Category: Business

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How to balance working on and in your business

Small business owners usually do a mixture of working on and in their business. It’s very easy to get sucked into working IN your business to generate profits and income today but it is also essential to work ON your business to grow and generate future profits.

So how do we get the balance right?

I use a default diary to try and ensure that I get a good balance at the planning stage.

Monday: ON catch up on admin, clear my inbox, follow up leads.
Tuesday: IN Write, rehearse and record webinars and talks for the speaking and training parts of my business. 
Wednesday: IN Minerva Accountants work.
Thursday: ON/IN Marketing and content writing for myself and third parties as I write content and articles for fintechs and accountants.
Friday: IN/ON Individual and group coaching for my various online programmes and then my own business development time, implementing ideas from books, webinars and conferences that I have attended.

Of course, in the real world, it isn’t easy to stick to this but having it in my diary in the first place means that I am more likely to move my work slots around than to cancel them completely.

On a Friday afternoon I like to plan out any remaining work in my diary so that I can hit the ground running on a Monday morning.

How do you structure your week?

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Retirement planning

No matter what age you are it is still worth thinking about how you will save for your retirement. And I don’t just mean saving your teeth.

There are 3 main ways that your business can fund your retirement:

1. Increase value of business for sale

If you have a valuable business this can be sold at the point of retirement to fund your new lifestyle. Your business value will increase if it is highly systemised and not dependent on you.

2. Systemise your business for residual income

If your business is highly systemised you can step out of it or just reduce your hours and still have a generous income. Whilst we often coach accountants and business owners who want to sell up, two of them have been so pleased with the process that they have actually decided not to sell yet as the revamped business operates so smoothly and takes less of their time. It’s a bit like doing up your house for sale and then deciding that you like it so much that you won’t move after all.

3. Increase profits to invest elsewhere

Some businesses have limited sale value as they will always be dependent on the expertise of the owner. In this case it makes more sense to increase your profits to invest elsewhere. Your company can pay into a third party pension scheme or SIPP very tax efficiently or you may prefer to take your profits out now, pay the tax and invest in property.

Whichever way you choose to fund or retirement, and whether you use us to help you to improve your business or not, please remember to take care of your teeth.

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Speaking for business

As you probably know I speak professionally, and so I often get asked for tips on how people can improve their speaking. 

Please see my article on basic Zoom meetings. Get your camera angle, lights and sound all set up even for normal meetings. 

For speaking on webinars rather than just meetings:

  • I speak professionally after years of practice and training from the Professional Speaking Association! (The speaker’s equivalent of ICAEW). If you want to run a professional event hire a professional speaker, just as you would use a professional accountant.
  • I don’t use a script so, after writing the talk, I set aside a whole day or more for rehearsing in the week before the event.
  • Any slides should enhance your event. If you’re just going to read from your slides then you’re not adding any value.
  • I have crib notes on my keyboard for any facts I might forget but they need to be big enough to read without my glasses!
  • As I’m talking about my own subject matter I can tweak the talk as I go to adapt to timing (often needed when other speakers overrun). In an event where I can see my audience I can even adapt the content to spend more time on a topic where they look engaged and skip over anything that is of less interest to them.
  • DO NOT OVER RUN as it is rude to other speakers and the event organiser. If you’re organising events please be clear on how long the actual talk should be and whether introductions and questions need to be included in this time.
  • If I’m MCing an event I hold cue cards in my hand (or on my keyboard) but I still try to rehearse introductions beforehand so that I can look at the camera/audience as much as possible.  
  • Use a professional MC for your events. They will ensure that everything runs to time even if you have less experienced speakers.
  • Have a dedicated person to look after your AV.
  • Ensure that you have a diverse mix of speakers. If anybody needs help with this then feel free to contact me as I know hundreds of speakers who cover a range of topics.

A lot of people are setting up online courses so I’m hosting a webinar on Tuesday 20th October to share how I create and host our coaching programmes on Thinkific.

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Working from home – the long game

As some parts of the country are in local lockdown and we’ve all been encouraged to work from home again we need to get set up properly for working from home.

For 7 months now businesses have been making excuses for poor service and blaming working from home. Frankly, apart from a few badly hit sectors, if you haven’t adapted by now then it sounds a bit hollow. (If you want ideas on how to adapt then watch Hudson Business Advice’s old ‘One for All’ Covid videos or book onto their 30 day Makeover course starting 1 November – see www.hudsonbusiness.co.uk for further information).

