If I just had more time!

Probably the most frequent response I hear from business owners is that there is just not enough time for them to do all that needs to done.  This is completely understandable if these owners, who are in the majority by the way, are working in their business rather than on their business. I recently met Jack a business owner for more than 20 years.  His wife had just returned from a trip overseas after attending her father’s funeral.  “I should have been with her but I just can leave the business unattended,” he told me.  “Why couldn’t you do that Jack?”  I asked.  “Well there is simply so much going on I have to be here.  I wouldn’t be able to respond in time if I was away.”  On another occasion, I was playing golf with a business owner.  As we walked the course, our frustration built as he was continually taking calls from the office.  I asked him “can’t someone else do that for you.”  “No.  I need to make sure we deliver on time.”  Well I had had enough!  “If you can’t turn your phone off for the rest of the round we are just going to move on without you.”  He got the message, even if it was begrudgingly.  You see these people are working in their businesses not on them.  In both cases, they had management who they were not prepared to make accountable for the day-to day operations of the business.  If they did, they would have had time to do what a good entrepreneur does and that is work on the next stage/phase of business growth or planning for their ultimate exit from the business.

Working on your business requires that you develop the discipline to do the planning required.  “I don’t have the time” I hear you say, again.  Yes you do.  It is really that you choose not to.  If building your business is your priority then make the right choice.  Start working on your business today.  Don’t wait.  Step back and try to look from outside in or take a ‘helicopter’ view.  Review your company’s vision or mission statement.  If you haven’t stated a purpose for your business develop one.  Then, look at your current business strategy.  Don’t hold back.  How can we improve, what management do you need to realise the opportunities and so on.  Take this right through to marketing and selling of your business, products and services and then into the financial aspects.  Get your team involved.  They are in the ‘front line’ every day.  You will be surprised at what great ideas for improvement they have but never thought to tell you about. (May be you haven’t asked).

There are some great tools available at www.thesmallbusinesstoolbox.com that will help you build and achieve your dream.  Giving yourself time to work on your business is not a luxury it is a necessity.

 

Until next time

 

Your, sitting back and thinking about it, business coach

Neville@thesmallbusinesstoolbox.com

 

 

My Banker is a bum! (He won’t lend when I need it most!!)

A cent for every time I have heard those words and I really would be a millionaire and possibly even richer.  The thing is it is simply not true.  Now, please do not think I am a big bank lover. I am not; I hate bureaucracy just as much as the next person and unfortunately that is what many banks are. However, the reality of most Small and Medium Enterprise [SME] situations is that Banks are your business partner every bit as much as the taxman (I know) so take a chill pill and live with it. Learn to make the relationship work for you. “Get real” I hear you say, or words to that effect. Yes, you can!

A few years back I stepped into a medium cap company to hear from Chicken Lick’n (the CEO) that the sky was falling in.  Well I went to the Bank to see for myself. Ah ha, indeed the sky was about to fall in. To cut a long story short, we brought in some poles, bought some time, propped the place up for a while, and got things back on track.  In other words, we gave them a plan and executed on it.  Eventually the company worked its way out of its difficulties [all self inflicted] and is now part of a global engineering group, operating very successfully.

The reason that it got so scary for Chicken Lick’n was that the company had neglected to maintain its relationship with its Bankers.  This does require effort and while I agree it is a two way street, remember your [SME turnover $200k-$2.5m per annum] relationship manager probably has 100-150 SME customers to look after.  So guess who’s going to do the running? That’s right you and me.  So what do we do? Here are some simple rules that I apply in my every day business;

1.      Give yourself and the Bank the best information available about your business

2.      Have a clear but simple business plan that shows what you intend to do with the borrowed money [visit www.thesmallbusinessstrategy.com for some help] and how you will operate

3.      Prepare you business plan without ‘rose tinted glasses’. Under promise on your expectations and over deliver on results.

4.      Give the Bank a report at least once every 6 months and make a follow up call to confirm they have the information. The best times are without doubt  half way through the financial year and again after your year-end accounts are ready. This report must be simple.   Dot points highlighting progress against target are good.

