Entrepreneurs should focus on what they do best, and yet many times solopreneurs and companies begin spiraling out of control when they hit obstacles.
Bad data, faulty financial management, and inefficient production are among the reasons for problems creeping through companies and causing confusion.
An entrepreneur who has turned around a couple of dozen companies, Bruce Acacio of Infinite Corporation, has seen individuals and companies of all sizes panic. A common response is to begin adding to their product or service offerings with the hope of pumping up revenues.
"The basic systems are often not adequate and companies are not aware of what's happening," he said during an interview with me. "Systems are often developed over a long period of time from a company that was once successful. They [new owners] don't update and look at things from a global view. They'll see little pieces of something but never come back and see the whole process."
Bruce's company has provided 100,000 migrations from mainframes to cloud-based systems, more than IBM. He has seen technology firms use outdated accounting systems or develop patch-work approaches for database management and systems eventually become unwieldy.
Universal Best Practices
Here are 6 best practice tips that are easy to implement and manage for solopreneurs and businesses of any size.
Finances: spend 30 minutes a week entering expenses and income on a spreadsheet and filing receipts.
Projections: know where potential sales will come from for the next quarter.
Marketing: create an email list or network among referral sources for incoming projects and have talented vendors on hand to fulfill projects and orders.
Customer Service: don't underestimate the value of a thank-you card.
Remain focused on a core expertise and don't try adding new skills to an already overburdened business model to try and smooth out challenges.
Know what you do best and get even better in providing the product or service. Staying focused is the best way to ensure long-term success.