How and Why Entrepreneurs Prosper

You’re a business owner, and that’s just not something most people understand. Most people don't see the effort it takes entrepreneurs to get their business off the ground, Fishbowl Inventory BlogFrom the outside looking in, a lot of folks only see the end result, whether it’s goods on a retail shelf or finished product after several stages of calculated manufacturing. They don’t see the long hours spent getting things off the ground. They will probably never hear about the preceding failures or late-night worries. Even close friends and family may never really know or “get it.” But you do. You carved out your reasons, which are many, and defined the answers to the constant question of why? But what about the how? You try to remain current on the latest trends or tech, you keep an eye on vendor pricing, monitor revenue projections, even try to make use of that noisy place known as social media. Where do you find the next big step, that business secret or tipping point, the very “thing” that will widen your profit margins? It starts with how.

How Do You Spend Your Time?

It’s basic math. You repeat common patterns or practices over and over, driving your company forward. These time expenditures add up and can often eat into other allotted time requirements. They come in the form of double-data entry, searching for inventory, trying to understand work orders, calling vendors for pricing tiers, and on and on. This is not time spent in creative troubleshooting, but labor lost to inefficient processes. Don’t misunderstand, each one of these things needs to get done, but maybe just not in the way it’s currently being done. Time really can equal money.

How Do You Use Your Space?

How you use space can contribute or detract from to your bottom line. Is your inventory properly marked, stored, and prioritized according to access? If an employee needs to quickly fill a same-day order, is the part or product easy to access? Again, your utilization of space falls into the same formula of time = money. The spillover from efficient use of space comes in the form of faster work order completion, leading to better customer service, better use of labor, and, of course, a better bottom line.

How Do You Communicate?

We’re not talking about language but information. Information that steers your employees towards larger company objectives. Information that makes products and services clear for your customers. Information for owners and managers to lead with data-driven decisions. Consider some everyday hypotheticals: An employee discovers a way to streamline a process that can benefit the entire company. Is there a channel to adequately relay this information? A customer is searching for products or services within your given market. How do they find you, and why do they choose you? Your company needs a new direction or a new product, and your decision needs hard numbers. Can you access and create reports as specific as purchase histories, vendor pricing breaks, product cycles, production reports, or even internal worker histories? Your ability to communicate (to give and receive information in a variety of formats) will be a cornerstone of your business success.

You Have Your Why. Strengthen Your How

You don’t need a magic bullet. You need the day-in, day-out consistency that comes from refining the hows of operating. These continual processes will either slowly leak revenue or add to long-term success. The why behind your business may never be fully understood by others, but the execution of the business hows will be plain to see. Sign up for an inventory software demo to see how Fishbowl Inventory can help your business become more efficient and why it is important to implement it in your processes.