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

Creating Steady Cash Flow | Business Cash Flow

Creating Steady Cash Flow: Top 12 Questions Business Owners Ask – Part 3

Creating Steady Cash Flow | Business Cash FlowIn the first two blogs in this series, we’ve talked about how to take your business to the next level with growth, sales, and clients.

Today we are going to take a small step back and address the questions of how to have enough time in the day to get everything done!

Someone once said;

“Everyone on this planet is given the same 24 hours in the day. The question is: what do you choose to do with yours?”

Knowing this, and knowing that there are super successful people doing amazing things each and every day, means you can do the same! It’s all in how you use your time. You don’t hear successful people complaining about needing more time, because they have systems in place to help them out. So read on for my answers to the questions I receive about this!

5. My to-do list is ‘crazy big’, how do I get ahead of it?

My Get It Done System has a five-step process for getting control of your to-do list. To get started, put together a list of everything that you have to do. Some of these tasks may be on the papers on your desk or in your head. Put them ALL down on paper.

Now, take a look at that list. I want you to pick one task that if completed will help your business achieve its goals. Pick a single task and then write down why it’s important for you to complete it. The reason I’m asking you to do that is because you need to make sure that it’s a strategic choice rather than a ‘have to’.

Next, write down three actions that you can take to complete the task or move it forward towards completion. For seven days, take action, focus on getting it done and say no to other things that can distract you. Next week, pick another activity, rinse, repeat, do it again.

For more information on my proprietary Get It Done System and To-Do List Plan, you can go to www.SmallBizBigBreakthrough.com/getitdone.

6. I would love my business if it weren’t for all the business building activity. What can I do to make it fun?

In the first two years, most people tend to spend a lot of time figuring out the nuts and bolts of running a business versus delivering the value that made them go into business in the first place!

At this point, it’s natural to think “Wow, this is a lot of work. I’m really tired. This isn’t fun. Maybe I should go back to a proper job.”

The first thing I want you to do is realize that you have to stop trying to figure it all out by yourself. There is a ton of information available to you and there’s no way to keep ahead of it all. I call this ‘information overload.’

The second thing that I want you to do is to remember that you already have everything that you need to be successful in business.

The third thing? Look at how you are spending your time.

CEOs do the following specific things:

A. They market and sell.

B. They fulfill their products and services.

C. They create systems and teams to run the business more effectively.

So I’d like you to take a look at the things that you are working on and the things that are falling outside of the CEO parameter. What can you remove from your list entirely or perhaps delegate to someone else?

For more information to help you create and navigate your road to revenue please visit my website at www.SmallBizBigBreakthrough.com.

 

Have comments? I would love to hear them below!

Business Revenue Questions

Podcast: Top 12 Questions to Generating More Business Revenue (Part 2)

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!

Have you ever thought that if you copied someone else’s methods that you would get the same results, but for some reason it didn’t work out that way? These tips are for you!

 

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

Workaholic | Marriage and Work | Marriage and business

Don’t Become a Statistic! 4 Tips for Getting Control of Your Time (& Sanity)

Workaholic | Marriage and Work | Marriage and businessMany of the entrepreneurs I know are workaholics.

Does this sound familiar?

You’re running a successful business, or maybe trying to launch a new product, and you only have yourself to be accountable. You get up in the morning and check your email while brewing your first cup of coffee. You progress to your home office and whip off a dozen emails before that first cup is down. The day progresses the same, you forget to eat breakfast, and sometimes lunch. You remember to pick up the kids only after a text or phone call. After spending a few rushed hours to feed your kids and say hello to your spouse, you fall asleep with you smart-phone / tablet / laptop in your hand. Wash, Rinse, Repeat. This is your life!

As someone who has worked from a home based office for years, the best advice I can give you is this: Just because you can keep working doesn’t mean you should. Although working nonstop can feel productive, becoming a workaholic is not good for you, your relationships, or your bottom line.

