The Green Sheet Online Edition

August 11, 2014 • Issue 14:08:01

Inspiration

Staying focused in a complex business

Many professionals in the early stages of building a payment business have limited resources at their disposal as they learn the ropes and grow their merchant portfolios. A new sales office often opens with just one person responsible for every aspect of the fledgling enterprise. And even when colleagues are added as the company grows, it’s typically necessary for all involved to wear several hats.

With so much to do, it can be a challenge for small-business owners to cover all the management bases while also bringing in the all-important revenue. Sometimes it’s helpful during the intense, business-building times to focus on a few basics. A list that uses a simple mnemonic device can bring things in focus.

The three P's

Here is one such list. Each element begins with the letter P:

• Plan: Experts disagree on the value of writing a comprehensive, formal business plan, but they all agree that business planning is essential. Entrepreneurs often begin ventures with clear plans, some more in-depth than others, but then, as day-to-day responsibilities pile up, they lose sight of their objectives. It’s important to review your business plan periodically, revise it as conditions change, and make sure your actions are in keeping with the plan.
• Prioritize: It’s easy to become swept up in demands as they arise during the day. It’s important to write down the top priorities identified in accordance with your business plan. Then identify what needs to be done each month, week and day, and list tasks in order of importance daily. Strive to not let anything except a bona fide emergency interfere with tackling the most important activities.
• Persist: Some days it’s difficult to stick with your plan. You might be distracted by a personal problem or faced with something particularly challenging, even overwhelming. It’s essential to persevere, even when you veer off track. Do your best. Then return to your desk the next day, write down your list (or enter it in a mobile device) and begin anew.

Remembering these three P’s will lead to positive results time after time.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.