Profitology

Category: Small Business

  • Wonder Woman or Just a Typical Mum/Business Owner?

    Wonder Woman or Just a Typical Mum/Business Owner?

    Let’s face it: running your own business is tough. Being a Mum is tough. Putting the two together is plain crazy.

    Yet, I wouldn’t have it any other way.

    Fulfilling my role as a wife, mother and small business owner brings me great joy and satisfaction. This is why I happily invest my time and energy in growing my business and taking care of my family.

    I certainly understand the challenges of time management and juggling family and business responsibilities. If you have been in this situation or you know someone who juggles work and family duties, you can tell that it is a constant struggle.

    Getting Through Tough Times

    Most of the time, I can keep my head above water. But when the kids get sick, it is a different story. While it’s obvious that family takes priority over any business venture, I want as much as possible to keep all my commitments.

    Recently, when all three of my children fell ill, they had to skip school for a week to recuperate. This meant I had to work late hours and postpone important meetings with clients in order to tend to my children’s needs. It was truly a challenging time for me.

    Thankfully everyone understood the situation. However, it was still disrupting to my business.

    This experience taught me to expect the unexpected. My kids or spouse will get sick. I could fall ill myself. As a savvy mumpreneur, I have to know how to face this dilemma.

    Wonder Woman or A Mum with a Mission?

    My husband has recently told me that “I’m a Wonder Woman” because of all of the commitments I take on. I’m extremely flattered by this compliment.

    Yet after thinking about it, I realized how I have been protective with my time. Like a heroine who sets out on a mission, I ignore everything that doesn’t bring me closer to my goals. There are plenty of activities that I happily chose not to participate in.

    When it boils down to it we can only do so much. Being at peace with this helps you excel in those areas you choose to spend time on and leave other activities/tasks for others to do. After all, where there’s a will there’s a way. If not, there’s an excuse.

    It pays to know your priorities and focus your efforts on the activities and practices that have a great impact on your life in the long run.

    So, what unnecessary habits or tasks can you let go to make room for those you wish to do?

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  • 5 Tips on How to Be Your Own Boss

    5 Tips on How to Be Your Own Boss

    When I’ve made the decision to start my own business, I knew it would be hard. I didn’t know exactly how hard it would be yet I knew that building a successful company would take time. I knew it would take a lot of blood, sweat, and tears to gain the freedom and flexibility I desired.

    While I’ve fulfilled my dream of becoming my own boss, I’ve made a lot of mistakes along the way. In fact, if I could go back and start again, I would do so many things differently.

    So for those of you who are just starting out and who wish to avert huge miscalculations, here are my tips to building a successful business:

    1. Select the best business structure.

    Understand the various entity structures to determine the best option for your circumstances. This is one of the most important decisions you have to make. You need to weigh the pros and cons of every option so it’s not an easy choice to make on your own. Seek professional advice from a trusted solicitor or accountant. These experts can walk you through the huge implications of a business structure on your taxes, paperwork, liability and more.

    2. Create a great yet flexible business plan.

    Have a clear picture of your business purpose, direction and target market. Write a business plan to help you clearly identify these areas, visualise where you are headed, and lay out the steps you need to take to achieve your short and long-term business goals. Harvard Business Review summarises the key components to consider in your plan in four letters: PIMM. That’s for People, Idea, Model, and Market. Your business plan doesn’t have to be absolutely rigid; instead, it must allow room for changes.

    3. Know your numbers.

    Estimate the earnings and expenses of your business for 6-12 months. This way you can forecast if you have enough cash to cover the costs of running your business for that period. How much does it cost to run your business each day? Avoid surprises by meticulously calculating the costs of accounting and legal advice, internet or phone installation, power connection, marketing, supplies and equipment, wages and other recurring expenses. How much do you need to charge to cover these costs? And what price will the market bear for your product or service? Get to know your numbers.

    4. Document systems and processes.

    You may only be small to start off with, but as you grow it will be so much easier to slot employees into their roles if tasks are clearly written or recorded for them to follow. It will also save you time and energy in training, allowing you to focus on what you do best: growing the business. In addition, you will enjoy the side benefit of having more money to pay for a new employee or equipment.

