How to Succeed Better

There are lots of small business owners out there who have reached a certain level of success. We can point to them as examples and say that they are clearly operating successful businesses. And that success can be defined in many different ways. Perhaps they’re making a ton in revenue, they’re simply happy, or their team is strong and capable. The meaning of success is naturally open to interpretation.

But despite the level of success you or someone else may have already achieved, the fact is that there’s always room for improvement. In other words, there are likely processes and mindsets existing within your company that can be even better.

Below we explore some of the key areas in your business that can probably stand to be modified somewhat so you can run your company even better and reach an even higher pinnacle of whatever version of success you believe in. So, without further ado, let’s go! 

1. Manage Your Time Better

You’ve likely heard before that time is money or time is the most precious currency we have. Perhaps even more so when we’re running a business. Ways to improve your time management? 

• Eliminate distractions – yes, maybe even put your phone in a drawer while you work

• Avoid multitasking – research says that your brain functions better and you achieve more when you focus on one task at a time

• Set parameters – to be effective, you must set limits, say no sometimes, and be realistic about how much time you have

• Create structure – a routine will give you a sense of control and familiarity so you feel less stressed and more productive

2. Manage Your Money Better

When you make improvements in this area, you increase the odds your business will be more profitable. Sounds good, right? So what changes should you make here?

• Focus on sales – hire people to handle the other tasks so you can focus on only the money-making activities of the business

• Set up accounting systems – use a well-known accounting program like QuickBooks Online or Xero to keep your books looking pretty (organized, accurate, and timely)

• Focus on your cash flow – track your incoming money against outgoing expenses for bills and salaries so you have a complete financial picture

3. Manage Your Systems Better

The goal here is to create more consistency by perfecting your business processes and systems.

• Implement a selling (POS) system – gathering your sales, inventory, and customer data all in one place will help you make good marketing decisions and ultimately save you time and money 

• Implement a distribution system – determine the best way to deliver your products and services to your customers

• Implement a customer service process – almost nothing is more important than understanding your customer and keeping them satisfied

4. Manage Your Communication Better

The primary reason you should strive to improve your communication across the board is to establish trust. How can you do that? Consider the following communication channels:

• Channels between team members – take advantage of different communication methods like email, texting, phone calls, instant messaging, and videoconferencing 

• Channels between the company and its customers – consider reaching out to your customers more often using digital communication channels like social media

• Channels between the company and its vendors/suppliers – in this area, it’s important to communicate frequently and be mindful of cultural differences

• Channels between partners and colleagues – while there’s always email and Zoom, sometimes it’s nice to gather together and talk face-to-face too

5. Manage Your Goal Setting Better

Your goals are driven by the vision and mission of the business, and they are usually fluid. Here are some tips on how to improve your goal-setting:

• Define the vision – remember, your vision is the future purpose of the business (what the company aspires to achieve) 

• Define the mission – meanwhile, the mission is the current purpose of the business (the reason for the season, so to speak) 

• Set goals – goals are shaped by our mission, vision, and values (while our thinking, decisions, and activities reflect our goals)

• Design strategies – breaking down your annual goals into quarterly strategies and then monthly/weekly/daily actions will make them easier to achieve

6. Manage Your Resiliency Better

It’s crucial that you keep building your resiliency so you can better ensure the longevity of your business. After all, it won’t keep carrying on if you decide to give up when things get hard.

• Develop a written contingency plan – a written plan can prove invaluable in an emergency so key staffers know what to do to keep the business running if you’re not around to manage the business

• Build a financial nest egg – having savings will give you some peace of mind if or when your business encounters hardships (or a pandemic happens)

• Cross-train your staff – if your employees know how to handle more tasks than just their primary one, they can pitch in when needed

So even if you’ve already achieved a high level of professional success (if so, congrats – that’s awesome, rockstar!), it’s always a good idea to continually reassess certain key areas of your business. Remember, we’re all a work in progress – and that includes our companies too. Keep learning and improving, and nothing but the sky will limit you!