Business Tips from SCORE: Personal development is key to growing a business
The most effective way to grow a business is to focus on it, but also focus on yourself and your personal development. We often hear the term work/life balance when it pertains to employee well-being. However without you, your business cannot function. And without a small-business leader who is continually trying to improve him or herself the business cannot reach its full potential.
When we focus on personal development we focus on what will make us more aware of the dynamics that impact our business. It makes us more effective and efficient in addressing situations since we become aware of multiple options in addressing issues and generating actions.
Ivan Estrada, in a post, Business Planning Your Career, advises focusing on five steps when considering personal development: Have the right mindset, expand your knowledge, locate your blind spots and bottlenecks, overcome your fears and understand your “Why.” All five steps are important, but the most important is to understand your “Why.” Who are you? What motivates you? What gives you purpose? Why do you try new things and approaches versus stick with the old and familiar? And, why did you start this business?
More: Business Tips from SCORE: How to create a culture of excellence in your company
It all begins with having a good mindset. When you are making decisions that entail risk and are asked to step outside your comfort zone having the right mental attitude is required. To get to the right mindset consider: meditating, participating in daily exercise, eating balanced, nutritious meals, and considering a gratitude journal to keep top of mind what you are grateful for in your life. Opening yourself up to new information is just the start.
What are the elements to approaching personal development?
When an entrepreneur approaches personal development there are a number of elements that make the journey more effective:
Goal setting: Set clear, achievable goals for your business and yourself. It is always best to break them down into manageable chunks so they are not overwhelming. .
More: How to use social media to help your business. Hint: It's more than posting cute pictures.
Develop critical thinking skills: Leaders are faced with a myriad of situations in the course of any day, week or month. Being able to assess and analyze these situations in a logical and insightful way improves the potential outcome. This process involves gathering factual information and eliminating biases that cloud the decision making process. It involves questioning the facts to assure they are relevant and impactful in making the final decision.
Time management: Prioritizing tasks, maintaining a daily schedule and delegating when appropriate. Learning how to sort out what is urgent from what is just important. Using time management tools helps even the most organized business leader.
Financial literacy: Understanding the scorecards that drive a business. Understanding budgeting, cash flow, profit and loss and balance sheets enhances a leader’s ability to make timely and fact based decisions.
Flexibility and adaptability: Willing to try new approaches and being able to adapt and pivot to address the ever changing environment in which we are all working.
Self-care: Exercise, healthy eating and activities that manage one’s stress all provide a foundation for personal development.
Feedback: Customers, partners, suppliers and team members are a continuous source of feedback that helps define and redefine current and potential business strategies.
Networking: Attending events, being part of industry groups, chat groups online and having mentors enhances a leader’s ability to look beyond their current situation. Understanding how others approach the same situations makes for a broader perspective and comprehension in addressing one’s own issues.
Lifelong learning is important for leaders for personal development
Leaders cannot just rely on what they know today. They need to be always learning. Keeping up-to-date on trends, technology and approaches to managing one’s business is fundamental to personal development. It matters little how lifelong learning is delivered. It can be via books, tapes, podcast, blogs, magazines or workshops and webinars, industry peers, networking events, clubs or associations. Here are some sources to consider:
Podcasts: Duct Tape Marketing (interviews with experts), Odd Lots (a Bloomberg offering that draws on a huge amount of resources), Planet Money (fun and interesting topics not found elsewhere), Count Me In (focuses on finance), Marketplace ( Kai Ryssdal’s long running — since 2005 and on NPR since 1989 – stays connected to breaking business news)
Books: "Traction: Get a Grip on Your Business," Gino Wickman (staying in control and avoiding burnout); "Start with Why," Simon Sinek (developing leadership skills); "Grit," Angela Duckworth (working hard to achieve results); "Positioning," Al Reis and Jack Trout (Branding)
Other Books: "The 7 Habits of Highly Effective People," Stephen R. Covey (teaches you to be proactive and changes your way of thinking about interacting with others); "The E-Myth Revisited," Michael E. Gerber (the three stages of business development); "The Art of the Start," Guy Kawasaki (turning your idea into a real live business)
Small Business magazines: Cape & Plymouth Business Media (local Cape, Islands and South Shore business- available online), Fortune, Small Business, Inc., Entrepreneur, Fast Company, Success
Webinars: (3 just to try using webinars): Joyful Leadership, Udemy, Learning How to Learn, Deep Teaching Solutions, Helping Introverts to be Seen at Work, Corporate Coach Training, SCORE webinars, www.score.org
Cape Cod Community College: There are courses you can take through the college's Center for Corporate and Professional Education – Intro to QuickBooks Online, Entrepreneurial Mindset Training, and Leadership Mindset Essentials are just three of dozens available for lifelong learners.
Maryn McDonnel advises, “Owning and managing a business requires “energy, optimism and foresight.” To keep a business moving in a forward trajectory ownership needs to stay attuned to changes that may impact it. Being open to personal development provides a solid foundation for growth and profitability.
Final thought. Don’t get caught in the “say do” trap. If you expect your team to engage in personal development and you don’t, they won’t. They lose confidence in their leaders’ counsel.
Contributed by Marc L. Goldberg, Certified Mentor, SCORE Cape Cod & the Islands. Free and confidential mentoring. www.score.org/capecod, capecodscore@scorevolunteer.org, 508/775-4884. Sources: 7 Self Development Tips to Improve Business Success, Maryn McDonnell, Management, Small Business, Tips. How Managers Can Make Time for Their Own Development, Hellen Tupper and Sarah Ellis, 6/29/2023, Harvard Business Review, Personal Development for Entrepreneurs: How Self Improvement Can Grow Your Business, Ivan Estrada, 6/2/2023, 11 Best Books for Small Business Owners, Sharita Humphrey, America’s SBDC Blog, 7/20/2023
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This article originally appeared on Cape Cod Times: Personal development starts with having a good mindset
