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7 Things I Will Never Have as a Business Owner

7 Things I Will Never Have as a Business Owner

While there are many advantages to being your own boss, there are also certain things you may never experience again (for the most part). Depending upon how you look at it, this could be a win-win scenario. Either way, now six years into running my own business, I’ve realized that there are a few things I will likely never have as a business owner.

A Day Completely Free From Work

The upside to running my own business, I can work from anywhere. The downside, I can work from anywhere. For this reason, my work followers me anywhere I have internet access. And even without internet access, it’s still on my mind. I’m not likely to ever go completely “offline” for more than a day, but that’s because I prefer to stay on top of my work and grow my business. When you’re passionate about what you do, you’re not always craving that next vacation!

Limited Vacation Days

Speaking of vacation, I can time off whenever I feel like it and as often as I want to. It still holds true that my work will be something I carry with me, but I doubt anyone feels too sorry when I’m checking emails from the Bahamas. Being a business owner is about balance. I can take unlimited vacation days, but I’m still responsible for delivering what I promised to my clients. Time management is key.

A Tax Return

I gave up hope a long time ago that I would ever see a tax return. As a business owner, I pay not only at tax time, but I pay quarterly throughout the year leading up to it. It’s important to point out that my clients don’t withhold taxes in their payments, so it’s strictly on me to make sure I am paying the fair and appropriate amount of taxes based on my income. Similar to having unlimited vacation days, I don’t expect anyone to feel bad for my tax situation. After all, if I’m paying more it means I’m earning more. But I have to laugh at the commercials that suggest I use my tax return for this or that. It’s been nearly a decade since the IRS wrote me a check.

Normal Work Hours

For better – and worse – I don’t have set “normal” work hours. It works out for the most part that I’m in front of my computer between 9 and 4, but there will be times I’m taking a 8pm conference call or I’m online at 6am to clean up my inbox. On the upside, I can also go offline for a couple hours in the morning to get in a work out, or in the afternoon to catch a nap. I’m so far removed from the concept of a 9-5 job that I doubt I would last long in that work environment again.

A Fixed Income

As a business owner, my income is anything but fixed. I have a meager paycheck I receive each month from my business for tax purposes, but I also receive distributions throughout the year however I see fit. Every year and every month, my income is up to me. I have to constantly and consistently satisfy my current clients and keep my pipeline full of new clients. In a crazy scenario, every client could decide to discontinue their services and I would be left at square one. On the flip side (and the more common scenario), I take on additional clients each month and grow my income.

It’s not common that many people can increase their monthly “salary” by a couple thousand dollars in a month by providing the same services they’re already providing to others. For this reason and many others, I love owning a business, and owning my income.

Someone Else Controlling My Schedule

Because no single client owns 100% of my time, they do not have control of my schedule. I remember my life prior to entrepreneurship where I would have someone slap a meeting or conference call on my schedule and so long as it was during normal work hours I had no leverage to push back. I had to stop whatever I was doing to be there. Now, when a client requests a meeting, they provide me with several options and I have the ability to select what works best for me. If I can’t make a meeting, my clients don’t know if it’s because of a work conflict or a hair appointment (or more commonly it doesn’t work with my toddler’s nap schedule). I control my own schedule and strategically plan my days to be efficient and convenient.

A Boring Day

As a business owner, there is no such thing as a boring day. Often the excitement comes from exceeding a client’s expectation or receiving a great lead for new business. Other times, “excitement” is the rush of an emergency or crisis that you have to resolve. Even if I carve a free afternoon to go offline from work, I’m not strapped to my office. I can run errands, do something relaxing or spend time with my kids. Every day and every email is different. The hours fly by and I wouldn’t ever want to return to the days of watching the clock!

Are you a business owner? Can you relate to some of the things I’ve mentioned or do you have an idea of your own to add? Share your thoughts by leaving a comment!

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Posted by on September 11, 2017 in Business & Success, Entrepreneurship, Life

 

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How To Make Your Startup Business More Efficient Now (Guest Blog by Kiley Martin)

The following post comes to us from Kiley Martin, a Philadelphia-based freelance writer, editor and blogger.


