As the world turns the corner on a global health crisis, many business owners are looking forward to economic recovery, risk reduction and sustainable business growth. As you look to create more resiliency, here are several tips to keep in mind as you look to build a better business this year.
1. Gain clarity on your financial picture
“Understanding and learning how to properly budget your finances can set you up for a successful push ahead in business,” says Financial Wellness Expert, Tae Lee. Whether you are just getting started or knee-deep into running a mature business, it is essential to be clear and concise on where you are financially. First, being financially sound can set you on course to expand your business. Secondly, understanding your finances can also protect you during uncertain times like the volatility we’ve experienced during the pandemic.
2. Use what you’ve got
Over the course of your professional life, you have likely acquired a wealth of knowledge, whether it be managing teams, finances, organizing, etc. Utilize that knowledge to shore up your business. There is no need to reinvent the wheel when you’ve learned how to successfully manage certain tasks under other successful systems. “The knowledge and experience that you have earned is an opportunity for you to earn money,” says Manifestation Coach, Lacresha Hayes. “You can increase your income by monetizing your experience based on your existing knowledge.”
3. Know your niche
Get to know your niche market and audience. “We worked our way to a 7 figure month by understanding our brand and our niche,” according to RN and Lactation Consultant, Krystal Duhaney. “We are a breastfeeding support company and for Breastfeeding awareness Month we hosted giveaways, marketing efforts, and gave back to our community in a big way because we understand our niche and what is important to them. Which is also great because what’s important to us is important to our niche.”
4. Set new standards
Define your standards and create your own rules. “I knew when I went into business that I wanted to create a brand that represented myself and women who looked like me,” says CEO of Izzy and Liv, Nicole Brown. “With Izzy and Liv, I defined my brand as a celebration of me, my culture, and my truth. And through my authenticity have I gained success.”
5. Plan for the next generation
Create a culture that can be passed on while providing the tools, resources and training to build the next generation of your company. “Create training systems to ensure that your company’s culture, vision, and mission is being carried on.” according to Tonya Roberston, CEO of Focused Training Solutions. “Keeping training a priority to nurture technical expertise, team member skills, and company culture will improve the quality of your business for years to come.”
6. Prioritize self-care
Success in business is always the goal, but in order to reach higher heights, you must also know how to balance (i.e. prioritize) life and work. Refusing to give yourself the care and love you need, is a sure-fire way to self-sabotage and self-destruct. “Taking a moment just to step away from your workspace to breathe and clear your mind from all the distractions, will allow you to tackle newfound issues, problems and boost your creativity and productivity,” according to Althea Lawton-Thompson, CEO of Aerobics, Yoga, and More.
7. Refocus on productivity
Productivity can be hard to come by during uncertain times. As an entrepreneur the key is to create regimens that foster focus, productivity, and efficiency. “I have found that focusing on immediate tasks works best. Accomplishment breeds more accomplishment,” says Nikki Klugh, CEO of Nikki Klugh Designs. “Sometimes starting with smaller tasks works better for me now because once I get in a good rhythm for the day, I can ramp up and maintain a higher level of productivity. Before I would start with the harder things first, but that doesn’t always work in the overwhelming world we live in today.”
Miquel Gironès is the Founder of the We are EXTRAORDINARIES community which is the go to place for entrepreneurs who want to be free by becoming Digital Nomads -building teams and setting up automatic systems that run their online businesses while they travel around the world, making money doing what they love.
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