What every business owner should be doing

A perennial theme between business owners is the yearning to spend more time working on, not in their business. However the stress and fractures of day-today operations usually prevents many owners from being able to step back and really analyse the status of their business. There is no pause or mute or stop button to press to allow them to innovate, create, set new goals and brainstorm thrilling ways to implement these changes.

However the benefits of taking a breather can be of great worth to the health of one’s business. Taking time to work on, not in your business has the potential of allowing your business to grow exponentially and is also good for personal wellbeing and satisfaction. To help you do this, we have the following five tips:

5 tips

1 TGIF
Whilst Friday’s are great for after-work drinks and unwinding after a long week, they are also a great place to start thinking about where your business is positioned compared to other businesses in the industry. Friday’s are also a great “treat day”. Instead of rocking up to the office at 9:00am, treat yourself to a nice breakfast at a local café and peer through the latest industry magazines and news articles. You may be surprised at the amount of insight your business is missing out on or the rate of progression is lower than other similar businesses in the same industry. By learning about industry trends, you are more likely able to stay ahead of the pack.
2 The Think Tank
Before beginning another week of work, it’s important to take the time to think. Whether this time is early Monday morning before the day begins or Sunday afternoon when you are likely to be in your most peaceful and think-worthy state, it’s something that should be a priority to all business owners. Once you have some time set apart, allow yourself to get into the zone and answer a series of questions pertaining to your business. Think about threats, weaknesses or even opportunities and build that into your monthly/quarterly/yearly plan.
3 Support Network
Obtaining external advice can be just as beneficial when coupled with what you can come up with yourself. By consulting a mentor or a specialist strategy advisor or business coach, you allow yourself the opportunity to open your mind to ways to do things better. Unsure of who to turn to? Contact us for a specialist approach to your business management needs.
4 The Dream Team
Whilst every business owner may think that they are superman/wonder woman and can do everything and make every decision on their own; one of the best approaches is to listen and learn from your team. Whether you are a large company that relies on just the managers for direct feedback or a smaller environment where even the intern can have a say, it’s important to gather together and bounce ideas and strategies off one another. By being open to new views and feedback, you’ll create an organization that carries you rather than one you have to drag. To welcome this initiative, take the team out, away from the usual workplace and enter a more creative setting. Ask them, if they could start the business from scratch, how would they re-do things? What would they turn upside down? What would they keep? Throw ideas around and see what magic evolves.
5 Dismiss the Control Freak Within
One of the hardest things a boss may face is relinquishing some of their control. But this may be a necessary action in order to allow yourself more time to be able to review your business. Additionally, by putting your trust in others, it’ll permit them to shine and grow whilst giving you time to focus on the big picture.
For more useful business tips and strategies, contact one of our expert business advisers on 02 9299 7044.

 

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