Here are four tips for taking back your time and energy:

  1. Get Healthy! By being too focused on your work and not taking breaks to eat, exercise, or even stretch during your day you are harming your body. Stop and make sure to get proper nutrition, take a walk, and stretch at least once an hour while working from home. I guarantee you’ll feel better and your body will thank you!
  2. Prioritize Your Day! Instead of jumping into email first thing in the morning, spend the first hour of your day making lists of what you need to accomplish, prioritize these and focus on the top three, once those are complete, tackle your email. Anything that doesn’t make the top three can be pushed to the next day. (For more tips on this you can sign up for my free training here)
  3. Spend Time with Your Family! Seeing your kids and spouse for short periods of time per day isn’t enough to really connect. Schedule time for family game night, family outings, or even a movie night. Make sure to turn off all electronics and don’t be tempted to pick up your phone during family time.
  4. Set Boundaries with Clients or Vendors! This is the hardest tip to put into action, but it is probably one of the more important. Set expectations with clients and vendors around response times and your availability. Just because someone emails you at 10 pm at night, you don’t have to email them back if you have set the expectation that emails will be returned within 24 or 48 hours. Stick to it no matter what. (I once had a client text me at midnight, they were travelling on the west coast, and I responded… guess what happened the next night? You got it, another midnight text! If you don’t stick to your own boundaries, they won’t mean anything in the long run).

These may seem like simple tips, but I promise you small changes will have a great impact on your life, goals and productivity. By clearing the clutter and scheduling your time wisely you’ll be able to get more done in less time, and you’ll be able to spend more time with the important people in your life.

Don’t become a statistic, don’t become a workaholic!

For these and other tips on relationships & business; please visit my recent article, Marriage and Business: 3 Ways to Prevent Your Business From Destroying Your Marriage, on the Huffington Post.

 

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

Creating Steady Cash Flow: Top 12 Questions Business Owners Ask – Part 2

Creating Steady Cash Flow | Business Cash FlowIn order to run a successful business, you need to create a steady flow of cash for sure.

In our first blog on this topic we discussed how to make more money and how to gain more clients, which would both increase cash flow.

The concept can sound simple but in order to do either you need to be out there networking and selling yourself or your product, which inevitably leads us to the next two questions small business owners ask.

#3 Can I hire someone to do sales with me or can I hire someone to do sales for me?

Well, it depends.

If you have 35 to 50 employees in your company, then yes you will likely hire staff that’s going to focus on sales. You will be focused on retaining your key clients and attracting large accounts or larger clients, and getting involved in the strategy of selling without actually cold calling, you can leave that up to your staff. You will be able to use your expertise to train your sales staff to sell the products in the right way.

If you are a solopreneur or a small business owner with less than ten people the answer is no. You cannot hire or outsource sales. Why? With a company of this size, you are building upon your dream or idea, but without actually being out there selling it yourself, how will you know if it is right for your demographic? Think about it as ‘market research’, by being on the front line you are going to be able to improve your idea and product many times over. It’s also your number one revenue generating activity, and as a small business owner, this should be your focus.

By being your companies champion and going through the sales process yourself, you will be able to see what objections people are having to your products and services, and learn the best ways to overcome them. Which will be amazing experience when you’ve grown to the 35-50 employees, and need to train them!

At the end of the day, even if somebody else does the selling for you, you have to tell them what to say. Now it doesn’t mean you can’t have someone book appointments for you but YOU need to close the deal.

#4 I have six figures, what do I do to take my business to the next level?

When you hit the first $100,000 you are most likely still involved in a lot of the day to day running of your business and doing most of the service delivery yourself. So to up-level, what we need to look at first is where you can leverage your team, talent and time.

Ask yourself:

A. What are the strengths of my team?

B. How can I leverage my team?

C. What resources can I bring in to take some of the daily operations out of my hand?

D. How can I delegate better?

E. What do I do best?

F. Am I leveraging my talents and strengths?

G. How am I spending my time?

H. Is the way I spend my time aligned to my ‘critical musts’?

I. What is the ROI on my time investment?

To really take it to the next level, you need to attract and retain great employees, keep key players on your team, delegate effectively and focus on looking at the business from a strategic point of view.

You can also visit my website at www.SmallBizBigBreakthrough.com, for more ideas and to learn about your CEO Success Style, and how this may be affecting your growth.

Have comments? I would love to hear them below!

Business Revenue Questions

Podcast: Top 12 Questions to Generating More Business Revenue (Part 1)

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!

Are you trying to do everything yourself? Do you feel like you are the ONLY one that can do it right? Than the helpful hints in this business revenue podcast are for you!

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

Creating Steady Cash Flow | Business Cash Flow

Creating Steady Cash Flow: Top 12 Questions Business Owners Ask – Part 1

Creating Steady Cash Flow | Business Cash FlowIn order to run a successful business, you need to create a steady stream of cash flow. For many small business owners, this is easier said than done—leading them to worry, feel constantly stressed and have “bankruptcy” looming over their heads. In this series of articles, I answer the top questions most small business owners ask about successfully creating and managing cash flow. Read on to find out more.