5.      If things start taking a turn for the worse, do not ignore it. Front up and let the bank know the situation ahead of time and what you intend doing to resolve it. Keep them posted as you progress.  You might be amazed! Banks have a vested interest in your business succeeding – not failing!!

6.      Your relationship manager may change every five minutes.  I know how frustrating this is. Let it go and connect with the new person. Most of them can become little gems, look after them and your relationship will flourish.

7.      Don’t worry be happy!

Until next time,

Your, paddling like mad, business coach.

Neville@thesmallbusinesstoolbox.com

How to Get Your New Business Started

Thinking of starting your own business? We’d like to share this thought provoking article “10 Mistakes that Start-Up Entrepreneurs Make” By ROSALIND RESNICK

Online Business Education is a Winner

I don’t think there can be too many small business owners who would say no to having their business being given the once over by a business guru with a wealth of practical experience and the time to devote to picking the operation apart and then making suggestions of ways of making it work better!

The problem is, who would this guru be and how much time would a busy business owner have to put aside to educate this guru in the nuances of the business.

The reality of course is that it’s not going to happen! But that doesn’t make that nagging feeling that most business owners have go away – the feeling that if you could just make a few informed changes, then the business might take off, or this or that problem would become more manageable.

This is where online business courses come into their own. A well researched and presented online business course such as The Small Business Toolbox has many benefits for the busy but committed business owner.

Firstly of course, the business owner doesn’t have to brief anyone about the ins and outs of his business. All the knowledge that is required is right there between his or her ears – all the owner has to do is take that knowledge and apply it as directed by the online business course.

Secondly, the business owner doesn’t have to attend class at a specific place at a specific time. He or she can sit down at the computer and log on to the course anytime they want to.

Thirdly, – no keeping up with the Jones’s here, or waiting for them! With an online business course, you work at your own pace – fast or slow, it’s up to you.

And most importantly, when the course is put together by people who have been there and done that in the world of small business, then you know that you are getting a practical, tried and tested business education that you can immediately apply in your business.

It’s no wonder that online business education is seen as the best way that busy business owners can take their businesses to the next level. Try it for yourself – visit www.thesmallbusinesstoolbox.com

So you want to be an Entrepreneur?

A common folly in many failed businesses is that the initial choice of business was wrong. Many a broken entrepreneur will acknowledge this in hindsight. This is why you need to honour the choice of what business you want to open. It is the first make or break decision you will take as your own boss.

Avoiding the pain of this first serious error is made a little easier if you field the choice with all the faculties you possess. Carefully measure and weigh the successes, skills and talents which led you to believe you could be a successful entrepreneur.

Get away from the starting block in good form by selecting the best draw for your assets right up front.

There are valuable techniques available to assess what will work for you, in your field of expertise and appeal to the market to which you have easiest access.

Initially you may have considered this new venture from a personal viewpoint and analysed your character in the process. The decision to go into business is not one taken lightly so we can safely assume you are passionate, courageous and focussed. Other information gleaned during this profiling period can be a key indicator as to what style of enterprise could suit you. The maxim is “know yourself to excel”.

Proceed step-by-step in the selection of your chosen business.  You may be able to moonlight initially to test the market and gauge your own response to the business sector you wish to enter. If it is a completely new field you could offer to work gratis for the experience.

We often see stressed high level executives turning their hand to a new small business venture in a totally different arena in a bid to escape the hectic pace of big city life. Many have gone from suits and boardrooms to aprons or overalls and deliver inspiring results!

It can be incredibly invigorating to remain in the field in which you work but as the boss instead of the employee. Choices are boundless.

Comparative analyses are vital in your selection strategy. The most graphically illustrative method to date remains a simple ‘FOR’ and ‘AGAINST’ checklist.

Research is critical. Chat with many assorted business people (as well as their staff whose opinions may have a different and enlightening bias) in the environment you plan to enter, listen and discern. Obey your own heart.

You will discover a practical step-by-step guide to key aspects of managing your own small business when you visit TheSmallBusinessToolbox.com.