SBMM overwhelm

Do you feel overwhelmed and stuck in a whirlpool in business sometimes?

Launceston Business Masterminds workshops:

How to get out of the whirlpool and find calm seas, clear direction and a fair wind

Resources from the Masterminds about Time management

SBRS Are You Overwhelmed

Are you overwhelmed and stuck in a whirlpool?

stuck in a whirlpool maelstrom

Highly Chilled Habit #6: Be Careful

The 7 Habits of Highly Chilled Small Business owners

This is the fifth article in a monthly series on small business owners I have met or worked with over the years who developed beautiful successful businesses.

Stories of successful real business owners

In 35 years of doing business and working with some of the most inspiring people I’ve ever met, I’ve learned a very important lesson: Success in small business starts by building great habits. I call these practices the “7 Highly Chilled Habits” and I find they’re best illustrated with the stories of real business owners who I happen to have had the pleasure of coaching.

The articles are based on my E-book, The 7 Habits of Highly Chilled Small Business Owners. All of my books and other resources are available for free here

Habit #6:

Highly Chilled Business Owners Find the Best Person for the Role

business mane rope balancing employment

In order to build a Highly Chilled business, you have to put great people on your team, give them every opportunity to shine and remove the ones that don’t fit.

BTW, You can read up on Chilled habit #1: Be dependable here

The Hard Stuff

Small business owners often lament the fact they can’t afford to hire great people because big corporates have so much deeper pockets. They also often complain that managing people (especially millennials!) is a nightmare because they think the world owes them a reward for turning up and as soon as you’ve finished training them, they leave again.

It’s true that finding, hiring, engaging and keeping good people is the hardest thing you’ll ever do in your business.

But it’s meant to be hard because employing people is also your greatest opportunity to build a Highly Chilled business that makes money. And generally, in business (as in much of life, I suppose), the hardest things are where the greatest opportunities lie.

Be Careful, Like Adrian

I know lots of business owners who have struggled with employees their whole life. I’ve also met a bunch of them who get it right. Adrian is one of those people.

Adrian owns a Highly Chilled retail design, development and store fit-out business in Sydney. This is his website. Things have been going incredibly well for Adrian since he started his business in 2010. He employs around 30 people and half of them are young millennials. They come and go, get paid the industry average and have their good and bad days. But they deliver. The culture of the place is buzzing, and they make lots of money for Adrian and his business.

Adrian’s secrets are simple:

  • Hire the best people, not just the ones you can afford.
  • Hire for cultural fit AND skills/experience.
  • Set high expectations.
  • Give everyone lots of encouragement and genuine personal attention.
  • Get rid of them early if they don’t work out.

A couple of years ago, Adrian’s business had grown to the point where he needed a general manager. The temptation was to promote someone internally to the role. That would have been the easy, economical solution.

However, he was aware of the Peter Principle that says: “People always get promoted to one level above their ability.”

And Adrian needed someone with experience in fast-growing national and international business.

The answer was clear. The person in the business he’d considered for the role didn’t have GM experience and although a great team member, promoting this person was not what the business needed. Adrian actually knew exactly the person he wanted to have on board, a good friend, but she had a high paying job at one of the biggest corporates in Sydney (with all the perks and trappings of corporate success). What could he offer to entice her away?

She Jumped at the Opportunity

Long story short, Adrian took his friend to lunch, took the plunge and matched her corporate pay. He also offered her other financial benefits and options in the business down the track. The friend jumped at the opportunity, and they’ve been working together for 3 years with great success.

Your business is only as strong as your people. Hiring someone based on whether you can afford them, or because they happen to be there already, is a recipe for stagnation.

Adrian’s is a Highly Chilled business and Adrian is a Highly Chilled small business owner.

Your Homework (The Chilled Kind)

Here’s a short exercise you could carry out to start the process of making this habit your own.

Practice Highly Chilled habit #6:

You may not currently need to hire someone, but the next time you do need to find a new employee, resist the automatic temptation to consider promoting someone you already have on the team. First, take some time to visualise the person you’d ideally like for the role.

Are you a small business owner who’s feeling the heat? Explore Highly Chilled habit #7 as soon as it is live on my blog here 

More on this topic:

Highly Chilled Habit #5: Be Clear

clarity

The 7 Habits of Highly Chilled Small Business owners

This is the fifth article in a monthly series on small business owners I have met or worked with over the years who developed beautiful successful businesses.

Stories of successful real business owners

In 35 years of doing business and working with some of the most inspiring people I’ve ever met, I’ve learned a very important lesson: Success in small business starts by building great habits. I call these practices the “7 Highly Chilled Habits” and I find they’re best illustrated with the stories of real business owners who I happen to have had the pleasure of coaching.

