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Your
EnterQuest Bulletin - Issue 445
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Thought
for the week: "The
successful man is the one who finds out what is the
matter with his business before his competitors do."
Roy L. Smith
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In
this week's issue:
Three
small business success factors
There
are three particular aspects of running a business which, when approached
properly, are frequently acknowledged as being important factors
that contribute to success.
Those
three factors are:
-
prioritisation
- accountability
- and planning.
And
it's difficult to argue against the fact that most successful small
business owners pay close attention to each of these factors. On
the surface at least these are certainly vital ingredients.
However,
when you take a closer look at each of these factors it can also
be argued that there is more at play than meets the eye, and a different
picture about managing a business emerges.
We
can take a look at each of the three factors in turn.
Prioritising
tasks and activities is not just a day-to-day business matter, as
it is also vital to look further ahead to weekly, monthly or even
longer-term goals and targets. A business owner needs to decide
on these priorities in the wider scheme of things, as well as on
immediate to short-term activities and targets.
But
the prioritising of tasks, goals or targets is only part of the
picture because in a great many cases the business owner's priorities
fail to materialise, targets are not reached and goals are missed
due to a related but critical factor.
Deadlines
- and a failure to set them and meet them.
It
is fine to agree a priority for an activity or goal, such as opening
a new store or launching a new website, or commencing a marketing
campaign. But targets and priorities are useless without achievable
deadlines attached to them.
It
is when you need to hit targets that is the key driver
of priorities, as a deadline will provide the vital focus for your
efforts towards the target to be achieved, and what you need to
do along the way. The timing of adjustments to priorities and business
activities will be ineffective, and in some cases impossible, if
you don't have genuine deadlines that everyone is focused upon.
So
yes, the prioritisation of business activities are important but
without deadlines they are meaningless.
Accountability
is another of those frequently-used terms that often get over-used
in business management-speak when referring to the running of firms
of all shapes and sizes.
Of
course it is right to say that someone, generally the business owner
- often a sole trader - has to be accountable for business solvency,
profitability and governance - or for a particular project, marketing
campaign, or budget etc.
But
being accountable for something is not the same as being responsible
for it. Someone who is accountable won't necessarily be the right
person to have, or take, the responsibility for a plan or a target
or the hitting of deadlines.
And
if things go wrong then being accountable without having taken responsibility
is also a waste of time, because it will often be too late to act,
or to learn the lessons and take remedial action.
Accountability
and responsibility go hand in hand in business. But they are not
the same and it is important to recognise this.
The
planning of business activities is something that is also justifiably
recognised as being a factor contributing to success - or more to
the point contributing to under-achievement or failure when it is
absent or half-hearted.
Whether
it is a strategic business plan, marketing plan, financial plan,
exit plan or whatever, those business owners who spend time planning
tend to succeed more than those who do little or no planning at
all.
However, planning, and being in possession of any number of plans,
will mean little or nothing without another critical business management
factor.
Execution.
Failure
to execute or act, to perform and do what is planned or intended
will make a plan and its associated deadlines and targets completely
worthless. Successful business owners don't just sit back and admire
or continue to fiddle with their plans. They put them into action.
If
you are a business owner or manager, or you are in the process of
starting a business, it will be important for you to understand
these three business management ingredients, which work hand in
hand with each other.
Don't
just acknowledge that you are the person accountable for something
- instead you have to take responsibility for it by the scruff of
the neck.
And
when you look at your targets and priorities don't just sit back
and admire them. Give everything that is important an achievable
deadline and work towards it. Better to miss a deadline with full
knowledge and a back-up plan than just to operate aimlessly, wondering
when everything will finally click into place.
But
above all when you discuss, write down and agree your plans, priorities
and targets make sure that every single activity is going to be
actioned, even if it doesn't work out the way you expected and through
your best efforts.
Failure
to set deadlines, failure to take responsibility and failure to
execute your plans, all add up to under-performance and failure
in business.
How
do you currently rate yourself on each of these?
To
comment on this article please
click here to have your say.
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK and elsewhere around the world.
-
Wantful
works with customers to produce a
customised book of gift ideas based on their gift-recipient's
personality. The recipient then chooses their favourite gift
from the book, and it is delivered to their door.
-
The
Amazings is a social
enterprise providing workshops and activities such as
photography, sewing and improving English language skills. The
classes are run by retired people wanting to pass on their experience
and knowledge.
Mobile
marketing guide
Mobile
marketing specialists CornerBlue provide a step-by-step guide to
using mobile devices to increase sales. It includes advice
on how to build a contact list and make a simple mobile site.
Improve
search engine visibility
InboundWriter
is a tool that helps to determine the words and phrases used by
your target audience when searching and sharing in order to increase
your website's visibility on search engines.
Get
help for small design projects
WeekendHacker
is a network for developers and designers to find
help for small projects likely to take no longer than a
weekend. Users post details of projects which are e-mailed to the
network each day.
Free
app-building tool
AppsBar
is an app-building
tool. Users can design and preview their app and publish
it to iTunes and the Android Marketplace.
Here's
our weekly look at some unusual, daft and often ridiculous business
ideas, products and news.
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Also
from EnterQuest's publisher
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The
UK Small Business Marketing Bible contains hundreds
of tips and tactics for boosting your sales using proven marketing
strategies that work no matter what product or service you
sell.
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Good
luck
The
EnterQuest Team
This
information is meant as a starting point only. Whilst all reasonable
efforts have been made, the publisher makes no warranties that the
information is accurate and up-to-date and will not be responsible
for any errors or omissions in the information nor any consequences
of any errors or omissions. Professional advice should be sought
where appropriate.
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