Extraordinary People

Are You Burned Out From Working in a Business with No Boundaries?

Boundaries…another major issue that many small business owners struggle with.  I’m talking about self-imposed boundaries that keep you sane, keep you productive and keep you from not giving away the store.In this difficult economy, many businesses are so afraid of not getting or losing a sale that they let prospects and clients alike walk all over them and get anything they want.  Have you ever had a client negotiate a project down in scope to get a lower price and then come back and want you to add on the stuff for which they didn’t want to pay for free? Did you give in?

It’s very important that you set boundaries around the operation of your business.  These boundaries should fit in with your general business plan such as minimum fee amounts or the total number of active clients you can carry at one time. 

Other operational boundaries could include what days you do and do not work, when you are and are not available for phone calls, and when you respond to email messages, instant messages, tweets, etc.

Operational boundaries tend to be clear-cut, black and white guidelines, but there are also more subtle boundaries to consider as well.  Subtle boundaries often revolve around things like what clients you’re willing to work with.  For example, a prospect who cancels 3 times on you, or a customer who complains every single time they walk in your business' door.

The best part about clearly identifying all of your different boundaries is that you’ve now created “policies.”  Policies take the “personal” element out of the equation.  When you tell someone that this is your “policy” it means that it is applicable to everyone and you’re not just choosing to treat this particular client or prospect in this manner.

The word “policy” often tends to be of concern to small business owners because they see policies as rigid and non-breakable.  That’s not true!  It’s your business.  You can make exceptions!  Simply clearly communicate that an exception is being made and the reason for the exception. 

However, you must also be careful about exceptions to ensure that you are not just making excuses to avoid sticking to your boundaries.

Instead of thinking of your boundaries as a leash restricting your activities, think of them as your suit of armour.  They are what protect you from bad business practices and bad clients that are the main causes of burnout.

Are You Ready for the Economic Turnaround?

Regardless of the ups and downs of the financial markets, economic indicators have clearly been pointing to the fact that we’re on the way out of the recession.  Light is now visible at the end of the tunnel!  Before we move too close to the recovery, have you taken advantage of the opportunities of the downturn?

Although many have been, not all businesses have been suffering during this recession; sales may have been down, but they haven’t been in dire straits.  In fact, they’ve been positioned to grow and capture opportunities while their competitors have been going out of business!  If you’re a smart business owner, you’re taking steps now so that when the next recession hits – and it will – you’ll find yourself in a much better position than you are in now.

The average small business owner acts very much like the average investor – they buy high and sell low.  When the economy is booming and revenue is flowing, they invest in growing the business and buying new assets.  The problem is that they’re paying top dollar for those new assets – buying high.  Because they invested all of their excess resources on expensive assets instead of saving it to buy when the economy is down, they often have to liquidate when the next recession hits – selling low.

The smart business owner is looking around and taking advantage of future growth opportunities now!  If you’ve been telling yourself that you’ll expand and invest in your business only when the economy turns around, you’ll have missed out on some great opportunities.  

You may not be able to do everything now, but chances are there are opportunities within your reach that will save you money and increase potential for future revenue.  If you want to truly position yourself to optimize the growth potential of your business when the market is good, you need to find a way to make some investment now.  

It may require sacrifice, but it will fundamentally change the future of your business for the positive.  Now is the time that it will be most painful.  However, when the market turns around, your work isn’t complete.  Instead of spending, you’ll need to take those excess proceeds and put them away so that when the next recession hits, you’ll be strong and really positioned for huge growth.

Smart business owners who are positioned correctly take advantage of the opportunities present in every part of the economic cycle!  Yes, there is a “good” side to a recession.  What can you do now to move your business closer to benefiting from the roller coaster ride and not suffering because of it?

Is It Too Difficult for People to Do Business With You?

I just had a couple of very frustrating experiences trying to refer significant business to two different companies. It made me wonder if they realised how difficult it was for someone to do business with them and how many clients they are likely losing.  Have you ever reviewed the experience a new person has when trying to connect with your company?

First, it is important for you to know that I had no existing relationship with these companies; however, they are well-established and well-known.  I looked up the company websites to get contact information and didn’t see any phone numbers or email addresses listed (they were impressive, professionally designed sites).  I was simply directed to one of those “contact us” forms that make you wonder if anything will happen if you fill it out.

After a lot of digging around, I finally succeeded in finding phone numbers to share this great opportunity.  The experience I had with the first company was like the Spanish Inquisition!  I was asked 20 questions by a receptionist to prove that I’m worthy of their time. 