The articles are based on my E-book, The 7 Habits of Highly Chilled Small Business Owners. All of my books and other resources are available for free here

Habit #5:

Highly Chilled Business Owners Say "No" a Lot

be clear business habit 5

In order to build a Highly Chilled business, you must have a succinct, one-sentence answer to the question: “Why does your business exist and why would anybody care about that?”

BTW, You can read up on Chilled habit #1: Be dependable here

Getting Clear

In the early days of my building business, I basically tried to take on any building job that came along for any client that walked past my door. I was inexperienced in business, and I figured that we had to achieve at least 2 million dollars in turnover if I was going to have enough money left over. The upshot of this was lots of frustration and heartache (for myself and some of my clients), and very little money.

Luckily, I learnt from my mistakes. I realised what we were good at and what we weren’t so good at. Some years later, I decided to specialise and focus on renovations to old terraced houses in Sydney’s inner city. I had an affinity for them. I also understood the challenges and opportunities. We developed an expertise in these projects and offered a unique package of building and design services aimed at the owners of terraced houses.

Building Up the Courage

Picking this niche started turning my building business around. However, the biggest turning point came when I built up enough courage to start saying “no” to building projects that fell outside of our narrow speciality.

I became happier, as did our customers. We started making money. We even went well beyond the turnover target I had dreamt about early on.

That was the first time I understood how important it is to be able to answer the Big Question of Small Business: “Why does your business exist, what’s it on this earth for, and why would anybody care about that?”

Our Purpose (with a capital “P”) in the building company became: “To make the process of renovating your terraced house a joy.”

Be Focused, Like Jo

In the past 12 years, I’ve helped many small business owners become completely clear about the Big Question and then watched them build Highly Chilled small businesses. One of these people is named Jo and she has built a Highly Chilled web development business. This is her website.

When I met Jo, she was struggling on many fronts. She worked day and night, but she still made very little money. Essentially, Jo was in the same place I’d been in the early stages of my building career. She felt frustrated and stressed because she took on every job that came up.

Over a 6-month period, we set about discovering her strengths and weaknesses, what gets her out of bed in the morning and who her perfect clients are. We ended up with this Purpose statement: “We make it easy for companies to do business online.”

The day we nailed that statement, things started to turn around for Jo. It suddenly became easy to decide where to direct her focus, which opportunities to say “yes” to and most importantly, which to say “no” to.

6 months later and Jo is still working hard, but she’s having fun, her customers love her and she’s making money. Jo’s is a Highly Chilled business and Jo is a Highly Chilled small business owner.

Your Homework (The Chilled Kind)

Here’s a short exercise you could carry out to start the process of making this habit your own.

Practice Highly Chilled habit #5:

Grab a coffee or a wine and a piece of paper and pen. Brainstorm 50 sentences that start with the statement: “In my business, we strive to X”. It doesn’t matter if some of the sentences you write down feel silly. Simply scribbling lots and lots of options will help you get closer to the Purpose of your business.

Are you a small business owner who’s feeling the heat? Explore Highly Chilled habit #6 here as soon as it is live on my blog here 

More on this topic:

The Truth about Change in business (and life)

TTTMBF change
TTTMBF The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the seventh article in a monthly series on Making Business Fun: This article is about how to make change happen in your business and it’s the last Truth

The last article explains how growth is not the be and end all and that there is such a thing as enough in a Fun Business and you can read it here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and other resources are available for free here

Many small steps lead to

Big Change in your business

Change is all about having Fun on the Journey

TTTMBF small steps suport
Most business owners know they need to change, because they operate in a constant state of overwhelm because but they don’t know how to change and where to start. Does that sound familiar to you? In my experience, the way out of overwhelm and towards “Fun” (that deep sense of reward and satisfaction you get as a result of building a business that hums along like a well-oiled machine) is primarily about knowing what step to take next and feeling confident about your ability to carry out the task, whatever it may be.

Consistency is Key

There’s a famous Chinese saying that tells us “the journey of a thousand miles starts with the first step” and although this is obviously true, we sometimes forget that we have to take the second, third and fourth steps as well. I, just like every other human on this planet, am guilty of making this mistake, and when we make this mistake we don’t change and neither does our business change. Consistency is the key to progress. It is the one thing that makes everything come together in the end. Just as the only way to get fitter is to exercise more today, tomorrow and the day after, consistently, you will only achieve your goals in business if you practice consistency too.

