As the year wraps up, does thinking about your finances trigger anxiety? Is your business slowly plunging into debt or have you lost track of your business strategy? If you answered yes to any of these questions, you may be making one of these 5 mistakes: Creating a strategy just once in a year: Strategy is a continuous process. Most businesses make the mistake of creating that strategy once, and think the work is done. However, building an effective strategy is a continuous process of going back to the drawing board and re-strategizing as you go. Strategy is not top down: It is not a dictation from the owner or manager Effective strategy is a collective effort of team members with similar mind sets. Are you a CEO who thinks you can throw out the plan and wait for it to be executed? If yes, then your…
Back to school season brings an overwhelming sense of realization. After enjoying the greatest Summer of all, we are back to reality and here comes responsibilities of- kids going back to school, routines back in place and entrepreneurs returning back to business. As the kids return back to the new norm, adults try to catch up with business responsibilities kept on the back burner during the Summer. This can be a very overwhelming period for most businesses, but don’t worry, we have prepared 5 Pro strategies to help your business thrive. Time to set a plan: understandably, you might have let some interesting opportunities and business maintenance slip while you were away. It is time to get back on track and recover some of what might still be at reach before it results in penalties. Make a list of opportunities that were available while you were away and try…
Irish folklore is full of stories and fables about leprechauns, fairies and other wee people who are responsible for mischief and miracles as people embark on journeys to find the pot of gold at the end of the rainbow. Has anyone ever discovered that elusive pot of gold at the end of the rainbow? Can you even find the end of the rainbow? Science folks explain that rainbows are made in the sky and never touch the ground so finding the end of the rainbow is not possible (The Naked Scientist https://www.thenakedscientists.com/articles/questions/where-does-rainbow-end) Many business owners are also on their fantasy path seeking a pot of gold when they eventually exit their business. Is this pot of gold a mirage too or is it more tangible and realistic? Only time will tell. In any market, prices are a factor of supply and demand. Anyone who has taken an introductory economics course has learned the…
No one likes to think about planning for an eventual exit. Either from a job, a business, a volunteer role, or even the final exit, death. For many people, it’s on the “someday” list. Someday, I’ll get a will done. I’ll pay more attention to my health, I’ll work less and enjoy other aspects of my life more. Someday… We have learned many things throughout the Covid 19 pandemic, one is that “someday” may come out of the blue and catch us unprepared. Many of those who were hospitalized or passed away “before their time” were people who had not planned to “exit”. Some were business owners. Some were business owners who still managed and worked in their own businesses; whereas others had achieved “hands-off” status and were still owners. As in many areas of our lives, the more prepared we are for different scenarios, the faster we can respond…
“I have an idea I’d like to share with you. I’ve been thinking of ways to grow my company because it is more valuable than one that’s not growing. Well, I am considering two options. Option 1 offers a new service to my existing clients, or option 2, which is expanding into new locations. I’m leaning towards option 2 – a new location. What do you think? Think that’s a good idea?” As I tell all my clients who ask me this question, the idea might be just fine, but you need to decide if it is feasible – for you at this time. These are the core elements of any feasibility study: What does success look like? Can you validate that there is a market for it? Does this solve a real need? Can you resource it? Is the payoff worth it? Can you be competitive in this space?…
“One of the effects of living with electric information is that we live habitually in a state of information overload. There’s always more than you can cope with.” (Marshall McLuhan, “Understanding Me: Lectures and Interviews”, 2003) I can’t tell you how many times I am asked for suggestions and ideas on how entrepreneurs and professionals can better manage their emails, especially client-related communication. The Problem: You’re using a communication tool to be a relationship management tool. Problem Assessment: You spend time searching your emails to find attachments, instructions or messages to and from clients. You think you need to better manage your email when in reality you need to integrate client management/knowledge management into your processes and systems. Most client management systems have integrations with popular email providers such as Gmail and Outlook. The purpose of a client relationship management system is to capture and track client-related communication (or prospective…
One of the challenges we have encountered in a world where communication takes less effort than the snail mail time and it doesn’t require an investment of a stamp for each message we want to send, email has contributed to the state of overwhelming many business owners are grappling with. Not unlike many other challenges, business owners can improve the situation with intentional email management, education and training. Taking a “do nothing” stance is a decision that is unlikely to improve the situation. Given the impact on your mental health from the state of overwhelm and fear of missing out as well as the financial cost (hourly rate * time to manage email) to continue with your current system, the business case can easily make this one process more effective and efficient. Let’s get proactive! Step 1 Reflect on your role in contributing to the problem. What are you tolerating? What are you…
You know how you thought that owning a successful business would give you the freedom and lifestyle you wanted for you and your family? And now you’re having doubts that you can make it a reality. You aren’t ready to give up, but you’re feeling guilty about the toll it’s taking on your family. You’re afraid that your partner is going to throw in the towel, and you’ll lose everything you’ve worked for – both your family AND your business. You feel guilty about missing family events, never having time to tackle the “honey-do” list, you miss special moments (like putting the kids to bed) and you don’t even discuss vacations anymore. Sound familiar? You feel stuck in your business, and unable to scale it in such a way that would allow you to focus your time on strategy. You’re feeling unappreciated at home, misunderstood and frustrated. And that was…