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The One Question Every Successful Entrepreneur Must Be Able to Answer

top three priorities

One of my favorite shows currently on TV right now is Shark Tank. It feeds my entrepreneurial spirit and ignites a lot of creative (and sometimes cooky) ideas that I could only wish to have the opportunity to present to this impressive audience of venture capitalists.

All that aside, the reason I really love watching this show is because of the pearls of wisdom these experienced entrepreneurs spout off that have inspired quite a few blog posts – this week being no exception. On an episode from a few weeks back, it was Barbara Corcoran who said “Never have I ever met a successful entrepreneur who is unable to answer this one question.”  The question?

“Tomorrow when you wake up and go into the office, what are your top three priorities?”

This question is deceivingly simple. Try answering it off the top of your head right now. When I tried to do the same, I knew I had the answers, but when put on the spot, I found it hard to quickly put these key priorities into succinct bullet points. This doesn’t mean I’m doomed to fail as an entrepreneur, but it did make me want to sit down and put some thought into my top three priorities right now. Should I ever “bump” into Barbara Corcoran, this would be my answer to her question:

1. Continue to build quality relationships with my existing clients

In the pursuit of new clients, I never want to take for granted the awesome ones I currently have. I’ve already put the effort into earning their business, building a relationship with them and becoming efficient at the tasks I do for them month after month. It is a valuable use of my time to keep these existing clients happy and on board because trying to replace them is far more costly.

2. Selectively target new clients

Once I devote the time to keeping my current clients engaged, I need to continually fill my pipeline with ideal prospective clients. I’m lucky to be in a position where I can be selective with the new clients I choose to take on. I know the size, industry and vision of companies I best serve and these are the ones in which I’ll devote my time to pursuing. Smaller clients or ones that don’t quite align with my services may still find me, and I’m happy to see how I can help, but they are not the ones that I will actively put my resources into pursuing.

3. Find ways to automate my tasks and become more efficient with my time

I’m a consultant and sole proprietor by design. This means I must carefully guard my time and find ways to be extremely efficient as I take on additional clients if I want to continue to enjoy the benefits of the 80/20 Principle. It is my goal to find ways to automate my tasks or become more efficient at completing them so that as I take on new clients, I’m not working more, I’m simply filling the bandwidth my efficiency has opened up.

Whatever your top three priorities are right now says a lot of about the current state of your business/career and your entrepreneurial style. Maybe they even point out some areas where you need to refocus. They should address your immediate needs, but also plan for future growth and strategic change. Having your top three priorities locked and loaded serves a purpose far greater than simply impressing someone who asks. They give you that laser focus each and every day that is at the core of every successful entrepreneur.

Are you able to easily answer this question? Share your personal top three priorities by commenting below!

 

 

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The Easiest Way to Find Your Passion

Live-with-Passion

What do you want to be when you grow up? It’s a question we have all been asked at least once in our lives by a teacher, guidance counselor or parent trying to steer us in the right direction of a fulfilling career. Can you recall how you answered? I’m willing to wager that a vast majority of us never became what we thought we wanted to be when we were young, but don’t take this to mean you’ve failed your childhood self.

This question was never going to help you find your dream career or perfect job, because it doesn’t ask the only thing that really matters. What gets you excited?

The easiest way to find your passion is to identify what excites you. What energizes your soul? What puts that spark in your eye? What would you choose to do every day, again and again, for the next 100 years? This is what excites you, this is where your passion lies and this should become (at least part of) your career.

There may be some ideas swimming around in your head right now, but before you storm in your boss’s office with your two-week notice, let’s cover just a few more important details about turning your passion into a career.

Why excitement matters

It doesn’t take too much searching to find someone who has chosen a particular career path because it’s easy, stable or lucrative. While these aren’t necessarily bad characteristics of any job, without it also involving your passion, you will spend the majority of your life deferring your happiness to the weekends or retirement.

Excitement and passion for your job also helps you to excel in your field. When you love what you do, you take pride in your work and strive to be better at it each and every day. A job should do more than provide a pay check, it should provide a stage for you to showcase your best talents to the world. Pursuing a career that excites you will ensure you look back on your life’s work with satisfaction.