TimeIncreasing the efficiency of operations should be a primary goal of all business owners . However, enhancing business productivity often falls by the wayside when workload increases. People push things off and get stuck in the same old routines.

You might be worried about the need to spend money in order to make your business more streamlined. Especially in the startup world, it’s unavoidable. You’re introducing things for the first time and it will cost time and even perhaps a new position. You’re building something that wasn’t there before.

But spending money doesn’t mean inefficiency. In fact it often means the opposite, especially if you’re investing in the future of the business. If you spend $5,000 to save $5 every time you do a repetitive process, you’ll make your money back in no time.

With that in mind, here are some ways you can make your startup business more efficient.

Invest strategically to reduce costs

When a startup is founded, business owners choose not to invest in a lot of technology or equipment because it may initially increase costs. For instance, you may choose to use a manual fax machine instead of buying an electronic one with Bluetooth access.

However, if sending and receiving faxes are a critical part of your daily operations, using an electronic fax machine would save you time, paper costs, and the hassle of manning the machine when waiting on an important document. So, even though you may have to spend some money and invest in a good machine initially, it will make things easier later on by increasing your time and cost efficiency.

Cost benefit analyses like this are very useful for when you’re setting up your business as they can help you in the long run. Focus on strategic investments that impact your most important operations.

Automate your tasks. Focus on your specialties

As an entrepreneur, you will quickly become aware that just because you own a business, this doesn’t mean you are equally good at managing all aspects of it. You could be well versed in the nuances of how to sell an app, but you might not be familiar with the specifics of app development or coding. This paves the way for task delegation.

Foremost, you need to learn to identify which tasks you can do best and which need to be delegated to other employees so they can do it best.

This concept also applies to menial tasks. Even though you are a business owner looking to cut down costs, taking a full burden of responsibilities will not help your situation. If you spend three hours manually sending invoices to clients, you are spending way less time overlooking the state of affairs for your business.

It would be prudent to get software that takes care of your invoicing so you can pay attention to other tasks that demand your attention.

In the same way, menial jobs like sending receipts or overseeing the delivery of documents could take up mental space, time and energy. Hiring an employee to take care of these tasks or using a computer program can not only make things easier for you, but also streamline your business processes in the long run.

It will also free up most of your work hours so you can focus on other tasks that require your attention.

Furthermore, if you have a website, which you should, don’t spend too much time running it if you’re a website amateur. Allow a hosting service to take the reigns. You’re running a business, not a website or an AP department. You need to invest in these processes so they don’t eat away all your time.

Give feedback and encourage employees

Your responsibility does not end at hiring personnel. The reason why most startups fail is because they are unsuccessful at retaining talent. The employees may feel useless in terms of contribution to the overall venture if they are not encouraged regularly.

Sometimes business owners will stick to brief comments and words of appreciation that mean nothing to the employee. Without proper feedback, they can stagnate their progress.

Therefore, it is important that as a business owner, you develop a keen eye for the work of your subordinates, providing ample constructive feedback where necessary. This will develop your rapport with the staff and provide work fulfillment so they can keep working with you.

Plan your schedule and focus on one thing at a time

Most startup owners work long hours and sacrifice sleep for work. Yet, they always have tasks on their to-do list that still need to be considered. For them, the work never ends.

This does not mean that other startup owners have it considerably easier than you do. It just means that other business owners have learned to manage their time and their tasks.

But how do you end up going about that ridiculous pile of work on your desk? Well, the first thing is to list everything you need to do. Then, list the time you have in a day that you will dedicate to the tasks, and plan accordingly. Do not attempt to take on more work than you know you can do.

The same goes for your employees. Encourage them to direct their focus on single tasks, rather than multitasking. Intense concentration will produce better results and take less of a mental toll, resulting in quality and efficiency.

Do you have a tip for helping a business to run more efficiently? Share your advice by leaving a comment!

