BrightBiz – Page 4 – Pauline Bright Business Coach

What’s the difference between working IN and working ON the business?

As a business owner you wear a lot of hats. Some of them fit better than others, and some of them should not even be on your hat rack!

It’s a tricky question the ON and the IN because the lines are often blurred.

Take Finance

In a small business you might wear the Financial Manager hat. It doesn’t mean that you do everything, but you’re responsible for it. The buck stops with you.

Working IN the business as the Financial Manager your roles might be to do the bookkeeping, manage accounts payable and receivable, manage payroll, tax compliance etc. That would be working IN your business. It’s in your job description.

But “Financial Manager” takes on a different meaning when you talk about working ON the business. In this case you would be doing very different things like:

Being accountable for the financial performance of your business – even if you are the boss!
Analysing data to get the facts about your business performance before you make decisions.
Setting sales budgets and working out how you and your team will achieve them.
Setting the overall financial goals for the business and scheduling monthly meetings with the team to monitor strategies and outcomes.
Reading your scorecard weekly and monthly to find out if you’re on track and making timely course corrections if you’re not.

What about Production?

Working IN the Production area of your business you might be the one serving the customers, doing the technical work or making “widgets”.

Working ON the Production area you’d typically be:

Liaising with Finance to make sure the products and services are profitable.
Training the team in technical skills and customer service skills so you do less and they do more which in turn frees up more of your time to work ON the business.
Working on innovating and developing your products and services to separate you from the competition and meet customer demands.
Finding new technology to help you produce what you do more efficiently.
Talking to your customers to find out what they want.

Get the idea?

Now it’s your turn.

Describe all the hats you wear.

Make an IN and ON list for each one.

Look at the list and decide which are the most important, enjoyable and enriching tasks for you. Then take the working ON tasks and make them part of your job description. Make sure you schedule the tasks to do them regularly.

You won’t be good at everything. You don’t have to be. Do your most profitable “working ON the business” growth tasks and hire other people to fill the gaps.

5 common myths about small business that you should ignore

Everyone has an opinion. Everyone’s an expert – even taxi drivers can tell you how to run the country or give you hot stock tips.

Some of the most prolific business “advice” comes from family and friends – who don’t even have a business! And some of it is spewed out on the internet by self-styled would-be gurus. Maybe they know what they’re talking about, maybe not.

“You know what your problem is?” and “You know what you should do,” they tell you.

Some of it, a tiny trickle of it, turns out to be quite good, but the majority of it is urban myths and things people make up to justify their own actions or beliefs.

A word of caution

Don’t believe everything you read, see or hear – especially on the internet where anyone can be an expert.

With this in mind, you can also take what I say with a pinch of salt. This has been my personal experience of being a business owner in multiple businesses for 35 years, and experience from working with business owners for 12 years.

Question what you read and test out these “myths” to see if they are true for you. You may need to shift your thinking a degree or two.

Myth #1

You can’t make a profit in your first year or two of business

If this were true then it’s possible that the business owner has put too much “infrastructure” in the business before they work out if they’ve

Got a saleable product or service with high demand
Got a good deep market for the product or service

One of the first things you should do in business is work out where the money is. Make sure there is enough profit to feed the machine and grow from there. Don’t waste money on toys and looking good.

People get despondent and give up when they realise they are not making any money. There has to be a payoff.

Myth #2

Grow your business so you can have a nice flash office

Why do people insist on making themselves look good at the expense of making the business work?

By all means have a nice flash office if it helps get you more business and it helps you deliver your product or service but do the numbers first. Don’t pimp your ride!

You have to make a lot of money to pay the rent – and other things – before you even think about paying yourself.

Think differently about how to run your business effectively without incurring too many expenses.

Myth #3

Home based businesses are not “real” businesses

If you think a home based business is just “playing” at business, here are the top 5 businesses that started from home:

Amazon
Apple
Disney
Google
Harley Davidson

That doesn’t mean that you need to grow your business to global proportions if you don’t want to, but it can be a great starting point.

These businesses didn’t rush out and get flashy offices and all the gadgets they needed to start up. They kept it simple, started in the garage, had vision and kept at it.

Your home-based business could earn you millions without you ever having to move out. It depends on how you structure it and what your vision is. Keeping it simple and running it lean has huge benefits.

Myth #4

You have to get a business degree

Fortunately you DON’T have to get a degree to run a business. It can be helpful, or not, depending on how you apply it.

Learning to run a business is like learning to ride a bike. You can’t learn it from a book. It’s not hypothetical – you need to get on and hold on, learn to pedal and steer, fall off, get up, work out how to go fast and when to slow down.