    5. Connect with like-minded people.

    There will be days when you will feel like throwing in the towel. Before that happens, surround yourself with people who listen, cheer your spirits or challenge you to get up and pursue your business aspirations. Being able to discuss how you are feeling with other business owners will show you that you are not alone. It’s refreshing to hear the struggles and success of your fellow entrepreneurs and share your own, too. This engaged and supportive network can help you get through tough days. To add to this, you will be able to pick their brains and learn vital tips and tricks that they have tried and tested in their business, saving you from re-creating the wheel.

    I wish I had known these things when I was just starting out. However, if I did, I wouldn’t be able to share these valuable tips with you. My own business mistakes and difficulties taught me these ideas and lessons and now I’m passing them on to you. I hope every business owner reading this can avoid my mistakes and benefit from my experience.

    Have a business story or struggle to share? Please feel free to reach out. I’d love to hear from you.

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  • The 6 Pillars of a Profitable Business

    The 6 Pillars of a Profitable Business

    Running a successful business is like building a home, it takes a lot of hard work and essential materials.

    It certainly helps to adhere to the fundamentals of good business management. To say that these foundations can help you reach your most ambitious business goals is no exaggeration.

    So here are the most important pillars you need to run a highly successful business. Give these ideas a shot and see what happens.

    Purpose

    Put simply, your business purpose is what makes your business tick. It is what your business is designed to do. Ask yourself, What need am I fulfilling? What problem am I solving?

    By defining and fine-tuning your business purpose, you are laying the foundation for a clear-sighted company and building a consistent brand in the process.

    Some questions to ask yourself are:

    1. Why am I in this business?

    Your business purpose drives all the decisions you make for your company. Having defined that purpose clearly, you can make better decisions about how to market your business, who your target market is, and how to select team members to train in programs, systems, and procedures.

    2. What is my purpose?

    Purpose speaks to what you, as the leader and/or founder, aspire to contribute and how you want to affect the world around you. It’s something about which you care deeply (See Ken Blanchard and Jesse Lyn Stoner). Purpose tells people why you’re doing what you do.

    Product (or Service)

    How does your product or service provide a solution for your target market? Do you consistently deliver a high-quality product or service? This is a balancing act every seasoned entrepreneur knows too well.

    Customers may like a great product yet be disappointed by bad customer service, e.g. late delivery, inattentive or rude customer service representatives, etc. If you have to choose between the two, the customer service associated with delivering the product or service outweighs the product itself. People will always remember how you made them feel.

    Try to look for the sweet spot: provide an excellent product to attract new customers and offer exceptional customer service for repeat business.

    Processes

    What are you doing to achieve your business goals? How do you know if your systems and strategies are working? Do you document your company’s basic processes and are these core procedures followed by all?

    Proven processes define how you do business. Having a system in place ensures consistency in your product or service. Every organization needs to have consistent core processes to achieve its goals and scale up.

    Once you have established and documented the main processes, your next step is to ensure everyone follows them – consistently. There are hidden twofold benefits:

    1. when key employees leave the organization, someone else can step up and assume the responsibilities; and
    2. when new employees join the company, you can use this as a resource for business process training.

    People

    People are your greatest asset and potentially your biggest downfall. How do you hire people? How do you choose when to fire employees? Have you noticed that most successful businesses have good people?

    Your employees are the face of your business. As the business grows, you as the owner will have fewer dealings  or interactions with customers. You must be able to trust that your staff can treat your customers the way you would. How can you find people who share your vision, mission, and values?

    The right people are easy to identify yet hard to find. They are positive, competent, and accountable. As a business owner, your role is to choose, assign responsibilities, review, reward, and recognize employees for their unique contributions. That’s how you keep a motivated and happy team, which is key to a thriving business.

    Price

    Your pricing positions your product or service in the marketplace. Better pricing can definitely boost sales. Are you aiming for a high volume of turnover or high-quality product and service?