Understanding what really excites you        

If you’re asked “What excites you?” you might answer “Sports.” But we have to dig deeper. Simply saying “sports” is too broad of answer that doesn’t give us a clear indication as to what exactly about sports excites you. There are countless options.  Is it the element of competition, the energy of the crowd or the impressive athletic performance that you enjoy the most?

To better pinpoint your passion, we must peel away the layers of your initial answer by asking “Why?” at least five more times. For every answer, turn it into a question and ask yourself again. If you initially answered, “I like sports because of the element of competition.” Then ask, “Why do you like the element of competition?” This may seem redundant, but you’ll be surprised as to how it identifies what really excites you.

Turning excitement into a career

Once you have a narrow focus on your true passion, you will find that there are many career options that will allow you to tap into your passion on a daily basis. You may also be surprised with how different each option is. For me, it was foremost my passion for creative writing. The communications field obviously provided an opportunity to utilize this passion, but so did political campaigns, speech writing, website design and advertising agencies, to name just a few.

It’s important to think beyond the literal interpretation of your passion. Sure, you may be passionate about eating baked goods, but you have more options than becoming a baker. This love for food can also be turned into a passionate career as a food blogger, marketing director within a snack food company, food photographer or graphic/web designer that specializes in web sites for bakeries. Get creative and keep an open mind! A job will still involve work (sorry, there’s no way around that) but when it taps into your passion, even the work will become a labor of love.

If we want to reverse the dangerous trend of seeking careers solely for security and stability, we need to stop asking “What do you want to do?” or “What do you want to be?” And instead start asking, “What gets you excited?”  This is the easiest way to pinpoint your passion and ensure a life’s journey filled with fulfillment and joy.

Where does your passion lie? Share your own search for inspiration in the comments below!

 

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The Value of Diversifying Your Customers and Clients

diversify-your-clients

No matter the industry, it is always beneficial to diversify your portfolio of customers and clients. Simply put, it prevents you from placing all your eggs in one basket. It also helps to keep your day to day work interesting, not monotonous.

Here are six types of clients of which every business should have at least one. Depending upon the types of services you offer, your model might best serve just one or two of these categories. However, the pros and cons associated with each present some compelling reasons as to why you should strive to diversify and spread out your clients. In the long run it will help you balance your ups and downs and achieve a valuable book of business.  Let’s take a look…

The longstanding clients

Pros: These clients have been with you since the start. At this point, you intimately understand their business needs and personal preferences. You’ve become very efficient with completing their work after earning your way through the learning curve. In addition to being good clients, they have also likely become good friends.

Cons: Being with you from the start often means you’ve also “grandfathered” them into some pretty nice pricing. Unless the scope of their work dramatically changed, you likely haven’t had the opportune time to raise your rates with them. The level of comfort and closeness within your relationship can prevent you from making firm business decisions because you value their loyalty and don’t want to do anything to damage it– even if it’s the best decision for you.

The new clients

Pros: In contrast to the longstanding clients, new clients offer you the ability to quote your prices at today’s rate – no grandfathering needed. They are also a breath of fresh air that embrace the suggestion of new tactics and strategies.

Cons: There’s definitely a learning curve with taking on a new client which is why you don’t want ALL your clients to be new at the same time. It can take awhile before the time you’re putting into this account will finally start being equal to your hourly rate. There’s also the uncertainty of “Do they like me?” or “Are they going to stick around?” that’s more certain with longstanding clients.

The big clients

Pros: Big clients (usually) mean big paychecks. They have the budget to hire you for a variety of services that allow you to showcase all that you are capable of and deliver full results.

Cons: If you should have a big client fall off, it can be devastating to your bottom line. While it’s a goal for many business owners to have fewer, but bigger clients, this will most certainly lead you to placing too many eggs in one basket. They can also be very demanding and because they’re paying you a pretty penny can expect unreasonable amounts of your attention.

The small clients

Pros: Small clients (ideally) demand less time and attention because they have smaller accounts. Their services are well scoped to adhere to their budget and as a result, it’s easier to quantify the services that are delivering the best results.

Cons: The limited scope of service can also limit the full extent of the results you achieve. While ideally small clients take up less of your time, I haven’t always found that to be the case. This can be where you find business owners who are very “hands-on” to the point of micromanaging. Their limited budget may also lead to unrealistic expectations for what you can achieve on for them.