Eventually, I spoke to a coordinator who was able to help, but I came away with a lukewarm feeling and little desire to want to work with them.  When I called the second company, I was met with a receptionist who couldn’t grasp what I was requesting and got nowhere!

I see this all too often.  Companies are so afraid of being inundated with sales calls, that they hide their contact information.  Here’s the problem, if the sales people can’t figure out how to contact you, then clients definitely won’t be able to figure out how to contact you! 

Even worse, the sales people will still find a way to get the contact information because they are motivated to do so.  The clients will get frustrated and move on to one of your competitors.

When people do succeed in making contact with your company, how are they being received? Is the person answering the phone using a warm and inviting tone?  Are they knowledgeable?  Do they make the caller feel welcome and valued?

If you want your company to be successful, you need to make it as easy as possible for people to do business with you.  Particularly in this economy!  Additionally, you want to make the experience people have when interacting with your company (virtually on your website and in real life) as enjoyable as possible.

Not sure what type of experience people are having?  Ask some business colleagues to ‘secret shop’ your company as a potential client and share their experience with you.

A Small Business is Always a “Family Business” – even if no other family members are employees!

When most people think of a “family business,” they usually get an image in their head of a business employing multiple family members of more than one generation.  Often there is even an importance of legacy with the business passing from one generation to the next.  If you’re a small business owner, then that image in your head needs to change.  That’s because your business is a family business – even if you’re a business of one!

In this economy, many people are making the choice to hang a shingle for themselves; to start their own company or consulting business.  If you’ve never been a business owner before, I can assure you that this endeavor is much bigger than you can possibly imagine.  In addition to the “tasks” associated with your business, you also have to run the “company.”  It’s stressful, very time consuming, and not a decision you would want to be forced into. 

Keeping Your Suppliers Happy is Crucial in a Bad Economy

You’ve likely seen stories in the news about major companies extending the amount of time before they will pay their suppliers for the materials they’ve purchased – sometimes even by double!  In an economy where sales are down and cash flow is tight, that probably sounds like a smart business decision, right?  Not likely.

Although large companies could probably get away with it because of their size and power, the ultimate cost still makes it a bad decision no matter what size your company is.  First, just because you choose to pay later, that doesn’t mean that the supplier will willingly adjust the finance charges and late fees they impose on payments made beyond their acceptable terms.  So it literally costs more to pay later.

I can't find any customers, let alone perfect ones!

Do you know who your perfect customer is?  Are you looking for customers in the right places?  Are you looking for customers at all?

Marketing and attracting customers has changed drastically over the last several years.  Past marketing and advertising methods do not work today and if you are still relying on them, you may soon find yourself out of business. 

Mass media – television, radio, newspapers and phone directories – are no longer the source of information for the modern generations.  Marketing and advertising using those methods are one-way – they talk at you.  The new media is two-way – it’s a conversation.  It is also targeted – people do not want to see ads for companies and services they are not interested in.

Are you making the right choices? Or, do you feel like you don’t have any choices to make?

I’ve been getting feedback from many people that they are unhappy and angry because they feel like they don’t have any choices in the current economy or that all of the choices they do have are negative and that no matter which direction they choose, the outcome will be bad.  What people are failing to remember at this critical time, however, is that no matter how powerless we may be to what is happening around us, that no one and nothing can take away from us our ultimate choice.  That is the choice to be happy.

Unhappy people choose to be unhappy.  When the economy starts to turnaround and most peoples’ financial situations improve, take a close look around.  What you will find is that many of the people who were unhappy when things were bad are still unhappy when things are good.  That is because they choose to be unhappy, they choose to only see the negative and they choose to not embrace the good things in life like love, friends and family.

Are you happy? Is your business happy? Do you have a happy business?

Seemingly simple questions, but they are not so simple to answer in today's financial climate; especially if you are happy and have had success. With so many people struggling financially and looking for work, many of us feel like we will be perceived as gloating or "rubbing it in" if we are openly enthusiastic and happy about good things that are happening to us. So, we hide it or downplay its importance.

When we hide our happiness and stop sharing our success, we are actually fostering the negativity the economy is causing and lengthening the amount of time before we see a turnaround.  Perception is very powerful.  During times like these, people begin assuming that silence means unhappiness or lack of success because of our old adage, "if you don't have anything nice to say, don't say anything."