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:

 

BQ Guidance support coaching external advice mentoring

How can I find the right support, advice

and guidance in my business?

No entrepreneur has ever done it all alone.

You need help, but what type of help do you need?

No human being has ever achieved anything of note on his or her own. In business and in life humans need other people, for support, guidance and belonging. We are wired that way. A mentor of mine used to say: “Right now there’s a monkey in Africa somewhere, dying because he’s been kicked out of his tribe”. We can not function in isolation. That doesn’t mean we don’t sometimes like being on our own, and some people need more alone time than others, but we all need support.

Powerful 12 Questions Guide and videos

But hiring a coach, a mentor or adviser is a big step. There’s a lot riding on getting it right. Hence I have created the 12 Questions Guide and Cheat Sheet for finding and hiring the right coach for you. You can download the Guide by filling in the forms on this page or you can go straight to the special 12 Questions page on my website and besides the Guide, there is also a second much more comprehensive video to help you through the whole process of finding, inteviewing and selecting the perfect coach for you and your business.

It takes a village

People who build Beautiful Businesses and Lives, know it takes a village and they are always looking for the right support. My oldest and most successful client, has three different coaches, and he cycles between us. He does 6 months with me and then he goes and works with his business coach in New Zealand and then he does a stint with his executive coach and then he comes back to me again.  (You can read the story of Narinder Singh from QE foodstores here)

Besides us three coaches Narinder has developed important relationships with his external accountant, his HR consultant, a marketing consultant, an IT consultant and a property adviser. He’s involved all of his advisers in all of his big decisions and planning in the past 10 years, and he credits his team of advisers and coaches with the fact he is so successful. (He’s a humble man, so let me put it on record now that his success is at least equally due to his incredible passion and determination, but the point remains).

Click here to download my Free Guide to finding the perfect coach or mentor for you.

As I said above, we all need support when developing our businesses. And what’s more, we need different kinds of support at different stages on the journey. I myself have engaged, mentors, coaches, consultants, counsellors and therapists in the past 15 years and I’ve joined various different business support groups at different times as well.

The main forms of business support:

Mentoring:

Mentors are often people who’ve “been there, done that”. They’re usually a bit older, they might even be retired and they often have direct experience in your specific industry or business type. Some mentors do their mentoring on a volunteer basis, others get paid a little or a lot. Mentoring can be really powerful in the early years of developing your business. I believe the most effective method to find a great mentor is to find someone you look up to in your industry and approach him or her and simply ask them.

Many senior business owners really enjoy being asked to “give back”. I have have taken a role of mentor for some young business owners in the past and you can feel free to contact me to discuss a mentoring relationship. There are also a number of small business mentoring organisations you can contact. One of them is the Small Business Mentoring Services, find out more here.

Whether you work with a volunteer mentor or a paid one, there is one thing you must keep in mind to get the most out of the relationship: You have to drive the agenda. When you sit down with your mentor you have to know what specific questions you need to address in the meeting and what input you need from your mentor. If you don’t control the agenda you’ll waste enormous amounts of time and the mentor will start to feel uncomfortable. (More about the secrets of great mentoring relationships here).

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Business Coaching Companies:

Business coaching companies generally have developed a system for growing a business and their coaches will teach you the system and help you implement it. One of the best organisations I’ve come across who do exactly this and don’t stray outside of that model are EOS Worldwide. Their Australian franchisee is contactable here.

I believe it can be very useful to work with the right business coaching company for a while, to learn their systems and get help with it’s implementation into your business. But to build a Beautiful Business that Stands the Test of Time, you can’t ignore the personal side of growing your business: Find an executive or leadership coach or someone like me (see below) to support you in the journey of personal development and leadership that is integral to creating the business you dream of.

Business-Life Coaching:

I am a Business-Life Coach. What that means is that I start from the principle that:

“Your business is what it is today, because of who you are today”. 

This means that if you want your business to change, you must be prepared to change first.

So I, and coaches like me, combine the “hard” business systems with the “soft” personal skills. I will teach you about the latest business management systems and techniques, design new systems customised to your business and help you implement them, but at the same time we’ll be working on what it takes to be a great business owner. We’ll work on leadership skills, self management skills, developing your vision, prioritising, goal setting, strategic thinking, planning, communication, people management, and how to get out of crisis management. (More here)

Free Five Step Discovery Process:

Before we engage in any of my coaching programs, I always suggest we follow my Five Steps to Discovery Process, starting with a free 30 minute Discovery Coaching session (Skype) combined with a short business discovery survey and report. You can book a Discovery Business Coaching session and Business Discovery Survey through any one of the forms on The Five Steps page here. In the Discovery session, we’ll get to know each other a little and I’ll get some insight into what stage you and your business are at, allowing me to tailor the next steps in the Five Steps to Discovery Process

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Executive Coaching/ Leadership Coaching:

An Executive or Leadership Coach is skilled in helping people develop their leadership skills. Executive coaches are more often engaged with executives of larger organisations than with small business owners, but one of the three coaches that Narinder Singh, who I talk about above, works with is an executive coach. There are many executive coaches to choose from. The best I can suggest is to do an introductory session with 3 different executive coaches and make your assessment based on how you feel at the end of each of the three sessions.

Choosing an executive coach is almost entirely about how you click with him or her. Feel free to send me an email to ask for a referral to a trustworthy executive coach. You might also have a look at the website of the International Coach Federation, it’s the professional body of record for executive coaches worldwide.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Advisory Boards:

Pulling together an advisory board for your business can be a highly effective strategy to get the support you need to drive the development of your business forward. You can create your own board and ask a bunch of people you trust, with varying skills and experience to become part of your board, and maybe meet with them once a month for 2 or 3 hours. You may decide to pay these board members a fee for their time and input or you may ask them to sit on your board on a voluntary basis, and you yourself may in turn do the same for someone else. Advisory boards like this are often really valuable and offer great support, but they can sometimes be short lived, because of time pressure on various board members.