The challenging clients

Pros: We all benefit from a good challenge from time to time. These are the clients who keep you on your toes, ask a lot of questions and may even change their own mind 20+ times before a project is complete. Alas, there is a pro in here and it’s that these clients help make you a better worker for all your other clients. They also set the standard for “difficult client” that make all others seem like angels.

Cons: These are pretty obvious. Challenging clients can waste a lot of your time and even cost you money. They can also make you feel undervalued and underappreciated. If they move from “challenging” to “disrespectful” it’s time to let them go!

The easy-going clients

Pros: Compared to the challenging clients, these clients are a welcome relief. Sometimes it’s nice to finish a project and just have someone say “It looks great!” They’re also open to new ideas and don’t question the expertise for which they hired you.

Cons: Sometimes you wonder whether these clients even really have an interest in the work you’re doing for them, because they seem to just say yes to everything. How can you not have at least one question or suggestion to bring to the table? This leaves all the planning and strategizing up to you with little constructive feedback.

Do you have a diverse portfolio of clients? What steps do you take to achieve this? Share your thoughts by commenting below!

 

 

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8 Time Saving Hacks I Use Every Day

time saving hacks

Living life as a young entrepreneur, I’ve tried to maintain the mindset that it’s not about building a business, it’s about building a life. How we spend our time determines the life we lead. While I love my work, I also love time spent with my family, outside, exercising and relaxing. And for me, these are all rewards of being efficient with my time.

Over the years I’ve gotten very good at efficiency, so much so that it’s a running joke between people who know me well. No, I don’t have any more hours in a day than anyone else, but I have learned some extremely helpful time saving hacks that may make it seem that way to the outside world. They’re not magical or revolutionary, they simply use common sense that we often stray away from throughout life.

1. Start your day one hour earlier than everyone else

Rise and shine sounds a heck of a lot easier than actually doing it, but getting up early and getting a head start on work is one time saving hack that has made a huge difference in my day. I catch up on all my emails, knock off the easy or reoccurring tasks on my to-do list and prioritize the remaining tasks so I have a game plan of the rest of the day.

Even though it’s only an hour of work, I find that my clear and focused mental state in the morning, combined with the silence of everyone else sleeping, allows me to work with incredible efficiency. I turn that single hour into half a day’s work sometimes. And for someone who works from home as both an entrepreneur and a mom, knowing I have that uninterrupted hour is a Godsend.

2. Simplify your morning routine

Take a critical look at your morning routine and really think about what you’re doing and why you’re doing it. The first time I did this, I was shocked at how many minutes I was wasting by not structuring my routine properly and by doing things that simply didn’t have any added benefit to the rest of my day.

From little things, like narrowing down the number of health and beauty products I use to the big things, like eliminating my morning commute by working from home, I have become an efficiency machine. If any part of your routine doesn’t help you look better, feel better or keep your household and business running, rethink why you feel the need to make it a part of your day. Habit alone is not an acceptable answer.

3. Block-schedule meetings and errands

Because I do double duty as a mom and a business owner, strategic scheduling is a must. Finding a block of time for a meeting (that doesn’t include my son as a tagalong) can be harder than snagging a dinner reservation at one of the swankiest restaurants in L.A.

One day a week, my husband will work from home and free me up to see clients, attend networking meetings and have some uninterrupted work time. So, I try and fit as much in as I can into these days. What I’ve found is that even without my “mommy duties” as the catalyst for this type of scheduling, planning my meetings and errands in blocks of time is incredibly efficient. When possible, I’ll schedule meetings back to back in the same coffee shop where clients can come to me and I always incorporate stops at the bank or post office while I’m already out.

4. Complete reoccurring tasks in batches

Whether they’re part of running a business or running a household, we always have those reoccurring tasks that need done daily, weekly or monthly. For me, some of these tasks happen to be writing for my blog, paying bills and making baby food. While these are quite a random assortment of tasks, I’ve found they have at least one thing on common – they can be done in batches.

Unless something is especially timely, I write and schedule my blog posts weeks in advance. I often write several posts in a day when I’m feeling particularly creative. For bills that are the same every month, I use the online bill payment feature through my bank to have these checks go out automatically. And for baby food, I have one full-blown cooking and freezing day a month that allows me to mess up and clean up the kitchen just once while enjoying extremely convenient (and cheap!) mealtimes the rest of the month. Identify your own reoccurring tasks and tackle them in quantity. This will save you so much more time than completing them one by one day after day.

