Entrepreneurial businesses tend to exhibit high levels of energy, motivation and creativity. Whilst such energy is vital to innovation and success, energy must be channeled and given direction through disciplined thinking and action. Successful businesses are the ones that balance entrepreneurial savvy with disciplined systems.
Here are some pointers:
- Great businesses are constantly looking for innovative ways of doing things, however priorities must be established and focus given to those ideas that will bring maximum return.
- Marketing can absorb an enormous amount of energy and cost – entrepreneurs should differentiate the “must haves” from the “nice to haves”. We must justify spend in terms of the 1 in 10 rule. For every pound you spend you should expect a £10 return!
- Time is one of our most precious assets in business and we need to be extremely careful on how we use it!
- You must be clear on what the key performance indicators are for your company – sales, sales proposals /quotations, profitability, customer service are a good starting point – work out the dials on the dash board!
- Board meetings and regular reviews of performance are a crucial aspect of creating a disciplined environment. If you are a start up business be sure to have time out sessions to review performance.
- Effective back office systems such as databases and accounts ledgers must be up to date and fully compliant – these are vital to any successful business.
- Compliance is vital – seek expert help on finance, tax, health and safety – if in doubt speak to your accountant or solicitor. Your bank will also help. Play by the rules!
- Avoid pet projects that consume time and energy – if they don’t add value then can them!
- Practice the use of action plans and ‘things to do lists’ they will help you move things on and will drive momentum.
- Review your strategy regularly and check in to make sure you are on course.