Small Business Realities – Must Haves For Building a Business

If you just started or currently own a small business, then you know of the small business realities. The truth is small businesses need a lot of things to keep it running (more than you can ever think of). However, a business owner needs only a few things to make their business successful. We’ll discuss a few of these in the following paragraphs.

The first and most immediate task you must accomplish is to decide the scope and focus of your business. In other words your business must have a mission statement. I know this sounds very old school to some. However, it’s really important to decide on the service you will provide and your target market or else you’ll wind up doing jobs that may cost you time and ultimately money. If you’re consulting, start out with something you specialize in and target a niche you have dealt with before.

The second thing you need to do is separate your personal identity from your businesses identity. The way to do that is through incorporation. When you are incorporating you are basically separating your business and personal dealings legally. You have one set of records and your business has another. One example of this is your credit. You’ll use your social security number for personal and family financial matters. Your business gets its own credit rating under a separate tax identification number.

Finally, your business needs access to money. You should always have funds available for your businesses time of need. When running your own business, you will always encounter unexpected expenses and you may need to have funds available right away to pay for it. Whether it’s a bill you have to pay or a software application you need complete a project for a client, having access to money makes things much easier. There are a couple of ways to do this. One is to have cash available to pay. The other is to build credit for your business.

Have good business credit gives your business more flexibility because you have more purchasing power. Your business may need a good credit rating if you need to borrow a lot of money to expand it. The easiest way to get started with a good business credit rating is by getting a business credit card. However, keep in mind abusing credit will ultimately harm your business. So build your business credit responsibly and use that new purchasing power with caution. The payoff of building your business credit correctly will open many doors your business no matter what size it is.

3 Management Tips For Small Business

When looking at managing a business, there are many different types of tips for small business. There are tips on how to use IT, Management of your business, Document management and so forth. We are going to start by taking only three tips from the wide variety of small business management and discuss them one by one. Our top three subjects are setting rules for your business, IT and machines in your business, and delegating tasks in your business. All three of these are the most common to small business owners and businesses around the world.

Setting rules in your business. Businesses have to have rules to go by in order to operate efficiently. You need to decide what rules run your business and then stick to them. However you will need to allow some flexibility in the enforcement of those rules as not all situations may be covered by these rules and regulations. You need to have these rules in place and be able to enforce them when an infraction occurs. These rules must also be fair, but at the same time, you need to run your business as a business.

Information technology. When you are dealing with small business, the topic of IT or Internet Technology comes up. You cannot do business today without having some form of IT for use in your company. You will need to decide how much IT you are willing to have in your office, what form it takes and what it takes to run the IT department effectively and efficiently. You want to also have a technical person to go to when the inevitable IT breakdowns do occur in order to keep interruptions to a minimum, so that your business will not be sidetracked.

Delegating Work. Now here comes a tough subject to broach, delegating work within the company as well as certain responsibilities. When you are an owner, it is hard to delegate responsibility as well as tasks, but bear in mind that these tasks that can be delegated will be able to teach employees certain business functions as well as the issue of being responsible for a part of a business. Relinquishing work to your employees makes them feel a part of the company and teaches them certain things that business school would be hard pressed to teach. This is an invaluable lesson for both you and your employees.

There are also many other sidebars of discussion of other management tips, but these really are the three most important managements tips that any small business could and does use in order to both set themselves up and keep themselves running smoothly as a small business. These tips can be used for any type of small business, no matter what the function to improve that small business.

3 Easy Steps to Reviving Your Business Vision!

Are you a small business owner, solopreneur or entrepreneur with an unfulfilled vision? Have you set the same New Year resolutions for the past few years but failed to achieve your desired result? Do you have a burning business goal which you have not been able to accomplish? Contrary to the beliefs of some, your past does not have to represent your potential!

You can revive your approach and renew your potential achievements by using this simple but effective ‘ABC’ model. The Accountability, Believability, Challenge-ability model is designed to help you overcome your struggles, stresses and beat the status quo that is keeping you from realizing your business goals.

o Accountability: Access the benefits of a coach or mentor.
o Believability: Breakthrough the feelings, beliefs and habits which hold you back.
o Challenge-ability: Collaborate with a motivated network or support team on your challenge.

AAARGH…. NOT ACCOUNTABILITY!

Many entrepreneurs push hard against the idea of accountability – after all, isn’t the pursuit of freedom one of the key reasons you became your own boss in the first place? In my experience, the more accountable you make yourself, the more your business will thrive! After all, you are the only person who can be 100% responsible for taking the actions which will enable you to meet your goal!