Learn as you go. Read some books, do some courses, find a coach or mentor, but APPLY what you learn and as Mario Andretti said “If everything seems under control, you’re not going fast enough.”

Enjoy the ride!

Myth #5

It’s good to go hard! Sleep is overrated

Oh no it’s NOT!

If you think you can sleep when you’re dead you might just die sooner than later.

You need the full cooperation of your brain and body to do your best at anything. An exhausted brain can’t think straight.

All the best business leaders have found a way to take time out, to relax, get the creative juices flowing and so can you.

Be realistic about what you can get done in a day or a week, stretch it a little if you need to and then be disciple enough to shut down and turn off to rest. Make it a regular habit if you don’t want to be constantly running on empty.

Is your Role in your business missing the Joy Factor?

“What’s the thing in your business that gives you the most joy?” I asked.

“There hasn’t been any joy around here for a long time” he said. “I’m just putting in the work so in 5 years’ time I can retire and then I’ll enjoy myself.”

He looked deflated at the prospect of 5 more years without joy but he felt powerless to change the business that gave him a reasonable income; it was familiar work even though it was no longer engaging and exciting him. He’d backed himself into his own corner, because he hadn’t stopped to think about what he was doing.

“Oh no, that’s not how it’s supposed to be,” I thought, his resignation washing over me like a wave of grief for what he was giving up in order to make a living.

This conversation actually happened word for word with a prospective client, and I hear it too often in various formats from business owners who’ve lost their way. Work has become something they grind out daily in the hope of a brighter future, but no actual plan.

It definitely does not have to be like that.

In fact, it’s easier than you think IF you alter your perspective a degree or two and give up a few things you’re doing now in order to get the joy back.

Before you start resisting, know this: people have all sorts of reasons and excuses for why they can’t do things. They even blame other people! What’s rare is a person who is willing to work out how they CAN do things and take responsibility for it.

If you are one of the rare people here’s what you’d do:

Make a list or a mind map or a chart of all the things you do best in the business. Not just the things you CAN do but the things you do better than almost anybody.

Now, get real with it. For each item ask these filtering questions

“If I never did this again in my life, how would I feel?”
“If I did this for the next 5 to 10 years, how would I feel?”
“What would happen if I decided to delegate this or teach it someone else to do?”
“Will the world end or will somebody die if I don’t do this?”
“Is there something I’m not doing that I passionately want to do?”

Separate your lists into 3 categories:

STOP doing

START doing

CONTINUE doing

Your “stop doing” list can be delegated…

…OR you could change the nature of your business so that those things are NO LONGER NECESSARY.

Your “start doing” and “continue doing” lists should contain your joy and your genius. If not, filter it again. Rinse and repeat until you feel the wellspring of joy inside you.

Enjoy!

How to work smarter not harder this year

I walked into a hardware store one day.

There were 3 or 4 people standing behind the long counter and another 3 or 4 people in front of the counter waiting to be served. One bloke behind the counter looked like he was running rings around all the other guys– he was serving all the customers while the others stood idly by.

“He must be the guru.” I thought.

“Can I help you?” asked one employee.

“Yes, can I see the boss please?” I asked.

“Yes, that’s him” he said pointing to the guy doing all the work (without even asking what I needed and if he could help instead)

What’s wrong with this picture?

Can you see yourself in this scenario?

Business owners shoot themselves in the foot all the time by trying to do everything in their business. I’ve heard business owners variously describe themselves as “Chief Cook and Bottle-washer, “Trouble-shooter” and even “Dogsbody”. Some business owners even clean their own premises to save a few dollars – please tell me that’s not you!

If you feel like your business is dragging you down and you never seem to be getting to the good stuff it’s probably because you take on too much. For whatever reason, you’ve justified putting yourself in a position of power then undermined it by attempting to do everything yourself.

So, how are you going to get to the good stuff you want to do?

First of all, do you know what the “Good stuff” is? Have you actually defined what it is? You know there’s something … you just can’t quite put your finger on it, but other people seem to be having more fun and getting better results than you.

Or maybe you do know what you want but not the steps to get there – it seems too hard. Maybe there’s some fear and doubt and financial issues you have to tackle first, so it’s just easier to keep looking and being busy, (although it’s not very fulfilling) and every day is Groundhog Day. .

In order to work smarter you’ll need to know what it is you’re aiming for and what your particular role is in making it happen. This might take some courage and deep thinking – and delegation!

First of all – there is no such thing as a “good all-rounder”, so stop trying to be one.

You have natural talents and strengths you probably haven’t even tapped into yet.

Find the NICHE that suits your talents and makes you happy.

If you’re good at the technical work of your business like being the designer, accountant, mechanic or brain surgeon, then do that thing, but don’t keep it to yourself, hire and train other people to do it even better than you so you can expand the business.