Employers still expecting their team to work from their premises need to have a pretty good risk assessment, and some types of business may also be called upon to explain WHY they can’t mitigate risks by working from home.

Make it easier to work from home with:

  • VOIP phone system for external calls or an alternative method of contacting the team. I have a VOIP phone but I also use Answer It answering service to take messages or redirect calls.
  • Paperless systems. Even the smallest businesses can store information in the cloud for free or cheaply. Where possible send out information electronically to minimise the number of people touching a document. I use the business version of Onedrive.
  • Online signatures for contracts, accounts etc. I use Signable and Accountancy Manager for the two sides of my business.
  • Internal communications for managing work. Invest in a workflow system. I use Trello, Active Campaign and Accountancy Manager for the different aspects of my businesses
  • Informal internal communications such as Slack or Microsoft Teams.

There are plenty of other cheap or free ways to run your business from home now that we have time to catch our breath and plan.

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What is decision fatigue?

Decision fatigue is the exhaustion that comes with making constant decisions. My tip this week is to remove some of the smaller decisions in your life so here are some ideas for deciding what to wear.

I’d like to think that I simplified my wardrobe long before Steve Jobs or Barack Obama but I don’t know when they started to wear their ‘uniform’ rather than spending time deciding what to wear each day.

  1. The simplest thing is to limit your wardrobe to one main colour so that you need fewer changes to match outfits. You may have noticed that I’m almost always wearing blue with black footwear.
  2. I also wear branded polo shirts and jeans for normal work days. They’re as comfortable as a t-shirt so can be worn when working from home but the collar makes them slightly smarter. Choose something that matches your business image.
  3. These days I follow a 333 clothes system where I choose 33 items of clothing (excluding underwear and sports kit) to last me 3 months. Any seasonal clothes get stored in a box in the loft. I’m pleasantly surprised that I haven’t needed to cheat yet but you set your own rules.

Give it a try and let me know how you get on.

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Underselling or underserving

Many of us are nervous of appearing too “salesy” but do we end up underserving our clients/customers as a result?

Thinking back to a long lunch with a friend a while ago now. We ordered our food and drinks and enjoyed a good chat. But the food took a long time to come, a minor irritation as we hadn’t been prewarned but we weren’t in a rush. We had, however, finished our drinks and wanted to order more.

There was no server in sight so we became very conscious of the food delay as well as our lack of drinks.

If only somebody had stopped by to ask if we needed anything else we would have continued our conversation over fresh drinks and stopped looking at our watches.

In failing to sell to us they actually ended up underserving us. They could have sold 22% extra (I’m an accountant, of course I worked it out!) AND had very satisfied customers.

So don’t be embarrassed about upselling or cross selling if you think your client/customer needs it (and, if they don’t need it you shouldn’t be trying to sell it to them anyway!).

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Using Zoom (and other platforms)

Most of my work is done remotely already. My courses and webinars are online and my coaching is by telephone (have a look and see what is available on the website if you’re interested but that’s not the purpose of this email).

Some businesses are already using Zoom or something similar but here are a few tips for those just starting.

First timers:

  • Log in beforehand and play with the software
  • Test camera
  • Test microphone

The webinar:

  • Log in 5 minutes beforehand and check camera and microphone
  • Keep mic on mute when not speaking
  • Minimise background noise by closing your door and bribing any children. If you’re likely to struggle with bandwidth while working from home then ensure that nobody else is streaming videos or music
  • Software picks up sound from one speaker at a time (your background noise may force the main speaker onto mute)
  • Dress appropriately for the meeting. Dress codes may be less formal when working from home but think about what you’re wearing for your meeting.
  • Remember that you can be seen even when not speaking

To be professional:

  • Place your camera at a flattering angle. Slightly above you is best. If you are looking down into the camera you may provide an excellent view of your nostrils and multiple chins
  • Have good lighting on your face. Cheap photographic lights will do the job but experiment with what you already have
  • Make sure that your background is tidy. Green screen effects may be fun but they’re not great coping if the “edges” of your head/hair move and are fairly disastrous with curly hair like mine
  • An external mic will give much better sound quality. Being close to you it cuts out background noise more efficiently
  • An external camera may be better than your laptop one but start with the lighting.

I’m going to make some slots available to help people tweak their set up and have a play online so let me know if you’d like a 30 minute session this week. So far I’ve helped a professional speaker, my Spanish teacher and a piano teacher to try to keep their businesses going by moving to online.

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