1 Mar 2024
Running a business can be tough. There are so many things to think about, and it can be easy to get into bad habits or resort to short-sighted measures in order to earn or save a quick buck. In this blog post, we will discuss four bad business habits that you need to break today.
1.The pricing trap
Especially when you first start out in business, it’s tempting to offer discounts and deals left, right and centre in order to win over new customers. However, this can actually be very damaging in the long run.
When you underprice your services or products, you are trapping yourself into a cycle in which you can never increase your prices without losing customers. You also devalue your work in the eyes of your clients or customers.
The best way to break this habit is to start by charging a fair price for your services and products, and then gradually increase your rates over time. This will help you to build a strong reputation as a business that provides good value for money, and it will also make it easier to attract new clients. Focus on your brand positioning and reputation so that you’re not always forced to compete on price.
2.The DIY approach
When you’re starting out in business, it can be tempting to try and do everything yourself. After all, you’re the boss and you want to save money wherever possible. However, this can actually be very damaging to your business in the long run. By trying to do everything yourself, you’ll quickly become overwhelmed and bogged down with work, which prevents you from focusing on the most important tasks and from growing your business.
The best way to break this habit is to realise the value of your time. As the business owner, only you can take your business to the next level, whereas you could most definitely outsource admin, accounting or copywriting.
Learn how to delegate tasks to other people in your team and realise that outsourcing is more about saving money than spending it. This will free up your time so that you can focus on the most important things, and it will also help you to grow your business more quickly.
3.Always looking for the lowest price
When you’re starting out in business, it’s natural to want to find the best deals and the lowest prices. However, this can be very damaging to your business in the long run.
By always looking for the lowest price, you’ll find yourself skimping on quality, whether that means employing under-qualified staff, buying cheap materials or cutting corners in other ways. This can lead to poor customer service and a negative reputation for your business, which in turn traps you in a cycle of competing on price.
Of course, you don’t want to waste money, but when it comes to products, services, supplies and staff, remember to focus on value rather than price.
4.Not seeking financial advice
It’s easy to get into the habit of not seeking financial advice, especially when you’re starting out in business. After all, you’re the boss and you should be able to make all the decisions yourself, right?
Wrong. In reality, this is a very risky approach.
By not seeking financial advice, you’re putting your business at risk and you’re not taking advantage of all the resources that are available to you.
The best way to break this habit is to find a great accountant or financial advisor who can help you to make sound financial decisions for your business. This will help you to avoid costly mistakes, protect your business from risks and take advantage of opportunities as they arise.
Summary
The four bad business habits you need to break today are trapping yourself by undercharging, trying to do everything yourself, always looking for the lowest price and failing to seek financial life. These mistakes cause you to miss out on key opportunities that will help your business grow faster and in a more sustainable way.
The good news is that by breaking these bad habits today, you can watch your business grow and flourish for years to come.
Book a free call with us by visiting our website here.
1 Mar 2024
Ask any successful entrepreneur and they’ll tell you that habits matter enormously. What you do on one single day won’t make a huge amount of difference to your journey; it’s what you do each and every day that counts. We’ve put together a list of good habits for new entrepreneurs to prioritise so that you can set yourself and your business up for success.
1) Read
The most successful entrepreneurs are the ones who are always striving to learn more and better themselves, and reading plays an important role in this. Many successful entrepreneurs, from Jeff Bezos to Mark Cuban, cite their love of books as a contributor to their financial success. In fact, Warren Buffet claims to spend up to 80% of his day reading and Mark Zuckerberg says that he gets through two books per week.
2) Keep a Close Eye on Your Finances
None of the billionaires mentioned above got to where they are today by playing fast and loose with their finances. It’s important to monitor your finances carefully and make sure that you understand your current situation. If you struggle with this, then it would be wise to hire an accountant or financial advisor who can provide you with insight and guidance, and ensure that the numbers are in check.
3) Prioritise Sleep
They say that successful people get up early, but successful people also get enough sleep. Getting an adequate amount of good quality sleep is important for concentration, mood and brain function, so don’t skimp on shut-eye.
4) Focus on High Value Tasks
Get into the habit of assigning a value to each task, and prioritising accordingly. As a business owner, your time is a valuable resource; can you really afford to squander it on low value tasks such as scheduling meetings and cleaning up your inbox?
Assigning a value to your tasks will tell you what you should outsource and thus allow you to focus on the important, profit-generating activities that really propel you forwards.
5) Networking
Networking isn’t just for the odd conference here and then. Successful entrepreneurs reach out daily – whether virtually or in-person – to their business contacts and prospects in order to maximise the opportunities that come their way. Business is all about building relationships, so get into the habit of networking every day in order to maximise your chances of success.
