Business Structure – Page 4 – Pauline Bright Business Coach

The secret to being a successful business owner

Congratulations! You’re a rare breed.

If you measure success by the dictionary definition of “the favourable outcome of something attempted”, then owning a business could be considered a success, because there are many more who think about being a business owner than follow through to buy or start a business.

But how do YOU measure success?

Is it measured in money, prestige, toys, lifestyle, contribution, customers or reputation?

Who’s doing the measuring?

Are these your measurements or are you succumbing to external forces telling you what success “should” look like?

From the outside your business could look spectacularly successful. However you could be sitting in your business right now not feeling particularly proud and successful – especially if things are not going the way you imagined they would.

Working closely with hundreds of business owners over more than a decade here’s what defines success for them.

Which ones apply to you?

I get out of bed each day with enthusiasm and energy – I enjoy my business
I’m happy with the direction in which my business is headed
I’ve made mistakes and learnt from them. I get up when knocked down
I constantly learn and implement new ideas and ways of doing business
I have good people around me to help run sections the business
I feel good about the products/services we deliver
I have brightness of future. I’m confident we’re on the right track
I have a good support network in my business community
My business is agile, flexible and not heavily weighed down by outside influences
My business pays me properly for my efforts
My business has a good reputation
I’m doing work worth doing, it has value
My time is flexible enough to allow me to enjoy life
My business is growing. I have an asset that has value now and in the future
I have the right balance of work and play. I have time to myself and with my family
I have defined my boundaries of what I will and won’t do
I choose my customers
The business is under control; it has systems that make it work well
My business makes a valuable contribution to my community
I have a business that gives me a good life

Please feel free to add your own success criteria.

Celebrate what you DO have. Every business is a work-in-progress. Don’t feel bad about the things you don’t have right now. Make a note of them and work on the most important ones that have meaning for you.

There is no ONE secret – it’s a collection of criteria that gives you a feeling of pride and sense of achievement.

The secret to being a successful business owner is whatever you say it is.

What is it for you?

The “money side” of business – is it an optional extra?

How do you make financial decisions for your business? Gut instinct? Look at the bank account? Or check your financial reports and cashflow statements?

If you just cringed at the thought of actually reading financial statements then you may need to start thinking differently about the money side of your business if you want it to actually flourish. It’s nowhere near as hard as you think it is – and it is very EMPOWERING!

I’m always puzzled when I hear business owners say they don’t like the money side of business. Running a company and hating numbers strikes me as a little like being a massage therapist and hating to touch people

If you could overcome some of your money habits, skills and current thinking, what would give you the most confidence in running your business?

What would, you need to know for peace of mind that things are working as they should?

Money in the bank?
Forward orders?
Work in progress?
Your regular bills/debts taken care of?
Invoices done properly and timely?
Debt reduction – you are making headway?
Paying yourself regularly – and paying what you are worth?
Never having to scratch around for money?
Play money for holidays, toys, treats?
Money to give to others?

If it’s time you got to grips with money and business, hop onto this free “Business Money Maximiser Webinar”
It’s a Warts-n-all Expose: The Reality of Running a Six Figure Business for people who think they don’t like numbers but know they are missing something really important in their business around the money side of things.

http://brightbusiness.net.au/the-business-money-maximiser

BUSINESS

5 Steps to develop your good business ideas

If you’re a creative person you’ve probably generated more business ideas than you can ever implement.

In your mind your latest idea could be the best thing since sliced bread, but if you don’t put in enough strategic thinking BEFORE you get started, it could just lead you down a deep dark rabbit hole…

This 5 Step Strategy to Develop New Ideas will help you sort the “good ideas” from the “time wasters that look good on the surface” and show you how to get the outcome you really want.

Try this:

Capture the ideas – it doesn’t matter how crazy they might seem – just get them down in a journal of some sort. Use words, pictures, links… anything that sparks off the original idea and intention.
What is the problem that THIS is the Solution to? You’ll need a framework to assess the idea. What is your greatest need – your “Burning Desire” right now? Is it to make more money, to get better customers, to have better structure in your business? Whatever that burning desire is write it down at the top of a page. “I need to make more money” (remember to state exactly how much money that is – e.g. $500 more in turnover each week”) You’re going to brainstorm the strategies.
Take each idea you came up with and run it by the Burning Desire. If the idea can help you achieve that exact outcome, without spending too much money or wasting too much time, then it’s time to develop the idea. All other ideas have been captured in the journal so you can come back to them later. Work on ONE idea at a time – go deep.
If you have more than one idea or strategy, assess the idea for ease of implementation. Ask yourself qualifying questions: “Can it be done, by me (or can I pay someone else to do it)? What tools, people, skills will I need to make it successful? How long would it take to implement? How much will it cost? What return do I want for my time and effort?” Write it down. Can you do a “test run” before you throw lots of money at it?
Start the test run – run it by people who would use it or buy it – get some feedback. Don’t try to develop the idea and build a new product / service / system until you know there is a genuine need or market for it or that people actually want what you’ve created.

