It’s always a good time to nurture new habits that can make you more effective as a business owner.
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.