Monthly Archives: November 2019

Are You Thankful for What You Accomplished?

Happy Thanksgiving! We should always be thankful for everything in our lives, including people, things, and accomplishments. Sometimes we take our accomplishments for granted, and it is good to examine the past to see just how far you have come. Here are some examples:

New home: Whether you just purchased your first home or moved into a more accommodating new home, this is quite an accomplishment.

Paid down debts: Did you significantly reduce your debts or pay them off? For some, if your debt levels have stabilized, this too is an accomplishment.

Started a business: Taking the leap to start a new business is exhilarating and quite an accomplishment.

Expanded your business: Did you open another location, hire additional employees, or increase your sales a sizable amount compared to the prior year? These activities all take time and energy and are a huge accomplishment.

Charitable giving: Has your charitable giving increased compared to the year before? If so, then excellent, but if it hasn’t, maybe it has increased as a percentage of your income if your income went down.

Increased your savings: Even saving just 1% more of your income than you did the prior year will have an enormous impact on your finances if you continue to do this each year.

Worked less: Are you working just a few less hours than you used to? A few less hours each week can make a big difference in your life.

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5 Habits for a Healthy Business and 3 Unhealthy Habits to Avoid

Our habits are repeated actions that we take, and have a tremendous impact on our results. Healthy habits become ingrained within us and we continue to do them with little thought or resistance over time. What are some practical, easy habits to ensure a healthy business and also the habits to avoid?

Healthy Habits:

Schedule activities: If you want important things to get done, especially non-urgent, important items, then you need to schedule them. Whether you need to schedule an activity on a daily, weekly, or monthly basis, once it is on your calendar, then the likelihood of it being completed increases significantly. Examples include setting aside time for marketing, networking, reviewing finances, and reviewing processes.

Delegate often: Do you want to get more done? The key is to delegate, but not only to delegate, but to delegate the right things and delegate to the right people. Think before performing a task that needs to be done, especially a somewhat urgent task. This can be as simple as scheduling appointments, cleaning up a mess, or communicating simple issues.

Pause before spending: Virtually every single expense can be justified and rationalized for your business or for you personally. Before committing to spending money, first pause, think about it, and answer  the following questions: can the expense be delayed without their being a negative impact, are their other options, and what would happen if I do not incur this expense?

Consult advisors regularly: Everyone should have an advisor to consult with before making major decisions. High impact decisions can include: employee management issues, loans and finances, purchasing another business, opening another location, legal matters, etc.

Measure results: This can include reviewing your financial results, effectiveness of marketing campaigns, and employee productivity. Do not make assumptions, but keep track of important metrics and review your finances. Just because you are busy does not mean that you are profitable. Look at the numbers!

Unhealthy Habits:

Impulsive decision making: Almost all important business decisions can be pondered, and do not have to be made immediately. Take your time!

Following emotions and feelings: Don’t do things just be you feel like it or because you don’t feel like it. This can include being reactive to a customer that is upset or an employee that made a mistake. Although you may feel better at the moment, it doesn’t help long-term. The same goes for how you feel. I know that I feel like playing Cooking Fever on my phone for a few hours, but if do so, then only the virtual customers in the game will be fed, while my family will be starving.

Consulting with inept people: I know this may sound harsh, but seek the advice of people who are competent to give you advice and/or thoroughly know you and your situation.

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Help Your Employees Succeed in 5 Steps

One of the common topics that I discuss when advising business owners is that of employees. From finding employees, keeping employees, and sometimes letting employees go. Dealing with employees can be difficult because we are people with emotions, problems, families, health issues, and also have lives outside of work. As a business owner and manager, here are 5 steps to make sure that your employees succeed:

#1 First things first: Slow down the hiring process to make sure the position and the potential employee are a good match before even starting. This can include multiple interviews, interviews with your other employees or managers (if you are a solopreneur, then the other interviewer can even be your wife or someone that you trust greatly), asking the right questions to gauge ethics and personality, and tests. A test can include a short demonstration of skills and knowledge.

#2 Initial set-up: It seems so simple, but is your employee ready to start working on their first day? Do they have the proper technology, equipment, uniforms, or even completed payroll information all ready before starting? Don’t waste their time because ultimately you are wasting your time and money and also do not appear to be organized.

