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Your Business: Successful or Stressful?

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Old 12-24-2012, 06:01 PM
algernonbarton algernonbarton is offline
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Default Your Business: Successful or Stressful?

Is your business Successful or Stressful?

Iíve worked with a lot of small businesses, and, itís true, a certain amount of stress comes with the territory. Iíve noticed, however, that there are some key differences between those that are successful, and those that are constantly in turmoil.

Success = Planning Stress= Flying by the seat of your pants

If you want your business to succeed, youíve got to plan, period.

How are you going to get somewhere if you donít know where you are going?

It doesnít have to be terribly complicated, but you should have some basic financial projections and a marketing plan.
Of course, you donít plan just once and then forget about it! Your business is a living thing Ė you need to plan for this year, and next year, and next year you need to plan some more.
I recommend systemizing it. Every Quarter, sit down with your plan for maybe an hour howíd it work out? Where are you going next?

Success = Knowledge Stress= burying your head in the sand

This is huge!

Educate yourself and become a well-rounded business person. Every business owner must understand whatís happening financially in their business.
Figure it out in whatever way you need to. Iíve known some high-level successful business owners who had what I thought were odd ways of evaluating their finances. But it worked for them.
Not everyone is good at everything, maybe finances arenít your thing. Figure out a way to keep on top of it that doesnít send you running for cover.
Make sure you have a good bookkeeper and CPA and have them educate you on the important issues for your particular business and force yourself to review these indicators every month and/or quarter. Same thing with marketing and internal processes.
No Excuses! There are blogs, books, videos, webinars and classes. Do something every month!

Success=Getting Help Stress=Doing it all on your own

Some people would call a lot of entrepreneurs control freaks and workaholics. Itís easier if we just do it all ourselves. What normally happens then is that a lot of stuff just doesnít get done.

Think logically. Where is your time best spent? Answering phone calls, cleaning the office, bookkeeping? Probably not. If you pay someone $25 an hour to clean the office and your time is worth $75, itís a no-brainer
Donít try to do things you arenít good at. People hire you because you are the best, hire others to fill in your weak spots.
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