Welcome to Thursday the 26th of January and the 26th Day of 2023. Today we are looking the 6 CRITICAL AREAS EVERY ENTREPRENEUR NEEDS TO FOCUS ON TO ENSURE BUSINESS GROWTH.
Having an idea is great but even better is being able to start a business. Entrepreneurs find joy in identifying problems or needs and providing solutions for them. Beyond that though, is the daunting task of managing a business; the medium through which the solutions are provided in the form of products or services.
Starting, managing and growing a business are different ball games that require different kinds of knowledge and skills set at every stage and when an entrepreneur fails to up their game as the business advances, they will find themselves not been competent enough to be at the helm of affairs, hence stunting the growth of the business or collapsing it.
These are the 6 Critical Areas every entrepreneur needs to pay full attention to daily to ensure the consistent growth of their business.
1. CUSTOMERS – Often times; entrepreneurs have the notion that they work for themselves and as such are in full control of their time and behaviours. The truth is; they are NOT. The ‘bosses’ of entrepreneurs and businesses are their clients hence the adage; the client is always right. Without an acute focus on clients and making them happy, there will be no business to run.
2. CASHFLOW – Cash is King; Jack Welch said. He admonishes that we get every drop of cash we can get and hold onto it. Sir Richard Branson once said; “Never take your eyes off the cash flow because it’s the lifeblood of business.” Without the cash flowing in and out of business; ensuring the flow in are more than the flow out; there will be no business to run.
3. VISION – As the world changes, economies get affected and so does businesses. Without having a bigger vision for their businesses, entrepreneurs get into survival mode and focus on the short term. To experience longevity of business, an acute focus should be on the vision no matter the changing times and conditions.
4. EMPLOYEES – No business thrives without people. In fact business is nothing but different people coming together to bring ideas to life, pursue the mission and fulfill the vision. Without paying attention to their people, empowering, motivating and equipping them, entrepreneurs find their businesses struggling and eventually collapsing.
5. INNOVATION – No business can survive long term by doing the same thing over and over again. The world moves on, things change, people’s preferences change and competition becomes more fierce. Without innovation and finding new and exciting ways to meet the needs of their clients, entrepreneurs stand the risk of losing their businesses.
6. ACCOUNTABILITY – Yes they may have started the business but if entrepreneurs want to succeed long term, they need to separate themselves from the business and build systems and structures to ensure accountability and continuity.
There you have it, 6 areas you need to focus on to ensure growth if you are an entrepreneur. DM or email me email@example.com if you need any assistance with your business to ensure continuous growth. Let’s build a big and thriving business together, shall we?!