How to overcome the unique challenges of the small business owner
A pivotal hump for business owners is to get to the point where you can hire staff to handle admin tasks to allow you to focus on incoming-producing activities.
Small businesses and independent entrepreneurs face unique challenges compared to their larger counterparts because they’re stretched much thinner with smaller staffs, fewer resources and less time to get the job done. They sometimes even work more than one job while their company gets off the ground.
In many cases, owners must do everything from lead generation and sales, managing finances and strategic planning. This often leaves owners fighting the cyclical income path of constant peaks and valleys, which happens when owners spend the bulk of their time on lead generation, focusing on sales and then handling all the associated administrative tasks.
During this process, they lose sight of building and maintaining a robust sales pipeline. A pivotal hump for business owners is to get to the point where you can hire staff to handle admin tasks to allow you to focus on incoming-producing activities.
Having faced these challenges as a small business owner, I can relate. I utilize tried-and-true strategies that keep me focused on what really matters – driving the business forward and focusing 60% or more of my day on income-producing activities only. To grow your business with a laser focus, I recommend the following easy-to-implement ideas.
Go back to the basics
What exactly are you, and by extension, your business, trying to accomplish? What are your goals? What are you out here fighting for? Answer this question and you’ve found your focus. At the beginning or if you find yourself in a funk, this is where you should prioritize your time.
Once you’re refocused on your goals, consider ways to take steps to accomplish those goals. Then create smaller, manageable objectives that move the needle closer to your primary goals. Prioritize tasks and do the most important, timely tasks first.
How do you stay on task when there are a million distractions swirling around you? First, be conscious of time management. Build blocks of time into your schedule to accomplish your most important tasks in the mornings.
Cut out interruptions so you can concentrate – shut down your email, turn off (or at least silence) your phone, get off social media, stop multitasking, and put a “do not disturb” sign on your closed door. When you’re consistently working on lead generation for a couple hours each day, you can be more selective with the types of clients you take on and the types of prospect meetings you will need to take.
You’ll be amazed how much time you save when you implement these simple fixes. On a laser-focused day, you’ll maximize your productivity. On a not-entirely-focused day, you’ll still be ahead of the game. And if it’s just not working, take a break, reboot and try again.
Practice discipline
It’s one thing to set your goals and begin managing your time better, but it’s another thing altogether to consistently implement these new tactics, day in and day out. With practice, these methods become habit.
Discipline is enhanced when you follow a business plan, your roadmap for success. If you don’t have a business plan, create one. Build your goals, objectives and tactics into an annual plan and then break down the larger document into a weekly plan. Review your weekly plan daily and do your best to tackle each objective. Review your annual plan quarterly to ensure you’re staying on task. Put a reminder on your calendar so you don’t forget.
You also might need a mindset shift. Instead of thinking that you work for yourself, think about what you would be doing if someone else was paying your salary. Do your actions and habits deserve the compensation you set out in your annual goals? Do your activities and habits look like what you would earn from a fortune 500 company? What if your salary and job security were tied to the goals and objectives in your plan? This perspective will help you forge ahead faster and more efficiently toward meeting your goals.
Another aspect of discipline is the obvious. Show up. Arrive on time every day. When you’re within the set time you are supposed to be at work – work. Be consistent and organized.
Be accountable
Another way to stay on track is to get a business coach or find an accountability partner. This person — a friend, family member or mentor — will help you take ownership of the results of your choices and actions. Check in with your partner daily at a prescribed time via text, phone call or email. A simple communication — or merely knowing you must check in — will do wonders for your motivation and productivity.
Implementing all these tactics have helped me build my business and set me apart from my industry standards. After years of similar income and complacency I decided to get serious. I hired a business coach and got focused. I doubled my business that next year have grown 800% since making that mental commitment. I currently rank first in the number of total transactions sold in Fort Lauderdale, #3 out of approximately 5,500 Re/Max agents in the state of Florida and 27th out of 61,000 Re/Max agents in the country.
I can draw a line straight from being goal-focused, disciplined and accountable to the success of my efforts. With the implementation of these strategies, you can too.
Whitney Dutton owns and operates The Dutton Group at Re/Max First, a full-service residential real estate group in Fort Lauderdale. For more information, call (954) 440-2333 or email Sales@WhitneyDutton.com.
Join our LinkedIn group, ALM’s Small Business Adviser, a space where small business owners can gather to network, have discussions and keep up with the trends and issues affecting their industries.
Related:
A post-pandemic company handbook: How small business owners can guard against lawsuits