Seven Profit-Boosting Entrepreneurial Habits

Do you say “yes” to too many things that don’t serve your life purpose, help your family, or move your business forward? If so, you’re not alone. Saying “yes” in a weak moment when you feel like you can do it all can be a downfall for many entrepreneurs. It can also distract you from success if you are not working on the right things for you.    

You may need to re-evaluate the value of your time and your priorities. Practice making smart decisions by having a structure and a higher purpose that helps you decide what you should and shouldn’t do with your time, money, and life.   And if you tend to be one of those who says “yes” to everything, you may need to practice saying “no” in front of the mirror to break your habit.

The best time to hire is just before you need your new team member. It can be easy to put off hiring if you fill with dread when you think about large stacks of resumes and endless phone calls. Not hiring soon enough can cost your business in reduced service and sales. The smartest entrepreneurs stay ahead of the game in this area.

Successful entrepreneurs set clear boundaries when it comes to delivering their products and services to customers. Especially in service companies, it’s not always clear to the client what’s included in a fixed fee contract unless it’s clearly spelled out.

If you are asked to do something that’s not included in the contract, you now have a choice. Do you give it away for free, or do you have a change order process where you can easily provide an estimate for that extra work?

Only what can be measured can be improved, and smart entrepreneurs know this. Track — in real time, not a year later — what’s important to you. New customers, new leads, closed sales, revenue per day, sales per day, monthly net income, certain costs, profit margins, profit per customer, profit per job, and profit per location are just a few of the many metrics you can choose to track for your business.

Once you measure it, you can now set goals to improve it.

This area can be a tough one to evaluate objectively because there can be emotion and attachment involved in the spending. Let us know if you need help in this area; we can help you look at your spending with fresh eyes and provide a new perspective.

Great entrepreneurs have clear focus. If you have too many projects going on at once, you end up delaying all of your project completion dates, and nothing gets finished. Ask yourself, what’s the most important thing I can do today? And work on that until it’s done. Then ask yourself the same question again, and wash, rinse, repeat your way to success.

Which of the seven habits are you best at?   Celebrate your natural gifts while keeping an eye on the habits you need to work on. That will move you to the success you deserve.