Techblog
5 productivity habits entrepreneurs should cultivate
To be a successful entrepreneur, productivity is more than just a goal – it needs to be a habit. To manage a growing startup business, one needs to get the best out of every single day.
Why is enhancing productivity critical to the success of new startups? As Deloitte reports, it’s because they don’t enjoy the luxury of scale or have the necessary specialists and resources for every role and requirement, which leaves entrepreneurs juggling multiple roles and responsibilities, trying their best to work on the right thing at the right time.
As your company starts to gain traction and grow, the need to optimise the efficiency of your workforce and systems also increases, as productivity challenges grow too. How do you maintain communication and collaboration while adding staff and opening offices? What about upholding management control as business tasks become increasingly complex?
Successful entrepreneurs adopt different habits to optimise productivity in their own work and business. But to be most effective as a startup founder, there are five key practices you need to cultivate.
1. Always be ready to sell your vision
In today’s fast-paced business world, you never know when you’ll bump into a potential investor. It could be at a business conference, or you could receive an email while you’re travelling, meaning you have to make a pitch remotely.
To be pitch-ready in an instant, wherever you are, keep key business information on online presentation tools. That way, you can easily access and share data that highlights the attractiveness of your proposition, even in the middle of a busy conference room.
2. Keep communication channels open
When working on projects, keep communication channels open so your team can update you and so you can keep an eye on the company’s projects and progress.
Companies that don't enable communication risk leaking substantial capital. As SIS International Research estimated, inefficient communication could cost an SMB with 100 employees $524,569 annually – and that was back in 2007!
This doesn’t mean you have to be always online answering messages and emails, but make it a habit to set some time aside every day and use appropriate solutions to help you keep track of project progress.
Solutions can range from a simple whiteboard listing with different stages of the project or cloud-based sites that send real-time updates to your employees, whether they're at their desk or on the road.
3. Delegate more to team members
Startup founders can find it difficult to let go of projects because they're invested in the results. However, it's important to delegate some of the hands-on work so you can concentrate on your responsibilities as a leader, such as charting the strategy for growth.
How often do you think of delegating a task to team members, but then reconsider due to lack of information available to them and take on the task yourself? Soon your to-do list builds up, projects overshoot deadlines and expenses mount.
With cloud-based sites and apps, you can establish a central hub or an intranet to store key project information so your collaborators have all the necessary info when you delegate tasks to them. Also enable them to edit the info as they progress so you are aware of the status of the project all the time.
4. Make time for regular networking events
Successful entrepreneurs know networking presents numerous opportunities beyond meeting potential investors and partners. When mingling with executives and fellow entrepreneurs, you can gain valuable market insights, such as hearing about new trends and products that could give you an advantage over competitors.
Look for regular networking events by joining entrepreneur’s circles and groups and make it a habit to attend one at least every month with your team, even if it merely to exchange ideas. A quick way to boost your networking is by using apps that schedule events automatically in team members' calendars. You'll save time entering dates manually, and there's less risk you'll forget.
5. Secure confidential documents systematically
Your business data and documents are invaluable – losing them can cost not just money but time spent trying to recover files or starting again from scratch. Productive entrepreneurs set up systems and processes to secure documents and data instantly, with backups, continuity and disaster recovery built in.
Cultivating any type of habit takes concentration and time – a scarce commodity for most entrepreneurs. To speed up the process, you can employ technology solutions that assist productive practices, such as Singtel ONEOffice. It boasts features that make it easier for company founders to develop the habits of effective leaders, like delegating projects and collaborating on files in real-time with Sites, streamlining communications with Email, sharing and securing files instantly via Drive, and setting alerts for networking events on Calendar.
However you opt to boost productivity, keep in mind the key habits leaders cultivate for success:
- Have your pitch documents at the ready.
- Communicate with teams daily.
- Delegate more.
- Seek out networking events.
- Secure documents systematically.
To see how ONEOffice can help you cultivate these habits, find out more here.