Your Business: Successful or Stressful?

Is your business Successful or Stressful?

I’ve worked with a lot of small businesses, and, it’s true, a certain amount of stress comes with the territory.  I’ve noticed, however, that there are some key differences between those that are successful, and those that are constantly in turmoil.

Success = Planning  Stress= Flying by the seat of your pants

If you want your business to succeed, you’ve got to plan, period.

How are you going to get somewhere if you don’t know where you are going?

  • It doesn’t have to be terribly complicated, but you should have some basic financial projections and a marketing plan.
  • Of course, you don’t plan just once and then forget about it!  Your business is a living thing – you need to plan for this year, and next year, and next year you need to plan some more.
  • I recommend systemizing it.  Every Quarter, sit down with your plan for maybe an hour how’d it work out?  Where are you going next?

 

Success = Knowledge  Stress= burying your head in the sand

This is huge!

  • Educate yourself and become a well-rounded business person.  Every business owner must understand what’s happening financially in their business.
  • Figure it out in whatever way you need to.  I’ve known some high-level successful business owners who had what I thought were odd ways of evaluating their finances.  But it worked for them.
  • Not everyone is good at everything, maybe finances aren’t your thing.   Figure out a way to keep on top of it that doesn’t send you running for cover.
  • Make sure you have a good bookkeeper and CPA and have them educate you on the important issues for your particular business and force yourself to review these indicators every month and/or quarter.  Same thing with marketing and internal processes.
  • No Excuses!  There are blogs, books, videos, webinars and classes.  Do something every month!

 

Success=Getting Help   Stress=Doing it all on your own

Some people would call a lot of entrepreneurs control freaks and workaholics.  It’s easier if we just do it all ourselves.  What normally happens then is that a lot of stuff just doesn’t get done.

  • Think logically.  Where is your time best spent?  Answering phone calls, cleaning the office, bookkeeping?  Probably not.  If you pay someone $25 an hour to clean the office and your time is worth $75, it’s a no-brainer
  • Don’t try to do things you aren’t good at.  People hire you because you are the best, hire others to fill in your weak spots.

 

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