We have all struggled to be more successful, and every wannabe business guru has a bag of tricks they’re eager to sell you. Successful entrepreneurs never stop looking for better business results. They improve their own productivity, and the efficiency of the team.
Complaints from entrepreneurs and employees about the hours they work, and the lack of pay are all too common. Most small companies continue to pay many key employees hourly regardless of their output. Under this system they’re getting exactly what they pay for; hours, not results.
Here are some key tips for improving your business results with less work:
Incentives for results.
Ensure that all your employees understand how results will be measured and they’ll strive for the positive impact of producing results for you. Incentives don’t always mean cash- peer and other forms of non-cash recognition have also been shown to produce positive results. According to research by BlackHawk Engagement Solutions, employers need to pay attention to who their employees are and reward them accordingly.
Reward action rather than reaction.
Simply put, encourage and train employees to prioritize their focus on the most important items and then proactively address them first. Don’t let the “crisis of the moment” determine your actions. There will never be enough time to do everything.
Practice the Pareto principle.
Also known as the 80/20 rule, this principle states that typically, 80% of the results are from 20% of the actions. For example, in a majority of businesses, 80% of the profit is from 20% of the customers. Perfection is neither a reasonable nor affordable goal when it comes to development, sales or customer support.
Utilize the Best Tools and Technology.
Still using calculators and lined paper rather than a spreadsheet or financial software to create budgets and financial statements? An important factor to working less for better results in business is providing the tools and training needed to do the job productively. As an entrepreneur this is one of your key responsibilities.
Promote a Balanced Work/Life Culture.
Regular 20 hour workdays are not conducive to achieving long-term momentum or better business results. Your own actions and demands should set the tone for others on the team. Time off for family, vacations and other outside activities need to be modeled and encouraged
Encourage Communication, Discourage Isolation.
Private offices are becoming a thing of the past as more and more companies are realizing that open workspaces allow everyone to naturally interact, resulting in greater collaboration and knowledge sharing. This arrangement optimizes productivity, resulting in better business results.
Celebrate Every Success.
As an entrepreneur you should never pass up an opportunity to acknowledge results and milestones. This reinforces your claims that the focus is not on hours worked but on results achieved. Your team will notice and appreciate it, and they won’t start feeling like they’re on a forced march with no end.
Try this: think of you and your new business as a high-performance vehicle with a long arduous race to the finish line…success. Careful attention to traction and momentum is required at the start, at every curve, and at every obstacle. Don’t run out of fuel after the first lap.
George Meszaros is a serial entrepreneur and the co-founder of Success Harbor, a website dedicate to help entrepreneurs succeed through real-world advice. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content.