Entrepreneurs: Systematize and Monetize Your Business

One of the great equalizers for small businesses is that commerce continues to evolve and grow on the internet. According to the Census Bureau of the Department of Commerce, “e-commerce grew faster than total economic activity…” While many naysayers are hyping the worst economic conditions since the Great Depression, others are finding great wealth on the web.

Almost every aspect of daily life is influenced in some way, including the way we communicate and how we network. The web and technology is making it easier for the small business owners to compete. It provides the solopreneur or small business owner access and the ability to leverage their business. In some cases, it allows small businesses to compete with larger businesses as well as bring in big business profits without the overhead. Most business owners think they need to employ many employees to have a $1 million business but the internet is proving that to be an outdated belief.

Yet, many people starting their business don’t understand the essentials of using technology in ways that systematize and monetize their business.

To be among those 10 percent of winning entrepreneurs, it’s crucial to systematize and monetize your business. New entrepreneurs make the mistake of setting up their business with a dollars-for-hours model. Unfortunately, the model creates a cycle where the entrepreneur is working hard for a specific period of time and then they look for more work, try to sell more products or seek out another contract. They spend 50 – 80% of their time drumming up new business and the remaining time working the new contract. This causes a vicious cycle, leaving the entrepreneur exhausted, de-energized and frustrated. This model has no leverage and no residual income.

It is often the reason why new entrepreneurs decide to call it quits and say “I have no time.” But Systematizing and Monetizing your business means you can work less and make more. It means utilizing all the resources that available.

To get started, use these 3 simple steps to start systematizing and monetizing your business:

•Clear the Deck! Or maybe it should be clear the desk. It is difficult to systematize your day with mounds of clutter all around. Old files, clients you haven’t worked with in ages, and stuff. Resist the urge to purge all in one day. Organize over time and it won’t seem so overwhelming. Start with one drawer or one section of your desk. Clean it and make a commitment to keep it clean.

•Delegate. One way to monetize your business is to delegate. I’ll bet there are things you’re doing that an intern or some other assistant can help you with. Make a list of those things that can be delegated so you can focus your attention on those important things that will bring in income to your business. Call your local college and see if there is a student that can assist you with these tasks. The more you can release routine non-revenue generating tasks, the more you can focus on the essential revenue-generating strategies for your business.

•Create a daily system. Have to update your blog, write an article, and meet with clients? Look at how you’re scheduling your days. Try placing all of your client meetings on one day or create a system by using your calendar for the tasks that need to be completed and keep that appointment. Remember, when you’re committed to that appointment (whether it is an appointment to strategize for your business or meet with a client) that’s what you’re focused on. Answer emails or the phone during other scheduled times. Resist the urge to answer the phone when you’re in an appointment and use call forwarding to help you stay on task. When you have a daily system, you can accomplish more and serve your customers efficiently.

Before you know it, you’re creating momentum because you’re creating systems around your day and your week leaving you time to implement more sophisticated systems that continuously bring in your preferred clients. Delegating non-essential tasks whether by utilizing technology or outsourcing the tasks, allows you to focus on monetizing your business.