OR – if you don’t want a large team and you are happy to be the technical person, focus on being the best brain surgeon you can be and get other people to do everything else; all the admin, marketing, sales, management and other parts of your business. Your hourly rate will be much higher than these people. Hire a great business manager or practice manager. Hire a great Personal Assistant – do whatever makes your job easier.

Remember to keep it simple and streamlined.

Find a MARKET that suits your talents and makes you happy.

When you work with clients or customers you like and you’re doing work that is your pure genius, then work doesn’t seem so hard, you’ll enjoy it more. Work becomes more harmonious – you have better capacity to deliver and the clients are less demanding, more flexible and understanding.

All clients are not created equal. It’s absolutely NOT true that “any client will do, as long as they pay.” Working smarter means choosing your clients; you’ll get paid on time, have fewer complaints, less re-work, fewer price shoppers and happier employees.

Be self focussed

The smart thing to do is look after yourself first, be a little selfish. If you fell over what would happen to your business?

There’s nothing wrong with drive and determination unless it becomes obsessive. Check your level of obsessiveness about your business. If it’s making you tired and sick it’s time to back it off a few notches.

Take a break, breathe. Not everything is urgent and important. Read Stephen Covey’s “The 7 Habits of Highly Successful People”. Apply what you learn, especially the part about sharpening the saw.

Seth Godin says “Do work worth doing”. Are you doing just enough to get by or are you really making a contribution? Do you need to change a few things? Stop being efficient – start being effective.

Work in your genius – Roger Hamilton’s Wealth Dynamics Wealth Profiling will help you discover your personal genius so you can work in flow.

Above all, give yourself time to do things. Set goals, break them down to small manageable bites, determine what your genius contribution towards achieving the goal will be, then work out who will help you.

Enjoy!

Discover your path to wealth by working in flow with your Natural Genius talents

Wealth Dynamics in a nutshell

Many people think that there are hundreds of routes to wealth. With Wealth Dynamics, you’ll see that there are actually only eight paths to wealth and that one of those paths is the correct one for you.

These paths are highlighted by the successful people who have achieved wealth through following their natural path. This is to say, they found the wealth dynamic match that suited their talents.

Could you imagine Richard Branson as a footballer, or Bill Gates as a fish monger?

No, they discovered the talents they were born with and capitalized on them. They followed a path that they loved, their path of least resistance and they excelled at it. Wouldn’t you like to find your path, benefit from your natural strengths and excel?

Let’s take a brief look at each of these eight wealth profiles…

The Creator

The Creators can’t help creating! They are good at creating profitable ideas and businesses, but not so good with the day to day running of a business. Successful creators will delegate everything, except the creative process. Example: Walt Disney

The Mechanic

Mechanics are perfectionists who like to finish things, rather than create them. They want to make everything better – fine tune them. Example: Henry Ford.

The Star

It is easy to spot a star. Obviously, you have film, music and sports stars, but high profile CEOs can also be thought of stars. They rely on the strength of their personality and are aware of the pressure of always having to deliver. Example: Oprah Winfrey

The Supporter

Supporters are great networkers with loads of energy and enthusiasm. Their greatest wealth can be achieved when they join forces with a Star, Creator, Deal Maker, or Mechanic. Example: Steve Ballmer

The Deal Maker

A deal maker relies on relationships, connections and being able to react intuitively when the best opportunities present themselves. Example: Donald Trump

The Trader

A trader is someone who naturally hunts out bargains, naturally loves haggling and gets immense satisfaction from a great deal. They are equally as good at finding high price buyers. Example: George Soros

The Accumulator

Incremental growth is the key to this wealth dynamics profile. They are patient, disciplined and will stick fast to a successful system. Example: Warren Buffet

The Lord

The Lord likes to control everything. You can find a lord where there are fixed assets generating cash. They don’t want attention like the stars and like to create wealth quietly. Example: Ingvar Kamprad

These carefully thought out profiles are the result of years of studying the approaches of hundreds of successful wealth creators combined with Chinese philosophy.

Knowing which of these wealth profiles is yours, is like having the keys to the vault of the Bank Of England.

More than 250,000 entrepreneurs have already found their true profile and are discovering, with amazing clarity the direction towards true wealth for them.

Would you like to join them? CLICK HERE to take the test.

Pauline Bright is an accredited Wealth Dynamics Profile consultant. To book a Debrief and Discovery session once you’ve done your profile, please email support@brightbusiness.net.au or call 0413 739 196. You’ll find out how to use your profile in your current business or situation and what is the right path for you to follow.

Evolutionary Business Design

Author: BrightBiz