Posts Tagged ‘owning your own business’

Parasites That Can Suck The Life Out Of Small Business Success

Wednesday, May 27th, 2009

A parasite is an organism that invades the body of the host organism and ultimately sucks the life out the host, in most cases, causing it to die.  Too often, I have worked with business owners and professionals who have a good business but at the same time are stuck, overwhelmed or just plain unhappy. 

What’s holding them back?  You would think that it would be obvious.  It’s the parasites and they are not obvious.  If they were, we would never let them enter.  Whether you are starting up your own business or running your own business here are some things to look for. 

  1. Process parasites
  2. Relational parasites
  3. Thought parasites
  4. Client parasites

For this post let’s look at the first one, process parasites.  This refers to your process of doing business and the parasites are the things that need to be eliminated from your process to improve your business.  Are any of your methods causing you to have higher costs, greater inconvenience or adversely affecting your product or service?  Most of the time in small business there are things we can improve in the process. 

But to improve the process means to embrace change.  After all, the old way is the way things have always been done around here.  Why change?  As is said, “Don’t fix what isn’t broke”.  Sadly, the parasites in a business process have become tolerations. 

And, if you don’t develop the discipline of eliminating tolerations then guess what, you will keep adding them.  This is not a process for growing small business.  And, you will add them to the point where your business process and you will be a mess.  The small business growth and success you desire will be unattainable.

Look at your business process now.  Or, get someone to look at it for you.  To have the success you desire you must minimize or eliminate the tolerations.  After all, in owning your own business you have a choice when it comes to change.  You can either let it run over you or you can embrace it. 

Be in the habit of embracing change and you will be successful.   

After all if you have a good marketing business plan or a successful performance strategy for small business growth you should be doing well.  Maybe?

Multitasking And Its Deadly Effect On Small Business

Tuesday, May 19th, 2009

When most of us hear or say the word “multitasking” we think we are talking about a way to be more productive.  The truth is that “multitasking” makes us less productive and leads to burnout.  In fact, if you are seeking to grow your small business, you must be focused. 

Whether you are starting up your own business or running your own business multitasking is the opposite of focus.  It is about having several focal points at once.  The truth is that we cannot do several things at once.  In fact, studies have shown the human mind is only capable of doing one thing at a time.  We don’t multitask.  We switchtask.  And, every time we switch back and forth from one task to another there is a switching cost. 

Switching costs come as we have to momentarily review where we were at before we can start again.  And, the more complicated the task the higher the switching cost.  In fact it is estimated that the average worker loses 2.1 hours per day or over 8 hours per week in lost time by switch tasking. 

Even computers, where the term multitasking came from, do not multitask.  A processor, CPU, performs many tasks in sequence and can switch from one program to another very quickly that may make it appear to be multitasking.  The only way a computer can multitask if there is more than one processor.  This is sometimes called multiprocessing. 

Take a look at your business and your day.  To grow small business and to have a successful performance strategy you must focus your time.  If you don’t you will have too much going on and burnout.  Successful small business is about focus.  And when you lose focus you end up doing many things and few of them well. 

As a result your business and you will stagnate and fail.  If you want to learn more about multitasking I highly recommend the book by Dave Crenshaw, “The Myth of Multitasking”.  It is a short, quick and entertaining book that will give you some immediate insights on how to better utilize your time and move your small business forward. 

Owning your own business is a great challenge.  Start focusing and stop multitasking and the challenge will become more manageable and you will be more likely to succeed and much less likely to burnout and have the business fail.

Want To Start Your Own Business? How To Select Your Business

Monday, May 11th, 2009

One of the greatest challenges in starting your own business is to select the right business for you.  You may think that this is the easiest part.  What I have found from years of experience and hundreds of clients is that if you select the wrong business the rest really doesn’t matter. 

I have three free products to help you in this process.  That’s right.  They are free!  There are no strings attached.  I have a free audio mini course–The 10 Deadly Mistakes Entrepreneurs And Solo Professionals Make And How To Avoid Them.  There is second free course focusing on successful character in self-employment–Winning Character Traits.  And the third free course deals with a critical aspect to self-employment success–Winning Personal Development

Owning your own business is more than just a statement.  It is owning the investment, the systems and the emotions to make that business successful.  All three are critical to your success.  What I see most of the time is people getting into a business because they have had experience in that type of business. 