How do I know this works?

Because I’m a super-high Creator. Without structure to assess and implement ideas Creator types can create chaos. I know it seems like “hard work” from the outside but if you take a little time to plan it out first you’ll save yourself vast amounts of time and energy and money – and you’ll end up with a much better creation from your brilliant ideas.

Good luck. Let me know how it goes.

What’s your actual number?

How much money do you Fully Intend to earn from your business this year?

Note: “I didn’t say how much money would you like?” That’s a dream.

When I said “Fully Intend to earn” I don’t mean just some vague goal of “I want more money” blah blah blah.

I mean the actual NUMBER – the amount you will put in your pocket and why that’s important to YOU.

Would it make the world of difference to you…

to earn more than you did at your last job or last year in your business?
to live a better life with no holds barred?
to pay down some overwhelming debt?
To boost your self-esteem – to be paid what your worth ?

People get all hung up on money. They think it’s virtuous to say “It’s not about the money” but if you’re in business a big chunk of it IS about the money

Your financial success this year will depend on just TWO things

How you think
What action you take

It’s not just a matter of setting a goal – that’s the easy part… (pick a number – any number…)

BUT – to get from the income you make now to exactly the income you REALLY want… well, HOW do you do that…?

THAT’S the question… isn’t it?

You see the mystery is in the HOW to do things and most people won’t tell you that.

I’ve been implementing this “money and numbers stuff” for quite some time now in my own businesses, and I teach this to my clients in all kinds of businesses, with remarkable results.

And I want to show YOU how to do it too because life’s too short to do this slowly… and painfully.

You lose too much money and momentum trying to figure this out on your own

Now this is not a “One Tip, One Trick” strategy. It’s a series of actions taken at the right time with the right knowledge that will get you where you want to go.

I’m talking about real commitment here.

I’m talking about rolling your sleeves up and getting into it. Even if you think you don’t like numbers. ESPECIALLY if you avoid this side of your business!

It WILL NOT take care of itself.

And YES it will take some hard work – but it won’t kill you, in fact it will definitely make you stronger!

Here’s a neat little tool to calculate how you’ll make that income – click here

Email me pauline@paulinebright.com

Or send me a private message on Facebook or LinkedIn

Or pick up the phone and call me 0413 739 196

Talk soon.

Why is a budget so important to your business, but so hard to do?

I have yet to meet anyone who likes the word “budget”!

It seems to have acquired a negative spin – Business Coach Mandurah like “belt-tightening” or “big brother” standing over you… it may start feeling like there’s no fun in life if you have to budget!

Maybe the politicians have given it a bad rap! Treasurers rarely deliver a popular budget.

So let’s change the name shall we, to CASH FLOW; 2 really nice words that fit together.

Let’s put together a Cash Flow Forecast.

Serious FUN

When you are realistic about what it takes to run your business – how much money you need to spend and how much money you need to make you can start to get out of stress and into some Serious Fun!

And in that Cash Flow Forecast let’s include some FUN MONEY – money you can play with on a regular basis so it makes you feel good.

And let’s measure what happens with the Cash Flow Forecast, – your actual spending, because when you’ve taken the time to set it up and include all of the things you need and want to spend money on, then you know you’ll be able to sustain it. And you’ll enjoy life more.

So what is a Cash Flow Forecast?

Well, when you get the hang of this, you can have:

Cash flows for personal stuff (in fact I like to start with the personal stuff – because being a business owner should give you a better life – right?)
Cash flows for running your business – projected income and projected expenses in the months they actually occur
Cash flows for expanding and growing your business in the future so there are no nasty surprises when you get there.

TRUE CONFESSION:

I’ve had 11 businesses – not all of them reached their true potential because I told myself “I don’t do numbers”.

And every time I had an attack of “Ok Pauline, let’s do this – you know you have to”, I tried to learn it but it was being taught in such a mind-crushingly dry dusty boring way that I felt like giving up.

But I persevered and I learnt the language of numbers because I had to! It was sink or swim. I chose to swim!

And now I REALLY like numbers – seriously I think I’ve turned a bit nerdy. And I teach it in a Seriously Fun and easy to understand way.

I’d never realised the richness of what’s in a business until I learned about Money and Numbers. (I even coach accountants now! I could never have foreseen that.)

Being Good at What You Do is Overrated

Being good at what you do – the work of your business is not enough. You need to be able to accurately predict what will happen and when it will happen. And you seriously need to know the numbers to do that.

If you are running your business based on what’s in your bank account, you’re heading into shark-infested waters. Please DON’T DO THAT!!!

And if you need help – then come to a Low cost/ High value workshop.

The first one is “Women and Money”
Simple Practical Abundant Money Strategies for Women in Business

The next one is “Men and Money”

And there may even be a “Couples and Money”

Watch this space…

Evolutionary Business Design

Category: Business Structure