Entrepreneurship is both exciting and terrifying. There are numerous opportunities available to you as a small business owner. However, the risk of failure is quite high. How well you manage your business determines whether you spend your future growing capital or paying off bankruptcy debts.
Daily productivity is often overlooked when it comes to goal measurement. Daily tasks are often small and seemingly minor, leading many business owners and managers to believe that monitoring these values and working to optimize them is a fruitless endeavor. However, maintaining productivity on a granular level is one effective path to success.
Here are 6 productive habits for small business owners who want to make the most of each day, why time management is crucial for successful entrepreneurs, and how Surefire Local can custom-tailor a digital marketing program to fit your organization’s unique needs.
Why Is It Important For Business Owners to Manage Their Time?
There are only 24 hours in a day and 7 days a week, no matter where you are or how much money you make. This makes time one of your most valuable commodities as a small business owner. Failure to manage your time well equates to throwing away valuable resources that you can never get back.
Successful entrepreneurs understand that in the grand scheme of things, how you spend your time determines how well the various aspects of your business do. Optimizing the time you devote to each allows you to have more time available overall for different tasks across the board. But if you’re spending your time inefficiently, your revenue and reputation will eventually be affected.
6 Productive Habits For Small Business Owners
1. Monitor Your Revenue Daily
Tracking your company’s revenue isn’t just something you should do yearly, monthly, or even weekly. You need to be aware of your daily revenue.
First and foremost, you need to know if your revenue is at least enough to cover your company’s expenses. If you’re not meeting your financial goals, you can make small adjustments from day to day as needed. If you don’t know whether or not your goals are met until, say, the end of the week or month, you will have less time to make any changes that might help you to avoid defaulting on your company’s financial obligations. Successful businesses have a budget and stay within it.
Second, monitoring your revenue streams daily also helps you plan ahead for the future growth of your company. You’ll be better able to manage out-of-pocket expenses and can quickly reimburse employees for company-covered expenses like travel stipends and meals. Expense reports are much easier to file and you’ll even be better prepared for quarterly tax payments.
Because you’re monitoring your revenue and expenses daily, you’ll have extremely accurate records come tax season. Instead of fishing for receipts at the last minute to get as many deductions as possible, you’ll already be ahead of the game with records of business lunches, utilities, office supplies, and other company expenditures.
2. Touch Base With Your Team At Least 1X Per Day
Good communication is one of the core requirements for a successful business. Check in with your team members daily not just to make sure they’re on target, but also to find out if you can provide them with additional support to complete the work or to help them troubleshoot. Your employees are a valuable asset to your business and it’s up to you to give them the tools necessary to do the job. Being a rigid manager will only get you so far — your employees may be motivated by fear to get on top of things, but they won’t be motivated to go the extra mile.
Instead, reach out to your team often to offer assistance. Ask if they need any additional resources and what their expected time for completion is. If the ETA of the project is later than the due date originally given for the task, ask your employees what they feel contributed to the delay and what you might be able to do to help resolve the issue from repeating. By reaching out daily, you can quickly overcome any obstacles or stumbling blocks your employees run into and proactively help your team stay on track.
3. Make Time For Your Marketing Initiatives
Handling the needs of customers and communicating with vendors is a top priority, but so is marketing your company. Many business owners get so caught up in taking care of clients that they forget to invest some of their limited available time in the solicitation of new business. But successful companies have at least some resources dedicated to the ongoing advertising for their business. Effective entrepreneurs understand that marketing isn’t just a one-time task that can be checked off the list; it’s a constantly moving target.
Set reasonable marketing goals for your business and dedicate at least some time each day to move these initiatives forward. Good marketing strategies play both the long and short game by employing tactics like pay-per-click (PPC) to get more immediate results and organic SEO and content marketing to generate long-term value.
What you don’t want to do is get so caught up in the goings-on of your business now that you fail to plan ahead. Your leads might slow to a trickle — if they don’t stop completely — because potential new customers aren’t hearing about your business. By keeping up with your digital marketing strategies, you can create a steady stream of new qualified leads.
4. Remember the Bigger Picture
It’s easy for entrepreneurs to lose the forest for the trees, especially when they have boots on the ground and are wrapped up in the day-to-day issues affecting their businesses. It’s important not to lose sight of the bigger picture when dealing with small-scale issues. Dedicate a little time each day to check how your company’s progress fits into your overarching goals. If it doesn’t, plan to make adjustments that align your business with its objectives.
5. Plan For Tomorrow, Today
One of the key ingredients for business success is to always be planning ahead for the next step. You should have a good outline of your goals this week, this month, this year, and in 5 years, 10 years, and 20 years. Think about what you’ll really need to accomplish these things and put them into place now. Don’t get caught up by the idea that you don’t need something “yet” or that you can put something into motion “later.” Often, starting these things ahead of time is necessary to avoid being too late.
6. Take Time to Unwind
Rest is not only necessary for humans on a biological level, it’s also a key ingredient for entrepreneurial efficacy. Being overworked, strung out, and stressed all the time makes it extremely difficult for you to work and engage in high-level c-suite activities. It’s easier for you to get impatient with your team and say things you don’t mean or come to regret later.
Take time every day to relax, unwind, and de-stress. It may only be a few minutes, or you may need a few hours some days. You might feel like there’s not enough time to chill out, especially when you’re an entrepreneur, but there’s never any more or less time – you have the same amount every day. How much is spent on relaxation is entirely up to you, and ideally, at least 15 minutes a day will help keep you sharp.
Request a Demo of Surefire Local’s Business Intelligence Marketing Software
Marketing your small business at the same time you’re trying to manage it can be extremely challenging. You may find it difficult to devote enough time and energy to either, making neither effort a good return on investment. At Surefire Local, we understand the obstacles you face as an entrepreneur and have developed products and services designed to help your business clear more hurdles.
Who Are Surefire Local’s Customers?
We serve a number of different verticals by cultivating effective digital marketing skills in multiple niches. We work to understand our clients’ customer bases, pain points, and goals in order to optimize and tailor each of our recommendations to your target audience. Our clients include:
- Home services companies like HVAC contractors, roofing companies, plumbers, architects, and construction businesses
- Legal service providers, such as personal injury lawyers and family law firms
- Professional service providers, like accountants and estate planners
- Providers of health and wellness services like dentists, surgeons, family practitioners, and chiropractors
- Pet service providers, such as veterinarians and pet grooming services
Contact Surefire today to request a demo of our business intelligence marketing software to learn more about how we can help you streamline your organization. No matter what industry you serve or the pain points of your target market, we can help.