Business Blog
3 Key Reasons Why SME Business Owners Waste Time
So often when people want to improve their utilisation of time, the focus is on tactical time management, organisation of workflow and the “to do lists”. Of course developing skills in these areas are foundations of success for anyone, but as a SME Business Owner you have a different set of circumstances; you are leading a business, you are not an employee and you don’t have the luxury of the support and resources in bigger companies.
Therefore there is a bigger picture to successful time utilisation (or lack of) that we are exploring here.
10 Top Time Wasters for the SME Business Owner
Due to the highly demanding nature of running your own business, It’s essential that one of the most important and valuable assets that you have at your disposal, is utilised as wisely as possible – Your TIME.
Yet despite the immense value of time, so many SME Business Owners find themselves distracted by issues and problems that have an unnecessary impact on their time.
Unless “time” is being invested in the activities that will help you achieve more of what you want in your business and life, you could say you are wasting time because it’s gone forever, it’s finite and you are not getting the return on your investment you hope for!
So it’s essential to figure out where you are wasting time and hopefully the following list will help you with that, and then reduce the waste, it’s as simple as that!
Stop limiting yourself and get the business success you deserve!
As a small business owner you tend to be the beating heart of your business, connected to and having an impact on all aspects of the rest of the business body. As a result your PERSONAL PERFORMANCE probably has the biggest role to play in determining whether you are successful or not.
juggler-888901_640Your performance is essential to getting your business off the ground and to a level where you are making a sufficient return on the financial, the emotional (blood sweat and tears) and the time investment you have put into it so far. However this can be incredibly challenging with many roles to play as a Business Owner, so much to do and a variety of different priorities to juggle, so working hard to make sure you’re performing at your best is key to the success of your business.
Why do 8 out of 10 small businesses fail?
Do you remember when you first started your business? How optimistic, inspired, free you felt. How motivated you were to do whatever it would take to achieve your dreams.
That’s why it’s so heartbreaking to hear that 8 of 10 small businesses fail. All those hopes and dreams gone!
How external factors out of your control are affecting your business and what to do about it!
As a small business leader it is very easy to get stuck in your own bubble and not be aware of your external environment and how it impacts on your business, yet it impacts on your business whether you like it or not. As a business leader the demands on you are entirely dependent on the context you operate in and this includes the external environmental context in which your business operates.
What Andy Murray Knows That Could Benefit All Business Owners
Andy Murray is an elite professional sportsman and as such is a rare individual. It is very few people who can make it to the pinnacle of a sport and be ranked among the best in the world. And his achievement is more remarkable still given that he was able to achieve all of this on his own, without support from friends and family, without investment in him as an individual to give him opportunities, without any external advice or coaching.….
If you’ve read the above thinking “you clearly have no idea what you’re talking about” then you’d be right. Of course, Andy Murray has had a huge amount of support along his journey to become the successful tennis player he is today. Parents, his partner, friends, teachers have all made sacrifices to support him and all invested huge amounts in him as part of his journey to success, and of course, he has been helped by plenty of coaches along the way too…
5 Vital Functions For Building A Successful Business
Whether you are a Micro Business Owner or running a global concern, there are 5 key function areas of your business you need to lead effectively at all times:
Marketing, Sales, Operations, People and Finance.
Most of the time you will have immediate challenges demanding your attention in one area, but the smart Business Owner knows it’s all connected and maintains a joined up perspective, consistently “chipping away” at all 5.
What does that mean you have to work towards, then stay on top of?
The Importance of Looking Back, to Move Forward Successfully
How has your year been? Hasn’t 2015 flown by?!
A lot can happen in a year that wasn’t expected, foreseen or planned for.
Today we run our businesses in a constantly changing environment and as business owners we have to learn to be flexible and adapt. Things don’t always happen as they were expected to, and if we don’t act decisively, it could have serious consequences.
How courage and resilience are so important when growing a business
You won’t be surprised if I tell you that your levels of courage and resilience have a huge impact on your ability to survive, grow and sustain your business as well as create a successful life! Just think of the most successful leaders we all look up to.
I can guarantee that each one of them will have their own story full of examples of their courage and resilience along their path to success.
Procrastinating around Business Development Activity?
“Procrastination is opportunity’s assassin”. Victor Kiam.
Pretty much all SME Business Owners will have experienced procrastination around their business development activity at one time or another and there are 3 MAJOR reasons for this. In fact I keep using the word “procrastination” but other terms may resonate with you more, like feeling stuck or dissatisfied with your progress, or being really busy but nor moving forward. Before you can take the reins back and really go for it, it helps to understand where this is coming from.
Is it time to get your “ducks in a row”?
Are you spending time working on “stuff” that is not accumulating into the results you want? Are you overwhelmed by options? Do you find it difficult to prioritise? Are you getting out there and meeting people but not getting results?
If so, you must feel like you’re running around like a headless chicken!Headless chicken
As a Business Owner you will inevitably face ongoing dilemmas when it comes to working out what to focus your efforts on.
What are the signs your business could be ready for a ‘growth phase’?
What is a ‘growth phase’?
A growth phase will mean different things in different businesses dependent on their level of ambition and where they are right now. To some SME Business Owners it will mean an increase in customers and sales, to others it’ll be about adding to the team or moving to a bigger office, and to others it could mean finding an investor, acquiring another business, or any other possible scenario.
When a business has plateaued or found a comfort zone, growth can be daunting and potentially risky so it takes good reason to make a push for growth. Consider the following three focus areas and ask yourself, “What are the signs that my business is ready for growth to the next level, and what is that next level?”
