The Entrepreneurial Dilemma – Prioritization

The Entrepreneurial Dilemma – Prioritization

by necoaching

For most people starting out in business, there are so many facets to consider. Clichés like “It’s more important to work on the business rather than in the Business” or “If you fail to plan, you plan to fail” are very often heard but not acted upon. Typically the reason for this is lack of time. However it might be more correctly suggested that it’s not time that is the issue but lack of priorities.

So what are a few key tips to consider when running your small business?

1. Plan – many consider this painful primarily because they do not know how to do it or simply see it as unnecessary. This process can be as simple as you want to make it and some of the fundamentals involved are:

  • Identify your time based goals (typically monthly and annually).
  • List the activities associated with achieving those goals.
  • Create a monthly scorecard to track performance to those goals.
  • Review the scorecard and feel good about your successes.
  • If necessary, amend goals and/or change associated actions.

2. Delegate – identify the things you are good at and like to do that add value to your business. Whatever is left, pay somebody else to do it. You can easily and quite reasonably contract out web design, monthly accounts, marketing, etc.

3. Continue to Learn – what is it about your business you do not fully understand? Go to classes or hire a coach and learn about finance, sales, strategy or whatever else you feel that your knowledge of could accelerate the growth and success of your business.

4. Time Management – spend your time wisely. Ensure that what you do is always adding value. Make time for thinking (about your business) and for resting (so that you are at your best when working).

5. Discipline – create a system, whether it’s a “To Do” list or planner that allows you to stay focused on what needs to get done. Feel free to prioritize these activities also to ensure that the important things are getting done. Finally stop doing anything that is not adding value.

If most entrepreneurs were to follow these few simple tips on a regular and consistent basis, their likelihood of success and personal / professional fulfillment would be greatly enhanced.