#1 How do I make more money?

The short answer is… by selling more items or raising your prices/rates!

The longer answer is looking at what are you selling and what you can offer. How can you add additional value that’s not necessarily something you have to personally deliver or produce?

To start earning additional income, consider creating online products or offering products from an affiliate partner. In addition, don’t be afraid to raise your prices or service rates. When I advise my clients to increase their prices or rates, their initial reaction is a combination of hesitation and panic because they believe they are going to lose business. A good middle ground is to raise the prices or rates of only a few items or services to test the waters and see what happens. Your most loyal customers will most likely stay. Those who don’t will open up space for new customers willing to pay.

When deciding how much to raise your prices or rates, take a look at your product (or service) funnel and ask yourself the different ways that prospects experience you at different price points and how many sales you need to make at each level in order to create the income you want.

#2 How do I get more clients?

When people ask “How do I get more clients?” they typically mean “How do I get more of the people I want to work with?” The short answer is…talk to more people! Network! Make phone calls! And always, always ask for referrals!

The longer answer is that you need to be really clear on what you mean by more clients. If you haven’t already, this is a good time to define what your ideal clients look like. Who are they? What are their needs? What are their goals and aspirations? Write down what results they get as a result of working with you and how you help them get those results.

Once you have that information, start networking where your ideal clients can be found. Build relationships with them. Tell everyone you know what you do and who a good referral is for you. Finally, one of the best ways to get more clients is by asking for the sale. Ask and you shall receive!

Please share your stories and experiences and stay tuned for more on creating steady cash-flow!
business mistakes

3 Critical Mistakes Business Owners Make

When I first started coaching, I had BIG dreams about the money I’d make and the lives I’d change.

Unfortunately, after two full years of being in business I was making mistakes:
  • Working all the time — 24 hours a day, 7 days a week.
  • Not making the kind of money I wanted.
  • Not spending nearly enough time with my family.
  • Not helping others improve their lives.
  • Not living the incredible life I’d imagined when I first decided to strike out on my own.

business mistakesAt the time, I had no idea what I was doing wrong. I was working constantly — shouldn’t all of that hard work be reflected in my bank account?

Looking back now, I can see so clearly what I was doing wrong…

Mistake #1: I was a perfectionist.

I wanted things done perfectly or not at all. I knew in my mind what I wanted my opt-in videos, website, and newsletters to be like, and I refused to put anything out into the world until it was perfect. The result? I never put anything out into the world — period.

Mistake #2: I suffered from Entrepreneurial ADD.

I’d be working on my website when I’d get an email about participating in a summit. I’d start working on the summit application when I’d get a call about writing a guest blog. I’d start writing the guest blog when I’d get distracted with updating my Facebook page. By the end of each day I’d have begun dozens of projects and finished zero.

Mistake #3: I always thought I needed to know more than I did.

I never felt like I was “ready” to take action. I felt like I always needed to know more, learn more, and prepare more before I could actually move forward. As a result, I stayed in “research mode” and never moved into “working CEO mode.”

The Solution: Improve Productivity.

Easier said than done, right?

After struggling for more than two years I finally said “enough is enough.” Something isn’t working, and I’m going to go broke if I don’t figure out what it is.

Going on an intuition, I had a feeling that the root of my business troubles was my lack of productivity. I figured that if I could identify and then actually complete the important tasks, goals, and projects on my to-do list, my business would move forward and I would finally be profitable.

So I focused ALL of my attention on becoming more productive. And that’s when I developed my “Get It Done!” Process — a methodology that I use over and over again to reach my goals, finish my projects, and cross tasks off my list.

I worked on identifying the following;
  • My strengths and weaknesses as a CEO, in what I refer to as my “CEO Success Style” (click here for the free report).
  • Prioritizing the projects and goals that are most important and necessary to focus on.
  • Project planning techniques that would allow me to complete the important tasks.
And let me just tell you, the results were POWERFUL. Now, this is what my life and business look like:
  • I attract my ideal clients.
  • I’m making more money while working less.
  • My weekends are MINE.
  • I spend plenty of time with my family.
  • I’m living the fulfilled, exciting life I imagined when I first started my coaching business.

business helpIt all started with figuring out who I was as a CEO- what I did well and what I was doing that, well, wasn’t so great.  Grab your free copy of one of my number 1 business success tools: Learn The One Mindset Trick Guaranteed To Take You From Busy and Broke to Consistently Creating Cash flow.

Share your productivity tips and let me know if you have any questions!