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When starting a business, your No. 1 goal should be sales. Marketing and advertising are often too costly for most new businesses, so sales will have to be generated the old-fashioned way — pounding the pavement, meeting people, and leveraging your relationships. Spend 70% or more of your time generating business. Too many entrepreneurs want to spend the bulk of their time delivering the product: They neglect the sales pipeline at their peril.
Expect to spend seven days a week building your business in the initial years. Mondays through Fridays, from 8:00 a.m. until 6:00 p.m., should be dedicated to establishing a solid customer base — meeting with current and prospective customers, identifying and contacting potential customers, and fulfilling orders. Nights and weekends should be reserved for administrative duties, like balancing the books, paying bills, and handling correspondence.
Challenger, Gray & Christmas
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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