Entrepreneurship is a springboard for some to achieve great things as successful businessmen and is a trap for many to stay put where they had started, deeply engrossed in day to day mundane work that takes away their focus to stay and grow the business.

Most entrepreneurs don’t take help to push them out of their zone to know how are they doing and what they are doing is right or wrong. Entrepreneurial journey is not a short stint but a life long marathon that saps the energy, resources and family life. It requires great determination to stay rooted in the journey with unwavering motivation, a committed team and a supporting family.

Entrepreneurial burn-out is the most talked about syndrome in the start-up business world. One runs after money in the initial phase and later spends a lot of time in acquiring those first customers. Most of the entrepreneurs do pro-castination and fail to focus on productivity that is so essential to sustain their business.

Let us look at some of the tips from coaches that would help those running their business.

Flexibility

Businessmen are so engrossed with their day to day problems that they forget about their families and friends and think about only money. Too much focus on one issue becomes burdensome and there is no one to tell them to step out and get another perspective.

Procrastination

Some businessmen become obsessive and get bogged down about trivial administrative issues. They fail to notice other larger issues that are impacting their business that eventually derail it. They don’t know how to solve them.

Delegation

Entrepreneurs are keen to monitor everything on their own and spend a lot of time in doing it. Expanding their business and new customer acquisition get less attention. They fail to delegate routine jobs that don’t need their time and effort.

Automation

Move away from manual work of keeping accounts or calculating salaries for employees. Automation of tasks makes you organised and you find you have more time on hand to spend on business. Automation can be extended to your processes too. It may cost you more but benefits will repay the costs.

Handling debts

It is not right to deploy all your funds in the business. You have your family to take care of. Loans are essential to expand your business or for product development. Don’t shy away from taking a loan that can be managed and repaid on time. Accumulation of debts takes you towards huge cash outflows as interest payments and eventually that kills your business. Always keep the debts to a manageable level.

Books of accounts

It is a good habit to know from your accountant about the incomes / expenses, tax obligations, tax benefits and government notifications. Tracking your book of accounts once in a fortnight helps to avoid surprises at a later date.

Help from a coach / expert

It is not wrong to take guidance from coaches/ Experts to help with you inputs about the market, competition, strategies and your strong & weak areas. Sometime you forget the real value in you.

It is a great feeling to start a business but running it to earn good profits requires deep commitment, a good team, good understanding of customer expectations and a supportive family.

All the best !

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