5. Set time limits

This time saving technique is pretty straightforward. For those tasks that chronically take up more time than you anticipate, set a reasonable time limit and stick to it. At first, you’ll likely exceed your limit and have to stop for the day, but over time I’ve found that I’ve gotten more efficient because I really want to beat that timer! It also forces me to dive right into a project rather than wasting a half hour or more getting into the “right” mindset.

6. Unsubscribe from emails you don’t want to receive

This is something I started doing a couple of years ago and it’s completely changed the dynamics of my inbox. Any time we purchase anything online, attend an event or hand over our email address in exchange for more information, we can expect to be automatically added to a list serv. Maybe it’s minutes or maybe it’s weeks later, but we can also expect to begin receiving marketing emails.

Unless this is something you are interested in receiving, take the time to unsubscribe! Sure, this requires a few more clicks and maybe even some typing which takes longer than simply hitting delete, but in the long run it will absolutely save you time and preserve the space in your inbox for important messages.

7. Push people to communicate by email

For the majority of scenarios, email communication is a much more concise way to communicate. A phone call, for example, first requires both parties to be available at the same to connect. In today’s fast paced society that is becoming less and less likely. Next, there are the obligatory “How are you’s?” followed by some chit chat. Then, if you’re lucky, you’ll get straight to the root of the conversation. If the information is complicated or hard to remember, often one person will say “Can you email it to me?” And if you don’t connect on the first try, you might end up playing phone tag and spending even more time dialing in and checking your voicemail.

Do I make a convincing case yet? Whenever possible, I ask people to email me. I’ve also started removing my phone number from business cards so that if people feel the need to call, they can start by first emailing me for my number and I can assess whether it’s truly necessary. This isn’t to overlook the times when phone calls and face-to-face meetings are the better option, but for a hybrid mom, I love that emails can be answered on my time and don’t convey the screeching child that is likely in the background.

8. Learn to say no

People and things will always be vying for pieces of your day; you must become a conscientious keeper of your time. First, get your priorities straight. For me, this is running a business, being with my family, staying connected with friends, exercising and relaxing. For obligations that fall outside of these categories, I carefully consider whether or not they’re worth my time.

Just because someone asks you for a favor or wants to meet to sell you something you don’t need, doesn’t mean you have to say yes. Learn to say no (nicely) and you’ll be amazed with the amount of free time you’ll earn back.

What are some of your own time saving hacks? Share in the comments below and help us all to find a little more free time in our day!

 

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Make Your Business Strategy a Mile Deep and a Foot Wide

mile deep foot wideYou can’t scroll through your social media news feed without coming across an article, video or photo that has gone viral. And don’t forget about the sponsored posts that force us to consume information all because Facebook says it fits our demographic. This communication overload can lead us to believe that we must utilize every marketing strategy out there in order to grab the attention of potential clients or customers.

This goes against the longstanding wisdom to be “a mile deep a foot wide.” And by that I mean – be selective about where you dedicate your time and money and choose only the strategies that best fit your goals and audience.

Instead, I’ve been seeing a growing trend where business owners spread their time and budget thin by trying to do it all. While an effective communications strategy requires a variety of tactics, it also requires you to be selective with your tactics and then focus your full attention on doing them exceptionally well.

So why should you rethink your complicated and scattered communications, marketing, advertising or business strategy? Here are four key reasons why being a mile deep and a foot wide will better serve your business and your bottom line.

You’ll be able to devote more resources to what makes the greatest impact.

When you try to do it all, you can’t provide each task with the time and attention it needs to produce the best results. So often, I’ve seen business owners throw their hands up as to why – with all that they are doing – nothing seems to be making a difference. Instead of stopping to take a look at the chaos and disorganization of their strategy, they try and do more.  And so the downward spiral continues.

The only solution is to stop, breathe and take a critical look at where you’re devoting your resources. If the depth of your tactics is not yet a mile deep, your breadth should be no more than a foot wide. More simply put, first master the tactics that are producing the greatest results before adding in anything additional. Once you’ve found a good pace and are happy with your ROI, you can slowly explore with more variables.

