As a business owner, how often do you find yourself starting a task then leaving it to start another more urgent one? Then even before you could complete the second task you are “expected” to jump and do something else.
Do you feel overwhelmed and stressed by the belief that you have too much to do and not enough time? Often in an overwhelmed state of you may become your worst enemy as you lose track of what actually needs to be done and you become more anxious and unsure of yourself – which creates even more stress.
Take heart! You are not alone. The reality of a small business is that, given the limited resources available to it, there will always be a lot to do. Also, there will also always be interruptions that sway you away from your set schedule.
The challenge is: Out of the many things to be done in a small business which tasks need to be given more priority?
The 7 Platinum Priorities of a business owner?
- Leadership – You are the leader of your business. A company is as good as its leader. Therefore you need to break out of the cycle of stress by planning and prioritising properly. Even more importantly you need to perform each task at hand with a clear head, total focus on the present and a positive sense of relaxed control. Keep yourself in good shape physically, emotionally and spiritually so that you can be resourceful and solution oriented. Invest in constantly developing yourself. Spend quality time with loved ones. Do only what you do best and delegate the rest.
- Know your numbers and keep track of them – Know your financial goals, your Income, Costs, Selling Price, Gross Profit, Expenses, Profit, Bank Balance, Pipeline, Cost of Customer Acquisition, Lifetime value of a customer. Create a dashboard for yourself that helps you to easily access and keep track of your numbers daily. By knowing these numbers all the time you will ensure that your business is profitable and that you have a healthy cash flow. Use your numbers to adapt and adjust wherever you can in order to meet your financial objectives.
- Long term business growth – Considering your three most important business goals and your three biggest business problemsor obstacles what action plans and tasks will have the biggest impact on business sustainability and growth. Prioritise those tasks.
The main thing is to keep the main thing the main thing.
- Customers – The purpose of a business is to create and retain customers. Therefore every business must make customer service and customer needs analysis a priority. A question that should be top of mind in any business is how it can be no.1 in its customer’s minds. This can only be answered by the customers themselves, therefore regular contact with them is important in order to gather information that can be used to make improvements on your products, services, infrastructure, and processes so that you can create an awesome customer experience.
- Personnel – Your personnel are the greatest asset in a business. Your personnel will help you to implement business strategy and achieve results. They compliment you. As they focus on what they do best – which should be an area of your incompetence – you are afforded the opportunity to focus only on what you do best. This creates a synergistic team where the whole is greater than the sum of the parts. It is therefore important to hire the right people, pay them well, inspire them to do their best and to be loyal to the company and its vision.
- Sales – Sales is the heartbeat of your business, the oxygen to the brain of your financial future. Without sales, your business is doomed to failure. Sales, therefore, must be given priority in your business.
- Systems – The one important way of getting maximum value from your time is by automating and systematising as many business tasks as possible. Systems free your time so that you can focus on growing your business instead of working in your business. They also help you attain consistent quality results efficiently. Systems are a key to creating a scalable high growth business. Adopt a systems mindset from the onset of your business. From simple tasks like how the telephone should be answered to complicated production activities – the more systems you have higher the value you create in your business.
The benefits of completing your platinum priority tasks
- It increases your sense of achievement which boosts your self-confidence and self-esteem
- Every priority task completed gets you closer to your desired goals
- You become a master of your business
- The value of your business increases
In each moment you have a choice to invest your time in platinum priorities or waste it on unimportant activities. What do you choose?
Let us partner with you to accelerate your power to focus on platinum priorities.
BizOil Institute (Pty) Ltd – The oil that accelerates your power to grow your business.