This may seem like an unnecessary question to ask but “Do you intend to succeed as a business owner?”
“Of course” you say but how do your actions match up with this intention.
It may have been a need for quick cash or helping out a family member that got you stuck with the label of “entrepreneur” but now that you are, you have to make a decision to succeed in business.
We can get caught in the day-to-day of baking the bread, filling orders or trying to figure out how we are going to keep the lights on but it is very important that you pause to think about your business. Where do you want it to be in 10 years, in five, this time next year? Do you know?
When you know where you want to end up you can then evaluate if what you are doing now will help you to get there. This is the time to make the appropriate course corrections.
For example, one year from now you want your business to have doubled its present earnings. However, you are still operating exactly as you did last year. How will you double the earnings with last year’s methods?
- Consider looking at whether you can offer a new product at a higher price to increase revenue.
- Evaluate your marketing efforts. If radio adverts have brought you the most customers vs the print ads, why not increase the number of radio spots and reduce or cut the print ads?
- Look at ways you can be more efficient. Are you missing potential clients because you do not respond to emails in a timely fashion or return phone calls? Could you save more time and increase collections of your accounts receivable if you allowed someone else to do your books?
Setting your intentions for your business and then doing what is necessary to get there, will make the difference in reaching your goal.
Use the 2020 Flourish Planner for Female Entrepreneurs to help you set and track your business and personal goals.
Click here to download. –> 2020 Planner for Female Entrepreneurs by Nerissa Golden
Nerissa Golden is media and business strategist and the author of seven books, including In Plain Sight and The Making of a Caribbeanpreneur: Strategies for Overcoming Fear and Building Wealth. Follow her on Instagram or LinkedIn for more tips and ideas to help you grow as a Caribbean entrepreneur.