    The price you place on your product or service reflects the choice you make. How does your pricing strategy fare so far? Are you selling profitably?

    Getting the pricing strategy right is one of the keys to a profitable business. You need to ensure your pricing provides an adequate margin to cover the fixed running costs of your business and generate a profit.

    Promotion

    Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty.

    Promotions are carried out using traditional media such as newspapers, magazines, and television. Recently, the use of social media has seen businesses capture their audience’s attention and create a buzz around their product or service at a much lower cost. Businesses are able to engage with their audience through the use of Facebook, Twitter, LinkedIn and other social media channels.

    Promotions can also be carried out in physical venues such as markets, sporting events, shopping centres and trade shows.

    The bonus 7th Pillar: Passion

    Passion allows you to persevere after setbacks. It’s the drive needed to pick yourself up on the rough days. It’s the fuel that helps you lead and inspire your team, convince customers, motivate you to implement systems and procedures, and continually learn innovative ways to do business in your industry and stay a step ahead of your competitors. How strong is your passion for business success?

    Purpose, product, processes, people, pricing, promotion, and passion are the seven pillars of a great business. Which one of these does your company have? Strengthen your business with these pillars as a foundation and you’d be surprised to see it grow by leaps and bounds.

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  • 7 Ways to Increase the Value of Your Business Before You Sell

    7 Ways to Increase the Value of Your Business Before You Sell

    You’ve reached the decision to sell your business maybe now, in 12 months or in three years time,  how much will it be worth?

    As any reasonable owner, you want to maximise the sale value as much as possible. But how is a small business valued?

    How to Calculate the Value of a Business for Sale

    As a general rule of thumb, a small business is valued at 2.5 to 3 times net profit, with the net profit figure being adjusted for non-operating expenses such as interest expense and above market wages paid to the owners.

    If the owner has not been drawing wages and benefits while working in the business, an adjustment is made for the commercial wage that would normally be paid.

    So one way to boost the sale price of your business is by increasing its profits. You can also improve your company valuation by increasing the rate that is applied to the net profit of the business, ie. ensure that the rate applied to the net profit is 3 or higher.

    How can this be achieved?

    Consider these seven practical tips to increase the value of your business before you sell:

    1. Document standard procedures.

    The documentation of standard procedures ensures that there is consistency across business operations. A potential buyer will find your business attractive if its processes, procedures and standards are well-documented because it means a team member or two can perform tasks autonomously in the event of resignations or annual leave.

    2. Innovate for efficiencies.

    Continuous innovation allows the business to keep abreast of technological advances, encouraging efficiencies in productivity. This can lead to reduced operation costs and/or increased volume of trade.

    3. Have a long-term lease in place.

    Smart buyers want a guarantee that the business can operate in the same area for a considerable amount of time. The existence of a lease provides certainty for a buyer that the business location will remain after the purchase.

    4. Keep up to date, well maintained equipment.

    If the equipment is run-down, the values of the business will likely be reduced as a buyer would be concerned about paying for a replacement for equipment, or incur high maintenance costs. Further, well-maintained equipment will likely operate more efficiently, thus reducing running costs.

    5. Retain an engaged team with authority to make decisions.

    Having an engaged team is critical. They are more productive and consider options for improving business processes. A team empowered to make decisions allow the owner to step away from the business. This improves the value of the business because it is able to operate without the constant need for the owner’s presence. A potential buyer will find it appealing that employees can guide them while they learn about the business operations.

    6. Prove the company’s growth in sales.

    Evidence of growth in sales shows that the business has not gone stale or stagnant. Know your numbers and prepare to cite your company’s positive financial performance to ideal buyers for a profitable sale.

    7. Maintain a comprehensive customer database.

    A customer database can be used to record and manage detailed and updated data  of your customers and prospects such as their age, gender, suburb, previous purchases, etc. A deeper knowledge of your customers creates an opportunity for targeted marketing, resulting in more successful marketing campaigns.

    How does your business fare in respect to the above elements?

    Regardless of whether you wish to sell your company or not, it’s important to understand the factors that will lead to a more profitable business.

