Most people understand the importance of good habits — the right habits increase productivity and minimize decision fatigue. This is critical for entrepreneurs who have to make quick decisions and juggle multiple tasks at once. Here are five habits you should adopt in 2023.
Learn something new every day
It’s important to find ways to continue learning something new every day. Taking time to study your industry, competitors, and upcoming technologies will help you stay ahead of the curve. You can do this by reading industry-related books and listening to podcasts.
Attending conferences and workshops is a great way to learn from other entrepreneurs. And online courses can help you gain new skills and expand your knowledge in specific areas. Most importantly, continue trying new things and testing different strategies to see what works for your business.
Prioritizing tasks
Every day, you probably feel like there are a million different tasks competing for your attention. That’s why successful entrepreneurs learn how to prioritize their daily tasks based on their urgency and importance. You can do this by creating a to-do list and only including the items that must get done that day.
You can also utilize the Eisenhower matrix and divide your tasks into four categories — urgent and important, important but not urgent, urgent but not important, and not urgent or important. This can help you decide which tasks need to be completed first and which can wait.
You may realize that certain items may need to be delegated to someone else altogether. Once you know what tasks need to be completed, you can use time-blocking to schedule specific blocks of time for different activities.
[Read more: 5 Qualities Critical to Successful Small Businesses]
Networking
Building and maintaining professional relationships is crucial, so it’s a good idea to develop the habit of networking on a regular basis. Not only will this open up new business opportunities, but surrounding yourself with like-minded people will raise your energy level and motivation.
You can start networking by joining industry-specific groups like trade organizations, professional networks, and your local chamber of commerce. You can also attend networking events and conferences where you’ll meet other business owners and make connections.
But you don’t have to limit yourself to in-person networking events — you may be surprised to find you can build meaningful connections online. Start utilizing social media platforms like LinkedIn to engage in professional conversations.
[Read more: How to Network to Grow Your Small Business]
Building and maintaining professional relationships is crucial, so it’s a good idea to develop the habit of networking on a regular basis.
Financial management
If you want your business to succeed over the long term, you must develop good financial habits. For instance, creating a budget will help you plan for your expenses and revenue and track your spending each month.
Make sure you keep accurate financial records and hold onto your invoices, receipts, and bank statements. You’ll need these documents come tax season and if your business is ever subject to an audit.
The best way to ensure you’re making good financial decisions is by working with an accountant. The right accountant can help you understand your financial statements and make sure you’re staying on top of your reporting requirements.
[Read more: What’s the Difference Between an Accountant and a Bookkeeper?]
Self-care
Many entrepreneurs struggle to prioritize self-care — it’s hard to take time for yourself when you’re in the weeds of building a business. But taking care of your physical and mental health is the best way to ensure you have the energy needed to run your business.
Begin setting boundaries between work and your personal life to ensure you’re not spending all your time working. Make sure you get enough sleep each night since lack of sleep can lead to fatigue and poor decision-making.
Make time for regular exercise and other activities you enjoy. And practicing mindfulness techniques like meditation and yoga will reduce your stress and improve your mental well-being.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
