1. Plan thoroughly
The first requirement for business success is the habit of planning. The better you plan your activities in advance, the faster and easier it will be for you to carry out your plans and get the results you desire once you start to work. There is a “Six P” acronym that says, “proper prior planning prevents poor performance”. Very often, the first 20% of the time that you spend developing complete plans will save you 80% of the time later in achieving the business goals you have set.
2. Get organised before you get started
Once you have developed a complete plan for your business, you must then develop the habit of organising the people and resources you need before you begin. In organising, you bring together all the resources you have determined you’ll need in the planning process. In the military, there is a saying: “Amateurs talk strategy, but professionals talk logistics.” It’s essential that you determine every ingredient you’ll need before you begin business operations and bring them together so they are ready to go when you begin your project.
3. Find the right people
The third habit is the habit of hiring the right people to help you achieve your goals. 95% of your success as an entrepreneur or executive will be determined by the quality of the people you recruit to work with you or to work on your team. The fact is, the best companies have the best people.
4. Delegate wisely
You must develop the ability to delegate the right task to the right person in the right way. The inability to delegate effectively can be the cause of failure or underperformance of the individual and can even bring about failure of the business. Whether you’re an executive or entrepreneur, you need to identify the two or three things that you do that contribute the most value to your company and then delegate the rest. Learn to think in terms of “getting things done through others” rather than trying to do them yourself. It’s the only way you can leverage and multiply your special skills and abilities.
5. Inspect what you expect
You must set up a system to monitor the task and make sure it’s being done as agreed upon. The rule is: inspect what you expect. Once you have delegated a task to the right person in the right way, it’s essential that you monitor the performance of the task and make sure it’s done on schedule and to the required level of quality. Remember that delegation is not abdication. You are still responsible for the ultimate results of the delegated tasks. You must stay on top of them. The more important the job, the more often you should check on the progress.
6. Measure what gets done
Set specific, measurable standards and scorecards for the results you require. You have to set specific timelines and deadlines to make sure you ‘make your numbers’ on schedule. Everyone who is expected to carry out a task must know with complete clarity the targets he or she is aiming at, how successful performance will be measured, and when the expected results are due. Don’t underestimate the importance of selecting and defining specific goals, measures and activities that are then used as benchmarks for performance.
7. Keep people informed
The seventh habit for businesspeople is the habit of reporting results regularly and accurately. Your staff needs to know the status and the situation of your company. Your key people, at all levels, need to know what results are being achieved. An important factor leading to job satisfaction is “being in the know”. People in an organisation have a deep need to know and understand what is going on around them in relation to their work.
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