A new decade is upon us. As a business owner, it’s a good time to nurture new habits
that can make you and your business prosper in this new year.
However, if you are a new business owner, starting can be incredibly tough which is
why cultivating new habits – backed by research and highly effective entrepreneurs –
will help you find your footing in business.
1. Manage your time
Part of managing your time effectively is waking up early to get more things done
earlier in the day. Having a well-ordered schedule can set your priorities straight and
help you achieve your business goals in a year. If you’re a late riser, now would be the
perfect time to add sleeping and waking up early to your habit formation. This way,
you will also have more time to do what you want to do for yourself. Do it a little each
day until it becomes a habit. It takes 18-254 days to solidify the habit, but it’s worth
noting the micro-changes you go through because habits do not form overnight.
2. Analyze your daily grind
In business, there are patterns you need to look out for and take note of. For example,
the density of people going to your establishment on certain days. However, when
we say ‘analyze your daily grind,’ we also mean writing details—even the most
minute—because you wouldn’t want to overlook anything. Knowledge is important in
growing your business, and taking note of your daily operations and analyzing them
for future use provides invaluable insights that you can use to elevate your business
into new heights.
3. Strictly follow your budget
Benjamin Franklin said, “Beware of little expenses; a small leak will sink a great ship.”
When you’re new to business, you might be inclined to spend a little here and there,
which you think might help your business but actually just increases your expenses.
A good habit to always uphold is to set a budget and follow it strictly. If you have a
new business, it is necessary that you maintain a personal track of the cash that goes
in and out. Moreover, it is critical to control your impulse when it comes to buying new
items, either for your shop or your office, especially if they don’t have an intrinsic value
4. Value quality over quantity
As a business owner, there is nothing more delightful to hear than the rise in sales
and profits. Remember, though, not to compromise on the quality of your products
just to increase their quantity. If you’re in the food business, for example, it’s better to
tell people that you’re out of a certain food item instead of serving them something
inconsistent. While quantity may incur more profits for a short time, serving below
standard can reflect very poorly on your business in the long run. Own your business
with integrity and customers will also respond accordingly.
5. Be introspective
One way to do much-needed introspection is to journal your thoughts. In business as
in life, it’s important to be aware of your subconscious mind. Writing can be
immensely therapeutic because it is a safe space devoid of judgment from the outside
world. Moreover, journaling can help you think more creatively, redirect your focus,
and have a clear vision and mission statement for your business.
6. Ask for constructive feedback
If you’re a new business owner, it is important to truly know your market. One way to
get to know them is to ask for constructive feedback, especially when you’re in the
food business, according to Sheh Agbayani, owner of Huddle Point Cafe in Occidental
Mindoro. Since her business is new, she was expertly advised to follow the Pareto
Principle or the 80/20 rule. According to the 80/20 rule, 80% of the effects come from
20% of the causes; in business terms, this translates to about 20% of customers. With
new establishments, it’s critical to forge a great bond with early customers and ask
for their feedback to turn them into loyal customers.
7. Think long-term
According to Stephen Covey’s The 7 Habits of Highly Effective People (1989), we
should ‘begin with the end in mind’. In other words, we should think long-term. Part
of achieving this is being unafraid in aiming high with your goals because it keeps you motivated. As long as you’ve mapped out how to achieve your goals and are flexible
when necessary, you will be able to handle all your trials ahead.
Managing a business is different for each entrepreneur, as we deal with different
markets, products, and clientele. Therefore, cultivating a good set of habits to help us
deal with different business challenges is key to staying on top of our game.
Have you got any business tips to share? Let us know in the comments!