6) Start the Day Off Right
Notice that we didn’t say “start your day at 5am.” Whilst you don’t need to wake up at the crack of dawn to be successful, it is important to wake up at the same time each day (whether that’s 6am or 10am) and set yourself up for success with a good morning routine.
A good morning routine does not necessarily take two hours and involve 36 separate steps. It should simply start your day off on a positive note and get you in the right mind frame to work. This could mean grabbing your trainers and heading out for a morning jog, reading 10 pages of an uplifting book or simply having breakfast with your family.
It’s also important to sit down and read through your list of goals before you begin work each day to keep yourself motivated and focused on what you want to achieve.
Summary
As John C. Maxwell said “the secret of your success is found in your daily routine,” so start working to implement the above habits into your day. Alone, they may not seem like much but over time these good habits will compound and contribute to your success. Of course, a complete overhaul can be overwhelming, so focus on integrating one habit at a time. Download a habit tracking app or print out a calendar and check off each day that you put your new habit into practice. Do this for three months, until your new habit is no longer new, but rather deeply ingrained, and then start focusing on another small change. There is no such thing as overnight success but, with time and consistency, a few small habits can really add up to make a big difference.
Book a free call with us by visiting our website here.
5 Jul 2023
Is your lack of confidence starting to affect the business? It’s possible to shed imposter syndrome and prevent it from reoccurring.
Imposter syndrome, unbeknownst to many, is a common condition found in high achievers, including the creative types, entrepreneurs, and more.
Business owners suffering from imposter syndrome may have it worst of all. Because if left unchecked, this is a problem that can bury a business deep in the ground.
But how do you deal with a problem like imposter syndrome?
Tip #1 – Face It
The first step to solving any personal issue is to admit that it exists. But with imposter syndrome, acknowledgement isn’t enough. Entrepreneurs have to face it and engage it head-on.
A simple trick involves questioning the negative whispers inside one’s head.
Imposter syndrome often tells business owners that they can’t do certain things or that they’re not good enough. To confront it, it’s critical to follow up those thoughts with reassuring phrases like perhaps, noted, however, nevertheless, and so on.
The idea is to not get hung up on those negative ideas and try to put a positive spin on them.
Tip #2 -Separate Feelings from Facts
Entrepreneurs that fall prey to imposter syndrome are those that let their emotions guide them in all sorts of situations.
Separating feelings from facts can help deal with the issue.
Remember, getting a bad feeling or becoming upset after making a mistake is no reason to feel inadequate.
Tip #3 -Change the Rules
Some business owners create impossible sets of rules. It’s because they try to operate under the assumption that they can’t make mistakes or ask for help.
And when they fail, they start to feel like imposters because that’s what the syndrome causes them to think.
While it’s important to set rules, you also must guide your business decisions by attainable standards and allow for some breathing room. This applies even to those in leadership positions.
Tip #4 – Visualise Success
Highly successful people often picture themselves winning. Whether it’s in sports or business, it’s always the same – it’s better to visualise success than spend too much time focusing on a potential impending disaster.
It’s also a technique that helps relieve performance anxiety and stress.
Tip #5 – Change the Default Response
Entrepreneurs that get imposter syndrome often have a negative response to mistakes and failure. For them, any mistake could lead to a negative response and a defeatist attitude.
It’s critical to change that response into something healthier.
Understand that there are benefits to be gained from losses. Every mistake can be a teachable moment that prevents you from repeating it.
It’s a Systematic Process
No entrepreneur overcomes imposter syndrome overnight. On the other hand, it’s also not impossible to beat it and prevent it from affecting your business in the future.
However, it does require a systematic approach. And you can start with baby steps and gradually improve your response to negative situations and thoughts.
Positivity, asking for help, changing the rules – these are all things that can help. Even spending more time visualising success can do a lot of good for someone lacking confidence in their leadership skills.
Book a free consultation here, to discuss your needs and learn how we can help you with any of your imposter syndrome struggles.
Did you know we’ve also got a free downloadable eBook dedicated to the most common profit draining mistakes made by small businesses. Check it out here.
21 Jun 2023
Being a successful entrepreneur requires more than just having a great idea. There are certain qualities and skills that all successful entrepreneurs share. Whether you’re just starting out or you’ve been in the game for a while, honing these qualities will help you achieve success.
#1 – Passion
A successful entrepreneur is passionate about their business and their product. They believe in what they’re doing and are always looking for ways to improve. Passionate entrepreneurs are also able to inspire others and build a team that shares their vision.
Passion is what inspires an entrepreneur to keep going when things get tough, and in the rocky world of business, things will definitely get tough at one point or another. If you don’t have a passion for your business, it will be very difficult to weather the storms.