Consistency is Hard

Consistency is hard for everyone, but it is especially difficult for small business owners because you are all alone out there. One of the things I hear most often from new business owners is how surprised they are about all the little things that eat their time. They talk about how tough it is to get anything done because of the endless list of small and big things that need doing. There is no one else to do them and no one else to talk to. As a business owner, there is no one to keep you accountable. No one will pull you into line or keep you focused on the things that are important in the medium and long term. There is no one to brainstorm with and no one to help keep you steady when the floor under your feet starts to wobble. Friends, family, partners and staff cannot give you this kind of support. Every client I’ve ever had the pleasure of helping initially comes to me with feelings of loneliness and overwhelm. It is an entrepreneurial epidemic! Yet you know as well as I do that anyone who operates on their own, in this troubling state, simply doesn’t function as well as they can. Their brains don’t operate at anywhere near optimum capacity.

Building a Support System

For some reason, many business owners believe they need to do it all themselves and, if they can’t, it means they have failed some mythical test of entrepreneurship. Believe me: nothing could be further from the truth. The reality is, almost every business owner needs external support to build a Fun Business that sustains them for years to come. This assistance can come in many forms, such as a mentor, a board of advisers (formal or informal) or someone like me. The bottom line: if you want to finally start enjoying your business (and your life!), then I urge you to go out and find some kind of external support. After all, two heads are better than one.

Your Homework (The Fun Kind)

I would be very happy to talk to you about the range of support programs that I offer to small business owners, both online and face-to-face. Please feel free to have a look at my website www.newperspectives.com.au or contact me by email at roland@newperspectives.com.au. Whether you reach out to me or someone else, let me assure you: if you truly want to build a business that sustains you for years to come, it is so much more Fun when you don’t try to do it all on your own. I promise you.

Next Month, I’ll start a new series about the 7 Habits of Highly Chilled small business owners

More on this topic:

The Truth about Business Growth: Enough is Enough

TTTMBF growth

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the sixth article in a monthly series on Making Business Fun: This article is about the myth of business growth and it’s the 10th Truth

The last article explains what it takes to be the Leader of a fun business and you can read it here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and other resources are available for free here

Building (and growing) a Fun business: Enough is Enough

Everything we’ve been taught about business growth is a myth

too much growth ois too much

More is not necessarily better

Over the years, I have been on a journey in my thinking about entrepreneurship. Part of this has involved noticing a nagging feeling that I later realised was coming from a deep discomfort around the business world’s obsession with growth.

My second book is called “The Ten Truths for making your business grow” [you can download it for free here]. Whenever I re-read sections of this work, I still come away feeling excited and pleased with the content. However, pausing on the term “great growth company”, specifically, makes me realise that I have stopped believing in the business growth myth and the entrepreneurial model.

Here’s what I now believe to be true:

  1. A business doesn’t have to grow to be healthy.
  2. Enough is a good place to be.

The Myth

The myth sounds something like this: Every healthy business must grow and a business that doesn’t grow, dies.

TTTMBF singging from the same song sheet This is a foundation principle of business, capitalism and society at large. Every business coach, guru, mentor, consultant, author, academic and MBA student will tell you this. I admit that until not long ago, I sang from the same songbook too.

Today, I realise that the principle sounds good but is wrong… quite wrong. I am reminded of the quote by American journalist HL Mencken, “For every complex human problem, there is a plausible solution that is simple, neat, and wrong.”.

I don’t know who first stated that businesses must grow (and by extension, that more growth is better than less growth), but I do know that this “rule” is dangerous rubbish that has caused all kinds of damage to business owners, their families, their friends and society.

In fact, I think the idea that a business must grow or else it will fail exists alongside a number of other nonsensical notions on which we base the management of our society, such as celebrity worship culture and the basic belief that nothing is ever enough.

Never Enough

In the 21st century, we are never: thin enough, rich enough, good enough parents, educated enough, successful enough, beautiful enough, clever enough. And we are definitely never good enough as business owners. Well, unless we get to sell our business for $100 million or more.

The list of role models that we are told we must aspire to usually includes grass-roots entrepreneurs turned gazillionaires, such as Richard Branson, Steve Jobs or Larry Page. Don’t get me wrong, I think these are all amazing individuals, but I know many other people who are just as inspiring, yet they will never become billionaires (probably not even millionaires).

My Favourite Client

I have a client who is a plumber. He has three vans and employs three people. He might end up hiring one or two more people and having one or two more vans over the next few years but that’s probably where he will stop growing. He may continue to operate his plumbing business for the next 20 to 30 years and then, possibly, one of his kids or employees might take over. In any case, someone will probably run the same business in almost the same format and size for the bulk of this century and beyond.

His business isn’t dying, though. Far from it.

My client’s business is providing him, his family, his employees and their families with a good, meaningful and rewarding life – a life that allows him to feel proud, look after the people he cares about and do the stuff he wants to do.

In my eyes, this is a perfect model of a business that sustains the owner and everyone in the business and will do so for years to come.

The Little Voice

Now, I haven’t talked about this with my client specifically, but I can guarantee there is a small part of him, the little voice in his ear, the famous critic on his shoulder (mine is called Ted, by the way. What’s yours?), who will be whispering:

“You suck as a business owner.”

