Nine Tried and True Habits for Entrepreneurial Success in 2024
A small business owner shares the practices that have helped him thrive for over two decades
Running a successful business is no easy feat. It requires dedication, hard work, and a commitment to continuous growth. As we enter 2024, entrepreneurs around the world are looking for ways to ensure their businesses not only survive but thrive in the ever-changing landscape. In this article, a seasoned small business owner shares nine tried and true habits that have helped him build a prosperous consulting firm over the past twenty years. From starting the day early to embracing artificial intelligence, these habits offer valuable insights for entrepreneurs seeking to make their mark in the coming year.
Start the day at 5 am:
For our entrepreneur, productivity begins with an early start. Rising at 5 am allows him to enjoy uninterrupted time for deep thinking and focused work. By dedicating the early hours to important tasks, he accomplishes more before most people have even begun their day.
Do accounting:
While passion and commitment are essential in business, our entrepreneur emphasizes the importance of numbers. Regularly tracking sales, analyzing cash flow, and monitoring job costs are crucial to understanding the financial health of a business. By staying on top of the numbers, he can make informed decisions and take necessary action to ensure profitability.
Visit clients:
In an increasingly digital world, face-to-face interactions still hold immense value. Our entrepreneur believes that meeting clients in person leads to stronger relationships and more successful sales. While online meetings have their place, he recognizes the power of human connection and actively seeks opportunities to engage with clients and network in real-world settings.
Read and listen:
Continuous learning is a cornerstone of success. Our entrepreneur advocates for a diverse reading list, including both fiction and non-fiction. Fiction offers an escape and a deeper understanding of human behavior, while business, history, and biography books provide valuable insights into the world of entrepreneurship. Additionally, he listens to podcasts during walks and drives, ensuring he stays informed and inspired by the latest business and technology trends.
Play squash:
Physical well-being is crucial for entrepreneurs. Our entrepreneur makes time for exercise, whether it’s playing squash or riding his bike. Regular physical activity not only promotes a balanced mind but also boosts productivity and longevity. Breaking the routine with exercise allows for a fresh perspective and renewed energy to tackle business challenges.
Lean into AI:
Artificial intelligence (AI) is revolutionizing industries, and our entrepreneur recognizes its potential impact. He plans to leverage AI tools within his CRM and accounting software to save time and increase productivity. Additionally, he devotes time to researching and staying up to date on AI developments, recognizing it as a transformative force that cannot be ignored.
Focus on people:
Employees and contractors are the backbone of any business. Our entrepreneur emphasizes the importance of spending time with his team, listening to their concerns, and ensuring they are well-compensated. Building a loyal and dedicated team has been instrumental in his success, and he plans to continue prioritizing his people in the coming year.
Meet with the accountant in May and September:
Despite being a certified public accountant, our entrepreneur recognizes the value of seeking professional help for his taxes. By meeting with his accountant in May and September, he stays ahead of potential tax changes and strategizes to minimize liabilities. Planning ahead and staying informed about tax regulations are key to maximizing profits and growing the business.
Enjoy family:
Amidst the hustle and bustle of running a business, our entrepreneur understands the importance of maintaining a strong support system. Family, friends, neighbors, and the community play a vital role in his success. He prioritizes spending time with loved ones, knowing that their advice, criticism, and support are invaluable.
Conclusion:
While there are no guarantees of becoming a multi-millionaire by following these habits, our entrepreneur’s success story is a testament to their effectiveness. Starting the day early, focusing on numbers, nurturing relationships, continuous learning, prioritizing physical well-being, embracing AI, valuing employees, staying informed about taxes, and cherishing family are all factors that have contributed to his thriving business. As we embark on 2024, entrepreneurs can take inspiration from these habits and adapt them to their own journeys, increasing their chances of building successful and sustainable businesses.