As entrepreneurs we know that not every task we perform is fun or sexy, right? Maybe not, but they are necessary for business growth, forward momentum and success! Here are some essential business tasks that entrepeneurs need to tackle whether we want to or not!
Essential Business Tasks
If you can delegate any of these tasks, then you should. Remember, you are the brains and the brawn behind your business. Delegate those items that don’t require your unique expertise to accomplish.
- Be the company sales man. Sure, you can hire sales people, but when you’re just opening the doors, YOU are the sales man that needs to be out there pounding the pavement, shaking hands and making sales. You know the best way to share your company message and you are the best and most knowledgeable person on the team, right? Once you’ve grown enough to bring on a team, you can share with them your experience on what worked, and what didn’t when you were out making sales.
- Send out invoices and pay the bills. When you’re a fledgling business you want to know what kind of money is coming in and what’s going out. What better way to do that than to be involved in the day to day collection of payments and paying of bills?
- Setting up business systems. Your systems can change and morph as the business grows, but when you’re starting out, set up systems that make sense to you and tweak them as you grow.
- Communicating with your team and your clients. Remember, take care of your clients, especially those who came on board when you were starting out. Thank them for sticking with you by offering stellar customer service.
- Go to work. It is easy to sit back and think, “I’m the boss, I don’t have to go to work if I don’t want.” That certainly is one of the benefits of being the boss, but that can backfire and you could lose your momentum and not make a profit. Be passionate about what you do and show up.
What are some tasks that you consider essential to your business?
Cryptocurrency. Chances are you have heard the word bandied about. You may have an in depth knowledge of it or you may still be scratching your head and wondering what is cryptocurrency. I’ve put together a few cryptocurrency basics to help you gain a bit of an understanding.
Cryptocurrency (a populra one is Bitcoin) took the world by storm, it seemed in 2017. It’s also known as digital or virtual currency. Much the same as other currencies, cryptocurrency allows its owner to buy goods and services with it. The concept is sometimes difficult to grasp but here are a few things I have gleaned in my research.
- It is a form of payment you can use in exhange for goods and services. In some instances you will need to trade your cryptocurrency for real currency to access some services.
- Cryptocurrency operates on a technolgy called blokchain — a decentralized technology that manages and records transactions.
- As of this month (January 2018) there are about 1,500 cryptocurrencies trading hands. It’s estimated they will continue to proliferate.
- They are popular because they are viewed as “the currency of the future.” Other people like that it is a decentralized currency.
- Are they a good investment? Some say yes, others say no. The cryptocurrency goes up in value and it goes down in value, much the same as real currency.
- You can buy cryptocurrency through any of a number of different companies. You will buy it and store it in an online wallet that you have registered to use.
- Cryptocurrency is legal.
Many people who use cryptocurrency, currently, are those who are not adverse to some risk and uncertainty. You need to know how you feel about this rollercoaster ride before you jump in. To protect yourself in the cryptocurrency market you will want to know: Who owns the company you’re purchasing it from, who the other investors are, how much of a stake will you own and will it be in the company or in the cryptocurrency you’re buying, it is already developed or are you jumping into a start up?
Be aware, though, it is more of a conversation than can be had in a blog post. If you have questions, are curious or want to gain a deeper understanding, reach out to me. Let’s talk.
What do you want to accomplish in 2018? What did you leave unfinished in 2017? We have put together some tips to boost your business growth in 2018. You don’t have to implement everything all at once — in fact I recommend you take it one at a time. Test. Measure. Repeat!
Boost Your Business Growth In 2018
What is your business? No, really what is it? Who is your ideal client? What is your core competency? So many business owners get fractured in their businesses and spread themselves too thin and after a point, they aren’t certain who they are or what their business is.
Get back to basics. What brought you your initial success? Do you have clients who have been with you since the beginning? Get back to basics and make sure you are taking care of those individuals who have been with you.
Cultivate multiple streams of income. While you don’t want to spread your business message too thin, you also want to have other streams of income to fall back on. What is your core business and how can you make multiple streams of income from it?
Who is your target market? Are you reaching out to them? Where do they congregate online and are you there with your business as well?
If you are a multi-passionate entrepreneur write down your passions but pursue them one at a time.
Know your budget and work within it. Don’t spend money you don’t have. Start small, grow from there when you have the funds to do so.
If you’re jumping into business ownership this year, make certain you have a business plan in place and understand the strategies you will take to make your business a success. Your business plan should have your mission, your vision, your ideal client, what you will be charging and how you will measure your success.
Need help with your entrepreneurial idea but aren’t sure where to begin? Reach out. We can help.
