It is thrilling to take care of your business by being on the lookout.
When running a business, no matter how well the tried and true methods are working, it is important for an entrepreneur to be on the lookout for new ways to do things. When looking at new ways to improve business, the entrepreneur should be looking at a variety of things including:
An entrepreneur should be observant about what is going on in her business and in her industry. The word lookout is commonly defined as careful looking or watching. On the lookout for what? Everything. As a business owner, you have to pay attention to everything in your business. On a regular basis you must look at:
- employee salaries
- supply costs
- money due to the business
- money the business owes to others
- sticking to the business plan
- opportunities to network with others
An entrepreneur, particularly an entrepreneur with employees you have a responsibility and an obligation to use your best efforts to make your business a success. There are people depending on your business continuing to exist. The following is a small listing of the people who are depending on you:
- your family (income)
- employees (ability to support their families)
- landlord (depends upon rental income)
- your suppliers (their business depends upon your orders)
- businesses located in your area (empty office space detracts from the existing businesses)
It is important to pay attention to what is going on in all areas of your business. When you do so, you can operate from a point of strength and knowledge rather than always being on emergency alert putting out one fire after another. When an entrepreneur is steadily on the lookout for what is going on with the business fewer things slip through the cracks. Mark your calendar so that you look at each of the items in you look out for on a regular basis.
It is important to realize that looking out is not a passive activity. Entrepreneurs must do something with the information obtained. Keep records of the information obtained. Put the information in writing either a hard copy or electronically so that you are able to follow trends. So, the question for you this thrilling day is what are you on the lookout for with your business?