“You obviously aren’t fit to polish a true entrepreneur’s boots because a proper business owner would be well on his way to dominating Australia with offices and operations everywhere, ready for a lucrative take-over by Lend Lease or some other conglomerate like that.”

“You suck.”

What does your little voice whisper to you in the quiet moments?

We are told by all the self-help gurus, business coaches and entrepreneurs who have already “made it” that we have to have an “abundance mindset” and that there are unlimited growth opportunities offering unlimited money for everyone.

TTTMBF enough tropical island All we have to do is think right and have the right attitude: “Screw It, Let’s Do It”, as the title of one of Richard Branson’s books suggests, and you too shall have an island in the Bahamas!

Allow me to be blunt: You will not have an island in the Bahamas, and nor will I, but you know something? That is perfectly okay. Who needs all that sun, sand and sea without 4G mobile reception anyway, right?!

Daring Greatly

Brene Brown says, in her book “Daring Greatly: How the Courage to Be Vulnerable Transforms the Way We Live, Love, Parent, and Lead”, that the opposite of scarcity is not abundance. She states that scarcity and abundance are, in fact, two sides of the same coin. Instead, the opposite of scarcity is enough, or sufficiency.

And it is. In time, my client’s plumbing business will enable him to employ a full-time admin assistant and then spend two days per week no longer “on the tools”. This will probably be “enough” growth for him.

That doesn’t mean the business goes to sleep and stagnates. There are all sorts of things that can be improved and run more smoothly. There are efficiencies to be gained and his people can get better. The business can steadily become more profitable as well. The challenges don’t stop, life doesn’t stop, but business growth can.

The Abundance Fantasy

When we are told to let go of our scarcity beliefs and embrace the abundance mindset, we are sold a fantasy. The pressure to embrace this mentality sets us up to feel bad about ourselves. It sets us up for failure and shame.

There is only room for one Richard Branson and one Donald Trump on this earth. 99.99999999999% of the rest of us are not going to become billionaires.

Neither you nor I will likely sell our businesses for $100 million. This book may end up being read by 100,000 people, for example, and it is possible there might be one or two in that group who will sell their business for some enormous amount of money. The rest of us will simply arrive at the end of our lives and have to find another way to measure how well we’ve done with the 75 years (hopefully more!) we were given.

The Entrepreneurial Myth

The entrepreneurial myth has done us all a lot of damage. We walk around with feelings of inadequacy, guilt and shame because deep down we know that we are not going to be the next celebrity entrepreneur and wealthy venture capitalists are not going to stake us with a few million dollars, only to cash out a few years later.

Stop it.

Enough is a great place to be. As Brene Brown says in her first TED talk, “You are enough.”

Your Homework (The Fun Kind)

So, I want to encourage you to ask yourself what “enough” looks like. What constitutes “enough” for you in your business? What do you need to achieve in your business that would mean you would be content with your achievements?

[INSERT CONNECTION/INTRO AND HYPERLINK TO NEXT BLOG POST AS CTA]

Next Month, I’ll be talking about what next and how to make it all come together for you in your business

More on this topic:

The Truth about Leadership for Building a Fun Business

leadership

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the fifth article in a monthly series on Making Business Fun: This article is about the Leadership in small business Truth

The last article laid out the five building blocks of management of a fun business and you can read it here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and other resources are available for free here

Building a Fun business: Leadership

What does it take to be the leader of a Fun business

leadership in a fun business

Great leadership in business can (for a while at least!) compensate for less than perfect scores when it comes to profit, passion, planning and many other pivotal aspects of running a Fun Business that sustains you for years to come.

If you are a great business leader of your people, then you’ve taken the Leadership Truth from my first book (download it for free here) to heart: “Your time, your health and your brain cells are gold,”. It’s also likely that you live the Truth from my second book (download it for free here) about leadership: “You have passionate beliefs, you walk the talk, and you are not afraid to dream,”. If so, you will more than likely have a business that does better than most.

I also once wrote that “a leader is simply someone we trust, and who is courageous, authentic and passionate.” This is clearly a great starting point because if your people don’t trust you, then no amount of systemisation, marketing or planning will get your business past a subsistence level. Inversely, when your people do trust you, see your courage and feel your passion, you will be forgiven for many other shortcomings.

Now, I’m going to invite you to take this thinking one step further.

Fun for Everyone

A Fun Business should be Fun for everyone involved. It should also sustain everyone – not just the owner – for years to come.

When I say everyone, I actually do mean Everyone (with a capital “E”): you, your family, your staff, your staff’s family, your suppliers, your contractors, your customers, your investors and even your community.

