This can confine the vision of an entrepreneur and limit the business horizon within a comfort or safety zone. Apart from diligently managing and executing routine business functions, businessmen are also required to be alert and updated of the emerging opportunities and threats or changes in the immediate environment. But this is very difficult when the owners are up to their eyeballs in the everyday business affairs. Once in a while, entrepreneurs should take some conscious efforts to check if they are not being overwhelmed by the routine. These efforts might also help them see their business and its current environment in a new light which could further result in positive and progressive changes for the business.
Balance The Schedule
Time management will never get old. It is understood that the owner of a business has to evenly focus on all the areas of business. But the problem is that even though a day comprises of 24 hours, only 8-10 hours can be considered as effective for working before fatigue begins to set in and anything beyond that will result in burnout. Of the available effective working hours, a businessman should allocate his time to different areas of business according to priorities. A businessman should prepare his daily or weekly schedule keeping in mind not just work but also other priority areas like health, family etc.
Appoint Likes Of Managers
As business begins to roll and activities and operations start taking place all over the place, it is a good time to appoint managers for each process or function. It is understood that those managers or employees should be carefully selected and that necessary authority and responsibility is assigned to them. This has to be combined with a mechanism for daily or periodical reporting. Delegation will help owners focus on the future and new and emerging priorities of the business. Delegation measure can be a big morale booster for employees and is often related to increased productivity and sense of responsibility.
Make Good Use Of Technology
Certain basic technologies have become a necessity for present day business enterprises. For example, use of POS machines and CCTVs has become very common in retail business nowadays. Similarly, use of suitable office software programs and electronic communication can significantly reduce paperwork and make official communications instantaneous. As and when business begins to grow, owners can slowly and steadily incorporate advanced technologies like ERP implementation, business and retail analytics, cloud-based services etc. Technology can reduce the mundane workload of business owners to a few critical focus areas and also make it convenient for them to even remotely manage their business.
Take a Vacation
Mention of vacation is something not usual while discussing business but sometimes we all need a break; a distance from our regular work life. Creativity, innovation and enthusiasm are very important in all aspects of life including business. And in order to maintain the appropriate levels of these elements, occasional breaks and vacations can be immensely helpful.
Do Something New
The hustle of everyday business to keep the show going barely leaves an owner with any time or space to think of exploring new ideas or new ways of doing or managing the business. Getting roped in into the loop of the mundane chores can be a big obstacle in the path of bringing innovation. And this often happens without realization. Innovation does not necessarily mean a complete overhaul of business. It can include changes in merchandising, adding new product line or services that do not deviate from the core business, taking up a retail business management program, taking advice from professional business consultants, introducing new technologies etc.
Revisit Processes and SOPs
Processes and SOP development are critical to business success and growth. Business process management help enterprises and owners organize, streamline and efficiently and effectively manage their key business functions. SOPs, on the other hand, lays down a systematic procedure for executing day to day business activities. Process orientation and SOPs can together help entrepreneurs enhance the quality of business management at both macro and micro levels. Symptoms of poor processes, business process auditing and What is SOPs are discussed in detail in the previous blogs and articles. Once implemented, the entire gamut of business activities is executed through these processes and SOPs. Hence, it becomes imperative for owners to ensure that the organization has the necessary resources and systems at its disposal for these processes and SOPs to work as intended. Periodical reassessment of the processes and SOPs also help introduce necessary changes in them.
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Chief Strategy Officer