Habits to Cultivate for Business Success

For many business owners, success doesn’t happen overnight. Instead, it builds steadily and requires a fair amount of dedication and commitment. Working with the right team, such as hiring a virtual CFO to help you manage your company’s finances and develop strategic plans, is one way to get on the path to success. Developing and sticking with certain habits will also help you steer your company towards success. As a bonus, cultivating certain habits can also help improve your work-life balance and overall quality of life.

1. A Commitment to Learning

Technology and the world in general are constantly evolving. Cultivating a commitment to ongoing learning helps keep your skills fresh and helps you stay connected to the world around you. Learning can take multiple formats. You don’t have to sign up for classes or enroll in a certification program, although doing so is definitely a good way to build your skills. Other ways you can commit to learning include:

• Reading books, both fiction and non-fiction, daily
• Following the news
• Talking to people from all walks of life

You can make time for learning in your life in several ways. Set aside 30 minutes or so daily to read a book or catch up on the news. If you sign up for a class, give yourself 30 minutes to one hour daily to study and read over the course material.

2. Effective Time Management

As a business owner, you’re likely to face multiple deadlines and due dates. Projects need to be started and finished on time to stay on budget and keep your company on course.

There are many ways to manage your time. One notably effective time management habit is time blocking. You divide your day into sections, or blocks of time, and assign each block a task. For example, you might decide that from 7:00 to 7:30 a.m. you’ll eat breakfast and from 7:30 until 8 a.m. you’ll read a book. Time blocking keeps you from going over time and ensures you get done all the things you’d like to do in a day. It’s an effective habit to cultivate if you often find yourself wondering how you’ll accomplish all you need to do each day.

3. Social Activities

Being social can help your business succeed, for a few reasons. When you allow yourself to spend time socializing, whether it’s joining a book club, hosting dinner parties or barbecues for your friends, or signing up for a sports team, you give yourself time to disconnect from work and relax. You’ll be able to return to your responsibilities later feeling refreshed. You might have even had a few epiphanies while discussing the latest crime thriller or chasing a ball into the outfield.

Social activities also connect you with other people, which is one of the ways you can continue to learn. You can have discussions with the people you socialize with and learn more about their approach to the world. Connecting with people helps you develop empathy and compassion, both key skills for business success.

4. Goal-Setting

What’s next for your business? If you don’t know, it’s difficult to make a plan or strategize. Getting in the habit of setting goals, both personal and professional, can help you better create a roadmap for your business’ future. When you create goals, use the SMART goal format to make them easier to reach. SMART goals are:

• Specific
• Measurable
• Achievable
• Relevant
• Time-bound

5. Networking

Networking is similar to participating in social activities but is generally focused on building business connections rather than social connections. You can get into the habit of networking by attending at least one networking event per week or making a habit of emailing or calling individuals you’re interested in working with. The stronger your network, the more people you have to turn to for advice or when you have open positions you want to fill.

Although networking is a valuable habit, don’t network for the sake of it. Choose the events you attend with care to make the best use of your time.

The virtual CFOs at New Direction Capital can help you cultivate habits and practices that will lead to business success. To learn more, hire your virtual CFO today.