In fact, I am completely convinced (from everything I’ve seen and studied over the past 35 years!) that truly great small businesses are founded by and built around a leader who is committed to building such a business, for everyone.

Servant First, Leader Second

TTTMBF helping hand In his book “Good to Great”, Jim Collins talks about the concept of “Level 5 Leadership”. Leaders who operate at this level are passionate, authentic, driven and ambitious – but not for themselves.

Level 5 leaders are ambitious for their organisation and their people. Their ego doesn’t get in the way of how they run their businesses. They might be heading up massive global corporations, but they still fly economy (like the founder of Ikea) or do their own shopping at the supermarket on Saturdays (like the founder of Walmart) or answer their own phones (like the CEO of Nucor Steel).

This concept has a lot of parallels with “servant leadership”. Robert Greenleaf at Harvard University coined the term in the 1970s, but the idea has been around for much longer (a famous Chinese general wrote about something similar thousands of years ago). As Robert Greenleaf explains: “The servant leader is servant first… It begins with the natural feeling that one wants to serve first. Then conscious choice brings one to aspire to lead… (versus one who is leader first…).”

In my experience, every small, medium and large Fun Business that sustains all for years to come is run by a leader who sees their role as servant first and leader second.

Small Supermarket

A great example of this “leader as servant” notion comes from a client of mine who owns supermarkets. I remember the day we were discussing the structure of his business and we had drawn a new organisational chart in the traditional hierarchical model – the classic pyramid structure.

My client sat on top of the pyramid as the CEO. He had two different top managers below him, a bunch of store managers in the middle and all the shop staff at the bottom. We spent a lot of time talking about the structure and it became clear that my client was feeling uncomfortable.

We got up and walked around the room a little and suddenly his eyes lit up while he was stood on the opposite side of the table. “That’s it,” he said, “I am going to turn the pyramid upside down! I see my role as being at the bottom, not the top. My role is to support everyone in the business to do great work and grow as people.”

My client had that insight in 2010 and now his company has grown into a Fun Business that sustains everyone and will undoubtedly do so for years to come.

There is a quote by sales guru Zig Ziglar that illustrates the same principle: “You can get everything in life you want, if you will just help enough other people get what they want.”

Your Homework (The Fun Kind)

Think about some of the greatest business leaders of the modern era. Don’t imagine the rock star leaders who are household names for a while and then cash out and let everything fall apart behind them. Focus on the quiet, enlightened leaders of businesses that grow and develop year after year without fanfare.

In order to build a Fun Business that sustains you for years to come, you need to strive to become an enlightened leader. These leaders are committed, driven and ambitious. However, they don’t do it for themselves. They do it for the business and its people.

What can you do to embody enlightened leadership? It could be anything from regularly sharing helpful insights and nuggets of wisdom with your team to honing your emotional intelligence in order to find more empathy for others. No guru necessary – I promise!

Remember, if you want to have something you’ve never had before, you’ve got to be someone you’ve never been before.

Next Month, I’ll be talking about the myths of business growth, click here

More on this topic:

Your time, your kindness and your No, is what creates success

a cup of self love

The Three Secrets to Building a Beautiful Business and Life

self esteem and kindness

Have you ever felt overwhelmed, frustrated or stuck in your business? My guess is that most of us have, and, if you haven’t, then you’re either knee-deep in denial or some kind of entrepreneurial unicorn. (If you fit into the latter category, feel free to move smugly on to another blog post… but not before you send me your secrets!)

When we first start out on our entrepreneurial journey, we’re told that success is all about the sensible, hardnosed principles and business buzzwords that you’ve likely heard a bazillion times: visioning, leadership, delegation, systems, planning, KPIs, and more. Of course, all of these things are crucially important, but there are three key principles that matter even more.

Three Unrecognised Factors for Success

I believe there are three undervalued and almost unrecognised factors for business success that are far more important than all those clichéd examples put together. These are the secrets to getting unstuck, stepping out of overwhelm and finally building the beautiful business and life that you deserve.

So, what must you learn?

  1. Your time is your business’ most valuable asset.
  2. It’s okay to say “no”, often.
  3. Be kind to yourself.

And that, my friends, is it.

Simple, right? Too simple for some of your sceptical minds, I’m sure. In fact, I can feel the eye rolls and smirks burning through the screen, but don’t write my theory off just yet! Your beautiful business (and life) is on the other side of listening to, and applying, what I’m about to share.

Maximising Time: Your Most Valuable Asset

In my experience, most business owners believe their most valuable asset is their staff, customers, intellectual property, stock, equipment or buildings. All of these things (or people) are incredibly valuable, for sure, but time is the only asset that is truly limited. You can never get more time – no matter how much you try to beg, borrow, hire, buy or steal.

Your time – spent fully focused on the stuff that really matters – is an asset almost as rare as rocking horse droppings.