You can also join an advisory board program run by specialist organisations. Those programs are usually run by a professional facilitator and there might be anywhere from 5 to maybe 15 members on a board, all of whom are business owners and the members meet every month and support each other. I run a board program like that from time to time called The Business Growth Club and there are various other organisation that do the same thing such as TEC, The CEO Institute and Coraggio. I’ve also written a White Paper about benefits of Advisory Boards that you can download here.

Business study and training:

At different stages on the journey of entrepreneurship it may be important to improve your skill and knowledge levels. When moving from solo-entrepreneur to small business owner and beyond it can simply be beneficial to go back to school and learn about the latest business management techniques and philosophies.  You can go to university and take post graduate or summer school  courses on specific topics in marketing, innovation, management, leadership etc, or you may enroll in a full MBA program.

Alternatively it may be more relevant for you to engage with the Vocational Education and Training system (VET, via TAFE or via many registered private training organisations in the country, more here) The Business Growth Club program I mentioned above often incorporates a VET training component, leading to the Diploma of Business or to a Diploma of Leadership.

More information about the Business Growth Clubs here

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Further reading about business support

Click here to download my Free Guide to finding the perfect coach or mentor for you.

BQ Overwhelmed and Stuck, take control of my Business

How can I be less overwhelmed and

feel happier in my business every day?

overwhelm stuck fun in business

The secrets to getting Un-Stuck, taking control, and making Business Fun again

Many small business owners feel frustrated, stuck and overwhelmed in business on a daily basis. They operate in crisis management mode, running around from this urgent problem to that emergency all day long, extinguishing brush fires along the way. (More about my Fun in Business coaching programs)

In the first years of business, you accept that all this running around and stress is par for the course, but a few years on, nothing much has changed, you’re still running around fixing everybody else’s problems and the stuff you really want to work on, for the long term development of your business, just keeps getting pushed back and back forever. More about being overwhelmed in business here. (By the way… if you’re in Tasmania, especially in or around Launceston …why don’t you check out the Launceston Business Masterminds workshops here)

Do you feel stuck as well as overwhelmed?

Most business owners have experienced that sense of frustration and overwhelm and the secret to building a Beautiful Business and Life, is to find your way around this state of overwhelm and take control of your business. The first step to getting unstuck in business is to start thinking differently about your business than you have until now.

I’ve written a series of articles called “The 10 Priorities for building a Great Business that Stands the Test of Time” as a guide in the process of getting out of being overwhelmed and getting unstuck. There is a page with videos and other resources dedicated to mental health and personal wellbeing for business owners here

On this page I want to specifically go into more detail about Priority #3: Having Fun

Did you know that all that matters in business is Fun?

Fun is the opposite of Overwhelm and being Stuck. When you’re having Fun, you’re not Overwhelmed and when you’re in Overwhelm, you’re not in control and you’re having Fun. The two are mutually exclusive.

And when your business is Fun, it means everything is working:

  • It means you’re making money
  • It means your staff are engaged and doing great work
  • It means your customers love you
  • It means you’re proud of the product or service you deliver
  • It means you’ve created a level of balance in your life that works towards your wellbeing.

So Fun in Business ought to be a key focus to help you move from crisis management and overwhelm to taking control and building your own  Beautiful Business  and Life.

Overwhelmed and stuck in business I’ve also written a book about Fun in Business, The Ten Truths for Making Business Fun. You can download it for free as Ebook or Audiobook here.

Fun is serious business

It may seem strange to make Fun the key focus in the development of your business. We’re generally told that the function of business, the purpose of business, is to make money. Hence we should make “maximising shareholder value”, making profit and generating cash in other words, our key focus. But in many years in and around business, I’ve come to believe that to really build Great Businesses that Stand the Test of Time, we need to think differently about business than we’ve been taught for the past 200 years.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Conscious Capitalism and the Purpose of business

I like to quote John Mackey, the founder and CEO of Wholefoods markets in the USA. The company was recently bought by Amazon for US$14 Billion. Wholefoods made profit and paid dividends to its shareholders every year for its entire existence. In other words, John Mackey has established credentials where it concerns making money in business. Yet John Mackey wrote a book called “Conscious Capitalism” (more about the book here, as well as here), and in it he says this:

“Thinking that the Purpose of business is to make money, is as silly as thinking that the purpose of human beings is to eat food. We need to eat food, eating food makes us feel good, but we eat food so that we can do what we need to do on this earth. It is the same with business and profit. Business needs to make profit, and plenty of it, but it needs to do so, in order to fulfill its purpose, the reason it exists”

More about Purpose and Profit:

But, there’s a big but

So, yes, business must make money. The business must generate profit and cash flow, and it must work hard to maximise its return to shareholders. Undoubtedly… As I say in elsewhere in this website: “A business that doesn’t make profit, is a hobby.”

But:

  • If your focus is making money, there will never be enough. This year you might focus on making $100,000 profit, but as soon as you’ve made $100,000, you’ll want to make $200,000, and then $500,000 and so on. You will get overwhelmed, because there’s always more money to be chased.
  • If your focus is making money, why pick $100K or $500K, why not $531,629,23? or $496,187.42. Any number you pick will be arbitrary, and hence meaningless.
  • If your focus is making money, your brain won’t cooperate. To your subconscious brain, there is no difference between $100K or $150K. Your subconscious can not think in concrete concepts, such as numbers, it can only get engaged by emotional concepts.
  • If your focus is making money, you’ll wonder what it’s all been about when you’re on your death bed. Nobody has ever lain on their death bed and thought: “I wish I’d made more money”. I guarantee you that much.

