Wednesday, February 5, 2020

Business vs. Busyness

Being successful in business is based on a very simple premise.  You need to have more income than expenses.

While the concept is simple, that does not mean that the execution of starting and operating a successful business is an easy undertaking.  Each day brings multiple possibilities of challenges.  How can your business increase sales?  Is your business experiencing an ongoing creep of new expenses?  Are new competitors entering an already saturated marketplace?

Running a business requires the owner to fill a variety of management roles, usually requiring multitasking on a daily basis.  Often, our clients tell us that there isn't enough time in a day to do the things that need to be done to be successful.  Still, there is a difference between running a business and just being busy.   

Being self-employed requires a certain amount of leadership and discipline.  Measuring how many hours you work at your own business is not nearly as important as tracking the productivity and operating results.  Answering the question, "Is this the best use of my time?" during a busy day can often help guide a better prioritization of your actions. 

On a daily basis, you should be aware of the productivity of your efforts, and if applicable, your employees.  Each business transaction brings an opportunity for analysis and the more successful business owners possess an awareness of what I like to refer to as the "profitability of the moment." They maintain an active thought process of evaluating transactions and manage towards better performance.   

Effective business managers have the ability to focus their attention on the areas where they can influence more profitable performance.  They delegate "busy" tasks whenever possible so they can focus on business development activities.  They are quicker to adapt to changes in the marketplace, make process improvements and bring new innovations to their product/service lines based on observations of consumer behavior.

As Stephen Covey noted, "The key is not to prioritize what's on your schedule but to schedule to your priorities."

Be mindful of what you can do in the moment to improve your business rather than getting tied up in the "busyness" of the day.

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