How to create good habits in business
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. So how do you set good business habits to ensure the right things get done at the right time?
Often you’re faced with prioritising what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business, planning, reviewing, process implementation.
Scheduling time to attend to these business activities on a regular basis is a great way to get on track for greater success.
1. Know your numbers (but you knew we would say that right !!)
It is very common for business owners to lose touch with how well their business is performing on a day-to-day basis. And knowing your bank balance is not the same as knowing your true business performance. But an awareness of your real time income and expenses is the key to making better decisions that will nurture growth.
Implement these changes and see the difference they make in your business:
- Switch to an online accounting solution that offers access to real time data anywhere, anytime (Xero have a 50% discount until EOFY – email us to get on board)
- Monitor your finances on a daily, weekly, monthly, and quarterly basis; review the data with your accountant often
- Check in on your other numbers, too – your website metrics and software analytics – so you know whether your marketing, lead generation, and sales tactics are working.
2.Update your business plan (you know the one you created yonks ago and is already out of date)
Business owners should update their business plan at least once a year—sooner if there’s an upcoming change that requires planning, financing, or re-assigning resources (for instance, a product launch, an opportunity to start importing/exporting, or a new side business).
Many business owners neglect to revise their plans on a regular basis. They end up operating on autopilot, losing sight of their bigger goals and the steps they planned to take their business to the next level.
The start of a new financial year is an excellent time to set goals, mark milestones, and start implementing your plans. The timing also lines up nicely with closing out the previous year’s books, so you can plan with your latest annual figures in mind.
3.Hire help (sometimes that extra set of hands can create more manageable growth)
It sounds simple, but the self-sufficient, independent nature of many entrepreneurs can make it difficult to get comfortable delegating responsibility. Finding the right people to relieve the burden of doing everything, all the time, is the only way a business can scale and reach its potential.
But whilst hiring help will cost you money, the idea is that it is a long term vision/reward. That extra set of hands should help to grow the business, streamline the operations and let you focus on what you are good at. Don’t try to be the Jack/Jill of all trades and end up being an expert in nothing.
Think carefully about how you spend your days. Are you still at the point where you want to – or need to – do it all? The ultimate success of any company is to reach the point where it can run without you, so you can enjoy a holiday, pass the business on to a family member, or sell it.
It can take time to find the right people that you can trust to perform their jobs well and continue to grow your business, so best start looking well in advance of when the urgency hits, as then you will no doubt hire the wrong person just to fill the void.