According to Tim Ferriss, author of the “The 4-Hour Workweek”: 80% of one’s productivity comes from 20% of one’s efforts and likewise 80% of your wasted time comes from 20% of the possible causes.” Do you agree?
Did you know there are steps you can take to address your “20%”:
Has your support system grown? Are you in the same place you’ve always been, networking with the same people you always have? Look at stepping outside your comfort zone and the same circle of networking events and expand your horizons – your business will thank you!
When it comes to technology, are you keeping up with the times? Working with outdated or outmoded technologies can sap your energy. Conversely, being too connected can also drain your energy. You need to work with up-to-date technologies but you also need to know when to “turn off and step away.”
Physical health has a bearing on your mental health and your productivity. It’s not healthy to simply sit in front of a computer working all day. You need to get up – stand up and move around every hour for five minutes. Eat your lunch away from the screen, truly enjoy what you’re eating. Take time to visit friends and family and discuss items that are not related to business.
What can you to do increase your energy and deplete your energy sappers?
When you’re launching an entrepreneurial endeavor or even when you’re looking to work with a particular business owner do you stop to consider the who and what of the product you’re pondering? Actually, you could buy Product X from myriad sources, correct? In many cases you make your buying decision based on the person behind that product. This is something you will want to keep in mind when marketing your business — you are marketing YOU — YOU are the product!
How do you go about doing this? Here are my ideas on the subject:
Think about how you can chart the evolution of your product, your service… you. Plan those steps and implement them to gain “raving fans.”
Position yourself and hone your elevator speech as a demonstration of your value to the market
Establish your personal network and your company branding
Ask for testimonials from satisfied customers
Become recognized as an industry leader within your niche
What can you do today to become the true face of your product or service?
Hunger and motivation are the two driving forces behind business success, don’t you agree? Which one feeds the other, though I sometimes wonder. I believe that if you’re motivated you will tend to make things happen; you’ll leap over obstacles and realize your dreams.
How can you stay motivated?:
Review your goals at least daily
Focus on reaching them
Sharpen your hunger by taking personal responsibility for attaining your goals
If you find yourself veering off the path you’ve chosen for your entrepreneurial endeavor, or your life goal, it’s time to step back and reassess the situation. What steered you off the path you were following? Did the goals ultimately not align with your life? For some reason has the impetus for achieving a particular goal faded? Does it not matter as deeply as it originally did? Do you want to get back on that particular path or will that goal no longer serve you?
It’s never a bad idea to take a step back and assess your goals, especially if you find you’re no longer as hungry for them as you once were.
Do you have a dream of becoming your own boss? Are you being forced to pursue that avenue based on economic factors beyond your control? Are you retiring from one career but have no desire to remain at home and “be retired”? If so, you may be on the verge of taking an entrepreneurial leap.
Are there strategies you can take? Questions you can ask before you know “for sure”? Perhaps, and here are four critical items you will want to ponder before making any drastic lifestyle decisions:
Have a plan — a business plan, that is. Don’t let the lack of a business plan keep you on a career path that isn’t fulfilling you, but again, don’t make a leap into business ownership without a plan in mind. A business plan doesn’t have to be a daunting task; it should have an outline of your strengths, weaknesses, opportunities, potential business partners, an outline of your “ideal client” and a list of your competition.
Do you have, or will you need, healthcare coverage? If you’re a solopreneur a prolonged or catastrophic illness can bring your dream of business ownership to an immediate halt. Check into healthcare insurance coverage so that you’re prepared and insured.
Do you have any savings to fall back on. It’s a rare business that provides the owner a living wage from day one — unless you have done your homework and built up a client base. If you are starting from scratch, make certain you have a savings on which to rely.
There are myriad other items that a new business owner will face, but these will give you a bit of information to mull over before making any drastic lifestyle changes. Are you ready to make the leap?
Enterpreneurship is taking the country by storm and if you’re considering dipping your toe into the waters of being your own boss, here are some of my steps toward growing a small business into a thriving endeavor:
Know yourself. Why do you want to be in business? Freedom? More money? To give yourself a job? Your inner motivation will drive your determination and ultimately impact your bottom line.
What are you passionate about? Pursuing your passion as it relates to your business endeavor could help you succeed. Your passion will show through and will engage potential clients.
What makes you unique? Do you do something that no one else does? What is your differentiator?
The customer is always right. If you’ve ever worked a retail job you know this is a customer service mantra. When you’re running your own business, you truly need to embrace that ideology.
Do you have a niche? To grow a thriving business you need to know who your customers are, where to find them, what they’re seeking a solution to, and how you can help them address their pain points. Can you do this?
Write a business plan and daily goals. Consider your business plan your long term goal, and your daily goals are what you need to accomplish today or this week to achieve those long term goals.
Get out of your own cocoon. You need to get away from the office and network and make connections. Shake hands. Set coffee dates for follow up. No business can exist in a vacuum.
Don’t listen to the dream killers. It seems that everyone I speak with has a dream killer in his or her life — that person who says, “you can’t make a living at this,” or “Not many new businesses survive.” You know the type. Separate yourself from them and surround yourself with people who believe in your vision.
Invest in yourself. Staying healthy and planning for your retirement (yes, it seems odd to play for retirement if you’re just starting out, but there is no time like the present!) Be active. Eat healthy. You are the business you need to take care of yourself.
Inspire your team. If you don’t have a team, inspire those with whom you network and interact. Inspire and motivate and reward your clients. Word of mouth on your positive attitude will spread like wildfire!
Are you considering going into business? What’s your passion?
Let’s face it, there are tasks that we undertake in our lives and in our businesses that we truly love and there are tasks that we dislike so much that we will procrastinate on them until all we are faced with are those tasks which sap our energy and our productivity.
As business owners, we need to know what our core competencies are and embrace those. We also need to admit there are tasks for which we are simply not suited (social media, marketing, bookkeeping, etc.) and we need to find a trusted partner with whom we can trust those activities so that we can focus on our core skills.
You likely got into business for yourself because you have a skill to offer, a problem that you can fix for your clients, and a need that your skills or products can fill, right? Savvy business owners know that they shouldn’t let the tasks that they simply don’t enjoy or at which they don’t excel get in the way of running the business that they love. To effect that, they have learned to outsource.
Outsourcing simply makes sense, especially if you look at the time and money you will be losing by struggling to complete payroll tasks or write press releases. Your expertise is what makes your business valued by your clients. Relying on the expertise of others to complete other tasks will enhance your productivity and your business’s bottom line.
Yes, there will be upfront costs to pay for outsourcing, but the benefits you reap will more than make up for that. Are you focusing on your core competencies or being bogged down by tasks for which you’re not suited?
