Only 11 months to go in 2018!

Yes, the first month is basically over, yet we are still all wishing each other a wonderful new year and we believe that we have all the time in the world to plan our year.

Not so!

One of the biggest problems is that most entrepreneurs get overwhelmed with all the information available to them, not knowing where to start and what to do first. Very little of the available  information offers real advice and a “step-by-step manage and grow your business guide.”

This is one of the reasons why I enjoyed reading 90 Rules for Entrepreneurs written by Marnus Broodryk.

Marnus and his publisher Tracey McDonald (Tracey McDonald Publishers) have graciously given us permission to publish 3 of the rules on our site.

The book has 90 rules, to pick 3 has taken me a bit of time, but then I decided to take 3 of the most practical ones to start with.  On a personal level several rules gave me a bit of a wake-up call.  But the rules I chose for this purpose will speak to everyone.

Rule 66 - THE 90 MINUTE RULE

I have always spent time on planning and lists, and unfortunately also procrastinating on the items that most probably needed the most attention.  I have now implemented the 90 minute rule, which gives you time to become clear on what you are working on, it helps to focus you for the day. 

Rule 12 - ONE PAGE DYNAMIC PLAN

I would suggest that you maybe use your first few 90 minutes per day to create this page.  What I found refreshing of this rule is that it makes it clear that you don’t need to overthink anything.  One page is enough to set you on the right path, you just have to put thought into it, and work on it constantly.  Be flexible – nothing ever stays the same…

Rule 21 – KNOW THE NUMBERS

By this time, you are spending 90 minutes a day focusing on working on your business, rather than in your business, you have a plan to follow, but now you need to KNOW THE NUMBERS. This rule will assist in understanding the basics you need to focus on.

What I love about this book in general is that the 90 rules are short, easy to read and can easily be implemented. You will however find that it is not a quick read. There is a lot of information that you need to assimilate and process.  I would suggest that you read a few rules a day, or even per week, don’t be too hasty.

Now all that is left to say, in the words of Marnus Broodryk, is HUSTLE HUSTLE HUSTLE

Theresa

Published by Tracey McDonald Publishers, available in all good bookstores at a recommended retail price of R220-00, or as an eBook on Amazon.com.

Marnus Broodryk is an entrepreneur and a self-made millionaire.  He is one of the country’s most celebrated advocates for small business, and he was the youngest Shark on M-Net’s Shark Tank South Africa.

RULE 66

THE 90-MINUTE RULE

Whether you've just started your business or it has been going for years, the one thing entrepreneurs always need more of is time. In fact, that has been a fairly thick theme throughout this section. But what about managing your at work time?

Business owners have it bad, because they have time-eaters from two sides. First, everyone is trying to connect with you for something: to work for you, to work with you, to get your business. And on the other side, because entrepre­neurs always see the opportunity in everything, we want to solve everything. We thus run the risk of getting involved in too many projects - spreading ourselves too thin - and consequently neglect the things that are truly important. Where does it all go ... ?

Over the years, I've tried many techniques to maximise my time and there is one that stands out. I call it the 90-minute rule because, well, that's all it is. But it's paid off.

Use the first 90 minutes of your day to work on the ONE thing that is most important to you - the one thing your business needs, the one thing that will make the biggest difference in your business. Schedule those 90 minutes in your diary and treat them as a meeting with the most important person on earth. Switch off your phone, lock yourself in a room and just work on that one thing. Ninety

minutes may seem like nothing, but over time it adds up and makes a massive difference.

We all know business owners need to work more ON their businesses rather than IN their businesses. The 90-minute rule will give you that opportunity, without throwing too much else out.

Use the first 90 minutes of your day to work on the ONE thing that is most important to you.

RULE 12

THE ONE-PAGE DYNAMIC PLAN

The logic behind a business plan is great. It's a plotted journey, with marked goals and targets. It gives you something to work on, and work towards. And you'll definitely need one if you're looking for financing. But very seldom does it actually become a real working document for the small business owner; business plans are too long-winded and rigid and don't allow for the fast changes and flexibility you're going to need when you start up. So, gut instinct is how most survive, and the plan goes into the middle drawer.

That doesn't mean you don't need a plan. It just means you need a different kind of plan -one that works for you at the work stage you're at. A one-pager plan that acts as a dynamic working document is where it's at. The key word here is dynamic.

Try to compile a one-pager of what you aim to achieve in the next year. Break it down per month and list the small steps that you will be taking to reach your bigger vision at the end of the year. This plan could include anything, but you should know that it will be your guide to what is important and what isn't.

Work on it weekly, review it monthly and ensure that you are moving in the right direction. At the start of every month, review your plan and list your priorities for the month. If you hit a snag, stop, re-evaluate your plan, make changes , and move on. It is not set in concrete. It is dynamic.

Too many entrepreneurs go to work each day and solve issues as they arise without planning proactively for what they want. Others view their business plan -all 100 pages of it -like it's the Bible. Neither approach will get you very for.

The one-pager will be your plan, your guide. Keep it with you all the time so that it can be as flexible as you need it to be

Re-evaluate your plan, make changes and move on.

RULE 21

UNDERSTAND THE NUMBERS

Not all entrepreneurs are financial people. In fact, very few entrepreneurs are financial people. I'm not saying you should find an accountant on day one (actually, I would recommend that you don't find an accountant until you have a proper business going, but more on that later) but you need to understand the basic mechanics of business in general and, more importantly, your business.

And basic numbers boil down to two things when you start off: profit and cash flow

• Profit: How much money will you have left after you have covered your costs and your taxes? It is important to understand both of these intimately, as well as anything else that might play a right selling prices. Entrepreneurs often start a business, throw all their resources and savings into it, only to get unexpected bills at the end of the day that eat away all the profit or, in most cases, make them run at a complete loss.

• Cash flow: Cash flow is a metric of exactly how much money is running into, and out of, your business. A great profitable business might still run into serious cash flow issues. Profit does not always mean cash flow. You can invoice large amounts of money but if you don't receive the cash, you will find yourself in deep trouble (see the next rule). Or you might need to carry a large amount of stock and pay your suppliers immediately while it takes ages for your customers to pay you.

To overcome these issues simply draft a budget that ensures that you understand all your costs and that you can ask the right price for your product/service. Then look at the timing of paying and receiving these amounts and ensure that you will have enough cash available to make the payments. Once you have this prepared, run it past someone who understands, and get their input.

Entrepreneurs are often so excited about starting their new business that they forget about the only thing that counts when it comes to making money -numbers.

You need to understand the basic mechanics of business.