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Friday, May 20, 2022

How to boost your business

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Entrepreneurship is a dream of many, but few are successful in that.  One of the major reasons for the failure of new startups is working in the business instead of working on the business. It seems that instead of getting away from the 9 to 5 job timings, young entrepreneurs push themselves into the 24×7 schedule. They act as a one-man army, getting involved in every aspect of the business and exhausting themselves both physically and mentally. What they need to do instead is plan for business success.

Here are a few things which you can do to keep yourself working on the business and be successful in business, rather than working 24×7 in the business without any business success.

Identify your “ONLY YOU TASKS”

Make a list of all tasks that need to be done on a daily basis during the course of the business, then separate those tasks from them which can only be done by you and no one else. For example : signing cheques, signing contracts, meeting potential business clients etc. These are the only tasks that should be done by you and the remaining should be delegated to your other staff.

Set up the Processes in place

The work flow or process for each task should be well-defined and documented so that everyone involved in the process is well aware of what to do and when to do it. If you are defining the process for the first time, then it’s always advisable to consult some senior professional and if that is not feasible for you then make sure that you have discussed it well with your people specially the ones who are involved in the execution of the process. The men on the floor can give you the best of ideas and this is my personal observation.

Delegate tasks efficiently

Once your “ONLY YOU TASKS” are identified the remaining tasks as previously said should be delegated to your Managers and Supervisors. Make sure that you select the right person for the right kind of job. Once this is done then your Managers need to coordinate and monitor the work process closely.

Set Weekly Meetings

End of each week you need to have a combined meeting with all the heads of departments. This is very crucial so make sure you do it. In these meetings you need to plan out the tasks and targets for the week ahead and also review the results of the targets set in the previous week. Remember that consistent performers need to be well rewarded and if any particular person/department is lagging behind consistently then a separate meeting needs to be arranged with the person to discuss the issues. Everything should be done to make the department run at par with the other departments. As every tyre of the car has to rotate with the same speed for the smooth running of a car so also each and every department of the company should perform consistently to bring success to the organization. Your task is to see that this is done efficiently. Note that if a person needs to be terminated despite working out all possibilities and still not getting the desired results then decision should be discussed with other heads so that they become aware why such decision is being taken. This will not only make them feel important, but they will also strive to give their best performance.

Lastly make sure that after following the above you should be spending 80% of your working time in thinking and planning out strategies. Follow the above and start seeing results in as short as 6-8 weeks.

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