Self-Development

15 Minutes to Success

I was going to call this article the 15 minute rule, but then I realized there was a book by the same title, which I have not read. Can 15 minutes make a difference to your success? Here’s my view of how it can:

It Gets You Started

Almost everything takes longer than 15 minutes to accomplish, which is the plain truth. However, if you say that you will spend just 15 minutes on a task, it helps you to get started rather than always putting off the important. Can you imagine all of the tasks that would help out your finances if you eventually started working on them? This is why there are such similarities between money and health. Commit small amounts of time and you will see drastic results over a long period of time. Ignore both and you will see dismal results over a long period of time.

You Can Get Something Done

Although 15 minutes is a short amount of time, you are usually pleasantly surprised by how much you can accomplish in such a short period of time. This is especially true if you commit 15 minutes over and over again. Before you know it, you are working your way towards accomplishment.

It Beats the Procrastination Drag

No one feels good when they procrastinate. Once a task gets started it will give you an emotional boost to continue and the procrastination bug will disappear.

Give a shot and see what you can accomplish in 15 minutes. You may end up writing a blog article!

 

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Productive People Focus on This One Time Management Technique

There are probably hundreds, if not thousands of books on time management. Technically, you cannot really “manage” time, but you can control how you spend your time. Here is a technique that seems to trump most of the time management tips, but you must first be able to identify how and when to use it.

Focus on Important, but not Urgent Items

If you focus on this one technique, then your productivity will increase substantially. The problem is that it is easy to let important, but not urgent items slip away. Usually these important items have this in common:

  1. They take more time to complete than many of your other tasks
  2. They require more time, energy, and focus
  3. If you do not do them today, tomorrow, or even next week, then your current situation will probably not be impacted

Examples include:

  1. Projects that are not due in the near future
  2. Actions that have a cumulative effect, for example, marketing tasks for your business or personal actions such as exercising and eating better
  3. Developing and maintaining relationships with people

Take a look at all of the tasks that you are constantly putting off and this is where you should begin to implement changes. A common enemy that fights against the important are low value, urgent activities. Think of important, not urgent items as drinking a protein shake vs. drinking a can of soda.

 

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4 Business Ideas During These Times

What are some business ideas that you can implement and that should thrive during these times and in the future? Here are 4 to choose from:

Marketing Services

This includes web design, social media marketing, and developing content for your customers. The online marketing trend should continue and there will be a demand for this service to be outsourced.

Pest Control

With people spending more time at home they will notice more of the creepy crawlies around the house. If you’re spending more time inside your home then you are probably making more of a mess with food and inviting opportunities for pests.

Virtual Services

Although this is a huge market, there is a growing trend for services to be delivered online. Examples include: training videos, consulting services, and learning about various topics from personal to business knowledge.

Online Product Sales

Unfortunately, most online sellers do not do this one correctly and would be better off getting a minimum wage job. However, if you focus on a niche product or line of products that you can easily manage and that have a large enough profit margin, then you can do very well. Options include selling directly though your website or through online marketplaces like Amazon.

 

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Business Time or Family Time?

A common struggle is balancing spending time on your business to make more money and a focus on your family. Should you sacrifice your family time to make more money?

There will be times in your life when you need to spend more time on your business due to reasons such as seasonality of the business, growing the business, starting up a new business, and fixing problems. This is normal and probably will not create long-term problems unless taken to the extreme. Extreme examples include: working 7 days a week/12 hours a day, working away from home for long stretches of time, and always coming home with no energy left over for your family. The threshold will be different for every family depending upon dynamics and the length of time away, but a general rule is the more time away from your family, the easier it will be to invite problems into your home.

A good approach is a balanced approach. By taking this approach you set limits and boundaries on time spent on your business. While you can still grow your business, you may end up with slower growth due to less time being spent on it. However, if you work smarter, then you may actually do better by spending your time even more productively and only pursuing opportunities that provide the highest return per time spent. Maybe you can have your cake and eat it to!

Figure out what you are trying to accomplish with your business growth and make sure this is in line with what matters most to you.

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Are You Striving Too Hard or Too Little?