    These elements will also affect your level of involvement as a business-owner – how often you can be involved in or absent from the company.

    Since you are aware of these key pointers, you can start planning now to prepare the business for sale in the future. If you still feel overwhelmed, try to seek out an experienced advisor to help you successfully handle this deal or transition.

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  • Where did my profit go?

    Where did my profit go?

    “How did I make that much profit? I don’t have that much money in the bank.”

    It’s not uncommon for business owners to ask this question. But there’s a logical explanation behind it and the answer can be found in the balance sheet. It’s called ‘a statement of financial position’ for a reason.

    By looking at this key financial report, you can get a snapshot of:

    • what your company owns (assets) and owes (liabilities/debts);
    • how much you have invested in it; and,
    • why your business profit doesn’t match what’s on your bank account.

    What are the common uses of business profits?

    For starters, let’s take note of some common ways business owners use their profits (ie. the remaining revenue after expenses):

    1. Make loan repayment
    2. Invest in new assets
    3. Buy inventory
    4. Pay dividends

    Further, where you have invoiced a customer and they are yet to pay you, the debtor amount (accounts payable) also contributes to your profit allocation.

    Since business profits can manifest in many forms including the money in your bank account, the profit amount you see on the balance sheet is not the same amount you have in the bank.

    Here’s a sample illustration

    For example, a fictitious small business named XYZ Pty Ltd, made a profit of $25,000 for the year.

    Although the profit is not sitting in the bank, the money has been used in the ongoing operations of the business.

    This is illustrated in the balance sheet below:

    balance sheet

    The table above shows how to compute for the profit allocation. Get the difference between the balance sheet items of the current year (20YY) figures and the prior year (20XX) figures and you will derive the total amount of profit, which is $25,000. But how much of this amount is considered cash at the bank? Only $5,000.

    So where did the rest (i.e. $20,000) of the profit go? Check the stock on hand ($2,000), unpaid debts of traders ($3,000), and repayment of bank loan ($15,000). Add them up and you’ll get the total profit of $25,000.

    That’s why you don’t see all that money in your bank account. So, yes, it’s possible to have a huge amount of profit on your financial report yet have less money in your account.

    Profit increases assets, decreases liabilities

    As you can see on the balance sheet, you use profits to buy new assets or pay off loans or debts.

    A Profit and Loss statement or income statement is another financial report that you can use specifically for profit analysis. This report contains the summary of the operating activities, revenue, expenses, and income during the course of the year.

    Although the balance sheet and profit and loss statement may present different information, they are interrelated. Understanding both financial reports can empower business owners to make adjustments and better decisions to ensure success.

    Do you have more questions about balancing the books? It’s always smart to seek professional help when you’re confused.

    Have your books checked for accuracy and gain clarity by asking your accountant to explain how you can use the financial statements to your advantage.

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  • How a Win-Win Offer Can Help You Close Sales

    How a Win-Win Offer Can Help You Close Sales

    A successful sale happens when a buyer and a seller agree to the terms of the offer.

    When crafting an offer, majority of small business owners make one of these two common mistakes:

      • They offer their goods or services at very low prices.
      • They make a sales offer that does not encourage future negotiation.

    There’s a third extremely effective sales technique that hardly anyone uses.

    A method that satisfies your customer’s desire for quality products or services while also persuading them to agree with your best price. How is this possible?

    Crafting an Irresistible Offer to Attract Sales

    By foresight, observation and practice, you can create an offer that delights everyone involved. It’s not a painless or effortless process but it’s very doable. Perhaps the easiest way to show it is through an example…

    Recently I met with a client who told me about an offer from one of his suppliers who was trying to win their loyalty.

    The offer consisted an arrangement whereby if my client used the vendor as their sole solution provider, they would give a 5-year warranty on their product and decrease the sales price.

    This means that my client would be able to offer a solution to their customers with the added value of increased warranty. Further, since my client can enjoy a decrease in the cost of sale, his gross margin will increase for this particular sale.

    This is an example of a Win, Win, Win for all parties involved. See how the supplier remarkably reconciled the varying needs and demands of all parties involved?