Kiley MartinKiley Martin is a freelance writer, editor and blogger from Philadelphia, PA. She has worked with several popular blogs and magazines. She recently graduated from Drexel University. She also enjoys mentoring and connecting with others on new technologies in web development and programming. Feel free to contact her at KileyAMartin@gmail.com

 
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Posted by on August 28, 2017 in Business & Success, Guest Blogger

 

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How I Plan to Gain More Free Time in the Summer Months

summer 2017

Given the Memorial Day holiday, I think just about everyone is thinking about the fun summer activities that lie ahead. I know I am! This is why I got to thinking about my plan for the summer to ensure I enjoy my most favorite months of the year. It’s too easy to stay on the same work routine and not take advantage of the warm weather and time with family. Being a creature of habit, I thought the best thing to do was to set some “boundaries” for my summer and come up with a new routine that will help me maximize my free time and benefit from my flexible work schedule throughout the coming months. Take a look!

End each weekend with a preview of the week ahead

In order to get more out of my work hours and maximize my free time, I’ve found it to be really helpful to end the weekend with a review of the upcoming week’s tasks and obligations. This gives me a good mental grasp on how much dedicated work time I’ll have, verses time that will be spent at meetings or events. I also compare this schedule with my husband’s to be sure we’re fully covered on family duties. There’s nothing quite as stressful as realizing you both need to be out of the house early without someone to run the kids to daycare!

Get up at the same time every day

This will be a challenging one, but one that will surely help to maximize my free time so I can enjoy the summer months. Every day of the week, including Saturday and Sunday, I plan to get up at 6am. Some days I may have a little helper join me who wakes up early, and some days I may get a cup of coffee and a head start on my inbox. No matter how I spent this extra hour of the morning, it will go to good use and put me in the best position for a less stressful day. On the weekends, this will be the only hour I dedicate to checking in on work – or I’ll use it to get in some exercise!

Make a plan – for both work and play

Just as it’s important to plan to get work done, it’s also important to block out time in your schedule to enjoy non-work related things. I’ll have an agenda for each day that outlines how I want to spend my time. This will likely involve a mix of some work tasks along with a nap in the sun on the back deck. On days I have one or more kid home with me, I will prioritize only what has to get done that day to keep me on top of my work tasks, the rest will be dedicated to family time!

Stay on a routine for monthly tasks

I’ve gotten on a good routine of looking at all projects I have to deliver on a monthly basis and dividing them into one of two categories: tasks to be delivered for the current month and tasks to be delivered for the coming month. The first category of tasks gets prioritized and completed between days 1 and 15 of the current month. The second category of tasks are put on the to-do list starting day 15 and completed no later than the end of the month. If you’re overwhelmed by your task list, you may need to start categorizing and prioritizing tasks so you have a better handle on what needs done now and what can wait.

Limit networking and social requests

For some, summer is the prime time to set networking meetings and attend social events to grow your business. But for me, I’d much rather spend my free time soaking up the sun with my kids. Because of this, I frequently decline such requests. I’ll tell the contact that we can set date for the fall, and if they’re really serious about meeting, they’ll comply. For those “serial networkers” that were likely going to be a waste of time anyway, they will forget to follow-up and fade away.

Zero out my inbox each evening

This takes a little commitment, but once it’s routine it will greatly streamline workflow. I practice this now, and plan to into the summer. Every evening, once the kids are in bed, I take up to 30 minutes to “zero out” my inbox. What this means is that I check in on any emails that may have come in since I closed up shop sometime in the afternoon, and I address them. Many emails can be read and deleted, others will need a response. If the response is quick, I give it. If it will take some time, I patch it into my work flow for tomorrow. If I anticipate needing more than one day to reply to a client, I first reply with an acknowledgement of the email and then let them know when to anticipate my full response. I have found this last tip to be the key to keeping clients happy by keeping them in the loop. It also prevents additional follow-up emails or phone calls asking when something will be completed.

With these tips, I hope to enjoy a slower paced summer without needing to cut back on any client work. With my extra free time, I plan to enjoy the warm weather, spend time with family and take a few long weekend trips to make some new memories. If this new routine produces favorable results, I just may never come back from my “summer” lifestyle!

How do you plan to manage your workload to enjoy this summer? Share your ideas by leaving a comment!

 
 

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5 Things You Can Immediately Do To Gain More Business

5-things-you-can-immediately-do-to-gain-more-businessI recently wrote about the benefits of business turnover in the New Year. True to annual trends, I also experienced some turnover in my client list. Despite my best efforts to “practice what I preach” and look at this as a positive, I felt unsettled, and frankly exposed, by the fact that a few (really great) clients had chosen to part ways.