How do you get beyond money? Take these four steps;

So, if you want to get unstuck, stop being overwhelmed and stop being a crisis manager in your business, you must start thinking beyond making money.

These are the big 4 steps to take to move out of overwhelm and into having Fun in Business:

  1. Ask yourself the Big Question of Small Business: Why does your business exist, and why would anybody care about that? (The Purpose question, more about the Purpose of Business here)
  2. Learn to ask yourself every week: How much Fun in Business did we have last week, and how can we make next week a little bit more Fun? (I’ve written about measuring Fun in Business in my book and also here)
  3. Develop a discipline around your time. Know that your time is the most valuable asset of your business. As a responsible business owner, it is your job to ensure that you look after your most important asset and get the best return you can from your assets. This means you must discipline yourself not to waste your time on things that are actually not all that important. (Read more about business owners and time management here)
  4. People: Get the right people on the bus, in the right seats, facing the right direction, and the wrong people off the bus. There is no greater cause of stress, overwhelm and frustration than people. (More about managing people here and here)
  5. Come to the Launceston Business Masterminds workshop series if you are in northern Tasmania
  6. I also offer a free Discovery process to business owners in Norther Tasmania and Launceston, follow this link for more information

Further reading about being overwhelmed, taking control and Fun in business:

Click here to download my Free Guide to finding the perfect coach or mentor for you.

BQ Making Profit and Generating Cash Flow

How can I make more money in my business?

make more money profit cash

A business that doesn't make profit and generate cash flow is a hobby

The second of The 7 Big Questions of Small Business, on the lips of most small business owners is: How can I make more profit and generate more cash flow? Personally I believe the question about making money is even more important than the growth question, because I have seen many business go bankrupt, even though they were growing. Business Growth only makes sense if you end up with more money in your bank account as a result.

So these are the most important rules about making and keeping money in your business (click on the links for more about each rule below)

Skip ahead to the following sections:

Without profit there is no business, but does that mean that profit is the Purpose of business?

John Mackey is the founder of a large international chain of organic supermarkets called Wholefoods Markets. The company has been highly profitable ever since John founded it in the early eighties and has paid a dividend to it’s shareholders every year of it’s existence. Amazon recently purchased the company for untold billions of dollars and John Mackey is one of the world’s richest people. John clearly knows a thing or two about building great businesses and about making money.

John Mackey also wrote a book however, called Conscious Capitalism (link below) and in it (and various interviews I’ve read and watched with John  Mackey), he says something that made the penny drop for me. He says this:

“Thinking that the Purpose of business is to make money is as silly as thinking that the Purpose of people is to eat food. We need to eat food, we eat food all our lives, and good food is better than bad food and without food we die, but eating food is not the reason we exist. We eat food so we can make good on our Purpose in life”.

John says it’s the same with business and money. The business must make money and profit and generate cash flow,  and plenty of it, but only so that it can make good on it’s greater Purpose.

So let’s be clear about that, making money is the means to an end, and without profit and cash flow, the business can not perform it’s function.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

All about Profit here:

Someone has to be the most expensive, it might as well be you

Everyone can sell cheap. It takes no special skill or approach to sell cheap. It takes incredible skill and focus to be the cheapest and make profit and be around for the long term, and only very few businesses can do so consistently. The only three big ones I know off that have consistently been able to be the cheapest and build sustainable businesses that stand the test of time, are Aldi, Ikea and Walmart. I’m sure there are others but they’re few and far between.

If you make low pricing your main differentiator and competitive advantage you better be the most disciplined and focused business out there, because there will always be someone knocking on the door undercutting you, and you’ll constantly struggle to make enough money to survive, let alone build a Beautiful Business and Life. Competing on price is simply a dog’s game.

Instead: Ask yourself what you need to do to be the most expensive? Raise your prices and see what it takes to sell with higher prices. What else can you compete on? Building a Beautiful Business and Life is so much easier to do with high margins than with low ones.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about competing on price here:

20% Of your customers generate 80% of your profit… Do you know who they are?

make more money profit cash flow pareto principle You might have heard of the Pareto Principle or the 80/20 rule. The rule can be applied in many situations, but there is no more appropriate topic to apply it to than that of a business and it’s customers. I can just about guarantee you that if you were to run a report today listing all your customers on a continuum with maximum profit and cash flow at one end of the scale down to least profit and cash (or even loss) at the other end, expressed in dollars, you will find that there is a small bunch of customers at either end. There is a small group of customers from whom you make by far most of your profit, and equally there is a small group of customers who cost you most of your money.

The problem is that most small businesses aren’t able to run a report like that, easily. I can tell you it’s worth spending some time pulling a report like this together. For that matter, it’s worth getting the software installed that allows you to run a report like this easily. You will be shocked when you find out how much of the effort in your business gets wasted on customers who do nothing for your business but keep you busy,  who don’t make you any money. Equally you’ll realise how urgent it is to give more attention to those customers that make you all your money, because God forbid they might leave one day!

More about the 80/20 rule and customers here:

The three C’s: Collect Collect Collect. Do you know why it matters so much?