    The supplier gains the sale of all product items, my client the increased gross margin, and the end customer, a longer period of warranty.

    Such is the power of a win-win offer.

    So always be asking, ‘how can I create a marketing offer that leads to a beneficial outcome for all parties involved?’

  • How You Can Win Business With Persistence

    How You Can Win Business With Persistence

    Those of us with kids, or who are often surrounded by children, can nod knowingly at this all-too-common conversation:

    Child: Can I invite some friends over?

    Me: What friends? You don’t have those.

    Of course, I was just jesting at the last part. Kidding aside, if you have spent a considerable amount of time around small children, you have seen their sheer tenacity when they want something. They will repeatedly ask for it and won’t stop until they get it.

    My children’s favourite at the moment is asking if a friend can come over. So I am asked this question on a daily basis. One morning, they have even woken me up asking for the same thing.

    It’s frustrating to say the least. Usually my response is to either give in or snap and put my foot down. And regardless of my answer that day, I can guarantee you, they’ll be back asking the same question the next day. They persist until they get the answer that they want.

    When Persistence Wanes

    As we get older, we stop badgering people even if we want something so much.

    We learn that repeatedly asking for the same thing frustrates others. And if we keep doing so, people avoid or reprimand us. Through time, we instinctively learn that’s it’s polite and adult-like to patiently sit back, wait and hope for our wishes to be fulfilled.

    But if you think about it, which behaviour gets the most favourable outcome? By favourable, I mean, a result that we want to achieve. Passively waiting and silently sulking? Or actively pursuing our goals, dreams and visions through persistence and persuasion?

    Persevering like a child more often than not leads to getting what we want.. ‘Giving up’ has not rewarded anyone. Success certainly doesn’t just fall on our lap – we need to actively seek it and work for it.

    Persistence Leads to Success

    Your first call to a client may never convince him to buy. But a series of calls and meetings that build your company’s reputation and win the client’s confidence might lead to a sale. That’s how persistence pays off.

    In business, you often have aspirations and goals you’ve always wanted to accomplish. If you take a lesson from the tenacious child, you can learn that regular prodding, asking, prompting will help you get where you want to be. And it’s much quicker than if you just sit back and hope that an opportunity will present itself to you.

    So if you’ve got a target, take the bull by the horns – make that phone call, send an email, knock on the door. Don’t give up until you get the answer you are looking for. Majority of your competition will stop at the first rejection but if you persist, you’ll be an exception. That’s how you’ll win with persistence. Try it and see the difference.

  • Is Your Business Going Insane? Get Help.

    Is Your Business Going Insane? Get Help.

    Albert Einstein defined insanity as the act of doing the same thing over and over again and expecting different results. Sanity is the opposite of that –  it means changing how you used to do something (because it’s not producing the result you want) so you can hope for a favourable (or better) outcome.

    This act oddly scares people because the outcome is uncertain. They would rather keep doing things the same way because they know it leads to a predictable result.

    Yet it doesn’t take a genius scientist to realise that calculated risk-taking and innovation are the keys to achieving your personal or business goals.

    Fear of Imagined Failure is the Enemy of Change

    Small business owners constantly repeat the same year over and over again. I have witnessed this first hand.

    When meeting them to discuss their year-end figures, we have similar discussions regarding their profits and areas to focus on to improve their business.

    Frustratingly, even after exploring suggestions, options and opportunities for growth and expansion, I am met with excuses and reasons as to why the recommended changes won’t work.

    Defeat False Fear With Courage

    A business cannot succeed if the owners are not prepared to make changes and take risks to move it forward. Not taking a leap of faith sets up anyone for a slow decline or constant struggle for survival, which is worse than failure.

    Risk-taking does not mean acting without thinking. You need to gather sufficient information so you can make a careful decision and take calculated risks.