My business had made significant growth in 2016, almost so much so that it wasn’t sustainable to think I would continue to grow at such a rapid rate. After all, as a consultant I essentially sell my time and even I only have so much time in a day. So there I was, a shrunken client list and an increased bandwidth to take on more work.

What did I do? I invested some of this newfound time into beating the bushes and testing the waters for new business opportunities, but I was strategic with how I did it. Cold-calling is not effective for my business, nor does it result in quality clients (at least in my experience). I wanted to build my book of business with client work I enjoyed and could complete efficiently. Here are the five strategies with which I began.

Talk with current clients about expanding your services

For me, this was a natural and obvious first step. I was upfront with my current clients, many of whom have been loyally working with me for several years. I told them I had availability for more work and offered to create a proposal for what additional services I could provide them that would amplify my current efforts. Not one turned down the offer to at least consider my proposal and right off the bat several increased my monthly retainer. I was so pleasantly surprised to learn that many of my clients had wanted to increase my services for a while but were mindful of my workload from other clients. It pays to ask!

Follow-up with leads that have fallen off

Next, I went through my notes of leads and proposals that didn’t result in business. For the most part, I never received a response after several follow-ups and was so busy at the time, I didn’t have to chase after them for work. I opened up the conversation again with a “Happy New Year, I hope you are doing well…” I received some responses within the hour – from contacts who had failed to give me a response over several months! A New Year brings a new business mindset and also gives businesses the opportunity to evaluate where they stand financially. Following-up during this time is an easy way to breathe fresh air back into a proposal and drum up new business.

Go through your stack of business cards

I also sifted through business cards I had collected from meetings and networking events throughout the past year. There were some that I felt could generate leads, so I reached out to these individuals to set up a time to talk over coffee. During this casual discussion, I was able to learn more about their business and also tell them that I am looking to take on new clients. This small investment of time most often resulted in the contact’s enthusiastic offer to keep their eyes and ears open for someone who could benefit from my services. Of course in exchange, I offered to do the same for them.

Touch base with your “power partners”

I have worked to develop several “power partnerships” with businesses who offer my services to their clients. I sent each a note letting them know I am available to take on more work and to “load me up” as they see fit. Much like reaching out to my current client list, I was able to gain some quick projects that they had on their plates, but didn’t want to risk overloading me with. Now that they knew I was open to more work, they were happy to offload.

Reach out to competitors

Finally, and most surprisingly, I reached out to contacts that I knew offered the same services I did. Yes, competitors. This may sound like an odd thing to do, but I have found a lot of value in developing a good working relationship with competing consultants and businesses. Why? Because when you get to know who their ideal client is, you will realize you really aren’t hunting for the same lead. In fact, their wheel house may be completely different than yours. In reaching out to my competitors, I wanted to put out my feelers for any leads they may have recently turned away either because they weren’t a good fit for their business or they were too busy to take on more work. Often, competitors will refer work out to me if they think I would better accommodate the client. Win-win!

When you look to build business, what strategies do you use? Share your thoughts by commenting below!

 
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Posted by on February 20, 2017 in Business & Success

 

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11 Habits of Highly Efficient People

11-habits-of-highly-efficient-peopleThere are a ton of cheesy memes and inspirational quotes out there that allude to this one truth – we all have the same 24 hours in a day. So why then does it feel like some people can accomplish so much more with their time while others are spinning their wheels? If you believe yourself to be a highly efficient person and find you get annoyed with a friend or co-worker who would take a week to get done what you accomplish in a day, remember this. Everyone has a different threshold for stress and some people are simply wired to be inefficient.

On the flip side, if you find yourself struggling to keep up with a normal workload while that one friend seems to do it all and make it look effortless, keep this in mind. They have likely learned, and continue to practice the habits of highly efficient people.

Some people thrive off of the feeling of getting things done and are actually stressed out by idling while work piles up. Whether you can or can’t relate, take a look at these 11 habits to gain insight into the world of a highly efficient person!

