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5 Business Management Tips Every Entrepreneur Should Know

5 Business Management Tips Every Entrepreneur Should Know

Being an entrepreneur is a challenge. It requires a lot of work which means that entrepreneurs have a busy life. They have a lot of work to do as they have to oversee each and every aspect of the business. Being an entrepreneur can be overwhelming. To achieve success, it is important that the entrepreneurs have everything under control.

If you want to run a smooth and fruitful business, then you need to find ways of tackling all the challenges and minimizing the risk factor. Here are some of the management tips that every entrepreneur should be familiar with.

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1. Managing finances:

One of the most important aspects of running a successful business is to handle the cash flow efficiently. Being unable to keep track of the cash flow is the biggest management failure. The first thing that you need to determine to administer the business properly is making sure that you have a strong financial base. There should always cash in the bank for the firm. You can always take advantage of technology. There is a lot of different software that will allow you to keep an eye on the expenses and profits of the business. It is important to understand the finances of the firm. You can always take online MBA without GMAT to have a better understanding of the financial matters.

2. Keeping track of resources:

Tracking the time is essential for managing tasks with efficiency. It is important to know that the time of your employees is spent on productive activities. You can make the best use of time by keeping time sheets. If you are creating content for your website, then you need to know how much quality content you can produce in the given time. You need to create a schedule in which you specify how much time is going into creating the content, editing, proofreading it and then finally publishing it. There are so many time tracking tools that will assist you in keeping track of your schedule. It will help make it much easier to set goals and keep up with your schedule. If you are in sales, then you need to know exactly how much time the whole sales process is taking so that you can satisfy customers by delivering in promised time.

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3. Prioritizing tasks:

It is important to understand the difference between important tasks and urgent tasks. Knowing the difference will help in prioritizing the tasks. There are a lot of tasks that are crucial, and they need to be accomplished on priority. You need to divide the tasks into different categories. You should also consider certain factors such as deadlines, importance, urgency, and goals, etc. to see if the something falls into the urgent or important category.

If you are sales business, then you will need to prioritize while keeping a future flow of revenue in mind and maintaining a customer base. In management, the priorities are based on tasks that motivate growth and achieve strategic goals of the company.

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4. Managing interruptions:

The life of an entrepreneur is not easy. To make things a little easier, it is important that you have a plan. While coming up with a time managing strategy, it is essential that possible interruptions are also considered. As an entrepreneur, you need to have time for everything. You have to deal with the employees, do follow-ups, etc. You are going to be interrupted a lot while working so always make sure that the schedule is flexible enough to accommodate those interruptions.

5. Managing marketing:

Marketing is one of the most important parts of running a business. If not handled correctly it can also become the most daunting task. Smart marketing requires a perfect use of resources. There are so many marketing opportunities available these days that it can be difficult to choose the ones that are best suited for the business. It is important to understand that effective marketing is no longer dependent on big budget. It is more about managing the platforms and resources efficiently.

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It is essential that you understand the importance of focused and relevant search. You should have a basic understanding of SEO and other internet marketing terms. Successful marketing depends on managing multiple channels at the same time. You should focus both on offline and online marketing channels. Apart from social media, you should look at billboards, newsletters, etc.

Featured photo credit: Polarity via polarityinternational.com

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Kevin Jones

Small Business Enthusiast & Advisor

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Last Updated on September 20, 2018

How to Be Happy at Work and Find Fulfillment in Your Career

How to Be Happy at Work and Find Fulfillment in Your Career

If you’re going to spend 1/3 of our life at work, you should enjoy it, right?

Trust me, I know that’s easier said than done. Difficult coworkers, less-than-desirable tasks, or even just being in the wrong position can all lead to a lack of enjoyment and fulfillment in your work.

But what if I told you it doesn’t have to be this way? Or better yet, if you struggle with all of the above (and then some), what if I told you that enjoying your work and finding fulfillment regardless of those obstacles is possible?

Don’t believe me? I don’t blame you because I was there too. Before implementing the tips below, I struggled to get through each day, much less find real fulfillment, in the office. Now, even after the toughest days on the job, I still come away with feelings of pride, accomplishment, and fulfillment. The best news is, so can you.

If you’re ready to make those hours count and find happiness and fulfillment in the office, then read on to find out how to be happy at work and find fulfillment in your career:

1. Discover the root(s) of the problem

For this first step, we’ll need to think back to 8th-grade physics (humor me). We all know Newton’s 3rd law, “for every action, there is an equal and opposite reaction.” When you think about it, the same can be said outside of physics, and we see this law play out in our daily lives, day after day.

Simply put, all the issues we deal with in the office (and life in general) affect us in a noticeable way.

If you’re appreciated at work, like the work you do and receive frequent praise, promotions, or raises, then this will probably have an altogether positive effect on your life in the office.

But what if we reverse this? What if you feel under appreciated, get passed up for promotions, or get denied raises? This is sure to affect the way you feel at work on a negative level.

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So, before you can implement the steps of feeling happy and fulfilled at work, we first have to discover the reasons why you don’t feel that way already.

