Nine Money-Making Habits for Entrepreneurial Success in 2024

As the new year commences, it is an opportune moment for entrepreneurs to embrace established habits that can contribute to success in 2024. Gene Marks, a seasoned entrepreneur with over two decades of experience, has shared nine money-making habits that have assisted him in achieving growth and profitability year after year.

To set the stage for a fulfilling day, Marks commences his mornings at 5 am, emphasizing the early hours as the most productive time of the day. This provides him with the ability to concentrate on tasks requiring deeper reflection, free from the interruptions of emails or phone calls.

In addition, Marks underscores the significance of financial acumen in business operations. While passion and dedication are crucial, comprehending the numbers is equally vital. Consistently monitoring sales, cash flow, job costs, and margins can offer valuable insights into a business’s financial well-being.

Despite the convenience of virtual meetings in the digital era, Marks stresses the value of face-to-face interactions. He has observed that meeting clients in person not only leads to closing more sales, but also fosters enduring relationships.

In an effort to remain well-informed, Marks incorporates reading and listening into his routine. He integrates a variety of fiction and non-fiction books and podcasts to broaden his knowledge and gain fresh perspectives on business, history, technology, and human behaviour.

Including a physical element in his daily schedule, Marks engages in regular exercise through activities such as playing squash and riding his bike. He strongly believes that maintaining an active lifestyle is crucial for both physical and mental well-being, especially for entrepreneurs.

Moreover, Marks acknowledges the importance of embracing AI in technology, recognizing its pivotal role in transforming businesses, akin to the impact of mobile devices over a decade ago. He underscores the necessity to stay abreast of AI advancements and tools to streamline processes and enhance productivity.

Emphasizing the significance of people, Marks highlights the value of spending time with his employees and ensuring they are adequately compensated and supported. He attributes his business’s success in part to the loyal and dedicated team that he has cultivated.

In a landscape of evolving tax regulations, Marks makes it a priority to meet with his accountant in May and September to remain proactive in tax planning and capitalize on growth opportunities while minimizing tax liabilities.

Lastly, Marks places great value on family time and the support system it provides. He recognizes the role played by family, friends, and the community in advising and endorsing entrepreneurs.

While there are no certainties of immediate success, Marks’ habits have proven beneficial over the years, and he believes they can be efficacious for others as well. By embracing these habits, entrepreneurs can position themselves for a productive and prosperous 2024.