Every small business owner or aspiring entrepreneur defines success differently. There is no one-size-fits-all solution or approach to doing business. Although every business model is unique to its creator, there are some common activities every entrepreneur can use to maximize profitability. The following three activities are tried and true strategies that I share with my clients and you can use to increase success as you define it.
3 Profit-Producing Activities to Increase Success
- Focus. Focus is defined as to pay particular attention to or to become able to see clearly. When you are focused, you dedicate attention to a specific thing and begin to see it clearer. This clarity means that you will be able to make sounder decisions as you will be able to see the “big picture” as well as its individual moving parts. Entrepreneurs who focus on their mission and vision think more strategically to ensure every task is specifically aimed at achieving their goals. Having focus helps you to prioritize tasks, assess risks and opportunities with greater certainty, and overcome challenges standing in the way of success.
- Finish. Too often entrepreneurs neglect to complete projects. You are constantly creating as you are hit with new inspiration day in and day out. You become a flurry of activity with no real strategic direction. You might be drowning in busy-ness instead of working your business. Once you have focus around your mission and vision, prioritize tasks according to the quickest and easiest route to achieving your goals. Then work each task through to completion. Start with the intention of completing by setting milestones and deadlines. Delegate to strategic partners when necessary to avoid stumbling over task you either don’t like to do or don’t know how to do. Your success is dependent upon being able to complete goals.
- Follow-up. The fortune really is in the follow-up. At the end of every task, perform a quick review to determine where you are and where you still need to go. Did the task achieve its intended outcome? Did it drain resources? What were the lessons learned? Adjust and document your process so you don’t have to reinvent the wheel each time. When it comes to networking to build relationships, did you remember to continue reaching out after the initial contact? How are you nurturing the relationship ongoing? Most businesses strive due to successful referral relationships. How are you following up with contacts to increase your potential for success?
By focusing, finishing, and following up on a regular basis, you will increase your profits as well as long-term capabilities for success. How do you increase your chances for business success? Please let me know in the comments below and if you found value in this post, please share with your networks.