There is nothing wrong with striving to have financial success but be careful of taking it too far. The opposite can also be true, whereas you don’t strive enough, which can create another set of problems. Here are some signs of each:

Signs You are Striving too Hard

  1. You work an excessive amount of hours to get ahead at the peril of your own health and relationships
  2. No matter what you accomplish it never seems to be enough
  3. Most of your conversations involve making more money. However, this doesn’t apply to financial professionals.
  4. Your drive is not enjoyable anymore

Signs You are Striving too Little

  1. You are always behind financially due to a lack of effort
  2. When business is down, aside from a worldwide pandemic, you do nothing to turn it around
  3. Your efforts are not producing any real financial success
  4. You take little to no corrective actions to get ahead

The Right Balance

The right balance may be as simple as striving for success, while putting financial success in its proper place. It’s different for everyone and if you are honest with yourself you will know when you are striving in an unhealthy way or not striving enough.

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Hate Your Job, Make Less Money and Be Unhappy?

There is a recurring theme that I keep on hearing about love/hate relationships with jobs. It’s only anecdotal, but are job haters unhappy and make less money than  those with high job satisfaction? What are the possible reasons and what can you do about it?

Difference between a difficult job and hating your job

There are some jobs that are difficult, due to a lot pressure, working for management with poor people skills, and harsh working conditions. I’m not talking about a difficult job, but one that you hate so much that you dread waking up, driving to work, and virtually every second you are working.

Your drive may be less if you dread your job

When the drive to perform your job is diminished, most likely you will not push yourself to do a great job or go above and beyond. Ironically, if you put more effort into a job, even one that you hate, you may increase your satisfaction, while at a minimum bettering your job performance. Your bosses and management will eventually notice.

Dissatisfaction = lower income

When your drive is lower because you hate your job, it’s like a self-fulfilling prophecy, whereas your performance suffers and so does your pay. If you don’t give just a little bit extra of yourself, then others will notice. You may end up being a self-centered taker vs. a generous giver, which does not feel good.

Control your reactions and responses

The ultimate solution is to respond to your job situation versus being reactive to every negative whim you experience. Maybe it is not the job that is the issue, but your reactions to your job situation. Start responding in a healthy way and you will start to see how your work relationships change for the better. Better relationships = greater satisfaction.

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3 Things MBA’s Don’t Learn in School

Obtaining an MBA is quite an accomplishment and is something to be proud of. However, there are 3 eye-opening things they don’t teach MBA’s in school, especially when running a small business.

You’re probably so smart that you’re not

Intelligence and knowledge are extremely useful in life, but it can also be a liability. What I am referring to is that not everyone around you will have an MBA and you must be able to relate to your employees, vendors, and customers. Don’t be so proud that you look for perfection or have expectations that are not practical. If you do, then you will end up constantly firing employees and vendors instead of trying to seek the best from them. Worse yet, you may end up viewing everyone as numbers.

The cash in your business greatly depends upon your personal spending needs

When you work for a large, multi-national company, you can’t just decide to withdraw huge sums of money at will, and even if you did, it may not hurt the cash flow of the business. However, when you run a small business and take too much cash for your personal expenses, then you can easily choke the business, even a very profitable one.

Fancy projections and metric may not matter all that much

MBA’s like to crunch numbers, create graphs, and make presentations. Although financial ratios and projections matter greatly, the truth is that they can change in the blink of an eye in a small business and change drastically. If you can’t run the business properly to support your projections, then the projections are useless.

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I Took the Day Off and You Should Too

Technology is absolutely wonderful at times. This is one of those times because I took the day off today, but still didn’t miss my goal of writing one post per week. Everyone needs a day off, a week off, or even a month off and here are 5 reasons why:

Rest and Recuperate

After working intensely or longer than normal hours everyone needs to take a break. The day after tax season is always a day off for myself and my staff, and I like to take at least a few additional days off after that. It’s hard to take a family vacation at this time with the kids being in school, but I get to see them more though.

Spend Time with Family

It’s good to be able to spend some additional time with your family and not being at work all day. You don’t have to fight the commute, come home tired, or still have stress resting on your shoulders when you come home. Most likely you are just a little more relaxed.

Complete a Small Project

Maybe there is a project that needs to be tackled that you haven’t been able to get to. For me, the list seems endless, but it feels good once a project is finished. Be careful if the project is too large, otherwise it will take away from resting and recuperating.

Reflect and Think

When I am able to relax, it makes it easier to reflect on different aspects of my life and the direction of how things are going. Also, ideas seem to flow more smoothly when not under pressure.

