February 21, 2024

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Strategies for Entrepreneurs – Top 7 Management Habits for Small Business Success

The habits that make up your work ethic are important to your company’s. A habit is something that your mind is programmed to as you become accustomed to doing things a certain way. As a business owner it is good practice to take inventory of your habits to see which ones are serving you well and which ones you can stand to improve.

Entrepreneurs can increase success by adopting the following 7 habits.

  1. Motivation. Determine what drives you to perform and build those factors into your daily routine.
  2. Self-starter. Learn how to get going without requiring someone to cheer you along each time. Keep the end result in mind and that will assist you in staying focused.
  3. Team Player. Be willing to work with others. Understand the value that comes from working as a team and sharing your ideas. Delegate assignments so that you and your team can work in areas where you are strong.
  4. Leadership. Be willing to step into the leadership position when appropriate. Assign, monitor, and follow-up with team members. Cultivate the skills that you need to manage projects and meet deadlines. Understand the role that each team member plays in accomplishing the company’s mission.
  5. Analysis. To steer your business in the right direction there are some areas that you should monitor carefully. Consistently seek answers to questions such as: What is your sales history and industry averages? In what periods can you generally expect sales to increase or decline? How will you fund new projects or programs that are coming down the funnel?
  6. Foresight. As an entrepreneur you will occasionally face management issues. There may be periods where there is barely enough time to take care of all the work that needs to be done. However, as you gain more experience you will learn how to prepare for challenges and how to put systems in place to perform well. Foresight helps you see when there might be periods of high demand so that you can respond appropriately. It also helps to forecast cash flows for current and future operational expenses.
  7. Ask Questions. Manage well by conducting research and asking good questions. This will help you spot trends and decide when to increase cash reserves to carry you through business cycles. It is also the time that you can plan to tap into alternative sources of funding to respond to new opportunities and other unforeseen events.

Being a good manager keeping a pulse on what impacts business success. But just because you start a company does not mean that managing it will come naturally. Management is a skill that many entrepreneurs cultivate over time.