Written by: Tanja Malovrh, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
We could say it is easier to spend money than earn it when developing your own business. You can turn around your offers endless ways, but if nobody is buying it, where is the point of doing it?
While going about our daily routines, we occasionally experience lightbulb moments that lead to brilliant ideas applicable in various life spheres. However, we often lack sufficient knowledge and means to promote it.
So, before you grab all your money, trade down to a cheaper car, get a couple of more credit cards, and set to give notice at work, you should most definitely double check your idea and create a simple plan to have the big picture in front of you.
You can go through some checkpoints on how to set strategy the right way at one of our previous articles. But now let’s get to the other side as well, discovering the most common mistakes we make each day running our business.
Focus on The Money-Making Activities.
To grow your business faster, focusing on money-making activities is the key. You will never be done with all the work and having it all sort out perfectly. There are thousands of daily tasks keeping us from doing the real work. Let’s be honest; we are oftentimes busy being busy.
What we can do is eliminate the activities that are keeping us from achieving better results. Taking one project at a time and planning ahead – which is already creating the step-by-step action plan choosing the right tactics.
Here are the crucial elements to build a successful business long-term:
Check your daily activities – Write down the entire business process, observe yourself what you usually spend time on and check all your to-do lists. Put everything out on paper, and you will instantly see where you are at right now.
Green dot, red dot system – Once you have your daily activities written down, put a green dot next to the ones that are bringing in the money if they are finished and a red dot if it’s just something that has been there for a long time, not even that important at this moment.
Find the right “who” – You DON’T need a bigger office and bigger team, but you need to outsource the right “who” that will do the work for you. Consider outsourcing people to do some of the most time-consuming activities that are important to bring in sales.
Get back to the basics – Having a thousand items on your pricelist or always looking to offer more is not always the smartest decision. Make your business simple to understand for everyone that wants to buy from you. Check what is selling best, work on it and ditch the rest.
Create a system that works for you – Once you know what your core strength is, it’s time to put everything into a system that works for you. That means looking for solutions that will automate your business and put the burden of admin work off your shoulders.
This is just the beginning of the letting go process. Remember that it is more costly to do it yourself than hiring someone else. You must invest time and money to learn how to do it. That is a cost as well – we call it opportunity cost.
Stop holding up to things that are around just to keep you busy and giving you that feeling you are doing something. You are now moving from the role of business owner to becoming the CEO of your company!
Let us know what you are working on, and reach out to us booking a short 20-minute Clarity Call. Let’s work on moving your business from chaos to clarity together.
Tanja Malovrh, Executive Contributor Brainz Magazine
Tanja Malovrh works with professionals within different industries that need support with their business growth and setting strategy the right way. As a Business Strategist, her job is to assess the current set of resources, find the most effective way to use them, and build working business models for her clients. She gained her knowledge being part of the corporate world, holding different positions, building up her own diagnostic clinic from ground zero, and now supporting others with her expert knowledge to scale their business. She is active within European funded projects and having her own research team covering different scientific fields of work.