Nine Tried and True Habits for Business Success in 2024

Nine Tried and True Habits for Business Success in 2024

A seasoned entrepreneur shares the key practices that have helped him thrive in a small business for over two decades.

In a world where entrepreneurship is often associated with billion-dollar companies and high-profile success stories, it’s easy to overlook the power of small businesses and the habits that contribute to their growth and profitability. As we enter 2024, one experienced entrepreneur reflects on his journey and shares the nine tried and true habits that have been instrumental in his success. While his tech consulting firm may be small compared to industry giants, these habits have allowed him to build a thriving business and provide for his family.

Start the day at 5 am

For this entrepreneur, early mornings have always been a secret weapon. By waking up at 5 am, he creates a dedicated space for deep thinking and productivity. With no distractions or interruptions, he tackles important tasks and sets the tone for a productive day ahead. The quiet hours of the morning offer a unique opportunity to focus on strategic planning, writing, and other activities that require undivided attention.

Do accounting

While passion and commitment are essential in running a business, this entrepreneur emphasizes the importance of math. He believes that the most successful and profitable businesses are those that closely monitor their numbers. From tracking sales and cash flow to analyzing margins and job costs, understanding the financial health of the business is crucial. By staying on top of the numbers, he can make informed decisions and take corrective actions when necessary.

Visit clients

In an increasingly digital world, face-to-face interactions still hold immense value. This entrepreneur has found that meeting clients in person not only helps to build stronger relationships but also leads to more closed deals and long-term partnerships. While online meetings have their place, he recognizes the power of human connection and actively seeks opportunities to meet clients, attend events, and network with others in the real world.

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Read and listen

Continuous learning is a fundamental aspect of personal and professional growth. This entrepreneur believes in the power of reading and listening to expand his knowledge and gain insights from various sources. While he enjoys fiction for its escapism and understanding of human behavior, he also dedicates time to business, history, and biography books. Additionally, he keeps his mind engaged during walks and drives by listening to podcasts that cover business, technology, and even comedy.

Play squash

Physical health is often overlooked in the pursuit of business success, but this entrepreneur knows the value of exercise. He prioritizes regular physical activity, playing squash two to three times a week. Not only does this competitive sport serve as a calorie burner, but it also provides a mental break and boosts his overall well-being. Whether it’s playing squash or riding his bike, incorporating exercise into his routine keeps his mind sharp and energized.

Lean into AI

As technology continues to advance, this entrepreneur recognizes the transformative power of artificial intelligence (AI). In 2024, he plans to delve deeper into his CRM and accounting software, exploring AI tools that can save time and increase productivity for his team. He understands that staying ahead of the curve is crucial and intends to dedicate significant time to researching and understanding the latest developments in AI. By embracing this disruptive trend, he aims to leverage AI’s potential to drive growth and efficiency in his business.

Focus on people

While this entrepreneur may have a small team, he understands the importance of investing time and attention in his employees and contractors. He recognizes that they are the backbone of his business, responsible for client interactions, prospecting, and financial management. By spending time with each team member, listening to their concerns, and ensuring they are compensated fairly, he fosters a loyal and dedicated workforce. This commitment to his people has been a key factor in his business’s success.

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Meet with my accountant in May and September

Despite being a certified public accountant himself, this entrepreneur acknowledges the importance of seeking professional help when it comes to taxes. He meets with his accountant twice a year, in May and September, to ensure he is maximizing his tax planning strategies. With tax rules constantly changing and potential significant shifts on the horizon, he understands the need to stay proactive and make informed decisions that minimize tax liabilities while growing his business.

Enjoy family

Amidst the demands of running a business, this entrepreneur emphasizes the significance of family and community support. He recognizes that success is not solely measured by financial achievements but also by the relationships and connections we nurture. Taking the time to prioritize family, friends, neighbors, and the community is essential for a balanced and fulfilling life. Their advice, criticism, and unwavering support have been invaluable throughout his entrepreneurial journey.

Conclusion:

While there are no guarantees of becoming a multi-zillionaire by following these habits, this seasoned entrepreneur’s story serves as a testament to their effectiveness. By starting the day early, staying on top of finances, prioritizing face-to-face interactions, continuous learning, maintaining physical health, embracing AI, investing in people, planning ahead for taxes, and cherishing family, he has built a successful business that has provided for his family over the past two decades. As we enter 2024, these tried and true habits offer a roadmap for entrepreneurs seeking growth and profitability in their own ventures.