Knowing your “stage of growth” to maximize your business success
When you’re deep in the day-to-day of your own business, you might be surprised to find that most B2B service businesses follow the same “lifecycle.” Including yours! Recognizing this is the first step toward reaching your next level of success. Because it means you can follow a blueprint of what other business owners before you have done to find their fortune. It begins with pinpointing exactly where your business is currently in the lifecycle of a business. In other words, what stage of growth your business is in. What are the stages of growth? There are four stages of growth that every business falls into: 1. Startup Phase 2. Growth Phase 3. Stabilization Phase … [Read more...]
When will it be easy?
Jim Collins, in his book Good to Great, tells the story of James Stockdale. As a POW in Vietnam Stockdale experienced almost continual torture with no way to know when it would end. When asked how he survived he said, "You must never confuse faith that you will prevail in the end — which you can never afford to lose — with the discipline to confront the most brutal facts of your current reality, whatever they might be." In a discussion with Collins for his book, Stockdale speaks about how the optimists fared in camp. The dialogue goes: "Who didn't make it out?" "Oh, that's easy," he said. "The optimists." "The optimists? I don't understand," I said, now completely confused, given what … [Read more...]
How to avoid burnout as a business owner
I could tell he didn’t want to sell his company. My client had supposedly called me to talk about selling. But right away, it was clear that something else was going on. You see, his business was doing great—it had grown bigger than he’d ever dreamed. The real problem was he was exhausted. I glanced over at his computer and peeked at his calendar. All-day, every day, he was booked in meetings! On a hunch, I asked him, “What got you into this business in the first place?” He got this far off stare and told me about his love for crafting narratives. That’s what his business does—they tell incredible stories for brands that bring complex ideas to life. But he didn’t do it himself … [Read more...]
How to hire a virtual assistant for your business
I clearly remember the moment I decided to hire a virtual assistant (VA). As my business started growing, I realized that more clients meant more work to get done! Pretty soon, I was so busy that I was missing emails and failing to get back to people because I just never had the time. I knew this couldn’t continue—so I tracked my time for a week or two, hoping to get some insight on where all my hours were going. Looking at my time log, I discovered that I was spending eight hours a week just scheduling meetings with people. Worse, I hated it. All those back and forth emails. Then once I got agreement on a time and date, I would screw up the calendar invite half the time. Are you kidding … [Read more...]
7 Chicago Small Business Consulting Firms That Can Fuel Your Success
Running a business is so rewarding, but it can also be tremendously stressful and lonely. Business owners get so caught up in the day-to-day of the business that we struggle to see the big picture. We’re not sure why sales have stagnated, why we can’t seem to take a vacation, why we’re still second-guessing every decision, or why things just aren’t progressing as they should. That’s where getting some outside advice and input makes all the difference. Consultants can help you see what’s going right and what’s going wrong and give you personalized solutions to fix it. But even once you’ve decided to get some help, there’s still one hurdle to jump: deciding which firm is right for your … [Read more...]
Small Business Hiring Process: 4 fool-proof steps to make your hiring process more successful
I have listened to hundreds of business owners, and managers tell their hiring horror stories. One manager confided in me “of the hundreds of people I have hired, I can count my good hires on one hand.” An executive shared with me that he has given up trying to hire people and now he just hires a lot of people—believing that the bad ones will eventually be terminated, leaving only good employees. I remember asking a former boss how he hired people, and he told me, “you can never really know who you’ve hired until they’ve worked here for a few months. Every new hire is a crapshoot.” You can hear the comparisons between hiring and gambling. Most hiring managers tell me that the hiring … [Read more...]
“Is this your best work?”
I recently read a story about an editor who worked on a book manuscript. She finished editing it and turned it in to the publisher, who paid her the agreed-upon fee. Later she found out that the publisher chose not to publish the book and she was crestfallen. “All that work for nothing,” she said. But of course it wasn’t for nothing; she got paid her normal fee. So why was she so disappointed? I bet this very situation plays itself out in your business, too. Maybe you don’t publish books, but I’ll bet your team members write reports, develop presentations or proposals and turn them into you only to have you rewrite them, edit over them or not even use them. Yes, they get paid for that … [Read more...]
Why is my business growth stuck? Natural barriers to growth in the business lifecycle.
Just like children, businesses grow through predictable phases. We start life as baby startups, then progress to raging growth companies, before settling into a more stable “adult” phase. But as we cross each of those growth stages things change -- and if we don't change with them our growth can get stuck. Here’s my version of this story (based mainly on the growth of B2B service businesses). Baby startup Once upon a time, you had an idea. It wasn’t your first idea, you’ve had many business ideas, but this one came at a time when you were feeling particularly frustrated (or desperate) and needed a change. So you started working on your idea, and before you knew it, you were in business … [Read more...]
Beyond Salary: How to Build a Winning Executive Compensation Strategy
Executive compensation can be a hard topic to tackle, especially for startups and other growing companies that need to attract experienced talent on a smaller budget. What you may not know is that base salary is the smallest component of executive compensation, generally outweighed by incentive pay. That is good news for growing companies with smaller margins; your creativity will be rewarded. It's common for executive compensation to be structured to reward actual results. That means you can get top talent with a lower upfront investment, as long as you compensate executives fairly for their contributions to your company's growth. Generally, this compensation will reward short-term … [Read more...]
How To Raise Prices Without Losing Clients in your Small Business
No matter how great the work is, and how much fun you are having – nothing can thwart a business owner’s enthusiasm like being broke. It’s no fun lying to your vendors about when you can pay them. It’s no fun worrying all night about covering payroll. When you work night and day, night and day, only to realize that the money that just came in the door is about to go right out ... you start to think, “Take this job and shove it!” Too bad there’s no boss to say that to! So what’s the answer? Well, most of the business owners I meet that are in this situation think they need MORE business, “If I just had five more clients...” If you had five more clients you’d be working 20 hours a day and … [Read more...]
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