In order to build a beautiful business and life, you must learn to become greedy with your time. You need to repeatedly check in and ask yourself questions like:

  1. Is this thing the best use of my time right now?
  2. What would happen if I didn’t do this thing?
  3. Is there someone else who could be doing this thing instead of me?
  4. What would happen if I did this thing later?
  5. If I do this thing now, what am I sacrificing?

Trust me: it pays to train yourself to ask these questions, often. Make it a habit. You will always have a “to do” list longer than your arm. You will always have more demands on your time than you can physically fit into a good day’s work. That is, of course, if you aren’t an aforementioned entrepreneurial unicorn (in which case, why are you still reading?!).

In short: learn to do only the stuff that matters most.

Saying “Yes” to Saying No

There is no more important skill for a business owner than knowing how and when to say “no”. Why? For starters, it will help you out immensely with achieving point 1 (maximising your time), but it will also pave the way for making your business stand out from the crowd.

Marketing 101 says that every business needs a unique selling point (USP). That’s why it pays to know your fortes and play to them by turning other opportunities down. After all, “a jack of all trades is the master of none”. Focus on your fortes and you’ll reap the rewards of presenting a highly differentiated brand.

Here’s some homework to get you started. Practice saying “no” in front of the mirror and then make a pact with yourself to say it for real at least once this week – or better yet, today! Remember, it is possible to say “no” respectfully, clearly, calmly and without feeling guilty. This brings me to my next point…

Less Guilt, More Kindness

Do you frequently beat yourself up for procrastinating? Believe you’re inherently disorganised, forgetful and lazy? Think your time management SUCKS? Does a cruel voice in your head frequently tell you that you’re not good enough?

You’re not alone. Absolutely everybody (except psychopaths!) has that critical inner voice. Everyone lets their worries, anxieties and irrational feelings of guilt get the best of them sometimes. However, us business owners are particularly hard on ourselves. In fact, I often jokingly say that small business owners are the most guilt-ridden people on the planet because I hear these kinds of self-deprecating words so often in my coaching practice.

That’s why I saved this particular pearl of wisdom for last, hoping you would remember and digest it well. In my humble opinion, being kind to yourself is not only the most powerful antidote to self-sabotage, but your fastest path back to JOY.

Being kind to yourself is not just the most effective way out of feeling stuck or overwhelmed in your business and your life – it’s the only way.

When we allow negativity and feelings of guilt to take hold, we give ourselves ever bigger burdens to carry. We set the bar impossibly high and then we punish ourselves when we don’t hit the mark. We lead ourselves to the paralysing place of overwhelm with too many tasks to complete in too little time and no plausible end in sight.

An overwhelmed brain is not pretty. It’s extremely inefficient, scientifically proven to underperform at every level and an enormous waste of your incredibly valuable time. And while the devil on your shoulder is, in fact, a protective mechanism designed to keep you safe, that doesn’t mean it ain’t a giant pain in the arse. So, how do we overcome it?

The good news is that you are completely capable of dialling down the negative voice and freeing yourself of imposter syndrome (feeling inadequate despite your success). Our brains are surprisingly malleable, and it IS possible to break the habit of a lifetime. Begin by noticing it and catching yourself in the act. Be inquisitive about where the self-doubt could be coming from. Remain compassionate, judgement-free and patient with your perfectly imperfect self while you reframe those pesky misperceptions and then continue on your merry way feeling 10 stone lighter!

I promise you; this soft, cuddly kindness stuff is the most crucial and hard-hitting work of all. Silencing (or at least muting because it’s a work in progress for all of us, including me!) that inner critic provides the space for creativity to flourish and a new level of clarity and productivity to arise. Plus, as soppy as it sounds, you have every right and reason to give yourself a pat on the pack. You’ve made it this far. You’re alive. You’re learning. You’re growing.

Your Permission Slip

So, here’s your permission slip to stop, give yourself a break and smell the roses. Look at what you’ve already achieved. Tell that little voice in your head to kindly move along because you’ve got this, and you ARE good enough. Now, make a note of my TLDR summary below and then TAKE ACTION on the good stuff today.

If you’re feeling overwhelmed, frustrated or stuck and you want to build a beautiful business and life, you must learn to:

  1. Accept that your time is your business’ most valuable asset – and act accordingly.
  2. Say “no” regularly, calmly, respectfully and clearly.
  3. Be kind to yourself, above all else.

This shit works. I promise you.

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More about these topics:

AY: Mental health and wellbeing for small business owners

How about your mental health as a business owner?