I’ve seen many businesses make profit and grow and yet struggle and even go bankrupt. The problem in those businesses is cash flow. More about cash flow and profit and their tenuous relationship further down. Here I just want to talk about completing the work or delivering the product, invoicing and collecting. It may seem obvious, but making profit is pointless if it doesn’t hit your bank account, but you’d be surprised how often I talk to business owners  who complain about never having enough money to pay the bills while having tens or hundreds of thousands dollars of outstanding debts.

In my own days as a builder, a recurring problem was not finishing the jobs 100%. Sometimes for months, we’d leave a few defects outstanding, because they were small and we were onto the next projects. But that meant we couldn’t collect the final invoice, sometimes for months. In other businesses I see that people finish the work, but wait until the end of the month or sometimes even longer before they invoice the client and finally, most small businesses do not have a simple and consistent collection system. Those three factors mean that your business is functioning as a bank for your customers. Your money is in their bank account and it’s no use to you there. It means you constantly have to rob Peter to pay Paul and you can’t take advantage of early payment discounts from your suppliers and when your business is in growth mode, the problem compounds exponentially.

It’s actually even the case that you’re not doing your customers a favour by not completing, invoicing or collecting. Your customers want nothing more than having their work done quickly and cleanly and when the work is completed well, your clients actually feel they are in your debt and they want to remove that feeling as soon as possible. With every day that passes that feeling of indebtedness changes and if they don’t receive your invoice until a week or a month later, they’re actually not so keen to pay you anymore.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about invoicing and collecting here:

Profit and cash are not the same. Do you know what the difference really is?

make more money cash flow profit As I mentioned above, many businesses fall over even though they make profit and they grow. I also mentioned the compounding problem of growth. I’ll explain the compounding problem in a super simplified example here:

Let’s say you start in month 1 with a bank account balance of $1,000 and you sell $1,000 worth of stuff this month and after expenses you have $100 left over. that should mean you are $100 better off at the end of the month than you were at the beginning.

But if you’ve only collect $500 of that $1.000 in month 1, and the balance follows the month after, you’ll be $400 worse off at the end of month 1 than you were at the beginning. The bank account balance at the start of month 2 is now $600. Now if in the next month you grow 20% and sell $1200 and you make the same profit percentage (10%) you will have made a total of $220 ($100 plus $120) profit by the end of month 2.

We’ll assume that you collect at the same level (50%, in the month and the rest follows the month after). So the starting balance at month 2 is $600 plus the remainder of the collections from month 1 makes $1,100. Minus expenses of month 2 ($1,080) leaves a balance of $20, plus collections for the month of $600, so your balance at the end of month 2 is $620. In other words, after 2 months of profitable and growing trading you’ve gone backward by $380. And that’s if everyone pays within payment terms. If only 5% of your customers are late payers, you will go backwards even further at the end of month 2 and so on.

Obviously this is a highly simplified worked example, but it demonstrates the principle precisely. For this reason, in a growing business you must give at least equal attention to cash and profit all the time. You could argue that cash is actually more important than profit for two reasons: Firstly, you can continue to run a business as long as you have cash to pay the bills. There are many examples of big businesses that ran for many years without making profit, but who didn’t run out of cash (Amazon is one such example, Tesla seems to be another current example). And secondly, profit can actually increase your cash stress because profit leads to having to pay tax and tax simply takes cash out of your business.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about profit and cash here:

Do you know your breakeven? And why you must hit it 4 times every month?

One of the most important things I do with new clients when I start working with them is to find their breakeven. Breakeven is the number of dollars you have to sell every month (or every day or week or year) to pay all the bills every month. What does it cost to open the doors and turn on the lights, in other words. I find that the simplest way to establish the breakeven is this:

Step 1: Look at last years Profit and Loss statement and find the total of all the overheads, the fixed costs of the business, rent, insurances, electricity, marketing costs, subscriptions, etc. Add to this the monthly repayments of loans and lease payments you have to make. Now divide that number by 12. This is the amount of gross profit the business has to generate every month, 12 months of the year.

Next step: By looking at the P&L for last year (or any other representative period), you’ll be able to see what percentage of revenue your Gross profit is. for argument sake, let’s say that your monthly overheads are $20,000. and that in the past year, your Gross profit has been 30% of revenue. Now we can do the sum to find out how much revenue you need to make, to “Break even”. The sum is: Overheads divided by Gross profit = Revenue. Or in this example: $20,000 / 0.3 = $66,666.00. In other words. Based on last years figures with a margin for error and inflation of 5% added, you have to sell $70,000 of your business’s products or services every month.

But that’s not the end of the story. To survive and actually break even you have to hit this number four times every month:

  • You have sell $70,000 every month.
  • You have to produce $70,000 worth of goods or services every month.
  • You have to invoice $70,000 every month.
  • And you have to collect $70,000 into your bank account every month.

If you miss out by even $1000 on any one of those four in any month, you’ll have to make up for that $1000 in the month after.

By introducing this simple discipline, your business and life will never look the same again. BTW: keep in mind that I’ve been ignoring profit in this topic. Obviously you must make profit as well. But first you must instill the discipline of hitting your breakeven 4 times every month at least.

More about breakeven here:

Numbers: How would you like to be in control of your business?

profit cash money flow finger on the pulse Lastly I always teach my clients how to put and keep their fingers on the pulse of the key aspects of the health of their business, every week and every month. The Numbers, the KPI’s. The break even number I talked about above is obviously one of those key numbers, but there are more. Bank balance is a key number, so is gross profit and aged debtors. Then there are various financial ratios, such as the gross profit percentage and ratios like “The debtor days ratio” and the “Liquidity ratio”. More detail about ratios etc below.

