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BUSINESS MANAGEMENT TIPS FOR ENTREPRENEURS (Part 3)

As a business owner (start-up or established) you need a whole lot of essential (vital) information to manage and grow your business and this tips are to help you achieve that.

Continued…

9. Have a Go-To Accountant

It is advisable to have an accountant you can go to as-needed.

Here, I am not talking about hiring one to keep as a staff with you because you are just starting.

Instead, I mean finding a certified accountant who you can hire to do your taxes when the time comes and get financial advice from as and when you need it.

It also never hurts to have an accountant review your business’s cash flow to make sure you are covered for a risky economic situation—even if it is unpredictable.

If you know your numbers and stay on top of them, you will always be in a better situation than if you kind of think you are doing good enough for the time-being.

Saves:

– You don’t suddenly find yourself in the hole

– You do not encounter unnecessary deficit.

 

10. Leave 20% of Your Day Open

If you will be at the office for 5 hours, only schedule 4 hours of work.

If  you will be staying 10 hours behind your office desk, only 8 hours of work.

Because the thing is, there is always something that comes up last minute that you have to deal with. There is always a phone call with a needy client that goes 60 minutes over it is allowed 30 minutes. And there is always something you thought would take an hour to finish, but it takes 2.

And if nothing like that comes up one day then perfect.

You now have time to catch up on your emails, read up on what is happening in your industry, or dedicate more time to your passion project within your business.

Or, you know, you could just take that time off for the sake of your mental health.

But by leaving 20% of your day open, you know that you can confidently take care of those last-minute things that come up without scrambling around and worrying how it is going to affect the workload of the rest of your week.

Trust me, carrying over a day’s work to another is really stressing and most time not achieving your scheduled objectives for the week.

But now, knowing the value of scheduling in white space, you will not have that problem nearly as often anymore.

Saves:

– Necessary weekend office hours

– Involuntary late nights

– Cancelled plans

– Your friends and family hating your workaholism

 

11. Use the Time Management (Pomodoro) Technique

Productivity articles and advice are of great importance no doubt.

But making sure you squeeze the most—and the most productive—work out of the time you have got is essential to meeting your goals.

Basically using the Pomodoro Technique, it is this: work for 25 minutes, break for five minutes, and repeat until you work four 25-minute segments.

Then take a longer break, then come back and repeat it again.

Each set of four lasts for about two hours, and I did tell you; you did get at least three hours or more worth of work done.

Because you can only work for 25 minutes before taking a break, you feel like you need to have something to show for that time, so you automatically stop wasting your time on irrelevant things.

Also, because it is only a 25-minute work segment, there is absolutely zero pressure to finish a project in one sitting, eliminating the stress of getting started and making it easier to make progress.

Saves:

– Procrastination

 

12. Be Relentless About the 80/20 Rule

While this rule makes 100% sense in theory, it is one of the hardest things for us to implement as small business owners.

For one thing, analytics are never fun to set up or look at (for most people)—so that in itself is a huge barrier.

But also, we take a lot of pride in our work and don’t want to realize the things we’re passionate about and have been working on don’t pay off for us.

Believe me, I get it.

But the thing is, if you are wasting your time marketing on WhatsApp and no one from the WhatsApp-using world ever converts on your website or patronise your business, it is probably time to cut off WhatsApp-ing from your promotion strategy.

And with the time you save from not WhatsApp-ing, you can use it towards areas that are actually growing your bottom line and generating a profit for you—like working on your Facebook ad strategy, for example.

Because the thing is, when you implement the 80/20 rule, you have less wasted time and you make more money.

And with more money and time, you can always leverage your business for even more growth.

Saves:

– Wasted time

– Missing out on potential profits

 

Composed by:

James Hilary Chukwuemeka (TeamHilarious)

380 thoughts on “BUSINESS MANAGEMENT TIPS FOR ENTREPRENEURS (Part 3)

          1. Wow, may God bless you for this good write up, I must say that I really learnt something from this.

  1. This is so good for everyone here with TMC……I really love the way and manners to which this platform is educating individual on how to go about their business……this can only be a platform established by good numbers of citizens……so far this platform has been so helpful and I inspiring.

  2. This is a very nice tips, Is good to have an accountant if u want ur business to stand even when economy is bad. Thank you for this advise TMC.

  3. I mean finding a certified accountant who you can hire to do your taxes when the time comes and get financial advice from as and when you need it.

  4. is a pity seriously. Truth is that those men thinks raising their hands on women makes them a man, but it is actually the other way around. You become a weakling, a coward per say when you do such. Never

  5. When one applies for a job and is being interviewed the interviewer is looking forward to the reasoning capacity and smart thinking of the applicant.

    Now let me illustrate with this example: two persons (Mike and John) applied for the job having studied the same discipline and Mike had a Second Class Lower and John First Class and during interview , Mike was more fluent and intellectually versatile than Joh

  6. can go to as-needed.

    Here, I am not talking about hiring one to keep as a staff with you because you are just starting.

    Instead, I mean finding a certified accountant who you can hire to do your taxes when the time comes and get financial advice from as and when you need it.

  7. saying like this ?
    To every successful man there must be a good woman behind it ba ?
    yes

    if you are not ready for marriage, pls don’t go

    if you start busi

  8. asddfgabout ?

    Why this topic today .. we must balance everything in other not to make mistake in life..

    most of my female friends has started saying , I belong to TMC …smile

    let me belong to you guys , once you guys are smiling , I’m okey with that ….

    my ladies, listen now.

    Girls at the age of 18-24 years always attract serious men who are fully ready to marry them, bu

  9. I have tried different online businesses just to make cool cash , but all my efforts proved abortive. But when i came across this,all my story turned to testimony.

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