Introduction:
Recently, I published a post where I suggested various businesses that can survive in an inflation ridden economy like Nigeria. I captioned it; "businesses that can do well in struggling economy like Nigerias'"Link
Having access to funds and establishing a business is one thing, but having the required discipline to run the business as it should is another thing and where the problem is, hence I decided to write on this topic.
Many people have this wrong notion that; opening and running a business successfully is an easy task, this is the reason many businesses failed to see the light of the day. The truth is that; opening and running a business successfully is a very difficult and demanding task that requires more than good business ideas and entrepreneurial spirit.
After opening a business, the ability to stay focused, accountable and consistent over-time requires some level of discipline.
Therefore, this post is aimed at itemizing and explaining those disciplinary qualities a person should possess or embibe to become successful in business.
Source
Basic discipline to succeed in business.
1. Time management is key:
A good business man or project owner should be very good with time management. This is because time management is very crucial for the success of any business. This involves setting goals with deadlines and brilliantly allocating time to every task that is material to the growth of your business.
Every business man or project owner should explore time management techniques such as;
- Creating to do list for every business day.
- Specifying time (work hours) for each task.
- Exploiting the use of work tools such as calendars and task list.
- Ensuring you minimize distractions while you optimize productivity.
2. A business owner should maintain financial discipline:
This is very important for the stability of any business, it also helps to ensure sustainability. This involves proper budgeting, maintaining track of expenses, proper management of cash flow and making informed financial decisions.
The following are what a business owner should do to keep tabs on financial discipline.
- It's important for a business owner to stick to his budget
- He should regularly monitors cash flow, avoiding unnecessary experiences.
- He should seek and heed to sound professional advice when necessary.
3. Plan, set goals and work towards them:
To succeed in business you must be able to set very clear and achievable goals, creating or developing strategies to reach them. This may involve outlining objectives, breaking them down into workable steps and ensureing you are committed to the plan.
While setting business goals, look out for the following;
- That the goals are for specific reasons and for specific period of time.
- That the goals are achievable.
- That the goals are measurable.
- That the goals relate to your type of business.
While planning and setting business goals, there are short and long term goals.
Short term goals: are those goals a business plans to achieve within a short period of time. This short period of time can range from weeks to months and can span through a period of one year.
Long term goals: These are overarching plans of the business plans of the business that the business plans to achieve over a longer period of time. Long term business goals focuses on broader visions and strategic objectives of the business that will make the business sustainable over time.
4. Be consistent and persistent:
A business owner that wants to succeed over a period of time should be consistent and persistent to force acceptance. He needs to show up everyday to deliver quality goods and services amidst challenges and setbacks.
A business owner should be resilient and understand the business concept of failing forward and learning from his mistakes.
5. Treat your business different from yourself:
It takes great self and professional discipline for one to decide and implement this concept in his business. This is difficult for common people and new business owners to understand, however it is an important business concept which helps business owners maintain professionalism and clarity in discussion making.
6. Self discipline and personal development.
Self discipline is very crucial in many aspects of life. In business, self discipline is like a life wire, it comprises of self control, ability to prioritize long term goals and self motivation.
A good business person is supposed to continually invest in self development and learn continuously to enhance discipline and optimize business growth.
Discipline strategies may include;
- Setting boundaries.
- Practice of self-care.
- Looking out for skill development opportunities and joining them to improve self.
Conclusion:
Discipline is a mindset every business owner should possess. It is the distinctive factor between successful entrepreneurs and the rest.
By embracing discipline in your business dealings, you will overcome many challenges in business and accelerate your success story.