Three entrepreneurial tips for the week

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.