I’m the first person to remind you that you need to work ON your business as well as IN it and I will only take on coaching clients who agree to commit half a day per week to working on their business, but I’m a business owner too and I know how hard that can be to make the time.
We’re always torn between things that earn money now and things that will earn money later such as marketing and business improvements. Not to mention that we’d like to spend some time on the things we enjoy.
I’ve written before about my default diary which includes time for marketing and my own business and personal development. I then allocate particular tasks to those slots. But if you truly want to improve your business then you need to learn to delegate and think systematically.
I love lazy marketing when I use one piece of content in different ways. I also know that my strength is in writing/recording the content and then my wonderful VA tidies it up and distributes it across multiple channels. Whether you’re reading this in our Top Tips e-news or a blog or on social media then she is the one who has put it there (with the help of some software).
My job is to prioritise getting the content out each and every week. When I tried to do the whole job myself it took four times as long so I only got around to it about once a month, maybe less.
Look at everything you do, maybe keep a rough timesheet for a week or month, then go through the list with a highlighter to see what could be delegated to the right person. Then find that right person.
Your priority should be the things that only YOU can do.
If you’re an accountant, you can find somebody else to do the accounts themselves and some of the marketing (I write a monthly content pack for accountants who don’t want to do it themselves) so that you can focus on being the face of your business. If you’d rather be the one doing the accounts, then find somebody else to manage your business. Don’t think that you have to be the MD just because you’re the majority shareholder.
To create the business you want you need to be clear on your priorities.
Do you invest in yourself?
Several years ago I started speaking to promote my old accountancy business, Hudson Accountants. Like most people I hate public speaking but I went to a school that taught this useful business skill and, by about the third event, I felt reasonably comfortable.
Until I joined the Professional Speaking Association!
Being an occasional speaker is very different from being a professional speaker and so I felt that I needed to relearn my craft. Fortunately the PSA is really good for helping speakers to speak more and speak better and I am now a full member, a former Regional President, and I’ve been invited to speak at one of their national conferences for the second time.
Usually I speak to accountants and business owners who are more interested in my content than the way I deliver it. At the PSA my peers will (kindly) analyse the way I deliver my expertise too. It can be quite scary but I know that, if I’m brave enough to ask for feedback, they will be very helpful.
How do you make sure that you’re always getting better at what you do?
PS. If you’re new to speaking then I recommend joining your local Toastmasters or ask me about individual speaker coaches.
What is business advisory?
As you know I’ve spent the last year writing ‘Changing the Numbers: how to deliver advisory services for success’ to help accountants to provide real help for their business clients. And I’m the first to agree that, whilst all businesses need this service, not everybody can afford to pay for it. (This is why we have free products such as our Better Business webinars for accountants and our Money Matter ones for general business.)
But for those clients that can afford to invest in growing their business then we can do much better than a bit of tax advice at the year end or help completing a loan application. As accountants we have financial training but we also have exposure to hundreds, if not thousands, of businesses as well as running our own.
Accountants who, like me, have worked as Finance Directors or similar will know that their role at the board room table includes much more than ‘just’ accountancy. The topics that I’ve identified include:
1. Vision and values
2. Cash flow
3. Pricing
4. Staffing
5. Efficiency of operation
6. Funding
7. Tax
8. Mergers and acquisitions
9. Marketing
10. Sales
11. Customer services and quality
12. Cost control
Different accountants may offer advice on some or all of these areas depending on knowledge and experience so we need to be clear on those areas.
We don’t need another hero
I’m currently reading Building a Story Brand by Donald Miller which is about getting the right marketing message for our business. It’s very good and I recommend it.
Miller suggests that we make our customer/prospect the hero and that we are not a hero but their guide. As you can imagine it set off a train of thought as I reimagined my own business in this light.
How do you and your product/service guide your clients to solve their problems and reach their goal? Now, how can you build this into your marketing?
New year, new plan
Welcome to the new year. What have you got planned? Incremental business growth, a better work life balance (how long have you been promising yourself that?) or world domination?
Now is a good time to think about what you want and what that means for your business.
Here are some questions to get you underway with your plan:
1. What do you want your life to look like in 5 years time?
2. How much do you want to earn from your business?
3. How much do you need to earn from your business?
4. How many hours per week/month/year do you want to work in your business?
This will give you some idea of how much you need to earn per hour in your business. Don’t forget that you will need to cover your business costs and taxes too.
