In my previous articles I discussed how to start an entrepreneurial journey in uncertain times, and then how to ensure the next level of growth.

Different phases require different focus and a different way to look at things. Once the technology and marketing pieces are taken care of, you may have a lot of time on your hands. What do you need to do?

1. Strengthen Risk Management

Risk Management needs to be strengthened to make sure there are no loose ends. It could mean streamlining things at a system level, to defining insurance needs in a worst-case scenario for your business. Once things are defined, it works at an auto-system level. However, it needs to be reviewed quarterly. This could take the form of understanding key risks relevant to the business. It is solvency of principals in a trading business, managing the workforce/supply chain in a manufacturing business. In times like these, they become invaluable.

2. Build an informal network

Since the fires are not required to be put out, one can network and look at the future. Networking helps to shape the view in the right stead for critical issues. All that we need to do at times is to look at the issue carefully and let things be. Things evolve over a period of time.

Also read: Practical tips to grow your business network

3. Read a lot

Two books a week sounds okay if one has to be at the top end in any industry. It helps to focus more and live the life of your dreams carefully. The benefit of reading, that I have experienced, has been better decision making over a period of time. This helps to set up structures better and see things from the users’ perspective.

Also read: 7 must read books for entrepreneurs suggested by entrepreneurs

4. Professionalise the business

It needs to be done slowly as you would also need to be adept at handling changes. The organisation requires stability whereas the world is changing. Focusing on the core and outsourcing the rest has worked for us in the last 8+ years. This is the first step to separate ownership from management. It is critical to see if the staff has the skills to stay relevant. It helps to retain better over a period of time.

5. Take more holidays

It is important to be able to enjoy your hard-won freedom. This also helps staff unwind and look at the possibility of thinking of new ideas and opportunities. Beyond a point, only a disciplined approach helps. However, this process helps to let go of what is not working, adapt what is working and stay relevant.

6. Finetune your business design with life design

Business is about growing personally as well as professionally. If your passions are not aligned to your dreams and goals, then one can be unhappy. It is important to stay happy if one wants to build a sustainable business. Otherwise, what is the point.

This is the first step to add value. A well-oiled engine is the foundation to many entrepreneurial successes. Things have been done, now it is time to look at the zenith.

Also read: Practical tips for overcoming crisis and enjoying financial freedom

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