Important tips to help you grow your new business
In this post, I am going to share three important new business tips.
As a new business owner, focusing on the wrong or non-essential tasks can slow your business growth or even derail you. I am sure you don’t want that!
If your goal is to build a successful business, it’s imperative that you know which tasks will get you there. I have been in this game for a while, and I have learned that some things really don’t matter.
So, if you feel overwhelmed or confused about what you should be doing as a new business owner, sit back and relax because I am going to tell you in this post.
At the end of this post, you are going to stop wondering why you are not making any progress or why you feel stuck. You will have some clarity about your business and what you should be doing.
Ready to take control of your business? Let’s go!
Please note that this post may contain affiliate links. You can read my full disclosure at the top of the page.
1. UNDERSTAND AND FOCUS ON YOUR PRIORITIES
Many of the things you spend your time on are not as important as you think. For example, website design, your logo, or brand colors.
Yes, a good website design can help your customers navigate your site and maybe improve your conversions, however, it is not the most important thing you should focus on when you start a business.
Lots of new business owners spend weeks or even months trying to create a perfect website or fussing about their logos. Instead of wasting precious time on things that have little or no bearing on your success, spend that time on tasks or activities that actually matter.
If you are serious about growing your business, one of the first things you should do is to identify your priorities, then focus exclusively on them.
If you have been in business for a hot minute, then you know how difficult it is to stay focused. There are so many distractions and so many things vying for your attention. No wonder lots of entrepreneurs spend the first year of business barely surviving.
But, it doesn’t have to be that way.
Instead of trying to do everything and failing, focus on a few key things and push everything else to the backburner.
So, what are some of your priorities as a new business owner? Before I share my list, let me define what I mean by priorities.
Your priorities should align with your reason for starting a business. Your priorities are all the things you have to do to meet your business goals. So, it goes without saying that you need to set some business goals.
Here’s my list of some priorities for new business owners.
- Creating a marketing plan and following through. Your plan isn’t going to work if you don’t take action.
- Learning how to sell and make a profit.
- Operating and managing your business well.
- Making sure you are offering the right products or services to your customers.
This is just a small sample of what your priorities should be as a new business owner. Focusing on these things will help you create a solid foundation for your business and put you on the path to success.
If you need some more tips or ideas for what to focus on in your business, check out the New Business Growth Checklist below. Go ahead and grab a free copy!
2. LIMIT YOUR INVESTMENTS TO THINGS THAT WILL HELP YOU MEET YOUR GOALS OR PRIORITIES
I don’t know about you, but when you are bootstrapping your business or working with a tight budget, you have to be very prudent.
As a business owner (especially a new one), there’s no shortage of things to spend money on. Whether it is essential tools or some other fancy tools, you are going to face lots of temptations.
It takes discipline to resist impulse spending, unfortunately, many business owners lack discipline.
While I believe it is important to invest in yourself and your business, I also believe in investing with purpose. In other words, your investments should make sense right now.
There’s no point investing in things you don’t need right now. Now, I get that sometimes you want to take advantage of a sale or discount (I do that too), but a sale is only a sale if you end up using that product or resource to grow your business.
Purchasing things you won’t ever use is how so many business owners end up wasting thousands of dollars.
When you are a new business owner, everything sounds useful or helpful, but that’s not actually true. A lot of things are a waste of time and money, so be smart about which investments to make.
Focus on investments that will help you achieve your goals. When you have more money rolling in, you can indulge yourself occasionally. But right now, your focus should be on tools or resources that will actually help you grow your business.
So, let me give you an example.
Let’s say one of your priorities is to create and execute your marketing plan so you can attract customers to your business. You have also decided on your marketing strategies. Now, if you are new to marketing a business, you can decide to invest in some marketing tools or resources that will help you meet your goal (attract new customers).
In the scenario above, you don’t need to invest in a Facebook ads course or product creation course because that’s not your immediate focus. Maybe somewhere down the line, you can do that.
Do you see how this works?
So, go ahead and set your priorities, then decide what you need to invest in to help you accomplish your goals.
3. TRACK YOUR BUSINESS ACTIVITIES AND PERFORMANCE
As a new business owner, where and what you spend your time on are two important things you want to keep your eye on.
Yes, it is okay to network and hang out with other business owners, but you need to show some results from all these activities. In other words, the benefits must outweigh the negatives.
When I started my first business years ago, I wasted a lot of time on Facebook groups and other forums. My excuse was that I was learning how to run a business. Since I couldn’t afford to pay for coaching or consultation, I had to rely on these groups.
The problem is, I spent so much time on these forums that I ended up not doing the things that would help me grow my business.
If you are part of a Facebook group, then you know exactly what I am talking about.
It’s true you can get get a lot of information and useful advice from some of them but they are also huge time wasters if you are not smart.
So, how do you avoid this problem?
The answer is to track your activities and the return on investment.
For example, do you know your most profitable or productive activities or relationships? Do you know where most of your leads come from?
The reason you need this information is that it will help you decide which relationships or activities you need to spend more time on, and the ones you need to ignore or cut down on.
If you are not getting leads from your networking groups or forums, you shouldn’t spend most of your time there.
Good time management is crucial for business owners who want to succeed. So, you have to be very selective when it comes to how or what you spend your time on.
The same goes for your marketing activities. If you don’t attract customers via Twitter, you shouldn’t spend your time on that platform. And, the same goes for Instagram or any other platform.
Spend your limited time on activities that will help you achieve your goals.
Finally, remember to track how well your products or services are doing. You need to know your bestselling products and why they are doing so well. For instance, do you make more money selling smaller products or bigger and more expensive ones (when you factor in how long it takes you to create them)?
As you can see, tracking your business is the only way to actually know what is happening, so you can ensure you are on the right track.
If you can do these three things, you will put yourself and your business on the path of success.
Finally, don’t forget to grab the New Business Growth Checklist if you want to improve your focus and business growth. Sign up below!
Final thoughts on 3 new business tips you should not ignore
Starting and growing a business is no easy task. Your goal should be to make the process as easy as possible. And, one way to do that is to learn how to focus on the right tasks.
In this post, I have shared how and why you should understand your priorities, limit your investments to tools and resources that will help you meet your goals, and the importance of tracking your activities and performance.
If you do these things, you will find it much easier to run and grow your business. If you need more help or an easy way to plan and map out your business growth, check out the Focus and Grow Your Business eBook and Workbook.
This is a handy resource that will show you what you should focus on to grow your business. Additionally, it will also guide you with a series of questions to help you map out your strategies.
Are you a new business owner? Are you struggling to focus or grow your business?