They usually bring one of two skills to the business.  They either know how to deliver or make the product or service.  Or, they know how to manage the business.  Very seldom, do they truly know how to do both.  They may think they know how to do both but the reality is that, more often than not, this is not the case.

Small business growth and to have your small business successful is about both delivering the product or service while doing a great job of managing.  It does not matter how good your marketing business plan is if you can’t give exceptional customer service in the quality and delivery of your product. 

Is selecting a business because you have experience in it wrong?  The general answer is no.  That is a good place to begin the selection process.  The key is to select a business that emphasizes your strengths.  And, if you are getting into something that does not make sense financially and whose systems have you doing things you don’t enjoy then the odds are that you will experience the negative emotion of unhappiness. 

And, unhappiness will lead to burnout.  Obviously, there are many things to consider when looking for a successful performance strategy in starting your own business.  Whether it is a bad economy or a good one, the key to your long term success, more often than not, is in the happiness that you feel. 

If you aren’t happy in your business it is like putting yourself in jail every day.  You only have so much time on this earth.  You might as well make it count by investing your money time and energy where you will be happy.  Check out my three free offerings.  They are free now but that will probably change.  Here’s wishing for you to have the freedom and abundance you desire.

Small Business Success: Dealing With Elephants Under The Carpet Part 2

Wednesday, April 15th, 2009

In the last post we looked at the “people plan” and how a lack of it can be an “elephant under the carpet” that could cause a successful business to fail.  Making your small business successful has several components.  Not only must you have a people plan but you must have “good processes”.

You may be saying at this point, this doesn’t sound very interesting.  I have watched small businesses grow, be successful and fail because the processes for doing business or how to approach business for continued growth were never addressed. 

 Lack of good processes is the second “elephant under the carpet.”How come they were never addressed?

You will hear phrases such as, “If it ain’t broke don’t fix it.  That’s the way it’s always been done around here.”  There is one constant and that is change.  You either must embrace it, or it will run over you. 

A good example is a business that starts out using contract labor.  It needs help periodically with certain jobs or tasks.  Independent contractors are a great way to do this.  The business grows and now it is demanding most, if not all of the working time of an independent contractor.  In fact, it is dictating hours and other things. 

Much as you may not want to, it is time to switch these people to employees.  Yes, it is more costly.  But, I can assure you, the cost is much higher if you don’t switch.  Yes, there are industries where independent contractors are standard practice.  But, there are many where they are not and I have watched many businesses operate under the illusion that somehow they will fly under the radar.

To have your small business successful, it is important that you get into the right process for doing things.  Pay your people as they should be paid.  You may save money in the present by treating them as contractors but you can easily lose your business in the end when the IR S comes knocking on your door. 

All it takes is one disgruntled independent contractor to start the process that could do you in.  In owning your own business and running your own business having good processes is critical to your success. 

Think about this.  You have good people.  You put them in a bad process or one that makes the business extremely vulnerable and what do you get?  You get bad or disastrous results.  To have a successful performance strategy address those “elephants under the carpet” that have to do with your processes. 

Do that and do it regularly and you will have a greater likelihood of having a more secure and prosperous business.

Small Business Success: Dealing With Your Elephants Under The Carpet

Tuesday, April 7th, 2009

One of the concerns of most small businesses for the first few years is failure.  One of the interesting things is, even if a business is successful, the fear of failure can be huge.  Why is it when things are going well and cash flow is good would you be concerned about failure?

There are many answers but I would like to focus on one of the things I see in my practice as relates to failure.  In running your own business you can get caught up in the “doing” and let some “elephants under the carpet” develop.  A good example of an elephant under the carpet would be starting a business with partners and not having a buy-sell agreement and/or key man insurance.

When a person who is a significant contributor or a necessary part of the foundation of a business dies or suddenly becomes disabled it can be disastrous for the the business.  One of the keys to success in owning your own business is to make the business bigger than you or the key people.  The sooner you do that the better off you and the business will be.  If something happens to you where you are sick for and extended period of time, or disabled, then at least your business will be able to provide for you and those who are involved with it.