A good SWOT analysis will help you to decide how to earn the necessary profit. Look at your strengths, your weaknesses, and any opportunities and threats around you. Covid and potential lockdowns can provide both opportunities and threats to your business to make a plan to eliminate or buffer the formers and to be able to take advantage of the latter.
Take a close look at what you are actually doing. What will you sell and to whom? What problems do you solve?
Now you can start on the details of the plan:
1. Sales plan
2. Marketing plan
3. Staffing – who, when and at what level
4. Technology and other resources
5. Premises
6. Other costs
7. Taxes
If you need a hand with any of this then we’re running a Strategic Planning Day on 19 January. We’ll work through templates together to help you come up with your own plan for your best year yet. Email us to sign up.
Making a come back
It’s been a busy conference season and, for a professional speaker like me, that means staying in hotels where I eat far too much and don’t manage to do any exercise. And now I need to step up the training again and get back into good habits. The same can apply to stepping up your business as we settle into the next phase of the pandemic.
Mindset – moving from day to day thinking to looking forwards and investing in the future.
Goals – set some goals, even if they’re just steps along the way to a bigger goal.
Plan – get a plan in place to move you forwards towards your goals.
Action – make sure you actually follow through. JDI
If you’re okay for now then let me know your success stories. If you want a hand with how to move forwards or if you need some accountability along the way then call us about an individual or group session.
What do you want to look like?
I have a deadline! I have until 21 June to get back in shape and get my life together. Yes, I’ve coped pretty well for the last year (and I’m aware that many have struggled) but I want to get back to thriving and actively enjoying life rather than making the best of things.
I know what I want to look like (20 years younger and a stone slimmer ?) but I also need to think about what I want my business to look like. I don’t know about you but my 2020 plans were put on hold and 2021 was also curtailed. Although I managed to double the size of my business it was much more Plan Z than Plan A.
How did you do through the various lockdowns and restrictions? Was it business as usual or did you have to pivot? Will you continue with your new style business or will you go back to Plan A or do you have a new plan?
Will you work from home or office or a local hub or home office like me? I know a few people who have moved to bigger houses because they will be working from home more in future and want a proper office rather than a corner of the kitchen table. What will happen to your office premises? With the technology to work from anywhere in the WORLD where will you work from?
Did you introduce new tech for remote working and other efficiencies or have you spent the last year being cautious and cutting all costs possible? Do you need to invest in your business again?
Did you enjoy spending more time with your family and will you keep up baking banana bread or the foreign language you’ve been learning? Or were you too busy to do any baking? Are there any good things that you want to retain in your life and your business?
With a provisional date on the horizon we need to start preparing for the post-Covid, post-Brexit world.
What will you do from pre-Covid, what will you do from Covid and what are you looking forward to starting post-Covid?
How do you eat an elephant?
… One bite at a time. Or so the saying goes.
How do you complete a big project? One step at a time.
Whether completing a tax return, growing your business or constructing your dream house the steps are pretty much the same.
- Decide what the finished thing will look like and when.
- Work out the steps that are needed to get there
- Put the steps in order of what has to be done first and what can be done in parallel. Some steps will be dependent on others. Eg You can’t put windows into your house until you’ve built the walls.
- This is you project plan and can be mapped on software or just a simple checklist.
- Break each step down into bite sized pieces. I like to tie this into the Pomodoro 25minute cycles* but this isn’t always appropriate. Eg writing my books I can do about 2 hours at a time straight off (if I’ve already done the research) so it’s better without interruptions.
- Work out what resources you need for each step. eg You need all the paperwork etc before starting a tax return and you may want a coach or mentor to help grow your business.
- Now that you have the steps and resources add some timings; working back from the final deadline.
- Start. Don’t just dream but take action.
*For more on Pomodoro technique see Pomodoro Technique – Hudson Business Advice
What’s on your stress list?
This week’s tip is stolen from Andrew and Pete of Atomic. (Sorry guys but I can return it any time you like).
They are amongst my favourite marketing people and almost bounce out of the screen on their videos. But, like all of us, they have their bad days and shared how they coped with a particularly stressful period.
They each wrote down every single stressor that they could think of; even the little things. They then worked out one way of improving each of the items on their list. They didn’t try to make everything go away with a magic wand, but just went with one small improvement for each problem.
For more information on Atomic Marketing have a look at their new website
https://becomeatomic.com/
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?