11 Habits of Highly Efficient People

They accurately estimate the time required to complete a task. Highly efficient people are realistic about how long it will take to accomplish something, whether that’s washing the dishes or taking a client phone call. Inefficient people often underestimate the time required for a task and find themselves overextended and with a time deficit day after day.

They block-schedule their activities. These people don’t multi-task. It’s not efficient. Rather they block schedule their time for a single activity, get it done and then move onto the next task.

They keep a running mental to-do list. Highly efficient people always know what they must accomplish on any given day to stay ahead of their task list. Should some unexpected free time arise, they can identify the right task to fit into that time slot to knock it off ahead of schedule. They don’t waste 5 minutes here and 10 minutes there, because at the end of the day that really adds up!

They minimize distraction. Highly efficient people work in a bubble, in a good way. They “wire in” to their work and mute other distractions like cell phones, TV’s and multiple browser windows. They also avoid that co-worker small talk at all costs!

They keep to a schedule. These people have their routine down pat. While each day might be slightly different, it follows the same format. They may even wear similar clothes or eat similar foods throughout the work week to streamline things and minimize unimportant decisions.

They don’t aim for perfection. Highly efficient people don’t care about making things “perfect” because it’s not efficient, nor it is attainable. Rather, they aim for the point of diminishing return where any more time spent on a task won’t make a noticeable difference. They don’t deliver sub-par work, but they also don’t stress about everything they produce being a masterpiece. Often “good enough” is quite alright.

They only invest time in people or activities that they find fulfilling. These people refuse to waste time with people they don’t enjoy, doing things they don’t enjoy. They limit their social circles to people they truly care about and rarely do something out of guilt or obligation. If a highly efficient person wants to hang out, take that as a high compliment!

They go to bed early. Highly efficient people don’t gain more hours in their day by sleeping less. On the contrary, they likely sleep more than an inefficient person. Let’s be honest, no one is their most efficient late at night. This only produces low-quality work that likely needs revamping the next day, compounded by a groggy person who doesn’t have the energy to put forth their best effort. Go to bed early and wake up ready to take on the world!

They stay physically active. These people prioritize exercise and choose a type of exercise that doesn’t feel like work. By staying physically active, they boost their energy levels, mental clarity and endurance. Now that’s what high efficiency is made of!

They develop mental “toughness.” Highly efficient people aren’t easily rattled. You can throw a last minute project on their full plate and they will still find a way to get it all done with time to spare. How? They keep a positive “I got this” attitude that helps them pull through even the most stressful scenario.

They know when to say no. This is a big one, which is why we saved it for last. Highly efficient people aren’t afraid to decline an invitation. Someone wants to have a meeting when a phone call would suffice? Decline. Someone asks you to lunch to solicit your business and you’re not interested? Decline. Someone wants you to help them, pro bono, for like the fifth time this month. DECLINE. By saying no to things they have no interest in doing, highly efficient people make more time to say yes to things they truly enjoy!

Would you consider yourself to be efficient with your time or not? Do you incorporate any of these habits into your daily routine? Share your thoughts by commenting below!

 
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Posted by on January 9, 2017 in Business & Success, Life

 

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How to Fully Unplug When on Vacation

slow down, relax, take it easy, keep calm, love, enjoy life, have fun and other motivational lifestyle reminders on colorful sticky notes

Whether you have planned a destination vacation or are opting for a “staycation” this year, giving yourself a few days of rest and relaxation is not only fun, it’s absolutely necessary!

For those of us that work virtually, we’re used to plugging in from anywhere which can lead to the temptation to get work done when we really should be relaxing. Can you relate? Then, take a look at these tips for how you can fully unplug and enjoy your vacation to its fullest.

Plan Ahead

Plan your time off well in advance and communicate early and often with clients and employees that you will not be doing any work during this time. Work ahead on projects that you would normally complete during this time off to minimize the amount of work on your plate when you return. Also, avoid scheduling meetings several days before and after your vacation to give you a buffer of dedicated work time to complete your most pressing tasks.

