Entrepreneurs face a seemingly endless array of options and challenges while building and growing their businesses. With all the options and opportunities available, it’s critical that you implement filters to know what to say yes and no to.
In order to make the best decisions quickly, consider the following 4 action steps to help you determine what to accept and reject.
1 – Develop Clear Vision, Purpose, and Mission Statements
In order to build the kind of business that you love, you must be clear on your vision, purpose, and mission to guide your decision-making long-term.
A vision statement answers the questions, “Where are you going?” and “What are you going to accomplish?”
A purpose statement answers the questions, “Why are you accomplishing that vision? Why do you do what you do?”
A mission statement answers the questions, “What sets you apart?” and “What are you willing to do that no one else will do to fulfill your vision?”
When you invest the time to craft these statements, they will make it much easier to evaluate opportunities that come your way so you can answer either with a “Heck yes!” or “No way!” This leads to much freedom in your life and business.
2 – Define What Energizes and Drains You
It’s easy to stay busy, but it is vitally important to monitor and protect your physical, mental, emotional, and spiritual health. Make a list of what energizes you and find ways to do more of those things. Make a list of what drains you and find ways to do less of those. You can remove things from your plate either through complete subtraction or by delegating them to competent employees or contractors. When an opportunity comes your way, you can know which category it falls under once you have identified these more specifically.
3- Know What Gives You the Best Return on Your Investment
Many entrepreneurs feel they must say “yes” to every opportunity presented to them in order to receive income. This is especially true when you first start out. However, we quickly find out what we DON’T want to do by being stuck with bad customers or clients that drain us and make us question our desire to be in business. If you’ve done steps #1 and #2 above, this next step is easier to implement.
Look at your numbers.
What is the source of the majority of your income?
What do you currently offer that you could cut out because you don’t enjoy it or it’s rarely purchased?
Study your business and determine your best revenue sources. Then, refine your offers to align them with those discoveries.
4 – Determine Which Offers Best Serve Your Customers and Clients
Speaking of offers, study your customers to ensure that what you’re providing to them is actually what they want and need. It’s natural to make assumptions early on, but the more you interact with your customers and clients, the more opportunities you have to ask them what they need to be more successful. Look at what they’re achieving and determine how to give them more, better, and faster results. The more you do this, the more valuable you’ll become and the longer you’ll be able to serve them. As you continue in a business relationship with them you’ll be able to create new products and services that help them take their next best steps. This extends the lifetime value of the customer and also increases your impact on their lives or businesses.
For more help with building your business, we invite you to check out the Design Launch Grow coaching and training program. This in-depth program offers a supportive community of like-minded entrepreneurs, as well as, an all-access pass to an expansive vault of training videos, live weekly coaching calls, and monthly online workshops that will give you additional training on real-time topics to help you grow your business. We invite you to join Design Launch Grow today!