Think about it, write a list, or make a mental note. Run through all the reasons you’re dissatisfied in the office, and don’t hold back. Knowing the exact obstacles you’re facing will make overcoming them that much easier.

In fact, as a side-challenge to this article, I recommend picking the top three reasons contributing to your dissatisfaction at work and using the following tips to tackle them.

2. Practice gratitude for an instant uplift

Did you know the simple act of feeling grateful can increase your happiness and make you more fulfilled at work?[1]

Well, it’s true, and it’s scientifically proven.

Dr. Lisa Firestone notes that practicing gratitude “reminds us of what we lacked in the past.” Meaning, it serves as both a boost to happiness and a bit of a wake-up call that things have been or could be, much worse.

Trying to conjure up feelings of gratitude can seem almost impossible when your work situation seems bleak, but hear me out: There are incredibly easy ways to get started and it doesn’t involve trying to “force” yourself to feel grateful about things that stress you out.

For an instant pick-me-up, try this:

Find a loose piece of paper, a blank sticky note, or anything you can write on, be it physical or digital. List just three things that you are absolutely without-a-doubt thankful for in your life.

Now here’s the trick: Don’t just list what you’re grateful for, you have to list why you’re grateful for them, too.

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For example, simply saying “I’m grateful for my kids” will probably make you feel good, sure, but what if we could amplify the warm, fuzzy feeling into real, lasting motivation?

Instead, write the reason you’re so thankful for your children. Is it because they make you laugh and forget about other stressors? Or maybe they help to remind you of why you go to work every day in the first place?

Whatever your reasons may be, jot them down and keep your list somewhere you can see it while you work. A quick glance at your gratitude list throughout the day can provide powerful, positive motivation to keep going.

Bonus:

If you can find just three things to be thankful for that specifically relate to your job, and list why those things make you grateful, your list can also help you find fulfillment in your work itself which can give you an even bigger boost of positivity throughout the day.

3. Take meaningful time for yourself

We all know creating a strong work-life balance can be crucial to feeling satisfied in our jobs, but rarely do we ever address how we’re spending our time outside of work.

Many of us survive a 9-hour work day and commute home only to find ourselves busy with our personal to-do lists, running a household, and taking care of a child (or 2 or 3, and so on).

If you spend all your time working, whether in the office or within your household, you’re going to feel drained at some point. This is why setting meaningful time for yourself every day is highly important.

Look, I get it: I don’t know anyone in the working world who can shun all responsibility for a 3-movie marathon or happy hour with friends whenever they feel like it. But finding time for yourself, be it just 30 minutes to an hour, can really make a difference in how you feel at work.

This works because you’ll have time to actually relax and let the day’s stress melt away while you enjoy something just for you. The to-do lists and stressors will still be there after you’re refreshed and ready to tackle them.

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No time for me-time? Try this:

If you have a busy household, you’ll need to capitalize on a block of time you know will be completely uninterrupted. The easiest way to do this: try waking up 30 minutes to an hour earlier than usual (or push bedtime back an hour if you’re a night owl, like me) and take time to do something you enjoy.

This could be reading with a cup of tea, catching up on Facebook, spending time on a passion project—anything! As long as it’s meaningful to you, it works!

Bonus:

Starting your day with meaningful time for yourself can set you up to have a positive mood that lasts well into office hours, and having your me-time in the evening can give you something positive to look forward to during the day.

4. Get productive and feel accomplished

Don’t you just love the feeling of checking the last item off of a hefty to-do list? That’s because self-motivation can be a huge driver of positivity and success.

When we accomplish something, no matter how small, it makes us feel good, plain and simple. Applying this tactic to your daily work can be the motivator you need to find fulfillment during the daily office grind.

While there are tons of steps to get more done at work, I’ll share my personal favorite: Prioritizing.

Now, many people handle prioritizing differently. Some like to tackle the little tasks first so they can spend focused time on the big to-dos. Others like to knock out the big items first and get to the smaller ones when they can.

No matter which camp you’re in, you may be missing one crucial step: Time management.

So how’s this work? When you factor in the amount of time your priorities will take, it can transform your productivity ten-fold.

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Say you have three top priorities for the day. You might jump into the smaller ones or the bigger ones depending on your preferred method, and then find yourself out of time and bringing work home with you at the end of the day.

This is prevented when you factor in time. Knowing how long each item will take, or deliberately setting specific blocks of time for your priorities can help you accomplish more in the same 8-9 (or 12) hours that you typically spend at work.

Try this:

Take a look at your priorities and consider how long they should take. Pop into your Google calendar (or Filofax, whatever works for you) and schedule time to work on your priority items around any important meetings or events of the day.

The most important thing to remember is to stick to your dedicated time.

Often, when we know exactly how long we have to work on something (and honor this time limit), we’re motivated to get more done on time to avoid taking work home at the end of the day.

The bottom line

There’s no need to waste 1/3 of our lives feeling unsatisfied at work. Luckily, you now have the tools to get started, take back your time, and become happy and fulfilled at work again.

The only question is — which tip will you try first?

Featured photo credit: Ellyot via unsplash.com

Reference

[1]Psychology Today: The Healing Power of Gratitude

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