A healthy small business needs a healthy mind

It may not sound sexy, but the most valuable resource in your business is your mental health and wellbeing. If you want to build a beautiful business and life, then it’s critical you learn how to look after yourself, be kind to yourself and value your own time.

inner voice critic on shoulder self care

Your inner critic:

Do you frequently beat yourself up for procrastinating? Believe you’re inherently disorganised, forgetful and lazy? Think your time management SUCKS? Does a cruel voice in your head keep saying you’re not good enough?

You’re not alone. Absolutely everybody (except psychopaths!) has that critical inner voice. Everyone lets their worries, anxieties and irrational feelings of guilt get the best of them sometimes. However, we business owners are particularly hard on ourselves.

In fact, I often jokingly say that small business owners are the most guilt-ridden people on the planet because I hear these kinds of self-deprecating words so often in my coaching practice. So, what’s the solution? Keep reading for my two cents on the subject.

Less guilt, more Kindness, more Joy:

When we allow negativity and feelings of guilt to take hold, we give ourselves ever bigger burdens to carry. We set the bar impossibly high and then we punish ourselves when we don’t hit the mark. We lead ourselves to the paralysing place of overwhelm with too many tasks to complete in too little time and no plausible end in sight. Sound familiar?

In my humble opinion, being kind to yourself is not only the most powerful antidote to self-sabotage, but your fastest path back to JOY. Being kind to yourself is not just the most effective way out of feeling stuck or overwhelmed in your business and your life – it’s the only way.

Being kind is the only way

In 2020, I was interviewed on this topic by Donna White (of Build Your Best Business in the USA):

Remember, you are the only resource in your business that is limited: your time, your brain, your energy. That’s why you need to look after yourself, first and foremost – forever.

Your brain in overwhelm is not a pretty sight

As I mentioned in the video above, an overwhelmed brain is not pretty. It’s extremely inefficient, scientifically proven to underperform at every level and an enormous waste of your incredibly valuable time. And while the devil on your shoulder is, in fact, a protective mechanism designed to keep you safe, that doesn’t mean it ain’t a giant pain in the arse. So, how do we overcome it?

The good news is that you are completely capable of dialing down the negative voice and freeing yourself of impostor syndrome (feeling inadequate despite your success). Our brains are surprisingly malleable, and it IS possible to break the habit of a lifetime.

Begin by noticing it and catching yourself in the act. Be inquisitive about where the self-doubt could be coming from. Remain compassionate, judgement-free and patient with your perfectly imperfect self while you reframe those pesky misperceptions and then continue on your merry way feeling 10 stone lighter! 

Above all, take it seriously. Have you stopped to ask yourself if you may in fact be overwhelmed and stuck in a whirlpool, paddling like a crazy person every day, harder, faster longer? I have developed a free self analysis tool, called “Overwhelm and the Whirlpool Report” You can go and complete the survey now, if you like, it will take 10 minutes and you’ll get sent a 6 page report, that I’m confident will give you some useful food for thought. Make yourself a cup of tea and go and complete it now.

Department of Jobs and Small Business

In 2019, the Federal Department of Jobs and Small Business launched a project to improve the support of small business owners in building a health business by maintaining a healthy mind.

I was asked to take part in this project in various ways:

  • I attended and spoke at the department’s national roadshow, Small Business Fairs, in Launceston and Hobart
  • I was involved in a workgroup run by the department on improving the support for small business owners in mental health and wellbeing
  • I took part in the creation of 5 videos on mental health and wellbeing in small business (featured throughout this page!)

Pressure points:

Being a small business owner is intense. It often means wearing A LOT of different hats and bearing intense growing pains.

Of course, cash flow and finance in general are two of the greatest pressure points for small businesses.

But then there’s also this illusive “work-life balance” that most of us seek. How close have you come to achieving that so far (don’t worry, we’re all in the same boat!)?

Whether you’re in the start-up phase or your business is well-established, numerous different stressors and challenges are bound to come your way.

That’s when planning, processes, structures, communication, coming back to your “why” and using stress as a learning opportunity become your business besties:

Managing stress:

Talking of stress: it’s pretty insidious stuff. It creeps in and builds up without us realising, and before we know it, we’re drowning in overwhelm and paralysed by fear.

So, how can we spot it? Here are some indicators:

  • Becoming disengaged
  • Feeling less joyful
  • Forgetting your “why”

Remembering what you’re here to do (and therefore, what you’ll say “yes” or “no” to) is the key to relieving pressure. It’s also essential to eat, sleep, breathe and move in a way that fuels you each day. And then, of course, there’s connection – because even if you’re a one-person band, you shouldn’t have to do entrepreneurship solo.

Family business and balance:

Building balance in business (and life) always comes back to boundaries, such as limits on working hours and scheduling social time.

Family business has notoriously blurry work-life lines, so it becomes extra important to hold each other accountable and keep investing in your relationships outside of work.

