Allocating Time for New Business Development: Just One of The Challenges Facing Busy Entrepreneurs

How do you allocate time for new business development? It’s the bane of many entrepreneurs and small business people. “I am so busy with my current projects that I don’t have time to drum up new business.” I know exactly what they’re talking about. I remember a period where I had so many writing projects on the go that I did no marketing. I just waited for the business to come in. The problem is that unless you market yourself, the business can slow to a trickle, regardless of the previous complaints that you have:

  • Too much work already
  • Not enough time to do anything else
  • Not enough money to spend on proposals that may not pay off

I completely understand. Understanding, however, doesn’t get you anywhere, so let me make some suggestions to keep the business coming.

The first suggestion is that you dedicate some time to new business every day. It need only be half an hour, but whatever time segment you decide on, lock it in. Just put everything aside, hold your phone calls, shut down the cell and leave your e-mail alone. Next, do the following. Get yourself one of those small digital timers, punch in the time segment you’ve chosen, then, turn the timer away from you so you can’t see it. Now, focus on the work at hand.

During this time segment consider what new business you want to get into, or actually work on a new business proposal. What you might also do, and this will impact your own staff, is get the staff to join you in your sessions; and plan a session at least once a week, and brainstorm new ideas. Who better than your own staff to carry out this activity in search of new business? And encourage them to look for business opportunities that you may be unaware of through networking, or contacts they have with friends and associates. Even submit a speculative or unsolicited proposal to a client.

Here’s an idea I really like. It comes from Verne Harnish, CEO of Gazelles Inc, an executive education firm. Verne suggests that you should stop eating alone. Verne’s experience is that in one year, living in Barcelona, he built deeper business, social, and political connections than in ten years living and working in Washington DC. What could you do if you were to meet someone different even a couple of days a week? You might not generate new business immediately, but the payoff down the line could be substantial.

I understand that cash flow can get in the way of such activities. I appreciate that the current projects you’re working on have stringent timelines. In fact you’re probably working a 60-hour week. But don’t let that get in the way of allocating time for new business by pursuing practical ways to make it happen, even on your busy schedule.

Abstract: Busy people often get too busy and fail to continue marketing themselves. Small businesses, like consultants and training companies, often find themselves in this situation. This article looks at the issue and suggests some practical solutions. It’s up to you to follow up on them.

Accomplish Something As a Small Business Entrepreneur

The idea behind the small business opportunity is usually the first place a person looks towards to find an additional form of finance. In the past the first place a person would consider to develop extra income was with the search for a second job. The evolution of the internet has placed a stop to the idea of the second job in favor of the generation of the small business entrepreneur. The internet is the new source of residual income business that most of the small business entrepreneurs look towards. There are many opportunities available to the new small business entrepreneur and the following covers only a few of the many avenues available for a residual income business.

The most popular form of small business opportunity comes from generating an online store to sell multiple items to consumers all over the internet. This is a model of comfort based on the physical stores in existence that survives every year through the profits of selling multiple small items and accumulating a profit. Some individuals have found success with this strategy when they find a demand or niche that can be filled, however most fail. The theory is good for a residual income business opportunity but it requires the backing of a major company or the financial stability to wait for a business to become established with brand recognition. A residual income business of this nature is a long term investment of time and possibly money that may pay off in the long run if a person can survive that length of time.

The creation of a new small business from a company that already exists is an additional form of residual income business opportunity. You see advertisements on a regular basis for a small business opportunity to generate an at home business based on an existing program. The small business entrepreneur can receive help form these companies as they receive assistance with website development, product identification and sales processing options.

If you are selling a large number of smaller items then the establishment of a company such as this will only assist your residual income business opportunity. There is a catch though when you are creating a residual income business with these companies. The assistance offered with these companies often require that you find methods to generate traffic to your developed site. The drive to create online traffic is another way of phrasing that you will be responsible for the advertising of your site, a concept that can be quite complicated online. Choosing not to pursue advertising will ultimately lead to the destruction of your residual income business opportunity.

The last small business opportunity is finding a company that offers the “Big Up-front Profits and Residual Income” system. The high generation of profit from the results of selling big ticket goods is what this system offers an interested individual. This is due to the fact that the profit from the sale of one of these big ticket items is equivalent to the profits of many smaller items. In addition, finding a company that will not only help you design your sight but offers advertising assistance is gold in this type of market.