Business Education

Effective Methods Entrepreneurs can Use to Juggle Priorities

As an entrepreneur, you’re constantly juggling priorities. There are always a million things to do, and it can be tough to know where to start. But if you don’t learn how to prioritize your tasks, you’ll quickly find yourself overwhelmed and stressed out.

Effective Tips for Juggling Priorities as an Entrepreneur

If those two emotional states of mind aren’t attractive, it’s because they are inherently counterproductive. Entrepreneurs would much rather be in control and calm. To achieve this, it’s important to know how to juggle priorities and that can be quite difficult because everything that’s important deserves due attention. So, here are some effective strategies for juggling priorities:

Set clear goals and objectives. The first step to effective prioritization is to have a clear understanding of your goals and objectives. What do you want to achieve with your business? Once you know your goals, you can start to identify the tasks that are most important to achieving them.
Create a to-do list. Once you know your priorities, it’s time to create a to-do list. This will help you keep track of what needs to be done and when it needs to be done. When creating your list, be sure to estimate how long each task will take. This will help you create a realistic timeline for completing your work.
Prioritize your tasks. Not all tasks are created equal. Some tasks are more important than others, and some tasks are more urgent than others. When prioritizing your tasks, it’s important to consider both the importance and urgency of each task.
Delegate tasks. If you’re trying to juggle too many priorities, it’s important to delegate tasks to others. This will free up your time so you can focus on the most important tasks. When delegating tasks, be sure to choose people who are capable of completing the tasks to your satisfaction.

Additionally, take breaks. It’s important to take breaks when you’re juggling multiple priorities. If you try to work non-stop, you’ll quickly become overwhelmed and feel stressed out. When you take breaks, give yourself a chance to relax and recharge. This will help you come back to your work refreshed and focused.

Between catering to the needs of customers, ensuring employees are engaged, remaining true to the values of the organization, and staying compliant with changing laws, running a business naturally requires entrepreneurs to balance several different priorities all at once. No matter how experienced a leader is or how top-notch their juggling skills are, any person would struggle with these responsibilities. —Newsweek

Juggling priorities is a challenge for any entrepreneur, but it’s essential to the success of your business. By following these tips, you can learn to manage your time effectively and achieve your goals.

Even More Ways to Organize Your Business Priorities

In case you’re already accustomed to using these methods, there are more that you can also adopt. In addition to the above, here are a few more tips for deciding which priorities are most important:

Consider the impact of each task. What impact will completing or not completing each task have on your business? Some tasks may have a more immediate impact, while others may have a more long-term impact.
Think about your resources. Do you have the time, money, and people power to complete each task? If not, you may need to prioritize tasks that are more feasible.
Factor in your goals. What are your short-term and long-term goals for your business? Prioritize tasks that will help you achieve your goals.
Be flexible. Things change, and your priorities may need to change as well. Be prepared to adjust your priorities as needed.

Juggling priorities is an ongoing challenge for entrepreneurs, but it’s a necessary part of running a successful business. By following these tips, you can learn to manage your time effectively and achieve your goals.

What other advice would you give to business owners about how to effectively juggle priorities and put pressing matters in the proper order? Please take a few moments to share your experiences and anecdotes so others can benefit from your input!

Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

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Should You Scale or Scuttle Your Startup

May 16, 2017 No Comments

When business begins to slow, your sense of confidence can slide, and it’s a scary sensation that usually follows. Facing the possibility of having to close the doors isn’t a pleasant one, and, you could feel like a complete failure. Before you begin to pack-up your office, take some time to look at the situation objectively. Ask yourself what’s the most likely cause and begin to take steps to solve rather than scuttle. If you are experiencing a steady slide in sales, there’s obviously a reason why that’s so. The good news is, there are always options, which can range from scaling out, scaling down, or, shutting down. The latter might not be the most welcome, but, sometimes it’s the best option, providing you with an opportunity to try something else. How to Solve the Scale or Scuttle Situation Should you be facing a mountain of bills, not seeing a jump in revenue, and having to cut back where you’ve never cut before, it certainly can be frightening and frustrating. The first place to begin is with yourself, your emotions, dreams, and, mental state. If you’re in a situation that simply taxes you too much and drains your energy, you ought to consider closing and starting fresh with something new. However, if you believe you can turn things around, you should seriously consider scaling down or out. …you’re stressed out, your relationships are fraying and your resolve is destroyed. Nevertheless,you must take action in order to end the turbulence with as much poise as possible. You can’t change the past, but you can certainly determine how you [proceed]. —Entrepreneur.com Scaling down is obviously taking measures to reduce your business workload to concentrate on key accounts. Scaling out isn’t the same as going up, it’s more lateral, providing more of what you already do, not offering new things. If you’re still wondering which way to go, take the following into consideration to make an informed, well-thought decision: Look at your workable options. One mistake some failing businesses make is to hammer a square peg into a circle, meaning they attempt to go beyond their core competencies, and, that’s just not a good idea. You’ll nearly inevitably see this backfire and make things go from bad to worse. Be prepared to stunt growth. Some businesses falter, not because of the lack of revenue, but because they take on too much. Should you and your team be stretched thin, it’s time to scale back and produce the best you can deliver. What you’ll find is more happy customers, co-workers, and self contentment. Get some unbiased advice. An outside view by an experienced business consultant can shed a lot of light on problems you didn’t even realize existed. Have your business evaluated and get some helpful advice that isn’t tainted by being too close or too attached. Know your company’s limits, and, its potential. Here again, if your company can’t comfortably keep pace with demand, it’s time to pull back and deliver quality over quantity. Should you be experiencing a spike, consider your business’ potential and grow incrementally. Understand your cash position. Having less cash isn’t necessarily or always a bad thing. It causes you to look at and prioritize expenses, weeding out what’s not needed. You’ll find creativity if you don’t succumb to fear. Another factor you’ll have to face is the emotional adjustment. We’re told all our lives that quitters never win and winners never quit, but, that goes against reality. Be willing to make an emotional adjustment and deal with the reality. [shareaholic app=”follow_buttons” id=”26833294″]