    It seems like the fear of (imagined) failure is what holds us back. However, you know that repeatedly re-experiencing failure in advance is a waste of time and brainpower.  You can overcome this unnecessary anxiety by taking risks that you can afford. For example, you can:

    • Set up a meeting with a new prospect
    • Network with potential leads
    • Review your marketing strategies to sell more to your existing customers

    If you don’t succeed at these attempts, the cost of trying is low. If you do succeed, however, the rewards can be great. The more you take risks, the sharper and more confident you will become.

    Don’t be afraid to keep experimenting until you find the proven processes and practices that lead to repeated success. You need wisdom, labour and courage to run a business well – but above all, you need courage to succeed.

  • Simple but Powerful Business lessons from a Nine-Year-Old Entrepreneur

    Simple but Powerful Business lessons from a Nine-Year-Old Entrepreneur

    In making an idea work or in running a small business, age matters little.

    You’ve probably heard of successful teenpreneurs and kidpreneurs making serious amount of money from their own small businesses.

    It’s no secret that smart, enthusiastic, and business-minded kids do exist.  Remember your classmate back in grade school who  made a profit with his lemon stand business? His parents must have groomed him to be enterprising or he just has an entrepreneurial inclination from an early age.

    A friend of mine, for instance, has a nine-year old daughter who has started a money-making venture doing hand and foot massages for family and friends at 25c a pop. I was surprised to learn a couple months later that she has kept at it and made a reasonable amount of money in doing so.

    4 Business Strategies Taught by a 9-Year-Old Entrepreneur

    As amusing and trivial as this “business” sounds, she has instinctively implemented sound business strategies that we can all learn from.

    1. Consistently create value for your customers

    Does the level of service or quality of goods you provide satisfy your customers? The nine-year old kidpreneur provides consistency in her product, creating value for money that her customers keep coming back for.

    1. Serve a specific, well-defined market.

    Are you trying to serve as many markets as possible? Do you worry that you might miss a great opportunity if you turn a job at which you don’t excel at? Then you can learn from this kid. Her target market is clearly defined: family and friends who need a good foot and hand massage. She has developed a service that her target customers seek.

    1.  Understand that ‘cash’ is king.

    Do you encourage your customers to pay you as quickly as possible? If not, it’s time to set up prompt fees collection to improve your cashflow. Learn from this clever, young masseuse. She’s taking upfront payment for her service, thus ensuring she is not out of pocket. If she had any expenses, cash flow would be of little concern to her.

    1. Holidays are a terrific time to offer special promotions.

    Do you grab your customer’s’ attention with holiday-inspired sales and marketing promotions? Think outside the box so you can find creative ways to reward your loyal clients and win new customers. This little girl can teach you how to give discounts based on current events. For example, she offered a two for the price of one as an ANZAC day special.

    How can you apply these lessons in your own business?

     

  • Why Every Business Needs a Contingency Plan

    Why Every Business Needs a Contingency Plan

    At the beginning of the year, our team sat down together to discuss our goals and plans for the next 12 months. This included systems and plans that we want to implement this year to improve efficiencies and consistencies in how we do things.

    One of the suggestions put forward by my team was to create a “Mel contingency plan.”

    Is there a continuity plan for your company in case of your long absence?

    We had to think through and document the tasks and processes that I, as a business owner, routinely carry out so that should something happen to me, someone else can step up and fill my shoes.

    Preparing for eventualities goes further than filling my roles such as meeting with clients, overseeing staff, and managing workflow. They had to be aware of the critical aspects of our business operation, such as:

    • where our business comes from;
    • what key functions need to be filled when I’m not around; and,
    • what resources are required to continue the business.

    Plans have to be put in place to ensure wages and suppliers are paid on time, regulations of professional bodies are adhered to, and new prospects are being acted upon.

    The Bright Side of Preparing for Twists, Turns or Unexpected Changes

    This may sound doom and gloom, yet having a contingency plan would give me, the leadership team, and my family peace of mind in the event I get “hit by a bus”.

    As a business owner, I see also this as a remarkable opportunity to review and improve our systems and processes.

    It’s also a great time to appoint or empower key employees in my company by sharing with them crucial business knowledge and processes.

    With this solid plan, I am giving myself freedom to go on an extended holiday knowing that the business can operate without me.