Besides financial numbers and ratios, there are many other numbers and ratios in a business to keep an eye on. For example the number of enquiries in the past month, or the conversion rate (for every 10 enquiries, how many contracts were signed), average job value, or average sale. Warranty returns, customer satisfaction, you name it.

A client of mine who has a furniture removals business knows that he needs to keep a keen eye on his removalist’s wages as a percentage of total sales. If he spends more than 60% of sales on the wages of his boys, he knows he’s not managed the work schedule well enough.

Your business will have its own specific numbers and ratios that can tell you a lot about the health of your business. I often talk about the mailboat report with my clients: Imagine you are banished to a deserted island in the Pacific, without mobile phone or email, and the only information you could get about your business would be a single sheet of paper that would be delivered by the mailboat every week. What numbers would have to be on that single sheet of paper to tell you precisely what you needed to know about the health of your business, so you could send immediate instructions back with the mailboat?

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about numbers here:

BQ Business Growth

How can I grow my business?

business growth strategy

All business growth strategies teased out

How to grow your business is the most enduring of The 7 Big Questions. All of us business owners have felt frustrated at some stage in our journey to building a Beautiful Business The business feels stuck at one level and we are not sure how to get it to the next level.

Would you like to download my 12 Question Cheat-sheet to help you find your next Coach? Click here.

Everybody’s favorite business guru, Seth Godin said it really well some years ago. Seth wrote in his blog:

“To build and grow a great business you really only have to do two things:

  1. Build a great product or deliver a great service
  2. Make sure lots of people know about it.”

(I’ve also written about Seth Godin’s two rules here)

And that is how simple it really is to build a Beautiful Business that Stands the Test of Time. No argument. But those two simple statements cover so many different aspects of business growth:

Skip ahead to the following sections:

seth godin business growth strategy In other words: Easier said then done… Thanks Seth.

But I believe we can keep things much simpler than they may seem at first glance.

Below you’ll find a brief summary of each of these aspects of business growth. Besides the summary, there are a bunch of links to further reading, watching or listening on each aspect.

If you come across some great resources on each of these aspects, I’d love you to share them with me and I’ll add them to the page.

Cheers,

Roland Hanekroot (more about my business – life coaching programs here)

So many misunderstandings and myths about business growth:

I have written about the general topic of business growth in many different places. I think there are a number of misunderstandings about business growth that are not helping us, as business owners, to feel better about ourselves. The first article is about that (and you can also read about the misunderstandings about growth in my book: The Ten Truths for Making Business Fun):

Grow your business with vision and purpose:

I believe that to grow a Beautiful Business that Stands the Test of Time you must be able to answer the question: Why does your business exist and why would anybody care? Most business owners can’t answer that question succinctly and powerfully. That’s bad, because if you don’t know why your business exists, your customers certainly won’t be able to tell, and then all it comes down to is price. Competing on price is a dog’s game, unless you’re Aldi, where price is your Purpose. The second reason you need to be able to answer the question clearly is that if you can’t, you will never master the greatest skill of effective business owners, namely the ability to say “NO”.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about Purpose here:

Grow your business by setting goals

We’ve all heard that to grow your business you must start with Goal setting. But effective Goal setting is more complicated than you might think. Most Goals we set for ourselves and for our businesses are at best ineffective and at worst actually hinder our progress. Goals are often arbitrary, unrealistic, and unrelated to what really matters in our lives. A Goal to make $2 million revenue is an arbitrary and meaningless number, why $2 million? why not $1,956,384.13, or $2,163,927.46 for example? And so what when you reach the goal? Will you be better off somehow? What if you fall short? By $100, or by $1,000, or by $100,000? Does that mean you are a failure? Goal setting really makes a difference, as long as you understand that Goals are like a compass, they provide a direction on your journey, they are not the destination.

More about goal setting here:

Grow your business with marketing

Marketing is about creating opportunities to sell your stuff. As such, I fervently believe that:

Marketing is everything and everything is marketing

And it is. To grow your business you have to look at every aspect of your business. Marketing is about advertising campaigns, and social media and designing your logo and your website, but it’s also about how you answer the telephone, about your pricing policies, about ensuring that your customers are happy with what you sell them. It’s about how you dress and about how you present your quotes and about your Public Relations strategies and about your warranty return policies. One of the greatest marketing strategies is a relentless focus on quality in everything the business does, in order to “Create Raving Fans”, because if your customers are all Raving Fans, they will actually do your marketing for you.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about marketing here:

Grow your business with online marketing

business-growth-strategies I don’t mean to imply that online marketing is somehow something different from all other forms of marketing, it isn’t. But it is useful to pay special attention to online engagement and marketing to build and grow your business, because it has become such an important aspect of any marketing strategy. Whether your business is a cafe or a building company or a law practice, or it imports widgets or makes whatsits, you can not ignore a bunch of different forms of online marketing. Email marketing, content marketing, Search Engine Optimisation, Search Engine Marketing, Social Media Engagement, Social Media Marketing, online PR, online reputation management (The ubiquitous star ratings), video marketing. The list is near endless and constantly changing.

You could easily argue (and I have in one of the articles I refer to below), that the principles of marketing haven’t changed, we’ve just got a bunch of new tools to do it with. And at one level that’s true, people still want to get to know, like and trust you before they will do business with you. But on another level things have changed drastically. Ten years ago, you’d give someone a business card with your web address on it and they would immediately want to know if you also had a bricks and mortar store. These days they want to know you’ve got a high functioning web presence and that you’ve got a presence on Facebook and on Google local and ideally a bunch of 5 start ratings on Yelp and Trip Adviser. Whether or not you have a bricks and mortar presence, simply doesn’t matter anymore. Online engagement in all forms must be part of your marketing strategies or you will not be taken seriously.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about online marketing here:

Grow your business with sales

Nothing Happens Until We Sell Something

That’s a quote I saw hanging on the wall at a big office once, many years ago. And it’s true. No business growth, no business, without sales. No matter how great your product is, how beautiful your logo is, how smart your website is, or how wonderful your employee conditions are, if you’re not selling, the business will cease to exist.