#3 Training: Even if you hire experienced employees, they will still need to be trained with how you operate. Take the time to train so that they will perform well and feel good about their job.

#4 Set expectations: Let your employees know what you expect them to work on today, tomorrow, this week, and in the future. Also, set expectations for hours worked, time off, busy times during the year, and the like.

#5 Support: Employees will experience sickness, need to attend to family matters, and go through stressful times. Support them during their time of need to help them throughout any ordeals they may have. If you need support, then good employees will support you too.

There are many more ways, but this is a good start. Remember, success is not accomplished by itself.

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Try to Move the Needle Just a Little Bit

Do you want to make big massive changes? From growing your sales, increasing profits, working less hours to even losing weight, it seems daunting, but here’s how to get started:

Habits: When you want to change something drastically, it all starts with your habits. Incorporate new habits into your routine, and replace the old habits with these new habits. Doesn’t this sound so easy?!

Keep track: Keep track of your results to be able to measure your progress. For example, let’s say that you want to increase your sales by 20% compare to last year. First, monitor your results using financial software, such as QuickBooks, or even in Excel. If you do not measure your results, then you will not be able to determine if your actions are working.

Give it time: When making changes, you have to give it time to see those changes happen. It can be weeks, months, or sometimes years. As long as you are seeing the needle move in the right direction, then you know that it is working, no matter how small the positive results are.

Sustainability: If you make a monumental change then it may not be sustainable over the long haul. For example, if you decide to work less and cut your hours all at once, then you will quickly become overwhelmed and will go back to your old schedule. Look at the longer-term goal and then work backwards to figure out the proper actions and timeframes. For example, if you are currently working 50 hours per week and want to cut back to 40 hours, then give yourself a timeframe of one year. Next, shoot to reduce your workweek by approximately 1 hour per week for the first month, then 1 hour the next month and so on, until you have achieved a shorter work week. Then, figure out which actions you need to take to reduce your hours.

Change can be dramatic even if the results seem small in the beginning. Have the endurance, discipline, and willpower to continue your actions to achieve your long-term goals.

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Don’t Focus on the Wrong Things

What we focus on gets our time, energy, and attention, but how do we know what to focus on to amplify our financial results?

Reactive items: Sometimes there will be an event that needs to be dealt with immediately, but most of the time this is not the case. If you find that you are always being reactive then you are probably not focusing on actions that will produce the best results. Also, this means that you not operating your business in an organized manner, which tends to produce more reactive items.

Minor items that produce little to no value: An example is spending gobs of time and money trying to design and print your business cards. Your business card should be a representation of your business, but if you spend 15 hours trying to design them, then that is overkill. Cleaning excessively and making everything impeccably neat is another waste of time. Cleanliness and neatness are good, but don’t spend an hour each day cleaning your desk, car, or anything else. If you do, then you may have other issues that I am not qualified to fix!

Blaming others: Everyone likes to be right, right? But if you don’t know who is helping you and who is hurting you then how can you run your business profitably? Know who is your enemy and who is your friend. The people surrounding you include your employees, vendors, professionals, subcontractors, etc. They are usually working toward the greater good, but if you do not think so, then take an objective look at the situation, which is probably more positive then your emotions will lead you to believe, to determine if this is the case.

Tasks that can easily be delegated so you can make more money: There is a business owner that I often see cutting the grass, edging, and taking care of the landscaping of his business. It is understandable to do this for your home if you really enjoy this type of work and have the time to do so, but not for your business. Let’s calculate the lost income from this endeavor. Let’s say the landscaper cost an average of $50 a week plus some extras and snow plowing for a total of $3,500 per year total. Then, it takes you an average of 2 hours or more each week to do all the landscaping (don’t forget that you need to have all of the equipment, maintain the equipment, change your clothes before yardwork, shower, change your clothes after, and now you probably need a nap). This can easily equate to spending 5% or more of your time on landscaping work. What if that time was spent trying to grow and develop your business and was equivalent to $10k, $50k, $100k or more of income?

How we spend our time has the largest impact on the profitability of our business. All of the above also relate to letting your emotions rule your decision making versus being well though-out, which I have written about previously. Focus on the right things!

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