    What greater satisfaction could there be than knowing your business will still run smoothly even if you’re not around?

    Have you ever worried about how your company would do without you? If so, what have you done about it?

  • When Saying ‘No’ Means Saying ‘Yes’ to Success

    When Saying ‘No’ Means Saying ‘Yes’ to Success

    Many entrepreneurs are so eager to do business they agree to all opportunities. This is usually the case for every small business owner trying to win customers to survive.

    You’ve probably heard the saying: “say yes, and figure out how to do it later.”

    While this may be true in some cases, it gets a bit tricky when the customer’s request is not part of your core business. Should you grant a client’s wish even if it meant disregarding your mission and values as a company?

    Keeping customers happy may be a quick way to grow your business and make more money. Yet look a little closer and it becomes clear this business strategy is unsustainable.

    For instance, working on projects outside your scope of expertise may cost your business enormous time, money, or energy. Your profitability decreases because you spend more resources to complete the task.

    There has to be an alternative business model to saying “yes” to every opportunity that comes your way.

    The Power of Saying No

    One of the most important attributes you need to have when running a small business is the ability to say no.

    In fact, Steve Jobs often asked his design chief, Jony Ives, “How many times did you say ‘no’ today?” Saying no means you can focus your time and effort on the things you love to do – the things at which you excel at.

    Saying no means you are saying yes to yourself, your family, your friends.

    Think about how many times you have said ‘yes’ to a project and had to give up doing something you love to get done.

    Sometimes the best answer is ‘no’ when:

    • you do not have enough resources to handle the requirements of a project;
    • the prospect is not the right fit for the products or services you offer;
    • the expectations, demands or requirements are unrealistic or ridiculous;
    • the request or project is a step back, i.e. it doesn’t bring you closer to your ultimate goal.

    Deciding Whether to Say No

    If you’re not sure whether to respond ‘yes’ or ‘no’ to a request, ask yourself the following questions:

    • How will doing this affect my balance at work and home?
    • Do I have a bad feeling in the pit of my stomach when I think about saying yes?
    • Will I be annoyed at myself for saying yes instead of no?
    • Does it appeal to me?
    • Practice saying ‘no’ as often and as deliberately as you can. Mastering this skill will immensely improve your satisfaction and success as a business owner.
  • What Babies Can Teach Us About Business Success

    What Babies Can Teach Us About Business Success

    Lately, I’ve been fascinated watching my daughter, Isabelle, grow from a baby into a toddler.

    On many occasions, I’ve observed her squint her eyes, steady her body, and push her chubby little legs – onward. Gazing toward me, she would stagger forward, fall repeatedly, and get back up again – eager to continue walking until she has mastered the technique.

    I’ve witnessed her struggles and admired her perseverance.

    What are Babies Trying to Tell Us?

    We have no idea what babies are thinking as they develop into toddlers.

    Where do they get such will and eagerness to keep trying despite stumbling and falling so many times?

    All I can imagine is that they must have no concept or fear of failure. Why? They probably see no reason why they should not succeed.

    To add to their chances of success is our constant stream of enthusiastic encouragement and excited cheers as they progress from moving around holding to furniture to taking that tentative first step to finding their balance through continued practice, and finally walking confidently across the room and around the house.

    Like most supportive parents, you were there when your babies tottered and toddled. Whenever they fell down, you stood there smiling, encouraging them to give it another try. If you believe they can do it, then why shouldn’t they?

    How does this relate to business?

    It’s not unusual for a small business owner to suffer setbacks. It’s how you handle those obstacles that sets you apart from your competitors.

    Will you be like Isabelle and get back up to try again? Or will you give up on your dream? More importantly, do you have a cheer squad urging you to go on?

    Be it friends, family, colleagues, or a business mentor, it’s vital to have someone to turn to when times get tough. They help you pick yourself up and take that next step.

    It’s just as important to have them by your side when you have reached a milestone – to share a celebration of your victories.

    Watching Isabelle’s unrelenting determination to walk has reignited my belief that failure is not an option.

    What’s your source of inspiration?