Mindset. Beliefs. Psyche. Whatever you call it, it’s what makes you tick. Beliefs propel us forward. Beliefs hold us back. Great business leaders continually question their belief systems searching for those that no longer serve them, need to be tweaked or outright abandoned. You’re human, right? The toughest obstacle you’ll face on your way to achieving your goals is YOU. You’ll need to battle your own mind (cue the scary music). Our mind has several tricks up it’s sleeve to convince us of things that are not really true. You believe your mind is your friend. And as our friend, it has our best interest at heart, right? Nope! Remember, your mind also tricks you into creating bad habits, takes you down the road to temptation and can’t resist brain crack distractions like social media! You might be wondering, “How’s my mind out to get me?” Here’s how: Your mind lies to…
The Beginning. The End. The In-Between. Get a pen and paper. Ready? As quickly as you can, without thinking, jot down everything that ENDED in 2018. What was over? What did you give up on? What did you just plain STOP doing? What habits did you break? Make another list. This time jot down everything you STARTED in 2018. What began? What new habits did you adopt? What decisions did you make? What relationships started Which list makes you happiest? Why? We are HUMAN BEINGS. We are forever in the process of becoming the being we were meant to be. We are getting closer and closer to fulfilling our life’s purpose. As one year comes to an end, reflect on the achievements, however big or small they may seem. Dedicate some time to creating a list of 10 or more positive, affirmative statements that you are becoming in 2019. We…
What’s a family business? A family business is a commercial organization in which decision-making is influenced by multiple generations of a family—related by blood or marriage. They are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multi-generational dimension and family influence that create the unique dynamics and relationships of family businesses. … Wikipedia Other definitions are more general, describing a family business as one that is owned OR operated by one’s family. Business families and family businesses fit into the 3 circle model shown below. Note: We introduced the 3 circle model in a previous article FAMILY CIRCLE Family / Owner Intersection (4) – these members own shares of the business and are members of the family but are not involved in operating or working in the business. They may have inherited shares, own shares…
When our children were small and coming up with excuse after excuse for why they didn’t have time to clean their rooms, the 10 minute tidy strategy helped us move through procrastination, resistance and get results. Thinking about all the tasks that need to go into accomplishing a significant goal can be daunting. Just like helping our children engage in the room cleaning project, strategies that help me “just start” on a new project help me get results sooner. What we discovered was that the 10 minute commitment often stretched into more time invested in tidying the room. The kitchen timer was always set for 10 minutes with a choice to continue or not past the buzzer. What’s the 10 Minute Tidy Strategy? Rather than asking for a commitment to complete the entire project, we just ask for a 10 minute commitment to START the project. Because the commitment is small…
I’m often asked, “Laura, how did you manage to build a professional career, raise 4 successful children, volunteer in your community and contribute to a successful family business?” I think they are looking for that silver bullet that they can copy! The silver bullet is grit, perseverance, and focusing on what matters. Accept that there are many different ways to achieve the personal, family and career goals. In a family, talking about your family’s purpose helps all family members align personal, family, career and business activities. We wear many hats and perform many roles in our lives. What I find useful is to focus on the few roles I am performing in the moment rather than trying to keep all the hats on at once – or feeling guilty if I am not performing one or more roles all the time.Focus on what matters to you, your family, your career, your…
If you’re an entrepreneur or thinking about marrying one, this is no joking matter. Sure, lots of engaged couples participate in “marriage prep” courses or programs, but none of them are designed for you to really vet the partner for “fit” if you’re an entrepreneur.Even if your “head” knows you should be having these conversations, your “heart” gets in the way and they rarely, if ever happen prior to tying the knot. Ensure you’re not getting into a relationship without fulling understanding the financial health and circumstances of your future partner. My mother-in-law gave me this sound piece of advice, “Have you checked his wallet?” No one needs the surprises that come along with undisclosed credit card or student debt. Tip: Respect the JOINT finances. Treat your marriage like a business project – dedicate time to it, get on the same page, shared vision and values. Treat your…
We’ve all heard the adage, which comes first, the chicken or the egg? In our family business, our adage is, “Which comes first – the family or the business?”If you’re involved in a family business, you can likely identify with that statement. I know there are many times when I’ve felt the business came first and the family second. I also know that are just as many times when the family came first and the business came second. I don’t know about you, but it seems easier to remember the times the family played “second fiddle” than the times it was the star. My heart remembers those times, but my head remembers both. Jay Hughes has been working in the field of family wealth and family enterprise for many years. I recently watched a video interview series conducted with Jay. His explanation of family wealth was enlightening. His definition…
The urban dictionary describes a “one trick pony” as someone who has few talents or skills. As a business owner, I’ve fallen into the same trap many of you fall into: thinking I am skilled in all aspects of the operation and in the business. I am not a ONE trick pony, but I’m not an ALL trick pony either. So now what do I do about it? I am now AWARE of the need to change SOMETHING to grow my business, reduce my stress or save me time. If you’re like me, you mull this idea around in your noggin for a few weeks, months, perhaps years until something spurs your DESIRE to make the change. This catalyst might come from within or from outside yourself. AWARENESS and DESIRE are critical elements that need to be in place before I am motivated to do the work to realize the…
It’s a cruel and random world, but the chaos is all so beautiful. ― Hiromu Arakawa Do you feel that you’ve found a way forward with your business when another crisis hits? Are you grappling with ways to respond in a way that is sustainable? If so, you’ve got lots of company! It’s no secret that businesses in Alberta have been struggling with many “whammies”. What gets my goat is the narrow mindedness of those who attribute all the woes to one cause. There are oodles of variables at play that contribute to successful business. Only two of those are the political and economic climate. Even those 2 variables have multiple layers – global, national, provincial and local. Are you ready to stop being a victim and to start focusing on building a predictably profitable business that is healthy enough and resilient enough to withstand the challenges? Join us at our Business Strategy Summit and get…