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In today’s world, many entrepreneurs believe that hard work alone is the key to business success. However, this approach may not always be the most effective. The Law of Diminishing Returns teaches us that excessive effort, beyond a certain point, may not lead to better outcomes. By adopting smarter, more strategic approaches, entrepreneurs can enhance efficiency and drive sustainable growth without overexerting themselves.
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SME entrepreneurs often think that working around the clock is the only way to survive and thrive in business. In reality, overworking leads to mental and physical fatigue, causing efficiency to decline. Recognizing that excessive hard work isn’t always the solution helps entrepreneurs manage time and resources more effectively, ensuring long-term results without unnecessary burnout.
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For entrepreneurs juggling multiple tasks, the Pomodoro Technique is an excellent way to manage time. By breaking work into intervals—such as 25 minutes of focused work followed by a 5-minute break—you can maintain better focus on important tasks. This method prevents fatigue, reduces the risks of overworking, and helps sustain productivity throughout the day.
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Running an SME often involves wearing multiple hats, which can feel overwhelming. The 80/20 Rule, or Pareto Principle, highlights that 80% of results typically come from just 20% of efforts. For SME entrepreneurs, this means focusing on the key 20% of tasks or resources that yield the highest impact. Examples include prioritizing products or services that customers love or investing in marketing campaigns that drive significant sales. By de-emphasizing low-impact activities, you can save time and energy to concentrate on what truly matters.
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SME owners frequently face critical decisions, such as investing in new projects, developing products, or entering new markets. While the Law of Diminishing Returns doesn’t discourage full commitment, it emphasizes the importance of analyzing opportunities and setting clear goals. For example, if you’re launching a new product with strong market potential, dedicating significant resources can be worthwhile—provided you avoid over-investing beyond the point of diminishing returns. Goal-oriented decision-making ensures your business grows with clear direction and purpose.
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Applying the Law of Diminishing Returns in your SME not only enhances efficiency but also reduces unnecessary resource usage and the risks of overworking. This prevents delays and inefficiencies that can harm long-term performance, helping your business thrive sustainably.
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Additionally, this principle promotes balance in personal life. Continuous hard work without breaks can harm your physical and mental well-being. By setting aside time to rest and recharge, you’ll foster creativity and energy—essential ingredients for long-term business success.
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