#2 – A Willingness to Fail
No-one wants to fail, but a successful entrepreneur knows that it’s a necessary part of the journey. They are willing to take risks and experiment with new ideas, even if it means that they might fail. They view failure as a learning opportunity and use it to help them improve themselves and their business.
Each and every one of the world’s most legendary entrepreneurs has failed hundreds – if not thousands – of times.
Walt Disney was fired from his first job as an animator for being “not creative enough.” He was also turned down over 300 times when applying for financing for Disneyland.
Bill Gates’ first business, Traf-O-Data, was a complete failure. Even later on, despite the incredible success of Microsoft at large, the Internet Explorer browser was notorious for being buggy and slow – so much so that it became a popular joke among web users.
Oprah Winfrey was fired from her first job as a news anchor because she was “unfit for television.”
J.K. Rowling’s first Harry Potter book was rejected by 12 different publishers. When it was finally accepted by Bloomsbury, they only ordered 250 copies and told her not to expect much in terms of sales.
There are countless more examples that we could list, but the moral of the story is that no-one – not even the most successful entrepreneurs in the world – is immune to failure. The difference is that they don’t let it stop them. In order to succeed, you first have to be willing to fail – and fail hard.
#3 – Critical Thinking Skills
Successful entrepreneurs know how to think critically and solve problems. They aren’t afraid to ask questions and challenge the status quo. They are always looking for new and innovative ways to do things.
In order to be a successful entrepreneur, you need to be able to think on your feet and make quick decisions. You can’t afford to be indecisive or second-guess yourself – you have to be confident in your abilities and trust your gut.
Of course, that doesn’t mean that you should make rash decisions without thinking things through first. It’s important to strike a balance between being decisive and being thoughtful. The best entrepreneurs are able to do both, and this is where strong critical thinking skills come in.
#4 – Excellent Communication Skills
A successful entrepreneur is an excellent communicator. They know how to articulate their vision and inspire others to buy into it. They are also good at networking and building relationships.
In order to be a successful entrepreneur, you need to be able to communicate your ideas clearly and concisely. You also need to be a good listener and be able to take constructive criticism.
Building a successful business is all about relationships – you need to be able to build a strong network of connections and develop relationships with key people in your industry. This is where excellent communication skills come in handy.
If you want to be a successful entrepreneur, you need to work on honing these skills.
#5 – A Growth Mindset
The most successful entrepreneurs have a growth mindset. They are always learning and constantly trying to improve. They are open to new ideas and willing to experiment.
Someone who has a fixed mindset believes that skills and abilities are innate, whereas someone with a growth mindset believes that they can be developed. This opens them up to new opportunities and experiences.
The best entrepreneurs are always learning. They read books, listen to podcasts, and attend industry events. They are constantly trying to improve their skills and grow their businesses.
If you want to be a successful entrepreneur, a growth mindset is of the essence.
Final Thoughts
In order to be a successful entrepreneur, you need to have the qualities listed above. These include critical thinking skills, excellent communication skills, a growth mindset, and more.
No one is born with these qualities – they are all something that can be developed over time. If you want to achieve success as an entrepreneur, start by prioritising your own self-improvement and honing these qualities.
Book a free consultation here, to discuss any of your financial needs as an entrepreneur.
7 Feb 2023
It is a sad fact that many small businesses fail. In fact, according to the US Bureau of Labor Statistics, more than half of new businesses close within five years. There are many reasons why these businesses fail, but there are four common themes that arise time and time again. In this blog post we’re going to take a closer look at those reasons and dive into the lessons you can learn from them so that your small business stays successful.
#1 – Running Out of Cash
A study by US Bank found that 82% of failed small businesses cited cash flow mismanagement as a contributing factor to their collapse.
Cash is the lifeblood of your business; without it, you can’t keep moving. This is why it’s so important to have a good understanding of your cash flow and make sure you have enough money coming in to cover your expenses.
If you’re having trouble managing your cash flow, here are some tips:
- Create a detailed and realistic budget
- Track your spending and revenue closely
- Find ways to reduce your expenses – small changes add up
- Tighten up your invoicing process and don’t be afraid to chase up late payments
- Get a loan or line of credit to help you tide over difficult times
- Invest in tools and software that will help you manage your finances more effectively
#2 – Lack of Planning
Another common reason why small businesses fail is a lack of planning.
In the excitement of starting your business, it’s easy to get caught up in daily tasks and forget about where you’re headed. This means that many entrepreneurs fall into the trap of doing things ‘just because’, rather than creating a plan and taking intentional action.