How to Choose the Right Business Bank Account

May 17, 2021 No Comments

The right business bank account can do wonders for any entrepreneur. Whether you’re starting a new venture, are an independent contractor, or just have a side gig, a commercial bank account is generally a very good idea. Not only does it help you separate business transactions from your personal purchases, it can also serve as legal protection. So, read on to learn more about how to choose the right business bank account. Top Business Bank Account Benefits A commercial bank account makes it a cinch to tracking business expenses. You can monitor spending with ease. Plus, it can also be a big help in preventing overspending. What’s more, having a dedicated business account will be a huge time-saver come tax time (which can be every quarter, by the way). Business checking accounts can make it easier to separate business spending from personal spending. If you run a small business, are self-employed or earn money as an independent contractor or gig worker, a business checking account is something you may need. But which one is best for you? Just as with personal checking accounts, choosing a business bank account comes down to finding one that offers the right combination of features, benefits and cost. —Forbes.com Additionally, a business bank account makes your organization look more professional. This, not to mention you can also usually enjoy some personalized and professional services of your own. For instance, having documents notarized for free or a minimal fee. Or, helping you to choose the right business credit card and/or debit card. How to Choose the Right Business Bank Account Unfortunately, choosing the right business bank account can also be a bit intimidating. After all, you want to get the most out of it while paying the least (since practically all commercial accounts charge fees). So, here are a few helpful tips to find the best business bank account: Ask about fees and requirements. There are very few business bank accounts without fees and requirements. But, some financial institutions waive one or more fees if the account continually maintains a certain minimal balance and/or has a number of business transactions. Know not all introductory offers are the same. Some banks offer very tempting introductory offers. Of course, these expire, so you want to make sure you understand the exact terms. Moreover, pay close attention to what occurs thereafter because it might well be a lot more trouble than it’s worth. Do your homework. Of course, you can always get recommendations from other businesses. But, don’t just go on their experiences alone. Take some time to research different banks online and see how they perform with the Better Business Bureau. Commercial customer reviews could also tell you a whole lot about how a bank treats its business customers. Compare and contrast. Obviously, you’ll need to stack your possible options up against one another. While one might charge a bit more in fees, it could offer waivers. Or, you could value having several branches because it’s more conducive to your business’ needs. Be sure to go over the pros and cons of each to decide which is the best overall fit. What other suggestions do you have in selecting a good business bank account? Please share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse?

August 8, 2024 No Comments

It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse? We’ve all heard “beware of style over substance.” It’s a common expression that means a person may appear to have all the answers but in reality, there is very little or nothing behind his or her facade. Likewise, it also describes someone who puts greater value on appearance than depth of knowledge or skill. In either case, it fools others into thinking an individual possesses something special when in fact, they aren’t extraordinary after all. This distinction is particularly important when it comes to choosing a business partner, a vendor, or even a client. So, entrepreneurs need to be aware and alert of the telltale signs and more critically, what the downsides of each personality are. Sure, it seems obvious that all style and no substance is bad. However, it’s equally vital to understand that the opposite can be harmful, too. The Dangers of Style Over Substance A person who is all style and no substance may have all the necessary skills. But when the moment of truth arrives, he or she is lost. However, that’s a broad generalization of a greater specific. So, let’s take a look at some of the particular reasons why a businessperson with all style and no substance can be problematic: Lack of follow-through. They might make grand promises or claims but fail to deliver on them due to a lack of underlying strategy or execution skills. Superficial relationships. They may prioritize networking and appearances over building genuine connections, leading to fleeting and ultimately unproductive partnerships. Misalignment with company values. A style-over-substance leader may struggle to foster a culture of substance and results if a business’s success depends on innovation or problem-solving. Short-term thinking. They might focus on quick wins and flashy projects rather than building a sustainable and long-term strategy for the business. Potential for ethical lapses. Without a strong foundation of integrity and competence, such individuals might resort to unethical tactics to maintain appearances. It’s important to note that style and charisma can be valuable assets in business. However, without substance to back them up, they can be detrimental to long-term success. Downsides of a Substantively-Focused Business Partner with No Personality or Style Now, we’ll get into the opposite scenario. Although people are familiar with the shortcomings of style over substance, what are the downsides of an individual who has very little or no charisma? While substance is undoubtedly crucial in business, a complete lack of personality or style can also present big challenges, such as the following: Limited networking and relationship building. Someone with little personality might need to work on building rapport with clients, partners, or employees. Effective business relationships often involve personal connection. Lack of creativity and innovation. A purely analytical approach can sometimes hinder creative problem-solving and out-of-the-box thinking. Difficulty adapting to change. A rigid, no-nonsense approach might make it challenging to adapt to changing market conditions or unexpected challenges. Poor communication. A lack of personality can sometimes manifest in poor communication skills, leading to misunderstandings and inefficiencies. Uninspiring leadership. If the person takes on a leadership role, their lack of charisma could demotivate employees and hinder team morale. Limited market appeal. In customer-facing roles or industries focused on branding, a personality-devoid individual might struggle to connect with the target audience. Again, it’s important to note that a balance between substance and style is often ideal. A strong foundation of knowledge and skills combined with effective communication and interpersonal abilities can create a highly successful business partnership. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,