Three entrepreneurial tips for the week

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Manage
your time intelligently
“Time
is Money” and it is even more so for small business owners. Managing your time
wisely will translate into how well your business does in the short and long
run. As a small business owner, it is easy to allow minor issues take away vital time
in a bid to have
 tight control over your
business. Preventing this from happening could improve your productivity.
 There are some basic tips for managing your
time. Avoid desk clutter. Attend, as fast as possible, to all issues that land
on your desk or in your inbox. Also delegate, as fast as possible, where it can
be delegated. Train your subordinates to be able take on as much off you as
possible without reducing productivity.  Also, ensure you have a daily goal or task schedule of the things you intend to
achieve and work through them daily. Try, as much as possible, to avoid backlogs. Reduce meeting times to the minimum possible and try to create some
personal time to “reflect about your day”.
 
Set
business goals
Do you have clear and
measurable goals for your business? It must be written, it must be specific and
it must have a clear timeline. You have to set goals for different aspects of
your business, not just an overall set of goals. For example, you should have
goals for sales, profitability, market share, cash flow, debt levels, capital
requirement and business expansion. 
 
In fact, you should have a clear and
detailed business plan that shows where and what you intend to do with your
business within a period of time. Goals should be divided into both long and
short term goals. Short term goals should be achievable, say within a year or
two, while long term goals should have a time period anywhere from two to five
years. Goals should naturally come with your strategy on how you intend to
achieve it, and should be realistic and practicable.
Expand
your contact book
You have heard the statement
“It is not what you know but who you know”. This is very true when
you are starting a small business. The contacts you built before starting your business can make the difference between success and failure especially in
the early stages of the business.  
 
Your contacts may give you your first opportunity
to show what you know or what you can do and eventually be the testimonial you
have to show new and potential clients. So, if you are ever thinking of
starting a business someday, start building your contacts today. If you are already
running a business, expand your contact book by joining clubs, associations or take
a business course that gives you opportunity to network.
 

 

Visit us at UBA, if you need more information on running a successful business .  There are experts in-house to talk you
through the processes and open your eyes to unending opportunities across
Africa. 

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