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Here’s How I Grew Five Businesses, and Eventually Sold One to a Fortune 500 Company.
The Keys To Small Business Success – Planning And Prioritizing
As a small business owner, you know that you have to wear a lot of hats. Of course, time is limited as well as your own skills. So, when you want to grow your business, the only way to be successful is to start planning and prioritizing.
Get Your Strategic Plan in Writing
Even though it may be hard to find the time for planning and prioritization, you need to understand that it is crucial. After all, when you decided to launch your small business, you did it with a purpose. So, you need to ensure that you put this purpose and your business goals in writing. Large corporations and companies do this on a regular basis. Most of them do their planning on a quarterly basis as well as on a yearly basis. This gives them the control to achieve each and every goal they define.
Set Your Priorities For Your Business
In addition to planning, it is also important to prioritize. Just like you do on a daily basis with your tasks, you need to know what is more important to meet the goals that you define for your business.
While it may seem a bit confusing and you don’t know where to start with your planning and prioritizing tasks, here are the main 4 elements that you need to focus your attention on:
#1: Write Down Your Goals In A Clear Way:
This is the time to think about what you want for your business. Where do you see yourself and your business in a year from now? Five years from now?
Since you will also need to prioritize in a later step, it is important that you classify each one of the goals that you define in this step as short-term (quarterly), medium-term (1 year), and long-term (two to five years).
#2: Create A Detailed List Of Tasks For Your Team:
Each one of the goals that you defined in the previous step involves a wide range of tasks. The truth is that if you only write down your goals but skip this step, you won’t ever reach them. Unless you think about everything that you need to do to accomplish the goal and then do it, you’ll never reach it. So, be as detailed as you can. You want to involve your employees in this process.
In this tasks list, you will also need to include the resources that you need. While you can have some of the resources you need already, you may need to acquire or allocate others.
#3: Prioritize Your Tasks in Your Business:
Up until now, you defined your goals in a clear way and you determined everything you need to reach them. Now, it’s time to decide what is more important.
When you are prioritizing your tasks, you should make sure that you place the tasks that have a higher impact on your goals on top of the list.
#4: Be Flexible With Your Business Plan:
One of the things that you need to always keep in mind is that planning and prioritizing are on-going tasks. They are never completed, they are never done. In addition, sometimes, an urgent task comes along and you may not meet a deadline or two. However, it is not the end of the world. Just keep it calm and re-adjust the next tasks that you have to do.
While planning and prioritizing may seem intimidating and time-consuming, having everything on paper makes it a lot easier. The truth is that when you fail to plan and to prioritize, you will never reach the goals you have, you will never see your business grow in a consistent way. So, make sure that you take some time and truly dedicate yourself to this task.
As we mentioned earlier, you should definitely involve your employees to help you define the tasks for every goal that you set. However, you need to have a proactive attitude, and you need to stand out and commit to your short-, mid, and long-term goals.