Simple.

Sales is often seen as a subset of marketing, but I’m giving it it’s own section here, because I think of marketing as getting the customers to your door and sales as actually getting them to hand over money. Lead generation v lead conversion. Sales is about skill and it’s about mindset and systems and above all, it’s about making it easy for people. And this last word is the key to the whole shebang. It’s always about people. The old saying is:

People do business with people they know like and trust

You must always remember it’s about people first and foremost and in small business especially it’s about people in both directions: People do business with people. Your whole approach to sales, especially in small business, all aspects of it must be built on a people to people philosophy.

More about sales here:

Grow your business with planning

A business without a Plan achieves everything in it

Nothing in other words.

Your business growth depends on planning. No human endeavour ever amounted to anything without a plan. Yet planning is guessing. It can never be anything more than guessing, because we can not know the future. So if planning is guessing, why does it matter so much and how can we do it so it works?  There are two important answers to those questions:

There are two important answers to those questions:

1) You must understand that there are two entirely different types of business plans: Internal Plans, and External Plans. External plans are designed to impress others about your business and form part of the documentation to obtain a loan or other form of funding or make a proposal to a third party of some sort.

Internal Plans are documents designed to help the business focus. They are combined with meaningful goals (see above) and they help people in their day to day decision making processes. Internal and external plans have different functions and are presented quite differently as well.

2) Planning is a verb. It’s not static, it’s an activity that never stops. As soon as one plan is created, we start again. John Lennon said: Life’s what happens when we’re making other plans. Planning is like that, we make a bunch of assumptions and plan our actions accordingly. Then we go ahead and check reality as it unfolds and make changes to our plans to suit the new realities, every day, every week, every month and every year. Business Plans that work, that make a difference, are living documents.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about planning here:

Grow your business with customer service

Customer service is also a subset of marketing of course, if done well it leads to more business from those customers, and as I said above, everything is marketing and marketing is everything, but it’s worth mentioning separately, because of the concept of Raving Fans.  Ken Blanchard wrote a little book that said it best in the title: Create Raving Fans and have your customers do your marketing for you. It’s a great little book and there’s a link below to get yourself a copy of it.

The principle of Ken Blanchard’s book is that your business should always be working to do one better for your customers than they expect. If you do so, your customers will become your advocates (Raving Fans) and advocates will go out of their way to help your business grow. They will talk to their friends about you, they will drag their colleagues to your door. They will defend your business against the competition and best of all, they won’t quibble about price. If your business focuses on turning it’s customers into Raving Fans, you will be able to slash your marketing budget in half, over time, for a better result.

More about customers here:

Grow your business with systems and quality improvement

My clients often ask me to help them grow their business, and I often tell them to stop worrying about that. Getting more customers is actually the easy part. The hard part of business is:

  • To deliver what you say you will
  • By the time you say you will
  • For the price you say you will
  • At the quality you say you will…
  • With a smile

making monye from death and hamburgers business-growth-strategies If you can do that all the time, the customers will come flocking to your door and you won’t have to spend much money on marketing (for one thing because you’ll be creating Raving Fans, see the previous topic). And right now, you may well be doing all those things, with a smile, but the trick is to be able to keep doing that as the business starts to grow.

I can’t tell you how many businesses I have seen struggle and fail in my years in business who couldn’t maintain their product or service quality and dependability and price, at scale. Once the business starts to grow and you, yourself, are no longer in charge of every step in the process, things start going wrong. Quality becomes inconsistent, delivery times become unreliable, prices go up or profitability suffers and your smile starts to disappear. Once the rot sets in like that, your reputation starts to suffer and customers start to look elsewhere.

There are only two answers to this dilemma: Either, don’t grow, stay small, learn to say NO and say it all the time… Or systematise. Developing systems for all aspects of the operation is the only answer. Systems for how the phone is answered, systems for estimating, systems for quality checking, systems for calendar management, systems for inventory management, systems for callbacks and warranty repairs. Systems for marketing, systems for hiring and firing etc etc. Above all, systems allow you to create Continuous Improvement Loops into your organisation. And continuous improvement is the Holy Grail of business. It’s what made companies like Toyota great.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about systems and quality here:

Grow your business with inventory management

Inventory management is a big specialised topic, and it’s really a subset of the systems section above. There are whole management libraries written about the various philosophical approaches to managing stock when building and growing a Great business that Stands the Test of Time. My earliest lessons of inventory management came from the owner of a big hardware store I dealt with a lot in my days as a builder, Colin. One of the reasons I bought so much of my material from Colin was that he always had everything in stock. Colin clearly knew what it took to create business growth, because his business was booming.

I asked Colin once if keeping such high stock levels of everything a builder such as myself might need from time to time was economical for him. I imagined that it was a very expensive way to run a business, having all that money tied up in timber and hardware and bits and bobs. His answer was:

If I don’t stock it I can’t sell it.

I have often thought about that statement in the years since, now that most operations run on the principle of “just in time”. Supermarkets have made an art form of stocking just enough and not a jar more than required, to minimise shelf apace and inventory cost.

I don’t know what the answer is, but I know that Colin got all my business for 20 years and most Sydney builders had an account with him, because everything we needed was always ready to be picked up.