That said, we all know that sometimes it can be really challenging to keep ourselves accountable when we are only answerable to ourselves as the business owner. If you’re anything like me, you may have noticed a little ‘flexibility’ creeping in when there is a much needed strategy or task to be done that you don’t enjoy!

The best answer I have found for this dilemma is to make myself accountable to an external party. I hate doing my accounts, but I have made some specific commitments to my bookkeeper so that things do not get too out of control. If I slip on a delivery date, my bookkeeper has full permission to provide me with some firm reminders of my responsibilities – no guilt trips, just a clear and timely prompt regarding our agreement!

If you have a list of ‘excuses’ attached to every incomplete task or goal, or you have been playing the ‘waiting game’ (waiting for something to happen before you take action) then using a specialist small business coach to move you forward on a your business goals will enable you to make fast, easy breakthroughs.

Make sure you design the small business coaching relationship to suit your specific needs. Also consider that your coaching needs will change over time. This may mean finding a new business coach or renegotiating the coaching strategy or the relationship with your coach so that you can maximize your returns on the time and financial investments that you make. Here are a few ways to use a small business coach to revive yourself or your dreams:

+ Project based e.g. to move you out of overwhelm and into peak performance; to focus on a specific goal or vision and generate tangible progress during a specified time frame.

+ Direction-setting e.g. to discover or refresh what you really want from your business or your life; to find profitable strategies to expand your business; to realign your business goals with your personal goals…

+ Regular checkup e.g. to keep you on track and to keep you accountable.

+ Stretch targets e.g. to achieve a major breakthrough or ‘impossible’ goal; to expand your boundaries, beliefs and business in (currently) unimaginable ways.

+ Modelling and mentoring e.g. by using the specific business experience and expertise of your coach to extend your own skills and knowledge.

BELIEFS = BREAKTHROUGHS!

One of the greatest impediments to achieving our vision is the beliefs we hold about that vision. If, somewhere inside us we don’t truly believe our vision is possible, or we can’t see ‘how’ that vision can be made real, then self-doubt takes over from self-expression. To make a breakthrough on your languishing vision, you may need to uncover some of the beliefs which are keeping you stuck.

Shine a spotlight on these limiting barriers and blockages by asking yourself: + What emotions do I feel when I think of my dream in detail? + What excuses am I using to stop myself from achieving this vision? + Where am I over-focusing my time and energy because it is easy? + What opportunities have I (almost) missed because of fear or anxiety? + Where could I ‘let go of the steering wheel’ and trust that the right results will arrive?

Ask your coach for support – a good business coach will have a range of mindset techniques, tools and tips which enable you to move past these paralyzing emotions and into a space where anything is possible!

“Impossible is just a big word thrown around by small men who find it easier to live in a world they’ve been given than to explore the power they have to change it. Impossible is not a fact. It’s an opinion. Impossible is potential. Impossible is temporary. Impossible is nothing.” — David Beckham

When you believe anything is possible, you will achieve more than you ever imagined! So, what else is possible?

CHALLENGE-ABILITY – DO YOU DARE?

Recently I participated in a 55 day ‘online’ challenge where my business goal was to get a new business idea up and running. Did I succeed? YES! And I finished off a few other ‘outstanding’ goals as well! This new ‘challenge-ability’ approach to achieving my goals has proven itself a highly effective process which I plan to use often. My next challenge is already set up!

If you want to achieve your goals effortlessly and with ease, then set yourself a challenge and find a group of like-minded people (i.e. supportive, helpful, and action-oriented) who also want to achieve the impossible or the improbable! Set up an online forum, share your progress daily and use each other as additional knowledge resources, for encouragement and back-up, and to be more accountableyou’re your actions.

As a small business coach, I found it easy to identify my ideal challenge. Just ask yourself: “If you knew you couldn’t fail what would you most desire to achieve in your life or your business?” For some the dream may be about work-life balance, for others it may be financial or relationship based. Business goals could encompass expansion, profitability, teamwork, community or customer relationships.

If you don’t currently know any ‘like-minded others’ but you are ready to dust off your dream, provide purpose for your passion and gear up to achieve your business goals with ease, take action now and register for the REVIVE Coaching “REVIVE Your Dream” challenge. One last thing: take some pressure off yourself. Just because you are a small business owner (or want to be one!), you don’t have to achieve everything ‘by yourself’! The opportunity to engage with like-minded others in a supportive, fun and friendly environment is one of the key reasons people make significant progress during a REVIVE online coaching challenge. Most New Year resolutions and new business ideas fail because people do not have enough support to help them over the mountains and through the valleys that create barriers to success. It’s your choice – will you and your business thrive or just survive this year?