To avoid this, you need to have a solid business plan in place. This document should outline your vision for the business, as well as your goals and strategies for achieving them. It should also include a detailed financial plan so that you can track your progress and make adjustments along the way.
#3 – Poor Management
It’s easy to think of your business as a special, unique snowflake. You might believe that since it’s based on passion and hard work, you don’t have to manage it the same way other businesses are managed.
However, being an entrepreneur isn’t all rainbows and butterflies; there are many tough decisions you’ll need to make and tasks that no one will do for you.
To be successful, you need to learn the skills of management; this means taking a moment to step back from your daily grind and look at things with an objective eye. This is especially important when it comes to hiring employees – if you don’t know how to manage people, you’ll struggle to hold onto staff.
The good news is that most management skills can be learned through education and experience, so set aside some time every week to read up on the subject or attend seminars with experienced entrepreneurs.
You might also want to look into hiring a business coach who can help keep you accountable for your goals and provide you with the skills you need to be a great leader.
#4 – Failing to Invest in Marketing
No matter how great your product or service is, if no one knows about it then you’re doomed to fail.
This is why effective marketing is so important for small businesses – it’s the only way to get your name out there and let people know what you have to offer.
Unfortunately, many small businesses don’t allocate enough of their budget to marketing, or they rely on outdated methods that no longer work.
If you want your business to be successful, you need to invest in modern marketing techniques such as SEO, social media marketing, and content marketing. You should also make sure you have a well-designed website and an effective branding strategy.
Final Thoughts
There are many reasons why small businesses fail, but by understanding the most common ones you can take steps to avoid them. Make sure you have a business plan in place, learn the skills of management, and invest in effective marketing techniques – these are the keys to success.
Book a free consultation here, to discuss your needs and learn how we can help you.
16 Jan 2023
There is so much to think about when starting a new business. In order to give yourself the best chance of success, it’s important to implement good habits and best practices from day one. As a new business owner, it can feel like your attention is being pulled in a million different directions which is why we’ve created this guide to help simplify things. Here are four essential tips for entrepreneurs starting a new business.
1. Prioritise Learning
You can never learn too much and the more you learn, the faster your business will grow.
Of course, we’re not recommending taking course after course and never implementing what you learn; shelf help never got anyone anywhere. However, it’s important to learn from and follow in the footsteps of those who have gone before you. Coaching and mentoring programs can save you a huge amount of time and enable you to fast track your business to success.
Your customers represent a very valuable source of learning, too. By having conversations with them, you can get a clearer understanding of their problems and fears, and thus provide an effective solution.
2. Stop Making Excuses
What’s the difference between people who talk endlessly about starting something and those who actually get up and do it?
There is never a perfect time to do anything and there will always be a reason not to, whether it’s time, children or a fear of failure. These are very real obstacles but you’ll never achieve anything if you let these things get in your way. If you want your new business to succeed, you need to stop making excuses and focus on finding solutions. Think ahead and solve these problems before they impact your progress.
3. Sell Paracetamol
We don’t mean this literally, but as stated above, it’s important to get an understanding of your customer’s pains and then prescribe the solution.
Think of it as selling paracetamol instead of vitamins. Yes, vitamins can be a preventative measure and help people achieve their health goals but paracetamol cures the pains they are suffering right now. We all know which one most people would reach for when suffering from a headache.
Don’t think so much about what you’re selling but focus on the problem that you are solving. This will enable you to create a powerful marketing strategy that really appeals to your ideal customer.
3. Track Expenses from Day One
We cannot overstate this enough. Not only does tracking your expenses help to minimise your tax bill and keep your business compliant, it also provides critical financial data that will prove invaluable in terms of cash flow projections and financial planning. This will help you to choose the right payment terms for your business, make investments at the right moment and grow at a steady rate whilst mitigating the risk of overstretching yourself.
We know that bookkeeping is not your favourite task, which is why we recommend using cloud software such as Xero to make the process as fast and painless as possible. These platforms make it easy to manage your invoices, track your payments and organise your financial records, meaning that it’s more likely you will actually do it rather than putting it off indefinitely.
Summary
Of course, there are a million details to deal with when starting a new business but by using the above tips as guiding principles, you can give yourself the best chance of success. Striving to learn more and refusing to make excuses are both important parts of cultivating a growth mindset, whilst focusing on selling pain-killing solutions will prove invaluable when it comes to creating an informed and accurate marketing strategy. Finally, it’s of the utmost importance that you track your expenses from day one to avoid making a stressful (and expensive) mess of your books and ensure that you are able to leverage your financial data to create a stronger and more profitable business.
Book a free consultation here, to discuss your needs and learn how we can assist you.
