In today’s world, anyone with a computer and internet connection can start a business from anywhere in the world with little or no investment. In a world flooded with “wantrepreneurs”, how can you ensure that you rise to the top and crush your competition? Not only is it easy, but you can start today by focusing on three aspects of your business.
Before working on anything else in your business, you must first ensure that you have yourself sorted. It is not necessary that you have everything figured out (none of us do), but there are a few important aspects that deserve your immediate attention. (get started with this self assessment for entrepreneurs) Just like you do a quarterly review of your business, take some time every few months to review yourself and your habits. Ask yourself the following questions:
- What do I excel at? Conversely, what do I struggle with?
- How can I make more time for the things that I excel at?
- What daily habits are hurting my business?
- What habits could I replace those with that would improve my business?
- What is the one thing I could change about myself that would disproportionately benefit my business?
- Am I projecting an accurate representation of my company to all of my clients?
Although not every business sells a physical product, whatever it is that makes you money is your product. While it may seem like common sense that knowing your product is a must for any business owner, there are a number of facets of knowledge that are not as obvious and can change over time. Much like knowing yourself, these questions should be revisited on a regular basis.
- What is my core product? What makes me money?
- Does my product provide more value than what I charge for it? (the answer should be, YES!)
- Who are my competitors, and how do our products compare (quality, price, etc.)?
- Who is my target market? Has it changed over time?
- What other industries or markets are relevant enough to mine that they may provide hidden opportunities that require very little effort on my behalf to break into?
Knowing yourself and your product may seem a bit too philosophical, but is incredibly important to address those two categories before moving onto the final, brass tacks section. As a business owner, the bulk of your time should be spent on tasks that only you can do (your unique skills that make your business special). To maximize time spent on the important stuff, it is often important to delegate the day to day tasks that are time consuming and possibly one of your weaknesses. In larger businesses, this delegation can be to employees, but what if you are a one woman show just getting started? You might be surprised by how affordable and time saving some of these services are. Below are a number of ways to free up your valuable time.
- Digital or virtual bookkeeping
- Virtual assistant
- Freelance designers
- Freelance writers
- Accountant services
- Legal assistance
- Online hiring assistance
The list can go on and on, but you get the picture… Buy back your time by investing in services that allow you to focus on what is important.
If you are ready to take your business to the next level today, then it is important that you start making time to focus on knowing yourself and your product. And what better way to free up your time than to invest in your business and have a professional handle the things that eat up your time and force you to work from your weaknesses.
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