How come business owners put themselves in this situation?  They never get a vision of the business being bigger than themselves.  Somehow everything is going to work out.  Unfortunately, life has a way of throwing us some pretty big challenges.  Challenges that are unexpected.

The first step to small business growth and having a successful performance strategy is to have a clear vision and plan when it comes to people.  Be ready for the unexpected.  If you have a corporation make sure you have an exit strategy.  If someone isn’t working out and wants out it is best to have an agreement up front as to what the terms are. 

If you do that then you won’t, as a rule, be subject to expensive litigation.  And, I can assure you, litigation is one of the quickest ways to kill a small business.  Regardless of where your business is now it is critical to  create a “people plan” and address those “elephants under the carpet”. 

When you have your people plan not only will you feel better, but your business will be more secure.  You will give the gift of certainty to the people who work with you and support you.  And, you will be demonstrating leadership by showing you are concerned about their welfare by creating a more stable and predictable environment in case life does throw one of those big challenges your way.

Beach Balls, Death and Coping Skills Are All Part Of Small Business Success

Tuesday, March 31st, 2009

Friday morning at 1:30 March 27 the phone rang.  As most of us know when you receive a phone call at that hour it is almost never good.  On the other end a female voice said very tenderly, “I am sorry to tell you Mr. Scott that your mother passed away at 1:15 this morning. 

Immediately I was caught up in and sucked into a vortex of emotion.  Where things had been moving along well in my business and life they now began to swirl.  I am a small businessman, like many of you reading this post.  Owning your own business presents many challenges.  One of the biggest ones is how you handle what goes on in your personal life.

Before I had a chance to think my sister was on the phone.  We talked briefly.  I told her I had to go because I had to call the funeral home. 

I reached the funeral home and got things underway.  Friday was a day of many calls.  I was in charge of my mother’s affairs.  She had not been well the past few years.  Yet, her death came suddenly and unexpectedly. 

Emotionally, I have been riding a roller coaster.  Most of the time I have either been flat or down.  Today has been better.  I have received many great e-mail tributes that recognize her and her contributions to others.  I have felt more up.  Early tomorrow morning I will fly from Texas to Philadelphia and spend the next four days closing the book on the life of my wonderful mother. 

She taught me many things that have helped me in small business.  One of the things she would always talk about when I was growing up was coping skills.  She felt it was important to be as good as possible at handling adversity.  How well you coped with adversity would determine how quickly you could get back on track.  As we all know, in growing your small business, as in life, there can be a great deal of adversity that can knock you off course. 

Right now I am off course.  Don’t ask me about my marketing business plan or my performance strategy for success.  At the moment, I could care less.  Yet, because I have coping skills, learned from my mother, I do have a personal marketing business plan and a personal performance strategy for success. 

My marketing business plan is to take care of me.  I must let all this wash over me.  One of the things she taught me is to not ignore your feelings.  If you don’t deal with them and acknowledge them now they will show up later and can cause greater harm.  A stifled emotion is like a beach ball that you try to hold under water.  It takes a lot of energy.  And, eventually the beach ball springs to the top with great force.  When our emotions do that it can be destructive. 

My marketing business plan is to take care of me.  And, my performance strategy for success is to take care of myself by not plowing into more work.  In the long run I will accomplish less if I dive into work.  I will accomplish less because of all that energy I will be using to stifle the beach ball, my feelings, and keep them underwater will actually cause me to accomplish less and be less ready for opportunity at work. 

If you are facing challenges with small business growth or in running your business take a look at the beach balls you may be trying to keep under water.  I promise you they are holding you back because they drain you of energy and focus. 

Develop a healthy coping strategy by facing them and doing something about them.  You won’t believe how free you will feel and how much energy you will create.  Since my mother is no longer with us you can’t ask her.  But, if she were here that is what she would tell you. 

Develop your coping skills.  Get rid of your beach balls.  Eliminate or minimize your tolerations.  When you do you will more quickly get back on the road to business success.

Achieving Goals-The Formula For Growth and Success

Wednesday, January 14th, 2009

Talking about your goals should inspire you.  If your goals don’t inspire you, then don’t expect any one else to get excited, let alone support you.  Whether your goal is small business growth, losing weight or earning more money you must be inspired to increase the probability of achieving your goals.

