend on it. Then ask, who would die if I stopped doing this? Now, I know that sounds dramatic. But a lot of what you were doing might not be moving the needle in your business towards real success.
So, what could you stop doing?
In fact, why don’t you ask all of your staff to do this, and it will be amazing how much time this might free up. When you look at all the activities that you’re doing and ask, what purpose is it serving and what value is it adding? You might be stopping doing quite a few things.
Successful entrepreneur tip# 2: Examine your customer journey and ask how you can make it better.
So this one might seem a bit obvious, but it’s one of the missing links I see in many businesses. By “make better” I do not mean more complicated. Often, it’s about making it simpler. Certainly making it easier for them to do more business with you and removing all of the friction. Explore opportunities that you could be offering and what your customer don’t value (so you can stop). What are you selling that they really want or want more of?
Now, the opposite to that is, what are you selling that they don’t want and they don’t value? You might be wondering “how do I find that out?” But this could be the product that you get the most complaints about. It could be the product that you find it hardest to sell. One of the easiest ways of finding out what they don’t want and what they don’t value is just ask them. You’ll be amazed a simple three question customer survey could give you so much insight AND positive engagement with your customers.
Successful entrepreneur tip# 3: Get a grip of your numbers
Now, the last one it might take you a bit more out of your comfort zone. But getting a grip of your key numbers and getting management at least monthly will change the way you make decisions. You may need to change your accountant, you definitely need to get a quality bookkeeper or somebody into your business to produce accounts if you don’t already have one. Getting the right person in this role is critical so that you get the support you need. Do not settle for anything less than someone who can add value not just process transactions. Certainly, if you read my book, “5-Minute Finance – The Business Owners’ Guide to Understanding Your Numbers”, you’ll learn all about finance in less than 90 minutes and it will give you a really good start.
These are just 3 immediately implementable ideas for making small changes in your business that could have a big impact. Give them a try and see what happens to your business!
Are you ready for a successful entrepreneur and business mentor? Click here to contact Christine by email alternatively you can book a call with the Business Mentor of the Year 2022. Author and speaker, who helps founders get their businesses into a place so they can enjoy a happier, richer future. Saving them THOUSANDS and increases the value of their businesses by MILLIONS.