How productive are you? When is your most productive day of the week and when is your least productive day? The answers might surprise you and you should compare your results to these:
- It’s been shown that Tuesday is the most productive day of the week; Friday is the least.
- The most productive time of the day is 10:26 am and the lest productive is 2:55 pm.
Do you agree with these? While it might be difficult to pinpoint the exact moment when you’re the most, or the least, productive, we’re certain you’ve heard of the “three o’clock slump” so we think that’s where the 2:55 pm comes from.
What does all this mean to the business owner? It means you should take time to determine when you, personally, are most and least productive and then arrange your work tasks around those times. Tackle the hardest tasks when you’re most productive aka attentive and menial tasks during your own slump-time.
Do you know your personal productivity times?
Great! You’ve decided that you’re going to become an entrepreneur! What are the downsides to being your own boss, being the master of your own domain and not having to answer to a supervisor? Well, there are a few and they include:
- The hours are long. When you’re an employee, you punch a clock and go home at the end of the day. As an entrepreneur, you don’t have a clock to punch and you may find yourself putting in more hours than you originally imaged and when you take the hours worked and divide that by the money you bring in you may find that…
- The money isn’t as good in actuality as it was on paper when you put your business plan together. You should have a bank account that can support you and your current lifestyle for at least three (preferably six) months while the business gains traction.
- It can be stressful knowing that you don’t get paid unless you sell your goods or services and that means you have to be constantly selling. It can be stressful when you’re making a sales call that could make the difference between filet mignon and rice and beans. You don’t want to let desperation seep into the tone of your sales calls.
Take heart, though, there are benefits to being a business owner and they include:
- It is so rewarding to see your successes and know you were the one responsible for it.
- You have flexibility to work the hours you choose whether you’re an early bird or a night owl or if you want to work on the weekend and take a day off during the week.
- You can create your own destiny and perhaps even a business that you can pass down to your children.
If you’re ready to take the leap from employee to entrepreneur, working with a business coach may be your first, best step!
If you’re on a highway, it’s much easier to see your destination when you have a clear road ahead and a road map (or GPS) to guide you. In business if you want to grow strategically, you need a clear, well-laid out path toward the finish line of success.
What will make your business succeed where a competitor might fail? Clear objectives. Here are some of the objectives that you should write down:
- Revenue goals
- Loss projections
- Profit margins
- How you will gauge customer satisfaction
- Your salary
- How you will determine when you will need to hire help
- What products and services you will offer
- Who your target market is
- How you will determine when you have achieved success. What does that look like to you? Hint, it’s different for every business owner.
Once you have your initial objectives written down, write down this question and ponder the answer, “Where do I want to be one year from now?” Write your answers as they relate to income, business location, new products or services you might want to offer — the sky is the limit on your dreams. If you write them down, though, you might just be compelled to make the steps necessary to make them happen.
Chances are, when you started your business you formulated a mission and vision statement, right? These two statements helped you to define “who” your business is and
who your ideal clients are and what the services you provide can do to address their pain points.
If you don’t have a mission or vision statement for your business, you can contact us and we can help you work those details out. Not having these items could mean your business is meandering rather than having a direct path to success.
Here are some tips to help you pull together a mission or vision statement:
- Business vision: This is where you define “who” your business is, who you serve and how you measure success.
- Business mission: When answering this question you will determine what your business will accomplish and what services you will offer and why.
- Business purpose: Why does your business exist? What is its purpose? What pain points does it address?
- Business goals: What are they? How will you accomplish them? What steps do you need to take to achieve them and how will you know when you’ve arrived? Writing your goals down will help you focus on them and accomplish them.
- Business success timeline: Adding specific dates for achieving milestones keeps you focused. Having a timeline also includes having a budget for the steps you’re implementing as part of your mission and vision statement.
How well fleshed out is your mission and vision statement? When did you last review them? Are you now thinking, “I need one but need help!?” If so, contact us!