More about inventory management here:

Grow your business with hiring, firing and engaging people

staff engagement business-growth-strategies Michael Gerber in his famous book “The E-Myth” wrote that it’s impossible to manage people and hence great businesses focus on systems, and manage those instead. And that’s certainly what grew McDonalds into the enormous business it is today, no argument. And as I’ve written elsewhere before, if you set out to make as much money as possible from selling restaurant food, it is undeniably the case that the McDonald’s model is the one to emulate. But, I can’t tell you how happy I am that not everyone in the restaurant industry wants to build McDonalds, because the world (and my palate) would be the poorer. The same philosophy can be applied to any industry.

If you’d like to build and grow a unique business, a business with an individual character, you’re going to have to manage people. You’re going to have to get good at putting the right people on the bus, sitting in the right seats, facing in the right direction and also know which people to get off the bus. If you don’t learn how to find and keep the right people and get them to do great work, your business will always struggle.

That means developing hiring policies, being prepared to hire people who might be better than you are at certain things, learning how to do great interviews, implementing induction and development training programs. It means learning how to coach your people, encourage them and hold them accountable. And it means learning about effective delegating. It means doing the HR admin and compliance effectively, writing job descriptions and doing performance reviews. It means learning what it takes to be a leader and it means being prepared to take the tough decisions when required, and take them quickly and respectfully.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about people here:

Grow your business with innovation

To build and grow a Great business that Stands the Test of Time, you can’t afford to be left behind. The pace of change and innovation is relentless and what was ok even a few years ago is no longer ok now. Not long ago it was still fine for a cafe to have a sign saying “cash only”, but in 2018, you’ll lose a lot of business if you don’t accept cards in payment. Even in a business as simple as mine, people expect me to be able to accept online bookings. Cloud computing combined with smart phone technology and advanced GPS systems mean that customers now expect to be informed that their plumber is on its way and can be expected to pull up in front of their house in 13 minutes.

You don’t need to be Uber or AirBandB to implement new technology and come up with new ways of doing business. I just bought a house in a different state of Australia. The real estate agent gave me a private showing of the house via Skype. I engaged the conveyancer, the building inspector and a surveyor all without setting a foot in the house or the state.

A client of mine with a creative marketing agency has a team of designers and copywriters and marketing assistants all over the world and she rarely even meets her clients face to face. Another client with a small supermarket chain has technology in his stores that allow him to see what’s going on in any part of any store and to get live access to each of the store’s Point of Sale systems. He’s also just implement a bunch of tablet screens in his stores allowing people to find dinner recipes incorporating the fresh vegetables he has on special.

And all this stuff is only the beginning. It won’t be long before artificial intelligence is integrated in doctor’s surgeries and lawyer’s offices, and copywriting agencies. If you think that technology and innovation isn’t going to have a massive impact on the way you do business and how to create business growth, you are kidding yourself.

Click here to download my Free Guide to finding the perfect coach or mentor for you.

More about innovation here:

BQ The 7 Big Questions for business owners who want to build Beautiful Businesses and Lives

How do we design and build our own

unique Beautiful Businesses and Lives?

The 7 Big Questions that all business owners must face to Build a Beautiful Business

To Build a Beautiful Business that Stands the Test of Time, there are 7 Big Questions all of us have to face.

The Big 7 are:

  1. About Business Growth: My business is stuck at a certain size… How can I  create more growth for my business?
  2. About Profit: I’m not making enough profit and cash… How can I make and keep more money?
  3. About Overwhelm and being stuck: I am overwhelmed, stressed and frustrated… How can I become less overwhelmed and feel happier every day?
  4. About Guidance: I feel alone in my business… How can I find the right support, advice and guidance?
  5. About Work/life balance: I’m missing out on life, on family, and on friends… How can I find better balance between life and work
  6. About Personal development: I am spinning my wheels as a do-er rather than a leader… How can I become a better business owner and leader?
  7. And especially for Fmily Businesses: We are struggling with the challenges of being business partners as well as life partners… How can we negotiate our roles as business and life partners better?

Each of the 7 Big Questions has a dedicated page on this website, with links to many relevant resources both within my website as well as throughout the internet. Scroll down or click on the links above for a  summary of each of the 7 Big Question with a link to that question’s full page.

Further reading:

How can I create more growth for my business?

business growth strategy Summary: To build a Beautiful Business and Life, we need growth. Seth Godin made a great statement some years ago on his blog. He said: To build a great business you only have to do two things: first you have to do great work or deliver a great product and second you have to make sure lots of people know about it. And that’s exactly how simple it is to build a Beautiful Business that Stands the Test of time. But, as with so many things in life, it’s easier said than done.

Business growth is about research and product and systems and quality assurance and innovation and inventory management and people management and everything in between and then when you get that right, it’s about customers, and marketing and sales and communications and PR and SEO and content marketing and advertising and design and branding and of course leadership and you might well argue that before all of that comes Visioning, Mission, Purpose, Goal setting and Strategic planning. In short Business growth touches all aspects of business. Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.

How can I make and keep more money?

make more profit Summary: To build a Beautiful Business and Life, we need to make profit. A business that doesn’t make profit and that doesn’t generate cash flow isn’t a business, it’s a hobby. Profit is not the Purpose of business, and nor is generating Cash the reason the business exists, but without profit and cash it is not possible for the business to deliver on it’s Purpose.

Business growth will have an impact on the flow of profit and money in the business, both positively and negatively, but many other aspects of business have an impact as well. There’s pricing, discounting, inventory management, costing, trade terms , collection policies and procedures, expense management, cost control and many other aspects of business will determine the profitability and sustainability of your business.