Be Thankful and Grateful

Be thankful that you get to have a day off and grateful for all that you have. A little gratitude can help to put things into perspective.

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Do You Make a Good Living and are Actually Poor? You Probably Need to Stop Doing These 3 Things.

We spend so much of our time working, working, and then working some more to make a good living, but do you have anything to show for it? I don’t mean showing off, but rather having a strong financial foundation with minimal debts, savings, investments, and other valuable assets. If not, then keep reading . . .

#1: Stop Justifying Every Expense

Expenses can always be justified and rationalized even when they aren’t. It’s okay to spend money, but it should be in line with your economic situation. The funny thing is that as your income increases, your spending almost always increases in tandem, and sometimes even more than the increase of income. Relax, and spend a little slower while saving more. Remember, the goal of savings is to support yourself and your family for emergencies, large expenses such as college, and when you eventually stop working and retire.

Step #2: Caring What Others Think

Guess what? No one cares about your material possessions except on a superficial level. Sometimes people will briefly talk about you because you drive an older car (even though it may be a luxury car that is fully paid for), live in an older house, have crabgrass growing on your lawn (unfortunately it dies in the winter, otherwise it is nice and thick in my opinion), take non-Disney vacations (aren’t you exhausted afterwards anyway?), and don’t wear Uggs or brand names on your shirts and jeans (I like that only those rare individuals with fine taste in men’s shoes appreciate the awfully expensive shoes I wear though). The bottom line is not to stretch yourself to seek status or to impress others, but to spend according to your state in life.

Step #3: Saving Last

This is one of those times that math doesn’t make sense. You need to save first otherwise there will be no savings left over. You would think that the order doesn’t matter, but is does matter in the real world. Also, save up on a percentage basis, so that when your income grows, your savings grow also.

Summing it Up

These bad habits are prevalent among those that earn $50k, $500k, or more. Bad habits will follow you through your life regardless of where you are economically. Once you recognize this, hopefully you will be able to change course instead of feeling like you are always running and getting nowhere.

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How to Destroy Your Business Success in 6 Steps

Sometimes to be successful means to avoid doing the things that will destroy your success. It’s easy to go down the wrong path and it’s important to be aware of this.

Step #1: Saddling Your Business with Debt

Conventional wisdom states that there is smart debt vs. dumb debt or a similar description of two kinds of debt. Although there is some truth to this, the bottom line is that large amounts of debt will cause a huge handicap to your business, especially a start-up. Even if you are doing well it will not feel like it when you have massive debt payments each month or sometimes on a daily or weekly basis if you took out a predatory lender loan. When you have easy access to large amounts of debt it numbs your sense of being financially cautious, prudence, and allows you to spend your money on things that can easily be justified but are not necessary.

Step #2: Poor People Management

See what happens if you constantly treat your employees, vendors, and customers disrespectfully. The end result will be high turnover, sabotage, lack of a sense of shared purpose, losing customers, and everything else negative. It is amazing to see how little attention is paid to the management of people in a poor performing business.

Step #3: Over Working Yourself

There are times when you need to work more or work more rigorously, but if done for too long, then your productivity will decline, decision making becomes worse, and you may find yourself in the hospital for stress induced health reasons.

Step #4: Not Listening to the Right Advisors

Unemployed Uncle Jimmy with a string of failed businesses will not provide you with the advice you need, and if he does provide you with advice, then do the opposite. Or, which is also very commonplace, is to seek the advice of the wrong professional. Make sure the professional that you confide in is an expert with the advice you are looking for.

Step #5: Personal Issues

This is somewhat related to step #2, but more on a personal level. If you are going through difficult times on a personal level, then this will ultimately translate into poor business performance.  A common example is taking care of a sick family member that needs you. If you need to focus more fully on your family situation, then delay starting a business, or for an existing business try to delegate more of your business responsibilities to trusted employees.

Step #6: Ignore Marketing and Sales

Many years ago, I met with a brand new business owner to discuss his business and try to help him out. During our discussion, I asked what he was doing for marketing, and he said that he did very little because he didn’t want to spend money on marketing because marketing costs money. I’m not sure of my exact reply, but he was no longer in business within a few months’ time.

Summing it Up

Some of these steps may seem obvious, but they are common due to the fact that it is hard to take a step back, access a situation, swallow your pride, and say to yourself, “Hey, I need some help because I am not always right.” We should probably all say that more often.

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