7 Efficiency Lessons from Business Owners

Louis Foong 0

If you’re anything like me, it can often feel as though there just aren’t enough hours in the day. Over the years, I’ve worked to become more efficient with the time that I do have. Businesses also benefit when owners focus on making them run more efficiently!  This list of 7 lessons in boosting efficiency may feature advice from small business owners, but its nuggets of wisdom apply to companies of all sizes and in any industry. The CEOs and founders surveyed shared tips that were learned through years of hard work, challenges, failures, and successes.

  1. Prepare for Change. Chuck Leavell, co-founder of the Mother Nature Network, values quick adaptability, noting that change is inevitable – you need to be prepared to react quickly when it comes. This is especially true for businesses that are working in the digital space, and applies to both your products and your clients.
  1. Avoid Complacency. The founder and CEO of Sub Rosa, Michael Ventura, advises businesses to keep moving forward and avoid complacency. Think about mile markers instead of finish lines, and always look ahead to the next challenge.
  1. Delegate Tasks. Anisa International’s Founder and CEO, Anisa Telwar, initially thought that her position as owner and president meant that she had to have all the answers. Over time, she realized that it is important to delegate responsibilities effectively and to have faith in your team. After all, you hired them for a reason!
  1. Don’t Make It Personal. James Green, CEO of Magnetic, says that “Everyone knows that money can’t buy you love, and by extension it makes no sense to love your company.” Your company exists to make money, and forming emotional attachments to it can get in the way of making tough business decisions.
  1. Understand How You Spend Time. You shouldn’t overlook long-term goals in favor of rushing to address the short term, says Sky Zone CEO Jeff Platt. Make sure that you’re also investing in the future.
  1. Balance Commitments. Burnout is a very real problem, according to David Morken, co-founder and CEO of Bandwidth. Make sure that you prioritize your downtime just as much as hard work – it’s the only way to keep yourself both healthy and efficient.
  1. Set Realistic Goals. John Coleman, founder and Chairman of the VIA Agency, warns against being too ambitious. If you spread yourself or your company too thin, you won’t have enough resources or attention to meet your goals, and you could end up damaging your company.

While many of these tips could be filed under “Common Sense”, it is surprising how often we can overlook these straightforward pieces of wisdom! Do you have any basic business advice that didn’t make it onto the list? Let me know in the comments!

 

7 Efficiency Lessons From Small Business Owners

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