And on the other hand there is financial management. The management, reporting and analysing of the flow of profit and money through the business. Having your fingers on the pulse of all of the key indicators of the health of your business every day, week, month and year. Management of the numbers in other words. Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.

How can I become less overwhelmed and feel happier every day?

overwhelm business fun Summary: To build a Beautiful Business and Life, we need to get unstuck. In my experience, business owners operate in a state of overwhelm many days of the week. They’re often first in the door in the morning, last out the door at night and have to catch up on their admin and email after dinner. They run around from crisis to crisis most days, extinguishing brush fires along the way.

Staff don’t seem able to tie their own shoe laces without input and supervision from the boss. Customers expect the business owner personally to solve all their problems, immediately,  rather than the perfectly qualified and expensive staff that are employed by the business for that purpose.

As a result, the critical business development projects are constantly pushed back and the business gets stuck in the mud. The way out of this overwhelm is to learn to focus on three letters FUN. Fun in Business is the opposite of overwhelm. Developing a discipline on making Business Fun again works, because when business is Fun it means everything is working. Read More Here… 

Click here to download my Free Guide to finding the perfect coach or mentor for you.

How can I find the right support, advice and guidance?

guidance coaching support Summary: To build a Beautiful Business and Life, we need support. One of the most consistent complaints I hear from business owners is that it’s all down to them. They feel alone and unsure of themselves. They need to have a sounding board. The people around them don’t get it. The staff are affected by the decisions the business owner needs to make, and so are their spouses and family.

Human beings work well with external accountability and advice. Independent external support is invaluable to any business owner who wants to build a Beautiful Business that Stands the Test of Time. External support can take many forms: A mentor, a business or life coach, management consultant, a virtual board, an executive coaching group, a regular get together with a group of fellow business owner buddies or all of the above.

One thing is for sure: Don’t think you can do it on your own. But how do you go about finding the right support for you? Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.

How can I find work-life-balance in my business and my life?

business woman jetty laptop Summary: To build a Beautiful Business and Life, we need to create a balance between the demands of the business and those of the rest of our lives.

In the many years I’ve worked with business owners, I’ve come to believe that business owners are the most “guilt driven” people on the planet, “worse than Catholics” I sometimes joke. Business owners generally go through life believing they are not up to the job in some way. They tell themselves (and me), that to compensate for their perceived failures, they’ve got to work harder than anyone else in their business or else how could they ever ask their people to put in the hard yards when required? (see also what I wrote above about overwhelm). But in the mean time they’re missing out on the important stuff in life. Their health and well-being suffers, as are their families.

For business owners to create a greater balance between work and life, the first step is to acknowledge that owning a business is never a 9-to-5 job, you probably won’t ever be able to close the door behind you on the way home entirely. The business is your baby, you’ve put your heart and soul into it and it’s part of who you are as a person.

Once you acknowledge that fact, the immediate next step is to recognise that your own time, your health and your general well-being are the most valuable and important assets of your business and as the business owner it is your prime responsibility to look after your assets. In other words, not looking after yourself and ensuring you are in a great physical and mental state means you are not taking your responsibilities as the owner of the business seriously. Once you’ve learnt to accept the realities of those two principles (contradictory as they might seem from time to time), you’re on the path to create the business and life you dream off. Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.

How can I become a better business owner and leader?

leadership Summary: To build a Beautiful Business and Life, we have to become better business owners. As I’ve said above in the “work – life – balance” summary, most business owners feel they’re not quite cutting it as entrepreneurs. Oftentimes, business owners start their business on the back of their profession, trade or skill they have learnt (plumber, architect, accountant, chef) and they feel confident in that particular skill. But when they start a business based on that profession, they suddenly realise that it takes a lot more than being a great plumber to build a great plumbing business.

Few business owners have studied to be a business owner, and even those who have attained an MBA or similar qualification, find that they’re not prepared for the realities of life as a small business owner. Suddenly everything is down to you, the big decisions about whether or not to bid for that contract, or hire that expensive employee, or sign the lease for the new office, as well as making sure the toilets are stocked with toilet paper and that there’s ink for the printer.

To top it off, your people look to you for having Vision (with a capital “V”), having the answers and being the leader. It’s a frightening place to stand in the middle of, but there are three pieces of good news: (1) You got this far and you’re still breathing so you must be doing something right. (2) Your people actually want you to be the leader and they’re ready to forgive you just about any balls up you’re going to make along the way. (3) Leadership is something you can learn, practice and get better at. Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.

Family business: How can we negotiate our roles as business and life partners better?

husband and wife family business Summary: To build a Beautiful Family Business and Life, we need to get good both at working with our spouses as well as living with them. As I’ve said above in the “better business owner” summary, many businesses are founded on the profession of the business owner. The plumber starts a plumbing business and the lawyer starts a law practice. A little way into the life of the business, the founder of the business, along with the spouse of the founder, starts to appreciate that it takes more than being a great lawyer to build a great lawyer business and the business flounders.

Often, it is at this point that the spouse decides to enter the business as well, to sort out the chaos, in no small measure, to protect the interests of the family, and the family business is born. 70% of all businesses in Australia are family businesses and a large percentage of those can be classed as husband and wife family businesses.

In my experience there is wonderful opportunity in being in business with your spouse. It holds the possibility of providing for your family very well and there is a great opportunity to grow as a couple. But waking up beside your business partner in bed every morning also comes with a bunch of unique challenges. Read More Here…

Click here to download my Free Guide to finding the perfect coach or mentor for you.