Every entrepreneur must accept the fact that time, money, human resources are limited. The success of a business depends on the correct handling of these things. The question is, how can one increase or maximize what is limiting?
When we live our busy and often crowded day of work, one of the questions we need to ask ourselves is: “What can I do to get more, do more?” Instead, we just lower our heads and go ahead through constantly a growing mountain of work. We are limited in capacity.
If you are an entrepreneur, you need to be more creative than an ordinary person, and find ways to increase your capabilities. Read on about the four areas that are important to pay attention to, as well as the ways in which you can get more with less limited resources.
1. Time
Every person on this planet is given twenty-four hours a day. That's all. You have a total of twenty four hours. During this time, you must complete several different tasks. Your goal is to redeem your time when you can do it.
How to free up time?
To do this, you need to work with maximum productivity when you complete your daily task list. To do this, consider the following:
- If you do not maintain your body in good shape, you will lose the ability to remain at the optimal level of performance. Our bodies are truly a machine with tons of amazing abilities. But when this is abused, lack of sleep, poor nutrition and lack of exercise lead to a decrease in the ability to work well. The closer you are to peak performance, the more you can achieve in a shorter time.
- You need to control your mental state. If you rest morally, you can make decisions faster because you are able to think faster. You will be able to quickly evaluate circumstances and information at an extremely fast pace. When your brain has the power to process information, it becomes easier to understand the essence of the situation, making the right decision with lightning speed. If you rest morally, you will have the opportunity to maximize your own productivity.
- It is important to develop the ability to train and delegate. So often, entrepreneurs try to control everything. No one can do it so well, so fast or with the same inspiration as the leader. Although this may be true in most cases, you are only one person with twenty-four hours a day. You must delegate and accept the help of people. If you take the help of one person who is ready to give you their eight hours of work a day, you will free up this time to focus on the most important issues. This will bring more income and expand your business. Why not add more hours to your day by delegating the appropriate task to qualified professionals?
2. Money
Money is usually a sore point for many entrepreneurs. There are beliefs that were formed in our childhood regarding the concept of finance. Having many different views and beliefs on this topic, you need to focus on the fact that money is a tool that will either help the growth of the company or limit it.
Surprisingly, the faster the company develops, the more acute the problem becomes in the field of finance. This can lead to bankruptcy of the company due to its own success. How to get more money to maintain stability, profitability of the company?
How to develop the sphere of money?
Here are a few things to consider:
- Keep track of your budget and have accurate numbers.
- Pay attention to your receivables. If it gets too big, it can cause significant cash flow problems.
- Find opportunities for investment. There are many private investors who often provide their temporarily available funds to actively developing, stable companies.
- Look for additional sources of profit, products or services that match your current business model.
Each of these tips is a way to increase the monetary potential that contributes to the growth of your business.
3. Space and supply
Space and supply are closely related. This directly affects the turnover. A sufficient amount of free space allows you to increase production volumes. Supplies and production must be agreed. Therefore, you should have enough space to manage to turn materials into finished products. It is unacceptable that stocks, semi-finished products accumulate. For example, production can produce 5,000 items per day, and buyers need 1,000. per day, there is a conflict.
There are only 3 solutions to this problem:
- determine how to optimize production during the shift, correctly distributing labor;
- transfer employees to another site;
- give them another job that will be profitable.
Use free space to increase production.
Space and supplies are assets that can be used in the interests of the business. Making full use of these opportunities, you can speed up the turnover by freeing up resources and making additional profit.
How to make the most of space and supply?
To do this, do the following:
- Rate your supply chain. Can your suppliers provide a full incoming flow of raw materials for your products? Do the supplies match your growth and sales opportunities.
- Are there any reserve producers who can fulfill the function of insurance in case of supply disruptions?
- Estimate the amount of available space and turnaround time. Can you start a second or third shift in the current environment?
4. Human resources
Your staff will most likely be the most valuable resource. Therefore, here you need to look for more opportunities. By freeing up additional time for yourself, you delegate certain functions to qualified specialists. The next step is to build more capacity by hiring additional highly qualified people.
You need to create leaders, not be leaders of followers. Do not neglect this advice, because the greatest of all companies focuses on increasing its potential by training leaders, and not just loyal followers.
Entrepreneurs, as a rule, are single persons in the business sphere. Too often they are misunderstood and looked at them with a little annoyance. Others simply do not always know how to hire someone who thinks outside the box.
People skills are needed to have more than just work to achieve this dream.
How to make people your allies?
Start by learning how to delegate your own tasks to redeem your time. Identify the responsibilities that are easiest to delegate and document how you perform them. This will give you a concrete description of the work, set achievable goals and create a daily action plan.
Use this system and apply it to other things that you are currently doing. Then create a plan that will allow you to hire the right person and move you to a new level in the field of organization, which you will systematize.
Finally, create a corporate culture. She will grow, regardless of whether you pay attention to her. Find out what you need to create a culture that attracts employees who want to be there and grow with the company.
Each of these four areas has incredible potential for increasing your business growth. Do not try to solve everything at once. Pay attention to only one area that you will expand over the next three to six months.