Creating Steady Cash Flow | Business Cash Flow

Creating Steady Cash Flow: Top 12 Questions Business Owners Ask – Part 5

Creating Steady Cash Flow | Business Cash FlowAhh, today we are talking about self-doubt and how it can effect your income as well as your cash flow.

After running your business for a while, having a few successes, it’s completely normal (and expected) to hit a few roadblocks on your way.

So what are the questions I get from CEO’s around success and self-doubt? Read on below.

9. I was so successful in my career and as a business owner I feel like a big, fat failure. I went to business because I thought I would get to be my own boss and make money. Will I ever be successful?

Well being in a traditional job and being a business owner are definitely different and yes, you can be successful at both.

My first tip would be to look at what made you successful in your career. What were the characteristics, what were the things you did, what were the things people praised you for? I ask these questions because those are the things that you may not be carrying over into your business. The things that brought you success in the past will be the things that bring you success in the future.

The second thing would be to look in your business for the fastest path to growth. What is it in your business that you can focus on that will bring the best growth, the greatest revenue and the freedom to do what you love?

10. There’s so much to do how do I stay focused?

One of the things that can get in the way of staying focused is what I call Entrepreneurial ADD, it’s what pulls us into multiple directions, leaving a path of work that’s unfinished behind us.

I want to give you a really simple exercise to help you become more focused and ditch that Entrepreneurial ADD. It’s called ‘non-negotiables’. You see, in life we all have non-negotiables. We renew our driver’s license, we go to the doctor, prepare our taxes. Those are things we make time for because we need to make sure they get done. There’s a penalty if you don’t do them.

So I’d like you to think about the non-negotiables in your business. What are the things that absolutely need to get done? Secondly, start blocking off time in your calendar in order to dedicate time strictly for working on those non-negotiables. Hold yourself accountable, and give yourself a penalty for not completing them, reward yourself when you do!

And if you are just joining us for this series on cash flow and income, you may want to head back to the beginning to read about; making more money, taking your business to the next level, putting systems in place, and expenses you should consider.

Have comments? I would love to hear them below!

Business Revenue Questions

Podcast: Top 12 Questions to Generating More Business Revenue (Part 4)

In this super short and practical Podcast Series, Businesss Growth Strategist Kim Pisolkar, answers the Top 12 Questions People Ask when it comes to generating more business revenue and profit.

Business Revenue QuestionsListen below and discover the answers today so that you can have the fun, flexible and profitable business that you envisioned on opening day!

Do you say Yes more than you say No? Then you definitely need to listen to this podcast!

 

Want to find what it will take for you to stop firefighting against your never ending to do list so that you can have the fun, flexible and financially successful business you desire? There is a way and you can get it here!

For more information to help you create and navigate your road to revenue please contact us.

 

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

3 Steps to Make More Time In Your Day

3 Steps to Make More Time In Your Day | time is moneyWe’ve all heard the old adage that “time is money”. There is no place this statement rings truer than in the world of a small business owner. As a small business owner it is easy to get caught up in the day to day operations of running your business and lose focus on long-term goals.

As the leader at the helm of your business your time is worth more money to your company when you focus it on steering your ship along the right course rather than following where the wind blows you.

To be successful, you need to change your thinking about how you allocate your resources. These resources include; time, money and the people you have working for you. It sounds easy, and I promise it is if you follow my three step process.

3 Steps to Make More Time In Your Day;

  1. Take inventory of how you spend your time. Write down everything that you do for a week. What is it that you spend the most time doing? Are the items critical to your success? If so circle them.
  2. Identify the critical musts in your business. Take the items you circled in step one as your critical musts, meaning the success of your business is dependent on them. Ask yourself if anyone else can complete them? If so write their name next to the task.
  3. Identify what you are good at and what you like to do. Take the remaining items that you haven’t assigned to anyone else and rate them on a scale of 1-4, 1 being super easy, I love to do them and 4 being takes a lot of effort and energy to do them. The thought is that if you free up your time to focus on what you are good at you’ll be able to make more efficient use of your time. Anything that rates a 3 or 4 should be delegated to someone else.

out of time | time mangement | make more time | time in businessFor example, if you’re spending two hours a day scheduling client appointments (which is a critical must), is that really the best use of your time? Perhaps you could delegate the management of your calendar to your assistant, essentially freeing up those two hours for you to focus on business development opportunities that relate directly to your critical musts.