You’ll be able to more easily identify what’s working.

If you begin your communications efforts with a massive strategy right out of the gate, it’s going to be difficult to identify exactly what tactic is helping you reach your goals. Changing everything at once will only add more confusion as to what’s really working – and what isn’t.

Instead, the “doing less, but doing it well” approach will allow you to more easily identify what each tactic is accomplishing as you slowly add them in one by one. If your web hits skyrocket over one quarter’s time and the only thing you changed was adding in a monthly e-blast, you can likely credit this as the catalyst.

Every strategy does not apply to every business.

When I help businesses to develop a comprehensive communications strategy, I’ve found that this is often misdirected with the desire to do everything they’ve ever seen another business do. I see innovative marketing techniques around me every day, but I know that only a fraction of these would work well for my business. The same is true for any business. Not every strategy is necessary, nor effective, for helping you reach your specific goals.

Business owners take note, you must consider many factors that make your business unique (i.e. industry, size, target customers, location) when selecting the tactics to best serve your business.  While you might be inspired by the multi-million dollar grassroots campaign of a powerhouse brand, this is not likely the most feasible or effective strategy to help you reach your specific audience.

You’ll preserve your sanity.

Finally, your ability to embrace a “mile deep and a foot wide” mindset will remove the stress and frustration caused by wasting your resources on a cluttered and misdirected communications strategy. Don’t you want to do everything to the best of your ability? Trying to do it all won’t allow you to meet this standard. Instead, narrow the breadth of your tactics and focus on their depth. Produce quality and consistent messaging that helps to build a loyal and attentive audience.

Do you practice the “mile deep and a foot wide” philosophy? Why or why not? Share your thoughts!

 
 

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How to Outsource Work Without Losing Control

outsourcingAs a business owner or entrepreneur, your time is limited and there are only so many projects you can take on or directions in which you can be pulled before you feel like your head is going to explode.

Hiring a fulltime employee to help with this workload isn’t always the right answer, either. Sometimes the situation is better suited for a subcontractor who can tackle specific projects or lend the expertise that you’re lacking. Even if you know outsourcing work is the right answer for your business (and your sanity), it can still be a scary experience to relinquish control to an “outsider.”

Here are five key ways to outsource some of your business responsibilities without feeling like you’re losing control over the consistency and quality of the work you’re used to doing first-hand.

1. Be a part of the process

This starts at the very beginning of every project and carries out the whole way through. To maintain some control over the direction of your marketing or communications strategy or your overall brand, you have you be a part of the process. Yes, outsourcing is a wonderful opportunity to shift some of the work off of your plate and delegate it to others, yet you can’t completely disconnect from the project or you will risk becoming disconnected from a very important part of your business.

When working with a subcontractor, clearly define the roles you and everyone involved in the project will play. This will help to establish realistic expectations and clearly communicate with your contractor just how much or how little you plan to be involved. Even if you choose to only play a minor role, find a way to still be a part of the process.

2. Know what’s most important to you

It’s okay to have a few key things that are “non-negotiable.” This won’t necessarily make you a micromanager or stifle the creativity of your subcontractor, if done selectively. On any given project, you should have clearly defined goals for the work and standards to which it must adhere. When outsourcing your work, it’s the subcontractor’s job to satisfy these goals and standards, but it’s first your job to identify what’s most important to you.

For example, if you feel that the fact your business is 3rd generation family-owned is one of its most distinguishing factors, you may require your contracted copywriter to focus the web site’s content on this aspect. Select no more than 3 important factors (ideally one or two) and express these clearly from the beginning. Trust me; this will save both you and your subcontractor a lot of time and revisions in the long run and help them to share in your vision from the start.

3. Be accessible

When you can’t be reached, decisions will have to be without you and they may not be what you would have preferred. The lesson here is to be accessible to your subcontractors throughout the project. This will keep you involved in the process (as I stressed in my first point) and in control of final decisions.

So what are reasonable expectations for being “accessible?” Respond to emails or phone calls within one business day – or at least acknowledge that you’re working on an answer if one can’t be made in that time frame. As a business owner, it’s often the deadlines that you’ve set that the subcontractor is working to meet. If you become a plug in the process, you’ll either get cut out or have projects that stretch far past their due date. Both consequences can be avoided simply by being accessible when needed.