Pearls of wisdom for small business owners:

Here are some first steps to maintaining good mental health in small business:

  1. Stay flexible and adaptable
  2. Seek support
  3. Hire a mentor/coach
  4. Adopt a growth mindset
  5. Cut yourself some slack!

More about mental health here:

The other coaches involved in the small business wellbeing project:

The cuddly stuff is key:  

I promise you; this soft, cuddly kindness stuff is the most crucial and hard-hitting work of all.

Silencing (or at least muting because it’s a work in progress for all of us, including me!) that inner critic provides the space for creativity to flourish and a new level of clarity and productivity to arise.

Plus, as soppy as it sounds, you have every right and reason to give yourself a pat on the pack. You’ve made it this far. You’re alive. You’re learning. You’re growing.

So, here’s your permission slip to stop, give yourself a break and smell the roses. Look at what you’ve already achieved. Tell that little voice in your head to kindly move along because you’ve got this, and you ARE good enough.

Overwhelm and being stuck in a whirlpool; Your next step:

Have you considered that maybe you are overwhelmed and that maybe you’re actually stuck in a whirlpool? Because if you are, the first thing you must do is to stop paddling. I have created a detailed self analysis tool, called “The Whirlpool Report”. You can go and complete the full Whirlpool survey now at this link and you’ll be sent your Whirlpool report in the next 24 hrs, entirely for free. Make yourself a cup of tea and take 10 minutes to complete the survey now… I think it will give you some useful food for thought.

How much should I pay myself in my business?

pay myself business owner

how much should I pay myself as the business owner

Why it matters what you pay yourself as the business owner.

Business owners often don’t pay themselves at all, but just draw money out of the business account when they need it. At the end of the year, the accountant adds up all the “draws” and books it to something appropriate in the balance sheet to make the Tax Department happy and it’s all good. Sp why does it matter how much you pay yourself, why should you pay yourself at all and how much should you get paid?

Clearly, a big factor in how much profit your business makes and whether or not the business has the cash to pay it’s bills is how much money you draw out of the business at any one time. If your business turns over half a million dollars and you have 4 employees and an office and you pull out $200K yourself every year there may not be enough money left to pay for Cost of Sales, staff wages and overheads (or tax, for that matter), and if you pull out nothing at all, it might look like your business is enormously profitable. Your wages, drawings or dividends are a significant factor influencing the health of the company.

So wat’s wrong with letting your drawings depend on whether there’s enough money in the bank to pull some out?

As I’ve said many times elsewhere:

If your business doesn’t make profit, it’s a hobby.

A healthy small business ought to make somewhere north of 5% net profit before tax, every year. I generally advise my clients to aim around 10% as a guideline. (10% of revenue… so for every $100 in sales, the business ends up with $10 of net profit). There is no golden rule about this number, but it’s a useful guideline in most cases.

Net profit is the money that’s left after all costs of the business have been paid, and you, the owner of the business are absolutely one of the business’ costs, a major one at that. And you rightly should be a cost to the business, just like the electricity and the rent and the mobile phone bills and the staff. Without you the business can’t function. You are the CEO and general manager, the head sales person, the chief cook as well as the bottle washer. In any other business, all those people would need to be paid and probably quite highly, and so should you. If you do not pay yourself a proper wage, you’re not professional and nor is your business.

Dribs and Drabs for the boss

I recently started working with a client in an architecture business. The client has 4 staff plus himself and he pays his staff and all his other costs, but he only gets paid in dribs and drabs when there’s money available. He showed me his P&L and proudly pointed to the net profit his business made last year. But when I asked him how much the business was paying him, it turned out that he just drew out some money every now and then and that his drawings didn’t show up in the P&L. In effect, if he were to pay himself as much as his lowest paid staff member, he would have made a loss last year. In other words:

My client wasn’t running a business at all, he was running a hobby.

My client has now implemented a weekly minimal wage for himself, run through the books as a wage, showing as a wage in the overheads and we’ve updated his business targets to be in line with the new reality. The business is not out of the woods yet, but there is a new air of professionality in the practice and my clients is learning to think like a business owner rather than a hobbyist.

How much then?

The second question therefore is: How much should I pay myself?

Again, it may seem that there is a certain arbitrariness to this question. But the answer is actually quite straightforward:

You should pay yourself as much as it would cost you to pay someone else to take over from you.

Assume you want to go on sabbatical for a year and bring in a CEO to run the business for you… Doing everything you do for the business now… What would that cost? $80K, $100K, $120K? Whatever the answer to that question is, that’s what you ought to pay yourself.

This may well be unachievable right now, (it is for my client… He can only manage about $60K right now), but it’s certainly something you should work towards over the next year or so. It will put the business on an entirely different footing and every time I introduce this discipline with my clients, the business starts to change completely… guaranteed.

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