14 Aug Running Your Own Business: The Reality
The idea of running your own business and dictating your lifestyle can be very attractive. However, as Henry Ford advised, “Vision without execution is just hallucination.” When it comes to reality, running your own business requires so much more than creative ambition. Running a business demands strategic planning and implementation. Not only are these execution tactics necessary for the success of a business, but they’re important details for employees. In order for a business to succeed, execution must be a priority on all fronts. These four steps will help ensure effective execution of your business: 1. Learn to prioritize The line between vision and execution often becomes blurred when distractions arise. It’s crucial to focus on one priority at a time, like generating a new marketing plan or hiring staff for a specific purpose. 2. Measure progress through data Measuring progress is essential in maintaining productivity and relevance in a business. Key performance indicators (KPIs) are highly effective in tracking ongoing progress. Once this data is analyzed, changes and improvements can be implemented to maximize your business’s efficiency. Helpful tips on choosing KPIs can be found here: https://www.sitepoint.com/kpis-freelancers/ 3. Establish regular check-ins It’s crucial to make sure that everyone on your team remains on the same page. Succinct, regular check-ins ensure that you’re keeping communication channels open while not burdening your team with endless and useless meetings. http://hrcouncil.ca/hr-toolkit/workplaces-meetings.cfm 4. Assess the strategy Not only should strategic planning be implemented, but a business’s strategy needs constant evaluation. Just as effective people constantly evaluate themselves for self-improvement, a business should always address its strengths, weaknesses, opportunities, and threats (SWOT). Ultimately, these four practical steps are essential in managing a highly functional and result-driven business. Follow them and you’ll be on the right track.