4. Select your contractors carefully

When looking to outsource work, one of the first areas you have complete control over is who you hire. Simply put, choose carefully.

You should take as much care in hiring a contract worker as you would hiring a fulltime employee. Even though they won’t be working in your office, they still need to mesh with the company’s culture and share in your vision. Overlooking this important decision will most certainly result in a disconnect between your existing messaging and branding and the work done by a subcontractor.

5. Check-in on a regular basis

This doesn’t mean micromanaging every task, but it does mean staying apprised of the work your contractor is doing for you and checking in with them on a regular basis. This will effectively address (and stop) any straying from your company’s brand and help to create cohesive and consistent messaging.

To establish an appropriate time frame for your regular check-ins, first think about the scope and length of the project. If it’s detail intensive or urgent, you should plan to check-in with your contractor at a set time on a weekly basis. If the project is ongoing, straightforward and consistent, you can scale back to checking in with your contractor monthly or quarterly. Remember to always be accessible in between these regular meetings as well!

Do you use contractors for any of your business’s responsibilities? How do you maintain control when outsourcing this work?

 
1 Comment

Posted by on February 24, 2014 in Business & Success, Entrepreneurship

 

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4 Reasons Why You Don’t Know What Your Business Needs

confusedOne of the biggest challenges of any business owner is the ability to identify what your business needs. You often find yourself in the trenches and bogged down with the day to day tasks that require almost all of your time. How can you also find the time – and unbiased perspective – to address the needs of your business before they begin to hurt your bottom line? This is a great question and one I wish more business owners would stop and ask themselves.

The first step to meeting the needs of your business is to acknowledge that you might not be the most qualified person to identify them. Here are four reasons why you might be missing what your business needs and how an outside perspective can help bridge this gap.

1. You’re too emotionally involved

As a business owner, it’s common to hold your livelihood as near and dear as your own child. But this strong emotional connection can hurt your ability to make the hard decisions that might be best for your business.  You want to nurture its growth and tend to handle it with kid gloves, when a swift and strong shakeup may be what’s really in order.

An outside perspective can help to eliminate the emotional bias that often exists for the entrepreneur or business owner. This is the most accurate way to prescribe the medicine to fix the problems, even if it doesn’t taste so good. It’s okay to be emotionally connected to your business, just be sure to call upon the advice of some outside eyes to give you a more accurate assessment.

2. It’s not your area of expertise

Being a business owner doesn’t automatically make you a jack of all trades – nor should you strive to become one. There’s a steep learning curve for even some of the most basic responsibilities like taxes, payroll and healthcare. It’s unfair and unrealistic to expect youself to also be a public relations/marketing expert among other things.

To put together an effective and strategic communications strategy, it’s perfectly alright to call upon outside help. Leave the experts to do what they’re most qualified to do – and this includes you! Focus on the aspects of running your business at which you excel and outsource the critical tasks that aren’t the best use of your time.

3. You don’t see the need for change

You might have a strong opinion about the communications strategy that is best for your business, but don’t let this be a reason to hide your head in the sand to other opportunities that might be more effective. I’ve personally seen many business owners who are in denial about their ineffective and outdated public relations strategy. They don’t see a problem and therefore don’t see the need for a new solution.

This is where an outside perspective can really be a valuable asset. It provides a fresh set of eyes and a higher level of expertise to identify what you’re business is missing. If you think your communications strategy is working perfectly fine, but your profits are waning month after month, this is a good indication that something needs to change, whether you see it or not.

4. You can’t take a step back to see the full picture

As a business owner, you’re often in the weeds of the day to day activities of your business. You may not have the chance to ever bring your head up to really see what’s going on from an outside perspective. This makes it very hard for you to see the full picture of how your business is functioning as a whole and where certain components may be missing.

Again, the key to seeing this bigger picture is to call upon an outside expert that can separate any bias or emotion to the business. Instead of focusing on all the little components that go into the day to day operations, an outsider will see your business as your target audience sees your business – which is one of the most valuable snapshots for really accessing the health of your business.

How well do you think you know what your business needs? Share your thoughts by commenting below!

 
6 Comments

Posted by on February 10, 2014 in Business & Success

 

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