Hiring People to help you with your Business -

I was just contacted by someone who has a small business that they run out of their home office.  This is the type of client that I really enjoy working with...why, because there are so many things I can help them with besides getting their books set up or cleaned up. 

As I've written before, this economy has created new opportunities for people who would otherwise be gainfully employed.  People are going down new paths by starting their own businesses or exploring self-employment or contract work.  Often these folks are just moving forward quickly without much planning.  In fact, I think it is probably the rare individual who actually takes the time to do a formal plan...at least that's been my experience.  Of course many self-employed people are providing services and those types of businesses are pretty easy to get started.  Low overhead, low cash outlay.  But even these people need help recording their transactions and keeping organized so tax season isn't a fiasco... which brings me back to what I wanted to mention here.

It is very important when you are meeting with your new bookkeeper, insurance broker, graphic designer or even attorney that you have enough conversation to determine if they are listening.  I have met with people who fired their last bookkeeper or insurance agent or???? because they didn't believe that the individual was listening to them or understood where they were coming from.  No matter how experienced, talented or informed they may be, if they are not good listeners, over time, things will probably get off track and you will become frustrated and not even realize why.
Listening is an important skill for anybody.  Without this skill you will be missing one of the most critical factors in developing a relationship with your client.  When you can listen and actually encapsulate what was expressed to you and repeat it back ... you will be surprised at the reaction of the party on the other side.  Why?  Because when someone feels they have been heard they are more likely to move forward with this person whether it is a business relationship or a personal relationship. When you know you are heard...that this person "gets you" you are far more likely to want to work with the person.  The same is true for people you interview to work for you.  If they cannot reiterate what you've told them then something is missing.  There is nothing more frustrating than having people around you who don't listen.  There is enough on your plate without adding this variable to your otherwise busy life.

So once you've determined that someone has the skills to do the job you want them to do, take the additional time to test their listening skills - then decide if you want this person on your team!

Checking in on our business status -

Believe it or not the end of August is here and we are eight months down for 2010.  Next month estimated quarterly taxes are due and I find it a good time to review things and see how I'm doing.  Some of you have more time into the "self-employment" path than I do but regardless it's never a wrong time to put on paper the goods, the bads and things that need to be changed so you can evaluate and make adjustments so the last quarter of the year produces improved results.

Of course have you been entering your transactions in either Quicken or Quick books or even a simple Excel spreadsheet?  That is the question right?  If you haven't now may be a good time to get started as you will have a difficult time getting a picture of how you are doing without the historical information on hand.  However, as any self-employed individual will tell you..."I know (in their head they know) how I'm doing."

I've always loved that statement because to a great degree it is true.  The person who wears all hats is the most hands on expression of the business.  They know who their customers are, if they are asking for more services, if they are paying their bills and of course they know if the business is growing by virtue of how busy they are.  Yet, the specifics of how they spend their money and what that amounts to or what percentage of their revenue is spent on certain things usually remains to be seen.

People I have had the pleasure working with who were self-employed or just wanted their finances tracked were always, without exception, surprised when the data was organized and put together and they could see, in black and white, where their money was going.  It's quite a wake up call even if you believe you are the most knowledgeable about your finances. 

So, take the opportunity now, before you pay your taxes or the end of the third quarter (9/30) to take the time to put your information together in a way that works for you.  If you're not quite up to speed with Quick books or even Excel, just buy accounting paper and make your own financial statement.  The good thing about this exercise is you will continue to learn about what you know and what you don't know about your business.

Remember, any questions can be easily answered if you take the time to think about them and don't be afraid to talk with others who are self-employed as they are struggling with the same issues as you.  I've found it very interesting to walk into the local retail stores and if they aren't busy, talk with the managers and find out how they think things are going for their business.  You'd be surprised how willing people are to talk about their perception of the economy and how their business has made changes to accommodate the economic challenges and keep business profitable.  Sure, their business is different than yours but we are all challenged by these economic times and it never hurts to check in with other business people who live and work in the same world you do!

How are you & your business doing?

Just read a good article that had 15 warning signs that your company is in trouble.  15 Warning Signs your business is in trouble.  When I read it I thought about people and small businesses that I have worked with and could check off at least 5 or 6 of the reasons for many of them and more for others. 

Being on top of your business and what it stands for is important.  Staying in touch with your customers is even more important as they are your best source of feedback for improvements and change in how you do business.  You don't need to hire a marketing firm to do a "focus group" ... you just need to be open and ready to hear about how you are doing.  I've worked for people who were not interested in asking their customers how they were doing.  Instead they pushed ahead on their own agenda without noticing the changes going on around them.  

Check them out and see how many you answer yes to and how you're going to turn things around...it's never too late!

Out of a job? Time on your Hands? What to do???

I believe now is a great time to get into business for yourself.  Of course cash is important under any circumstance but while you're not involved with a 'regular' job how about thinking about what you could do in the meantime that may bring in some income AND may be a place you would rather spend your time than somewhere that isn't as exciting.

Oh sure, I get the money is good and the benefits are great...but that isn't always the case anymore as companies have had to focus on trimming their costs in order to survive an economy that isn't as generous.  So it's important to correct your thinking and start looking at alternative ways to build your life and self-employment or a business may be one of them.

I was reading an article in Inc. Magazine about the best industries in 2010 to get involved in - I thought you might enjoy it as it makes you think about what's going on around you.  Remember encouraging your mind to think outside the box is good and can be fun!  Here's the link:  The Best Industries for Starting a Business in 2010

Getting Motivated while under the gun!

If you are reading this you too are trying to find ways to keep going...keep moving forward.  I know because that's what I'm trying to do by getting connected to others who are walking in the same shoes (though probably different size.)

When I think about how many people out there are unemployed I say to myself...wow!  Now there's opportunities for all those folks out there just waiting to be seized and delivered.  What you say?  Yep, if you have worked for a number of years or possibly many years like I have, certainly you have developed skills and talents that people will buy.  Now is a great time to test the waters.  Why not?  If you're still looking for a job you have time to be creative.  Why not sit down and discover what area(s) you are truly talented in and is there a market for this talent?  Surely opening your mind to the possibilities of turning those skills / talents into self-employment cannot be bad.  As I have mentioned in a prior posting, many small businesses evolve from individuals like you and me who are 'technicians' in a particular field.  Bookkeeping, accounting, computer programming, technical engineers, plumbers, etc etc.

Why not sit down (with all this time if you are unemployed) and think about these questions:  what skills do I have that others need?  and  Is there a market for them?

In an economy where companies are downsizing, businesses cannot afford to have full time staff in all the necessary areas, it's possible you could secure some work as a contract worker or as a self-employed individual.

Let me know your thoughts.

Money changes people?

It's been said that money changes people - I'm not too sure. I guess it's because I believe that people are who they are and as each new circumstance enters their life new choices are available, they see new things and who they are appears, only in a different light.

Because I am focused on helping people manage their money on a day-to-day basis, I am always looking to find new ways to do this. New ways to ease their confusion and anxiety. When working with self-employed individuals I find that my optimism over simple things that can be done to make a difference, helps them build hope that they can be in a better financial position...and they can. It just takes the awareness you are in trouble and need help; the willingness to ask for help and the important step...the ability to take action on your own behalf.