“A ‘not for profit business’ is a tax designation, not a business strategy.” Not everything that we try to do is going to make money for us right away. Most of the time, when we start something new, we have to make an “investment” (in working capital, in equipment, in training, etc.) before that effort starts to make money. In most cases the learning curve on a new business (or even a new product within our existing business) is longer than we want it to be. We get to a point where we start asking ourselves, “Should I keep doing this?”. Or, you might have a line of business that you’ve been in for a long time; and as your business has changed and grown, you are finding that some areas of … [Read more...]
When is it OK not to make money?
Avoiding the summer slow down
This week, I’m joining 80% of americans in planning a travel vacation for the summer. As a business owner, I know how important it is to get away; but I’m also aware of the impact a “vacation” has on my business—and the business of my clients. When anyone goes on vacation, we feel it! Schedules get thrown, decisions are stalled. Any kind of change (or action) happens more slowly. Often we’re ”waiting" for everyone to return to the office so that a meeting can be scheduled, or a proposal can get approved. It can be sooo frustrating! Your clients need your help; you want to close the deal; but the world stops for 2 weeks because somebody is on vacation. And then when they come back they’re too … [Read more...]
What (I think) I know about working for yourself; 15 years in
It was April 2001. I was 35 years old, and I was done with corporate life. I had spent over a decade living in airports, sleeping in rooms at the Courtyard by Marriott™, and meeting in conference rooms that were out of state. I was tired of it. I made the choice to step out on my own. I didn’t know much about being self-employed at the time (and maybe I still don’t), but I was determined to figure it out. Now—15 years later—I think I know a few things. 1. The early years are hard. Getting a business started takes a lot of work (it didn't help that I didn't know what I was doing)! There were so many decisions to make (that I had never made before), and everything cost money (more than I … [Read more...]
Who Cheers for you?
It’s taken weeks, lots of calls, meetings, and late night reworking of the numbers, but it looks like it’s really going to happen. The biggest deal you’ve ever pitched is closing. They’re going to say yes! It’s thrilling, scary, and the rush you feel takes you headlong into the challenge! So you go to tell one of your top team members. Instead of jumping for joy or offering you a high-five, he hesitates. "Are you sure we can handle this? We’ve been so busy lately. Where are we going to find the people…?” His voice trails off and your blood starts to boil. Sure, it’s going to be challenging to get all the work done—but this is why you started this business—to have an opportunity like this is … [Read more...]
Need to get more done? Take better breaks.
Stop for a minute and think about how you’re feeling right now. Are you feeling tired? Overwhelmed? Do you feel like you have more to do than you can accomplish? Are you asking yourself to do more—to be more—than you’re comfortable doing and being? Now think back to the end of your last vacation; you were feeling well rested and (hopefully) you got to spend some time with family, friends, and people you care about. How did you feel then? What’s the difference between NOW and THEN? What if you could have that “vacation rest” experience every night, and come in every morning with energy and enthusiasm—like you just got back from vacation? Does that sound like an impossible … [Read more...]
Developing capacity comes from commitment
On May 25, 1961, President John F. Kennedy announced the dramatic and ambitious goal of sending an American safely to the Moon before the end of the decade. At the time he made that commitment, no American had even orbited the earth. We had no idea of what it would take to make good on that promise. Yet on July 20, 1969, Neil Armstrong stepped onto the Moon’s surface and fulfilled Kennedy’s promise. I bet when Kennedy was planning that speech there were a whole bunch of nay-sayers in his cabinet. "There’s no WAY we can do that. We’re not ready…How much is it going to cost?…” and on, and on. Do you hear this stuff from your team when you make bold commitments? This is what leaders … [Read more...]
Each business is a mirror for it’s leader
"You are the average of the five people you spend the most time with.” ~Jim Rohn Over and over again, business owners come to me with the same problem (though they may describe it differently). Some say, “I don’t have the right people,” or “I can’t hire good people”. Others tell me, “These people just don’t get the job done. They need constant hand holding…” Some are more direct, “My team stinks.” There are lots of ways to talk about it; but the truth is, the problem is the same for each of them. When your team is not performing, the problem is you. If you want better performing people you need to perform better yourself. People tend to choose leaders similar to themselves. When you … [Read more...]
Goals and Goldilocks: An allegory
It’s that time of year; when business owners take stock of the year gone by, and start to make plans for the year to come. What went well this year? What do we want to do more of? What do we want to do to make 2016 better than 2015? When I’m reviewing plans and goals with business owners, I can’t help but think about the children’s fairy tale, Goldilocks and the Three Bears. And it’s not because I see a perfect parallel between business owners and Goldilocks, it’s because I see what’s missing. In my experience, business owners tend to think in terms of two types of goals: goals that are too small, or goals that are too big. Too often they never make the discovery that Goldilocks made; … [Read more...]
When—and how—to let your team make their own mistakes
I have two daughters in college. For each of them, their first choice college was different from the school I thought would be best for them. They were both able to articulate to me why they were in favor of their first choice, but I still disagreed. This is a big decision; there’s a lot of money involved, and the ramifications could potentially influence the rest of their lives. How much influence should I exert? Whose decision should win? One of my team members, who’s young, but smart and capable, comes to me with an approach and plan to deal with an issue that a client assigned to us. I can see the reasoning, but I favor a different approach. It’s not that I think that his approach … [Read more...]
Your Business. Your Tribe.
When you join a workgroup, you are committing your welfare and your future to that group; the stakes are high enough that the potential for deeper meaning is there. There is the potential to grow a tribe. Think about it. What else would a tribe be? You spend the better part of the day with these people. Their performance (at least partially) determines your compensation, your status, and your satisfaction with your job. Nowhere is that more true than in a small business. When the pie is a small one, it’s hard for the best performer to get rewarded if the whole team isn’t performing. On the flip side, it’s that much easier for one bad apple to spoil the bunch. So if you own and lead a … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 13
- Next Page »