When we hear Return on Investment (ROI) we typically think of money. ROI is not just financial – it’s also looking at your time, energy, developing new habits, sense of accomplishment, reduced stress, etc. By making sure you are allocating your time and the time of those around you wisely you’ll gain both a monetary ROI and more time in your day.

For more ideas on how to Run Your Small Business Like a Big Business CEO;  Huffington Post Article – 4 Effective Ways to Run Your Small Business Like a Big Business CEO

 

Images courtesy of FreeDigitalPhotos.net

Image courtesy of FreeDigitalPhotos.net
Image courtesy of FreeDigitalPhotos.net
Image courtesy of FreeDigitalPhotos.net
Creating Steady Cash Flow | Business Cash Flow

Creating Steady Cash Flow: Top 12 Questions Business Owners Ask – Part 4

Creating Steady Cash Flow | Business Cash FlowHow successful are you in creating and managing a steady-cash flow? As a CEO business coach, I receive many questions from business owners about what it takes.

If you are just joining this series you may want to start with my first post on the Top 12 Questions Business Owners Ask.

Today we are going to talk a little more about expenses and not the revenue generating activities we’ve discussed in previous posts, so hold tight, here are the top questions I receive about when it’s time to spend money.

7. Do I have to hire people? I’m not sure I can afford it.

Even if you know how to do everything and could do it, I would say “YES – you definitely need to bring in some support.”

You’ve heard that it takes a village to raise a child, right? Well, I also think that it takes a village to run a successful business because if you are trying to do everything, this will lead you to be tired, frustrated and burnt out. The Chief of Everything Officer, not the Chief Executive Officer, will be the one running the show. You are not going to have the time and energy to do the nuts and bolts of running a business as well as doing what you do best – which is the whole reason you went into business in the first place and the reason people hire you.

Naturally, outsourcing some of our work can be uncomfortable, even scary. You may be wondering: “What if they don’t do it right? What if it costs too much money?” However, although it’s going to cost money and the end result may not be as perfect as you envision it, things will get done. In-fact probably faster and better than you imagined.

The money you invest here is going to free up YOUR time and energy to do the things that you love to do which brings in revenue and make your business fun and profitable. So the real question is, can you afford to keep doing everything yourself?

It can be daunting to decide what to outsource first. Here is an exercise to get you started.

8. I want to be the CEO of my business. I feel like I just do and do and do, how do I make the transition?

The first thing is to take a look at what being a CEO looks like to you. What is it that you are doing and who are you being? Actually, I want you to take it a step further and write down your ‘job description’. I know that this may sound like such a corporate thing, but it’s designed to help you identify what the CEO of your company needs to be. Write down that description as a way to anchor it.

The second thing is to take a look at your current ‘CEO Success Style’. Your CEO Success Style is the way that you are able to get results. How your style shows up in business can keep you from getting some of the results you want.

Thirdly, based on who you want to be as a CEO and the way your CEO Success Style is executed, you need to examine the gaps. What is it that needs to be changed or done differently so that you can be the CEO of your business rather than a stressed out employee?

For more information on how to identify your CEO Success Style and bridge that gap to being a more effective Chief Executive Officer, go to www.CEOSuccessStyles.com.

Have comments? I would love to hear them below!

 

Business Revenue Questions

Podcast: Top 12 Questions to Generating More Business Revenue (Part 3)

In this super short and practical Podcast Series, Businesss Growth Strategist Kim Pisolkar, answers the Top 12 Questions People Ask when it comes to generating more business revenue and profit.