Are you looking at another sixteen hour — or longer — work day? Do you ever get a weekend off? Have you stopped meeting friends and family for lunches, dinners or other get-togethers? Are you working on or in your business? If you’re being run ragged by all you have to do — you are working IN your business and you need to find a way to step back, get out of the overwhelm and get back to a work-life balance?
Are You Working ON or IN Your Business?
Here are some ways to tell whether you are runnign your business or if it’s running you:
- You answer the question, “How are you?” with “Busy!”
- You can’t remember the last time you were home in time for family dinner.
- You feel it will be quicker for you to “just do it yourself” rather than hire someone or delegate a task.
- You tell yourself, “I need to make more money” or “I need more clients” but you’re not even sure if that’s true.
- You are reactive to the tasks of the day rather than being proactive.
What can you do to take control and regain your life? Here are a few.
- Put together systems and business processes for your daily tasks.
- Take time off for yourself and your family. Make your business work around your schedule instead of the other way around.
- Delegate. Hire someone to do those tasks that don’t truly need your input.
- Understand your budget so you can determine whether you can say “no” to a new project when you’re drowning with the ones you currently have.
- Find a coach, mastermind group or a mentor. An outsider’s perspective might be just waht you need.
If you’re looking at your day with dread, you need to reach out and find someone with whom to interact and who can help you learn to work ON rather than IN your business. Is today the day you’re going to take that step and regain your life? Give me a call, if you said “yes!”
Have you ever wondered how to become a better public speaker? Do you go to networking events and listen to colleagues regale the audience with stories and share their unique knowledge and wondered, “how can I do that?” Public speaking is a matter of knowing your stuff and understanding how to deliver it to an audience in a concise manner while making it both entertaining and useful.
How To Become A Better Public Speaker
- Practice. Don’t imagine that the great orators of our time simply took to the podium and were stellar speakers. Sure, some of them might be able to deliver a moving speech or lead a networking event with no preparation, but for the rest of us mortals, we need to practice. Write your speech then read it through several times a day before you deliver it. Read snippets of it aloud. Stand in front of a mirror and read it. Once you’re comfortable with the content, then deliver it without reading. Notice how the best speakers rarely resort to reading notes.
- Change your mindset from one of fear to one of knowledge and power. YOU are helping your audience and that is empowering. Focus on your experience and unique expertise.
- Welcome everyone to your session. Walk around the front of the room, make eye contact, offer up a “good morning” or a “good afternoon.” This relaxes both you and the group. Make a connection with the audience.
- If you’re anxious and have sweaty palms, take some deep breaths. Get up and move. Don’t sit in a chair and let anxiety take over. Move around and walk it out.
- Remember, everyone gets the pre-speach jitters. It’s normal and natural.
Do you seek out speaking opportunities? When is the last time you gave a presentation to a group? If you have always wanted to speak, but haven’t, what’s stopping you? I’d love to know.
Your company is on an upward trajectory. Congratulations! Now that you’re growing you may be faced with many choices. Should you hire? Should you move to a different location? Do you need to invest in new equipment? All of these are certainly signs of growth and can lead to growing pains, but you need to look at your budget and make any investments and moves wisely.
Entrepreneurs: Should You Buy Or Rent?
Here are three items that an entrepreneur may want to look at when he or she is thinking “buy or rent“:
- Employees. Should you hire employees or employ contractors? Remember, with employees come employee taxes and other tax ramifications. There are benefits and drawbacks and challenges to either employees or contractors. Talk with your accountant or accounting department to fully understand the cost of an employee to a business — remember, it’s more than just the hourly rate. Then decide which fits best in your corporate culture. Do you have space for employees? If you had to move to a larger space and then had to hire employees, you will be looking at a big hit on your budget, can you truly afford and sustain those costs? Are you better-served to hire a professional who can perform the tasks you need but who will be an independent contractor who will work at his or her own site and use his or her own equipment. Oh yes, don’t forget, if you hire you need to invest in equipment for the employee.
- Do you need to rent an office space or will your current space suffice? If you’re continually meeting potential clients at a local coffee shop and want to amp up your image, you may need, or want, to invest in renting office space. If you meet customers virtually, your home office may remain the ideal (and most cost effective) option.
- Does your business need more equipment, software or upgraded technology? If you’re in a growth spurt that appears to be one that will continue, you may need to upgrade and update equipment. Again, this is a conversation to have with your accounting professional who can help you make that decision. It doesn’t make sense, though to operate your business on outdated and continually breaking down technology or software that just doesn’t meet your needs.
Congratulations on your growth! Do it wisely and with forethought and may the trend continue! If you’re an entrepreneur in the midst of a growth spurt but are struggling to get to that next level, contact us and inquire about how coaching might help push you past your barriers.