I've been in business for myself for most of my adult life. Make that most of my entire life, since I started out peddling shrinkie dinks before I was old enough to safely operate an oven. But I still somehow managed to convince my friends that they should part with their hard-earned birthday money in order to have the shrunken little objets d'arts I'd made. Not bad, huh? I've been an entrepreneur almost ever since. However with one big difference — what I sell now is high quality and totally worth the money! But in terms of running a business, let's just say I've been around the block a few times.
If being an entrepreneur is in your blood, you're probably bursting with ideas and creativity. That's why you launched your business: because you had something to sell or a service to provide that you're good at providing. But... that doesn't necessarily mean you're good at the mechanics of running a business. I didn't start my event planning company because I was good at accounting and making profit projections. I was good at throwing amazing parties for super cool clients. Over-the-top decorations, flowers, mixologists, food that people gush about — that was my forte. I got by for a long time with constant work, traveling, creating my brand and my client list. At some point, when I realized I wasn't making as much money as I thought I was, I became a student of sorts and learned the nuts and bolts of running a business. You should too!
The Details Of Running A Business
First things first: Get a handle on your finances and figure out how much you're actually making! This means knowing all of your expenses. You don't have to actually be the one paying the bills — in fact I recommend hiring a bookkeeper at least part-time — but you should know where all of your money is going, and how much. A monthly report from the bookkeeper can take care of that. You should also have a business plan with some well-thought-out goals and objectives. I'm not assuming you don't already have one. If you do, it might be time to dust it off and update it. If you don't... hello? Make that your next project!
If you've moved beyond a one-person show, hire competent staff who can handle the details. They should keep you informed of what they're doing, but you don't need to spend your time managing all the minutiae that's involved in running a business. You can keep an eye on the little stuff, but be focused on the big picture.
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus! And don't be too proud to put yourself out there when you're marketing your business!
Be Oh So Quotable This Week!
This week, we've got a roundup of quotes from one of my favorite authors — plus yours truly! — to help you focus on running a business. H. Jackson Brown, Jr., author of Life's Little Instruction Book, gives us great habits that anyone who wants to find success should adopt. Brown's 21 Suggestions for Success get to the heart of where long-term success is rooted.
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Running A Business – Tip #1:
"Get only as granular as will help you run your business."
Running A Business – Tip #2:
"No matter how small the company, hiring a bookkeeper to come in at least part-time is a must."
Running A Business – Tip #3:
"Be decisive even if it means you'll sometimes be wrong."
Running A Business – Tip #4:
Running A Business – Tip #5:
"Commit yourself to quality."
Let's talk! I want YOUR stories on how running a business has made you a better entrepreneur!
I'm sure you have stories to tell about the different things you've tried while running a business. Which tips above did you find helpful? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!