Manage Expectations About Work Communication

A great way to unplug without leaving emails or calls unanswered is to set up an automatic email response and voicemail. Be specific about when people can expect to hear back from you. You can choose to check emails just once per day to make yourself accessible for emergencies. Or you can choose to completely go offline for the week. No matter what you choose, let people know when they can reasonably expect to hear back from you. Clients are far more understanding of a lag in communication if they know you are out of the office. You may also want to designate another employee as the person to contact for urgent matters to give you full peace of mind to relax.

Commit to Your Vacation

The biggest obstacle a lot of us face when unplugging from work isn’t the separation from technology that we may all think, but rather it is the willingness to allow ourselves to fully embrace our time off. You have waited all year (maybe longer) for this break, so make sure you are just as committed to your vacation as you have been your work. Sleep in, move slow, read for fun, take a nap and strike up conversations that have absolutely nothing to do with work! It may feel weird at first, but if you can learn to “rewire” your thinking to a more relaxed state, you will feel calmer even once you return back to work.

Have you been able to fully unplug from work while on vacation this year? If so, comment below and share your tips!

 
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Posted by on September 12, 2016 in Business & Success, Life

 

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How to Work From Home with a Child

Sometimes food is a necessary incentive to keep the kiddos quiet long enough to make a phone call!

Sometimes food is a necessary incentive to keep the kiddos quiet long enough to make a phone call!

Working from home can be hugely beneficial to growing your business, increasing efficiency and saving money. Where things can get tricky is if you’re not the only one at home during the workday. Yes, I’m talking about those pint-sized “coworkers” called children that can’t yet understand the difference between work time and play time.

For some parents, balancing work and childcare from home is the only way they can make it all happen. If you’re among the lucky ones who can enroll your little one in caregiver program at least 2 days a week, even if just for a 3-hour block of time, you can get a ton done in these golden hours! But what about the other days when your child is home with you like snow days, sick days or holidays? These seem to pop up during the most inconvenient times, turning what should be a simple work task or conference call into an extremely stressful balancing act.

The good news is with a little creativity and flexibility throughout your day, you can indeed find balance in this work situation. Here are some tips to make working from home with your child a success!

Create Fun Activity Kits for Your Little One

Even if you only have a few hours’ notice that your little one is going to be at home with you on a workday (i.e. a stomach bug or big snow storm), you only need a little time to put together some activity kits that will keep those tiny fingers busy (and independent of your attention) as you tackle your most important tasks

For example, bust out the play dough and give them an “assignment sheet” of the shapes or objects you want them to try to create. Create a “craft kit” with all the necessary tools and ask them to create something specific, like a birthday card for a relative. Another idea is to assemble a dress up box with fun clothing items and accessories you have lying around the house (bonus points if it’s something they haven’t seen before!). If you have multiple kids at home, create a contest for the best costume that you will judge once you’re off your call or done with your project. Don’t forget about educational DVDs! Sure, some people may try to make you feel guilty for all that “screen time,” but when you’re in a pinch and just need an hour or so of peace and quiet, you do what you have to do!

Block Off Time for Undivided Attention
Have you ever been wrapped up in an assignment, trying to concentrate, but your toddler is literally tugging on you and begging you for some attention? This is when you know it’s time to take a short break from your computer or phone and give some undivided attention to your little one. Take time to get down on their level and play with your toddler for a while. Yes, this is time you aren’t getting work done, but by investing even just 20 minutes or so into making your kid feel noticed and loved, your reward will be a content child that is happy to play independently again until you can return to him or her.

Utilize Family

To say it takes a village to raise a child couldn’t be more accurate! When you have a young family, you quickly realize the importance of trusted family and friends who live close by. If you can foresee a big project coming up at work or an assignment that will need your full attention, don’t be afraid to ask for help with your little one

A family member, neighbor or friend who is willing to take your child on a walk or simply be an extra set of hands for you in the house, if worth their weight in gold! Not only will you feel calm and at ease while getting work done, your child will also enjoy some one-on-one time with a new “friend” who will make them feel like the center of their world. Even if you don’t have family nearby, build a network of friends and fellow moms who are willing to help you out in an emergency situation. You never know until you ask! I have found people are more than happy to help out a busy mom and give her a few well-deserved moments of peace.

Do you ever have to balance work and childcare on the same days? Share your personal thoughts by commenting below!

 

 
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Posted by on May 30, 2016 in Business & Success, Life

 

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