Nine Tried and True Habits for Business Success in 2024
A small business owner shares the habits that have helped him thrive for over two decades
Running a successful business requires dedication, strategy, and a commitment to continuous improvement. As 2023 comes to a close, entrepreneurs around the world are preparing for the challenges and opportunities that lie ahead in 2024. In this article, we delve into the insights of a seasoned business owner who has managed to build a thriving consulting firm over the past twenty years. By adhering to nine tried and true habits, he has not only achieved financial stability but also created a fulfilling livelihood for his family. From starting the day early to embracing emerging technologies, these habits offer valuable lessons for entrepreneurs of all scales.
Start the day at 5 am for peak productivity
The early morning hours hold a unique power for productivity. By waking up at 5 am, this business owner has found a time of uninterrupted focus and clarity. Free from distractions, he dedicates these early hours to deep thinking and writing, accomplishing more in this short period than during other parts of the day. Starting the day early sets the tone for increased productivity and sets the stage for success.
Embrace the power of numbers through meticulous accounting
While passion and commitment are essential in business, the most crucial aspect is understanding the numbers. This business owner, a certified public accountant himself, emphasizes the importance of closely monitoring sales, cash flow, job costs, and margins. By staying informed about the financial health of the business, he can make informed decisions and take corrective action when necessary.
Prioritize face-to-face client interactions
In an increasingly digital world, the value of personal connections should not be underestimated. This business owner has found that meeting clients in person leads to more successful sales and fosters long-term relationships. While online meetings serve a purpose, human beings have an innate desire to connect physically. By prioritizing face-to-face interactions, he builds trust and strengthens his network, giving his business a competitive edge.
Cultivate a habit of continuous learning through reading and listening
A thirst for knowledge is a hallmark of successful entrepreneurs. This business owner advocates for a diverse reading list that includes fiction, business books, history, and biographies. By immersing himself in different genres, he gains insights into human behavior, expands his perspective, and finds inspiration. Additionally, he leverages technology to stay informed by listening to business and technology podcasts during walks and drives, ensuring he stays up to date with the latest trends and developments.
Prioritize physical well-being through regular exercise
Maintaining a healthy lifestyle is crucial for entrepreneurs. This business owner emphasizes the importance of exercise by playing squash two to three times a week. Engaging in competitive physical activities not only burns calories but also provides a mental break and boosts creativity. Recognizing the significance of physical activity, he ensures that exercise is an integral part of his routine, contributing to a balanced mind and a long, fulfilling entrepreneurial journey.
Harness the power of AI to drive business growth
Artificial Intelligence (AI) is rapidly transforming industries, and this business owner recognizes its potential. He is committed to incorporating AI into his technology strategy, leveraging CRM and accounting software to save time and increase productivity. By dedicating time to research and staying informed about AI developments, he ensures that his business remains at the forefront of innovation, just as the mobile device revolutionized the industry fifteen years ago.
Prioritize people and nurture strong relationships
The success of any business relies on the people who contribute to its growth. With a small team of employees and contractors, this business owner understands the importance of investing time in his team. By actively engaging with each individual, he creates a supportive environment where everyone’s concerns are heard. Furthermore, he emphasizes the value of providing competitive compensation and benefits, fostering loyalty and dedication among his team members.
Seek expert financial guidance for tax planning
Navigating the complexities of taxes can be daunting for any business owner. Despite being a certified public accountant, this entrepreneur acknowledges his limitations and seeks professional help for tax planning. By meeting with his accountant in May and September, he ensures that he is prepared for potential changes in tax regulations and devises strategies to minimize tax liabilities. Proactive tax planning is an essential aspect of financial management, enabling entrepreneurs to optimize their earnings and grow their businesses.
Cherish family and maintain a strong support system
Amidst the hustle and bustle of running a business, it is vital to prioritize family and maintain a strong support system. This business owner recognizes that the backing of his family, friends, neighbors, and community is invaluable. They offer advice, critique, and support, creating a solid foundation for his entrepreneurial journey. By making time for family and nurturing these relationships, he finds balance and fulfillment, ensuring his business success is not at the expense of personal happiness.
Conclusion:
While there is no guaranteed formula for becoming a multi-zillionaire, adopting these nine tried and true habits can significantly enhance the chances of business success in 2024. From starting the day early and embracing the power of numbers to prioritizing face-to-face interactions and nurturing strong relationships, these habits have proven effective for a small business owner over the past two decades. By incorporating these practices into their routines, entrepreneurs can lay the groundwork for growth, profitability, and a fulfilling entrepreneurial journey.