Business Revenue QuestionsListen below and discover the answers today so that you can have the fun, flexible and profitable business that you envisioned on opening day!

So you made a lot of money and you think you can use the same formula to make even more? Why you might be wrong… tips on scaling your business up!

 

Want to find what it will take for you to stop firefighting against your never ending to do list so that you can have the fun, flexible and financially successful business you desire? There is a way and you can get it here!

For more information to help you create and navigate your road to revenue please contact us.

 

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Rocks, Pebbles, and Sand | Work Life Balance | Priorities

The Busy Syndrome: Do You Have This Affliction?

Jane Austen once said “Life seems but a quick succession of busy nothings.” It seems in today’s fast paced world, we are too easily distracted by these busy nothings. We have created a new sickness I like to call The Busy Syndrome.

The symptoms include;

  1. Not having enough time to complete your to-do list,
  2. Being constantly on the go,
  3. Missing out on important family events or even afternoon picnics with your kids.
  4. Living life just to survive, while missing out on the best part of life… living it!

In our corporate driven world we speak about work-life balance, but many of us don’t know what it truly means. If we are able to leave the office a little early on Friday it feels as though we’ve accomplished this balance that everyone talks about. Forget about leaving early to attend a child’s sporting event. That feat is only accomplished by stay at home parents and people that don’t have high stress jobs, right?

I’m going to tell you something you might not like. Busy is really code for “that’s not important to me right now.” So every time you want to say, “I’m too busy,” replace it with “that’s not important to me right now.”

Feels different, doesn’t it?

None of us want to make our family members feel less important, and deep down we don’t really feel this way. In the digital age of constant communication we have changed the way we react at work and have formed bad habits which make us feel busier and those around us less important. So how can you change your routine to accomplish more and gain control of The Busy Syndrome?

Here’s a BIG tip…

Be proactive about planning your day rather than reactive; don’t check email or messages first thing in the morning. When you sit down and start your work day, write out a list of YOUR priorities for the day. The things you must get done, your critical musts so that you can achieve your optimal work-life balance. Make sure that your priorities take precedence over the items that are thrown your way; this way you form the intention to be proactive rather than reactive to situations and keep a clear picture of what is really important to you.

After you leave the office, disconnect. Don’t check your email or Smartphone for work messages; spend the time away from the office focusing on those around you. By not falling back into the busy syndrome, your relationships will start to change and you’ll realize what is truly important.

To further illustrate the value of establishing priorities, I share the classic example of the rocks, pebbles, and sand in a jar;

Rocks, Pebbles, and Sand | Work Life Balance | Priorities | Busy SyndromeA teacher walks into a classroom and sets a glass jar on the table. He silently places 2-inch rocks in the jar until no more can fit. He asks the class if the jar is full and they agree it is. He says, “Really,” and pulls out a pile of small pebbles, adding them to the jar, shaking it slightly until they fill the spaces between the rocks. He asks again, “Is the jar full?” They agree. So next, he adds a scoop of sand to the jar, filling the space between the pebbles and asks the question again. This time, the class is divided, some feeling that the jar is obviously full, but others are wary of another trick. So he grabs a pitcher of water and fills the jar to the brim, saying, “If this jar is your life, what does this experiment show you?” A bold student replies, “No matter how busy you think you are, you can always take on more.” “That is one view,” he replies. Then he looks out at the class making eye contact with everyone, “The rocks represent the BIG things in your life – what you will value at the end of your life – your family, your partner, your health, fulfilling your hopes and dreams. The pebbles are the other things in your life that give it meaning, like your job, your house, your hobbies, your friendships. The sand and water represent the ‘small stuff’ that fills our time, like watching TV or running errands.” Looking out at the class again, he asks, “Can you see what would happen if I started with the sand or the pebbles?”

So remember: You’re never really too busy, if something is important to you, you’ll find a way to make room for it.

For more tips on 5 Easy Ways to Balance Your Business and Personal Life; please visit my recent article on the Huffington Post.

 

Image courtesy of FreeDigitalPhotos.net