How to grow your business (sooner or later)
Almost everybody wants their business to grow; and if you want your business to grow you are likely working hard. For some companies that success comes right away; first some good clients, then some more, then… For others it comes more slowly—sometimes excruciatingly slowly. This can be a huge challenge. We live in an “instant” world. If something isn’t growing immediately—if we can’t see how it’s "blowing up”— then maybe we should just move on. Even if your business is growing (and especially if it’s growing more slowly) you are likely full of questions. What do I do? Do I give up? Do I just keep going? Is there something I need to do differently? Was I crazy to have started this … [Read more...]
How to thrive in uncertainty and change
So 2016 has been a pretty solid year for Chicago economically. A lot of new jobs are being created, and interest rates remain low. If you've tried to hire this year, you likely had a hard time finding the right candidates. But what do we see coming in 2017? How will the change in administrations, historically low interest rates, and global trade pressures affect the economy—and your business? Honestly, I don't have confidence in anyone's predictions for the year we have in front of us—but I do know that it's going to look nothing like 2016! We have a President Elect who was voted in to "shake things up"(?); we have a cooperative congress and global trading partners who are pushing for … [Read more...]
How do you know that YOU are doing a good job?
As a business owner, we all have more than one job (many of us carry 4 or 5); but two of those jobs are the same for every business owner. The first is being a great leader in your business. Whether you are the CEO/President, or a partner who shares the leadership, one of your primary roles is to lead your business. As a leader, it’s my job to make sure that my business is pointed in the direction of new opportunity, that I have good people on my team, and that I’m making money. That’s what CEO’s do. But even CEO’s have bosses! And, if you are self-employed, then that means that you are your own boss. So every now and then you need to take off your CEO hat and put on your “investor” … [Read more...]
Owners want committed employees
“My team just isn’t as committed as I need them to be. It feels like they just don’t give a crap about the business, or the work, or anything…” This is how the conversation started when I went to meet with a client this last week. His business is successful, but he feels like the performance of his staff is uneven. “Sometimes they really wow the customer. Other times they deliver stuff that’s slapped together and not thought through.” It keeps him up at night – he feels like he has to review everything so that one of the “slapped together” items doesn’t reach the clients. “Why don’t they care the way I do?” He asks. Well, they don’t care like you do because it’s your business! They … [Read more...]
What if there is no “right way” to grow your business?
Jason Fried is a terrific entrepreneur who has been incredibly generous to the Chicago entrepreneurial community. I love the product that he’s created (Basecamp) and I’ve enjoyed his writing over the years. But I also really dislike Jason Fried. His company is a —*no doubt*— success; and he worked hard to make it a success. But way too many folks in Chicago (and likely all over the place) see his success and think, “If I could just make my company like Basecamp, I’ll be a success.” And so you see folks who’s homepage looks like the Basecamp homepage, and their pricing page looks like the Basecamp pricing page. They read Jason’s books and try to build their company the way Jason built … [Read more...]
When is it OK not to make money?
“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...]
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...]
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