To create a vision of the future you want, whether it be in owning your own business or your life follow these simple steps when it comes to goals setting.

1.  You must be excited and inspired by a majority of your goals.  If you aren’t then you are not headed in a good direction.

2.  Write down your goals.  This increases your chances of attaining them by 60%. 

3.  Prioritize which ones are most important and simplify your list.  If you have too many goals, your chances of overwhelm and not being successful increase.

4.  Write goals that are more attached to a process rather than an outcome.  For example, if you want to lose 10 pounds, you want to include in your goal the process of how you are going to go about doing it.

5.  Read your goals at least three times per week.  Get them fixed in your mind.  Each time visualize yourself achieving them. 

6.  Accountability.  This is the most important step.  Share your goals with someone.  It can be a friend, a coach or a trusted worker.  Regardless, when you are held accountable by others you greatly increase your odds of success.

The formula for growth and success in owning your own business is writing down your goals and then having your priorities and accountability in place to implement them.

Establish Your Priorities For Success-Set Goals!

Monday, January 12th, 2009

Have you ever heard someone say or said it your self, “It’s just not a priority.”  In and of itself, this statement is not bad.  But, when it is referring to something that you know you should do either to help you or your small business, then it becomes a negative. 

Very often people set goals and somehow not much happens.  Maybe, if you own your own business you have goals for growing your small business.  Whatever your goals are, you are much more likely to achieve them if you set priorities. 

In owning your own business, there can be a great number of things coming at you to the point where you have many goals but you don’t have an order for them to be accomplished.  I know this may sound dry but it is critical to know your priorities. 

Without priorities you may accomplish a goal that could actually cause more work in accomplishing another goal.  Yes, for small business growth and personal growth, order is important. 

In owning your own business, when you establish priorities and stick to them it becomes easier on you and everyone associated with your business to perform to a higher level.  With priorities you have direction.  Direction provides focus.  And, it increases your odds of having the success you desire.

Goals-To Be Successful They Must Inspire You

Friday, January 9th, 2009

Napoleon Hill in Think And Grow Rich said, “What the mind can conceive and believe, it can achieve.” Everything that we have today is because someone first had a vision in their mind.  Somebody had to visualize an airplane, the internet and many other things.

You have the power to create the future you want. Are you looking for small business growth?  Then visualize it.  Are you seeking a successful performance strategy, then visualize it.

Goals Must Inspire

The key to success is first visualizing what you want and then, and this is critical, believing you can have it.  Belief is the inspiration that is the fuel to make it happen.  Belief and the enthusiasm that goes with it makes things 1,000% better.

In owning your own business and being successful a large ingredient is inspiration.  Be inspired.  Stretch yourself to be all that you can be.  Remember, you have a choice.

You can choose to be more.  Or, you can choose to be less.  Why not strive to be all that you can be?  Only then will the possibilities for the goals you want to achieve start to become the reality you seek.

Success Comes From Movement By Design-Your Goals Are Your Design

Wednesday, January 7th, 2009

To have success in growing your small business you must have movement by design.  I believe that this concept is best summed up by Zig Ziglar when he asks if you are leading your life as a “wandering generality” or as “a meaningful specific. ”

Small business growth and personal growth are not accidents.  They are intentional.  You may say, wait a minute.  Things just happen.  Think about it.  Things happen to all of us.  Yet, you choose how you are going to respond.  You are subjected to opportunities.  Sometimes they come clothed as problems.

Regardless, if you are a meaningful specific, or a person who has goals, then you will make your decisions about what comes your way on whether or not it fits with your goals.

Embracing Change

To be successful in owning your own business you must have a design.  You must have vibrant, exciting goals.  You must have a vision of the future that excites you.

Think about this.  Goals are dreams with deadlines.  And, if they are written down, you are much more likely to attain them.

Dream about your goals for a moment.  Do you want small business growth?  Do you want more money?  Whatever it is you want, if you set goals you will start a process that will increase the odds of you attaining the outcome you want.

Create movement by design. Dream and visualize what you want.  And, even better write down your vision of the future you want.  When you do, your odds of success have increased by over 50%. Be a “meaningful specific” and increase the probability of your success.