You must develop seven key habits for business success. The absence of any one of these habits can be costly to your business. When you become competent and capable in each of these areas, you will be able to accomplish extraordinary results, far faster and easier than your competitors.
1). PLAN THOROUGHLY
The first requirement for business success is the habit of planning: The better, more thoroughly, and more detailed that you plan your activities in advance, the faster and easier it will be for you to carry out plans and get the results you desire once you start to work. The more thoroughly you plan each stage of your business activities before you begin, the greater will be the probability that you will succeed when you commence operations.
2). GET ORGANISED BEFORE YOU GET STARTED
Once you have developed a complete plan for your business, you must then develop the habit of organizing the people and resources you need before you begin. In organizing, you bring together all the resources you have determined you will require in the planning process. It is absolutely essential that you determine every ingredient you will need before you begin business operations and bring them together so they are ready to go when you open your doors or begin your project.
3). FIND THE RIGHT PEOPLE
The third habit you must develop is the habit of hiring the right people to help you achieve your goals. Fully 95 percent of your success as an entrepreneur or executive will be determined by the quality of the people you recruit to work with you or to work on your team.
4). DELEGATE WISELY
The fourth habit you need to develop for business success is proper delegation. You must develop the ability to delegate the right task to the right person in the right way. The inability to delegate effectively can be the cause of failure or underperformance of the individual and can even bring about failure of the business. When people start in business, they usually do everything themselves. As they grow and expand, the job becomes too large for one person, so they hire someone to do part of it. However, if they are not careful, they try to retain control of the task and never fully hand over both authority and responsibility to the other person. You must learn to think in terms of “getting things done through others” rather than trying to do them yourself. It is the only way you can leverage and multiply your special skills and abilities.
5). INSPECT WHAT YOU EXPECT
You need to develop the habit of proper supervision. You must set up system to monitor the task and make sure it is being done as agreed upon. The rule is “inspect what you expect”. Once you have delegated a task to the right person in the right way, it is essential that you monitor the performance of the task and make sure it is done on schedule and to the required level of quality. Remember, delegation is not abdication. You are still responsible for the ultimate results of the delegated tasks. You must stay on top of it.
6). MEASURE WHAT GETS DONE
The practice of successful entrepreneurs and executives is the habit of measuring performance. You must set specific, measurable standards and score cards for the results you require. You have to set specific timelines and deadlines to make sure you “make your numbers” on schedule. Everyone who is expected to carry out a task must know with complete clarity the targets he or she is aiming at, how successful performance will be measured, and when the expected results are due.
7). KEEP PEOPLE INFORMED
The habit for business people is that of reporting results regularly and accurately. People around you need to know what is going on. Your bankers need to know your financial results. Your staff needs to know the status and the situation of your company. Your key people, at all levels, need to know what results are being achieved. People in an organization have a deep need to know and understand what is going on around them in relation to their work. The more thoroughly and accurately you report to people the (details and situation of your business), the happier they will be and the better results they will get.
QUOTE FOR TODAY
“What separates those who achieve from those who do not is in direct proportion to one’s ability to ask for help.” – Donald Keough
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