By Bonnie Hall, BDH Consulting
Over the past 25 years I have consulted with more than 900 business owners and found that the two most important business problems were cash flow and quality of life. The business man or woman sitting across from me discussing the state of their business would speak about the 60 to 70 hours per week that they spent working in their business and the fact that their family had not taken a vacation together in years and sometime even decades. Without exception these business owners always exhibited signs of consistent stress, a lack of restful sleep, lack of time management, shortness of patience, loss of ability to focus and in many cases poor health. In almost every case my verdict to these clients was the same: their business was controlling them instead of their controlling their business. My prescription for them was to step back, take stock and put in a program that ensured a new and better quality of life for the owner. While different actions were needed in some cases the following four steps led to a relaxed client who discovered that taking back control meant a better business and a better quality of life.
1 . MAKE YOUR TIME COUNT! Start by evaluating your life, your business and your goals for each. Are your goals realistic? Have you given up time off with your family to try to achieve unrealistic business goals? It’s time to look and rate the quality of the hours that you spend in your business. Look at your clients and rate them as to the return on your hourly investment. You may find that you may actually improve your business bottom line and quality of life by “firing” that client who holds you hostage to lower revenue while monopolizing your work day. Customers who are slow pays and cause you lose valuable time trying to juggle other profitable areas to chase billing. Look at your office. Is it neat? How long does it take to find paperwork, files or other business related information to complete work related tasks? Look at outsourcing help either through an organization company or a virtual assistant to aid in creating an environment that saves you man hours.
Set goals for your day that includes breaks and rests that are as mandatory as work deadlines. Lack of rest and increased stress leads to memory loss and short tempers that could actually cost you clients.
2. You are not an island! Many business owners have developed a style of micromanagement that makes them insist that they must do everything. Even if you are a sole business person you need to take a look at your strengths and weaknesses. After soul searching and being truthful with yourself, look at ways to subcontract those areas that are your weakness in order for you to concentrate on your strengths. If you are bad at paperwork then look for a virtual assistant or if you are better at producing than selling look for an independent sales person. These are not employees but agents who allow you to do what you do best. You will find that you actually have better success because you are no longer avoiding areas of business that must be managed while having the ability to focus on profit making areas. There is also the benefit of relieving the stress caused by doing that which is distasteful to you.
3.Treat yourself! Set a series of personal treats based on achieving certain goals in your business or your life. Maybe landing that new prospect means that you can take some time to shop for those really cute shoes or after calling on your sixth cold call of the day you get to stop for an ice cream. Treats do not to be expensive and they can be business related. One of my favorite treats is to have time to speak with special business friends or write an article. When you do something that you love it shows to the whole world in your attitude and your confidence.
4. Let your business give you perks! Plan your business finances to reward yourself. Look for credit plans and buying groups that reward you for loyalty. Cash back credit cards can help you add to your bottom line if used properly, loyalty programs like staples and office depot allow you to reduce your overhead. If you travel for business take advantage of flight, hotel and car loyalty programs that provide free vacation time later.
Once you are involved in these four areas you will soon see that the little extra control that you take in the how to run your business and reward yourself will provide ample return and a happier life for both you and your family.
Lately, I’ve been helping quite a few clients reassess their priorities. It seems this economy, wrenchingly difficult as it’s been, may have a silver lining, after all. I’ve noticed an inspiring and positive trend in the various networking groups I’ve attended and people in lateral businesses I’ve spoken with regarding their business-based behavior toward others. Perhaps it’s merely wishful thinking on my part, but it feels different, as well. People actually seem to enjoy passing along job leads, references and client recommendations; in short; helping others succeed.
By Jan Murphy, WWB
