Thursday, November 26th, 2020

3 Things Every Business Owner Should Do

By Rigdha Acharya on Oct 26 2011 • Filed under Business

3 Things Every Business Owner Should DoAs business owners, we often get so stuck working in our business that we forget to work on the business. In the process, we also forget to spend time on the strategies that help us grow our businesses.

I was recently talking to two new clients who were in different industries but had the same problem – business was doing well but they were working themselves to death! They both wanted to take a vacation but if they did, they knew the business could not sustain itself. And worse, there was no plan to get to the point where the business could sustain itself. All of their time was spent on getting through the day-to-day tasks and no effort was spent on growing the business or putting in systems to sustain growth.

And that’s okay. Some entrepreneurs just want to keep their businesses small. However, entrepreneurship means different things to different people and for those of you who want to one day grow your businesses, here are three things you must make time to do on a regular basis.

1. Review your strategy monthly.

Consider the process of growing your business as a series of big projects. For a project to be successful, it must be reviewed regularly so that project costs and uncertainties can be controlled. A project must have an objective, a start date and an end date. You can use this basic definition of a project to monitor and manage your business growth strategies. Take an hour or two each month to ask yourself some simple questions such as:

  • What business growth initiatives did I commit to last month?
  • What have I accomplished last month?
  • Were there any challenges?
  • What are the business growth projects that I’m going to work on this month?
  • What is needed for this project to be considered complete?
  • How am I going to meet the objectives of this project this month?

2. Go through administrative tasks.

Often, a prospect or customer’s impression of your business is directly tied to the quality of your administration. Think about it. The newsletters, emails, phone calls, invoices and thank you cards that your customers receive are all products of good administration. Make sure you give these tasks the attention that they deserve. If you’ve created a newsletter to stay in touch with your potential clients, make sure you are setting aside time for it.

Administrative tasks can often become “bottomless” and cause overwhelm. That is exactly why most entrepreneurs neglect administrative tasks. This results directly in unsatisfied customers and a lack of new leads coming into the business.

3. Document procedures and standards

Each business has a unique way of completing day to day tasks such as handling phone calls and emails. These “unique twists” communicate the brand position and company’s culture to your customers. As you go through administrative tasks, get into the habit of documenting procedures and standards. Is there a way that you think customer complaints must be handled? Write it down so that when you bring in outside help, you have an easier time explaining what needs to be done and how to do the job right.

Get into the habit of reviewing your business strategies every month and document procedures and standards to grow your business and sustain that growth.

Over to you! What are your favourite business growth strategies?

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