The Impact of the Habits of Highly Productive Business Owners

1. Setting Clear Goals

More often than not, the difference between successful business owners and those who fail is directly tied to those who succeed knowing what their starting point and ending goals are. Successful business owners determine where they are now, where they want to be in the future, and what they will do to get there. It is important for you to take stock of your business and what is happening now, then take the time to dream and decide where you want your business to be in the future. Ask yourself what changes are needed to move from your current situation to your desired situation. Writing these ideas down will help you to crystallize your goals and will be a first step in motivating yourself to make the changes needed to be that person in the future. Make sure your goals are realistic and provide the right amount of challenge. Goals that are unrealistic can be discouraging and lead to a sense of being a failure. A long-term goal is achieved by achieving a series of short-term goals. These short-term goals should be specific and list the exact things that will be accomplished in order to reach the long-term goal. Once goals are set, the business owner can then implement a system of feedback and control, enabling him to measure his progress and make continuous evaluations as to whether he is moving in the right direction. A good system is to make short-term goals for one aspect of your business and taking an overall assessment of your progression every month. When one thinks of a highly productive business, he or she can visualize a well-oiled machine. Time and resources are not wasted and the moving parts all work in unison. The result of a highly productive business is usually derived from the successful completion of small tasks that lead up to an overall end result. There is a standard for each particular task and usually success is reaching that standard. Changes can be made to the process either making it more efficient or reducing the cost all with a result of saving time and resources. Whether it be an individual assignment, sales and marketing, customer service or internal communication the business owner must set goals for each particular task with the result of ever improving process. A business that moves in the right direction is a result of having goals and taking focused action.

2. Effective Time Management

Find the best time for you. If you are a morning person, then schedule your work early in the day. Or if you are at your best during the evening, then utilize this time! The key is to find the time period where you are the most productive and guard that time. This is time when you are the most focused and ready to work. Planning things for ‘when you have time’ will not work. You need to shift your plan and make the time ready for you. Having the will and desire to change will fuel your motivation for this to work. This is a common habit that highly efficient entrepreneurs attribute their success to. Example – CEO of Apple, Tim Cook, is known to start communicating through emails at 4.30am. This is due to his realization that mornings are relatively quiet and free from major disruptions. This has allowed him to set a productive time allocation to send the first email of the day, avoiding work he may forget about and neglecting important work emails in the morning.

3. Prioritizing Tasks

Categorize a list: Once the list has been made, you will need to segment it into sections. The way you do this is up to you; I would suggest doing it in a way that most suits the business you run. For example, if you are a salesperson it may be useful to segment your list into current and potential clients, and tasks to follow up on those clients. If you plan on completing some of the tasks on the list in an environment that is different to the one it was written in, organize some tasks into a way that will make them easier to remember. For example, if I have some business things to do when reminiscing during Friday night drinks I may write them onto a sticky note and leave them on the table.

Write a list: This step may sound simple or obvious, however you would be surprised at the amount of people who do not do it. Non-list-makers tend to think that their tasks are ingrained in their mind and that writing a list would be a waste of time. Do not fall into this category! There is no better feeling than being able to cross things off a list that has been completed. It acts as a visible cue that tasks are being completed, and also gives motivation to complete more tasks. When the list becomes small, seeing this will give you motivation to wade through the final tasks.

Imagine a clear desk, where everything is organized neatly, and tasks are prioritized. Contrast this image with a desk that is cluttered and covered with papers and sticky notes. Being productive in the previous context would be much easier than in the latter. However, there are some business owners whose desks never get cluttered, and that is because they are able to prioritize tasks effectively. This skill is essential for any business owner or employee, as everything revolves around time and money. This is a lesson that I was taught very early on and one that I am grateful for learning. Some people are born with the skill to prioritize, however many others are not so lucky. The good news is that it can be learnt. Here are 4 steps on how to prioritize effectively:

4. Continuous Learning and Improvement

Continual learning can take various forms. It could involve reading books on management, marketing, leadership, or your industry. Listening to podcasts or audiobooks while driving or flying. Attending classes, online or offline, to acquire new skills. Attending networking functions with guest speakers. It could even involve learning from your own employees or mentors. The “how” is not as important, so choose what sounds most enjoyable or least painful for you. However, make this learning time a real habit with a well-defined plan, just like scheduling a meeting or a round of golf. And give yourself a chance to explore different subjects until you find a few that genuinely interest you, to the point where you lose track of time while learning about them. That’s when you’ve tailor-made learning into a habit that provides both education and enjoyment – the best of both worlds.

One of the most important habits for entrepreneurs and small business owners is to keep up with the fast-paced changes. Keeping up with trends, changing products and services to stay relevant, and finding better, faster, and cheaper ways of doing things are all imperative for business growth and success. The most successful business owners dedicate time each week to learn new things – 30 minutes a day or an hour a week is a good goal.

5. Maintaining a Healthy Work-Life Balance

You would have noticed from the habit list above that every habit I have shared is in fact, a matter of choice. Highly productive business owners choose to act in the way that best benefits their business. A healthy work-life balance is another matter of choice and is a habit that allows them to recharge their batteries, stay focused, and keep healthy. Too much work and not enough rest and recreation is a recipe for mental and physical disaster. If you don’t maintain a healthy work-life balance, you can end up working too hard which can lead to a range of problems for yourself, family, friends, and your business. This will result in low productivity and effectiveness which a highly productive business owner can’t afford. High stress and mental fatigue will also decrease immune system effectiveness and you are more vulnerable to several acute and chronic medical conditions. In order to be more effective in managing work and family demands, there must be a willingness to change. One common cause of excessive stress occurs when you don’t stick to your commitments or promises. People feel disappointed and let down when you cancel an appointment with them for business reasons. This can often lead to long-term damage in personal relationships. You need to think of your family and social life as being just as important as work. Would you ever cancel a business meeting with a client at short notice? Highly productive business owners learn to be more conscious of how they spend their time and are more judicious in planning work and family activities. This can often involve changes to work habits such as limiting work to set hours or not taking work home. It has been said that in modern society, work is a refuge from the pressures of home life. A healthy work-life balance can be elusive. A business owner must be prepared for a long and in some cases difficult search. However, the decisions and actions taken in this aspect of life can have a profound effect on the overall quality of life and are well worth the effort.