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Business Owners Habits: The 3 CEO Habits Every Business Owners Must Have. Entrepreneur MBA Podcast 4.32

In today’s Podcast, Simon Severino from Strategy Spring and Stephen Halasnik from Financing Solutions discuss the 3 CEO habits every business owner needs to scale and grow. To be successful in business, you must be conscious and conscientious of your behaviors towards your company. Smart business owners keep tabs on their business day-to-day by ensuring that every activity concerning marketing, sales, and operations is carried out in a fashion that brings the most desirable results. Plus, they don’t joke around with their business KPI measurements.  They take their business numbers seriously to accelerate where they are recording success and improve on the areas they are losing. 

The 3 CEO Habits Every Business Owner Needs

Every business owner craves to be successful. But success in business demands some habitual action-business owners’ habits. As a small business owner, you want to imbibe the essential habits that will help you run a competitive and thriving company. Doing this requires you to pay attention to the things in your control. The three habits that are in your control when your business is below the 5 million dollar benchmark are your daily, weekly, and monthly habits.

These habits capture your time management approach, ability to measure key performance indicators, and capacity to generate leads. If you control these habits, you will run your business successfully under all weather conditions.

Now read on to know the 3 CEO habits every business owner needs to run successfully while aiming at reaching the 10 million dollar threshold. Business owners habit

What are the 3 Business Owners’ Habits?

At the level of 5 million benchmarks, you want to get out of your business and work on your business. In other words, you should aim to divide your business into various departments, including the marketing department, sales department, and operations department, and appoint one person each running that. Creating your business into various departments will help you use professionals that can manage them effectively. 

Daily Habit

To be successful in business, you have to be strategic in your time management. You should write down how you will be allocating your time to tasks every day. Then, in the evening, ask yourself these two reflective questions: Among all these things, which one will I delegate tomorrow? And what would I do tomorrow If I might live more freely and more intentionally?  

Informed by this exercise, you will be able to create your tomorrow’s schedule and remain focused. Plus, you should develop a daily flow that you will commit to your daily activities to be more methodical in running your business.  

As a business owner, cultivating the habit of time management would help you improve productivity. Proper time management helps you solve problems in your business without significantly affecting your day-to-day operation.  

Weekly Habit

Get your three main numbers because otherwise, you’re flying blind. What are the three main numbers? They are the marketing number, sales number, and operation number. Keeping track of these numbers helps you in making an objective and informed decision, especially about your financial, marketing, and operational achievements,

  • Marketing number 

How many prospects and customers visited your website this week, and how many of them want to talk to you? Most importantly, you should be concerned about how you fill the marketing pipeline and how much you close from the pipeline. In other words, your marketing team should be able to convert leads into customers inexpensively.

  • Sales number   

This includes the number of sales conversations, the number of deals you have closed, and the percentage. Of course, you should always keep track of your sales numbers. A thorough examination of your sales pipeline can reveal your sales and marketing areas that need improvement. Plus, you should be wary of the marketing channel that brings the highest conversion. 

  • Operation number

It concerns the number of clients referrers you get. In addition, how many clients are satisfied with your product that they refer you to somebody else. How many clients did you turn into helping other clients because you reacted and implemented what they were missing?

So, this can be your simple weekly dashboard. At the end of every week, you should check whether the numbers are increasing by at least 1%. Otherwise, you stop and take an hour deep dive to figure out what’s going wrong. 

Monthly Habit

Monthly habits entail budgeting according to where you are winning compared to your competition and the areas you are losing compared to your competitors. You should be able to know the areas you’re losing to cut 15% cost from them and reinvest the 15% in the area you’re winning. Investing 15% of your time and resources in the area you’re winning already will help you become a more formidable and strategic position to attack harder and not allow people to poach your clients. In other words, your strategic advantage is a little bit more compared to your competition. 

Conclusion

Adequate preparation and planning are essential in building a business. Savvy business owners know how to create diligent to-do lists at the start of each day and make it their habit. Plus, they set goals they want to achieve within a certain timeframe. Finally, they formalize their plans, know their financials and KPIs, and take a different approach to solving problems.

 

About Our Guest

Simon Severino helps business owners in SaaS and Services run their company more effectively which results in sales that soar. Trusted by Google, Roche, Consilience Ventures, Amgen, and AbbVie. He created the Strategy Sprints™ Method that doubles revenue in 90 days by getting owners out of the weeds. Simon is a TEDx speaker and Contributor to Forbes, The Entrepreneur Magazine, and a member of the SVBS Silicon Valley Blockchain Society.

About Financing Solutions

An A+ and 5 stars rated BBB company since 2002, Financing Solutions, is a direct lender that provides lines of credit to small businesses and nonprofits.

Financing Solutions small business financing product is an excellent alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line demands no collateral and personal guarantees.

Owners of small businesses use their line of credit to help with emergencies or opportunities when your small business’s cash flow is temporarily down (i.e. Payroll funding)

Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.

Note: Financing Solutions donates 10% of its profits to various nonprofit charities.

 

 

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