business

Are You Ready to Take the Leap?

/ Kirsten Flory / Leave a comment

I LOVE working with business owners – especially those who have an amazing idea of how to start and grow their business. For many of you, setting out on your own may be just a pipe dream. For others, the idea of taking the leap into starting or expanding your business has been rolling around in your head for quite some time. What’s stopping you?

In working with many new and growing businesses over the years, I’ve heard a lot of your concerns. Most people tend to fall into two categories when it comes to why they aren’t willing to take the leap. Those two categories are: Logistics and Head Space

If you are an analytic thinker, then these ideas will appeal to you:

  • I need to be an “expert” in all areas of my business
  • I don’t have the capital to start or grow a business
  • I don’t know what the next step should be

If you are all up in your head about starting or growing a business, I bet you are thinking:

  • Can I handle this?
  • What will others think of this new idea?
  • What will others think of me trying to tackle this new venture?
  • What if I fail?

Here is what I can tell you…if you can’t get the idea out of your head, then you need to start taking action. You will never have all of the answers to your questions (at least not all at one time). You will also never be 100% prepared. Your comfort level is unique to you.

So where do you go from here?

  1. Identify what areas of expertise are needed to support you. Is it an accountant, attorney, commercial realtor, insurance agent, financial planner or small business resource expert? There are a multitude of experts in their fields that exist to help businesses like yours.
  2. Test your fail rate strategy. Here is the reality: you will fail at something. This may not mean you fail and have to close up shop and file for bankruptcy, but that an idea, system or plan will fail and need to be reworked or scrapped altogether. Don’t be afraid of failing. It is part of doing business.
  3. Head traffic beware. I have spent many nights staring at the clock wishing for sleep when my brain just won’t shut off. Most of the time, it is due to planning new ideas that I want to incorporate into my business. The same can be said about negative head traffic. I want you to surround yourself with people who believe in your abilities. If there are people in your life who do not want to encourage you, then they do not need to have space in your head, day or even life. I realize that I may be talking about some of your very close family members, who can’t be turned out. With these relationships, you will need to decide what information is shared with them and to what extent you are willing to let their input be a relevant piece of your story.

What Would you STOP Doing?

/ Kirsten Flory / Leave a comment

We do lots of things – sometimes at the same time. I am going to challenge you to think about your business a little differently. Imagine that your business is profitable. Not just a hair into the black, but doing comfortably well. That may be hard to think about right now, but go with me for a minute.

What I want this exercise to do for you and your business, is to identify those areas that are true profit centers. It is easy to keep throwing out products and service offerings to your customer base to see what sticks, but in reality, we all have a small core profit base that if worked better could bring us higher profits.

What area of your business brings you the highest profit? What areas bring you the lowest profit (or none at all)? Take these two areas, and determine the percentage of time you spend on each of these. My hope is that your highest profit area gets the most of your time. If that is not the case, what do you need to STOP doing?

Business owners sometimes have the tendency to tryout new ideas – which is good! I am all for enhancing, evolving and making more efficient processes and products that continue to generate a customer base, and most importantly a profit, for your business. What I see happen over and over again, is those new ideas that stick around for a lot longer than they should. Like an houseguest who has overextended their welcome, these non-profitable and non-productive ideas have to go! Give them a little send off if you have to, but by no means see this as a failure. The best ideas are formed on the back of trying out a lot of so-so ideas.

So I ask you: What can you STOP doing today to give yourself and your business the breathing room to focus on your most profitable area?

Always be Learning

/ Kirsten Flory / Leave a comment

In an environment where we want to just get through the day sometimes, how are you expanding your thoughts? It is easy to get into a rut of doing the same thing day in and day out without question. Our brains love repetition, and the “auto pilot” mode can put us into a ho hum form of existence.

If you are reading this blog post, than you are searching for more, even if you don’t know what that “more” is yet. More could mean more excitement, more engagement, or even more time / money / challenges to conquer. Here’s where the value of learning comes into play. Learning something new (even if it is a new method of doing an old or existing activity) challenges your brain to get out of its own way and create new pathways.

Learning creates stimulation, conversation, and understanding of yourself and your environment. Try something out for me this week:

  • Brush your teeth with your alternate hand
  • Read an article / book / blog of a new author
  • Take a different route to work / school / on errands
  • Enroll in an online course
  • Try out a new hobby
  • Set up a meeting (even virtually) with someone you’d like to get to know better

It is these small action steps that create learning opportunities. I want you to continually be expanding your thought pathways. It might be uncomfortable at first, but the doors you are opening within yourself will spill light and energy into the rest of your life.

What should I be doing to/for/at my business during COVID?

/ Kirsten Flory / Leave a comment

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Nobody likes the unknown.  Right now it is hard to forecast, and it is hard to know when a good decision is a safe decision.  Here is what I can tell you, and hope to provide you with some control and confidence in your business:

  1. Business ownership will always have risks.  The economy will always go up and down, and your client needs will also evolve.  I want you to embrace the fact that change and risk are part of life and definitely part of business.  Things will be hard, and then opportunities will bubble up.  You can prepare and plan for those stormy times, and have the confidence that it will get better.
  2. Take the opportunity to dig deep and evaluate how you conduct your business.  Many of us have been forced out of our normal working spaces and into a remote or home based environment.  What is working for you now?  What was a challenge, or continues to be a challenge?  I want  you think about even those basics like:  How do you use technology?  How do you use your personal office space?  What have you found that was a surprise, and you may continue using it once we are back to “normal”?  I know for our office, the ability to communicate quickly and through a variety of technologies (like: MS Teams and Zoom) will be mainstays once we return.
  3. What can you do without? Major changes, especially sudden changes like the COVID pandemic, create a scarcity mindset.  You may have found that those “must haves” are no longer even basic needs.  Can your business survive, and even thrive, without those former expenses?  Have you realized some savings in your business that you could then reallocate elsewhere?
  4. What do you need to invest in?  This is a hard one during this time, but one area I want you to carefully consider.  You need to ALWAYS be evaluating your business to make sure it is healthy.  It is too easy to get busy (and who doesn’t like a busy schedule with lots of business coming in?), and not pay attention to the foundation of where you want to go.  Being aware of upgraded technologies, making sure your security measures are up to snuff, and also ensuring your communication strategy to your client base and prospective client base is top notch.  Without it, you will quickly be behind should another economic dip occur.  If you have the means, create a strategy for investment.  Believe it or not, NOW is the time to invest in infrastructure, best practices, and strategic initiatives.  You will create a more solid, successful business if you use this time to maybe not do things the way they have always been done.

When is the Right Time to Start a Business?

/ Kirsten Flory / Leave a comment

I have been asked this question hundreds of times over the past few years, and wanted to provide you with the answer.  If you are asking yourself (or me for that matter) when is the right time to start a business?  The answer is that ANYTIME is the right time to start a business.

Here is a little secret:  You will never have enough money, time, social medial followers, support or perfect business plan before you start.  Just like other large life decisions, the right time will NEVER be perfect.

What you can do, is get really comfortable with the variables at play.  I’ve created a new eBook and accompanying Online Course to walk you through those variables and get you ready to launch.  To give you a taste of what you can do to get ready, consider the following steps:

  1. Cash Flow – How much money do you have in the bank and/or how much access do you have to investor funds, credit and other sources of funding?  Get real with your finances, and determine how much risk you are willing to take (and for how long) to get up and running.
  2. Team of Experts – Who is going to be your advisor, mentor and have your back as you get started?  Do you have a knowledgeable Accountant, Attorney, Commercial Realtor, Financial Institution, and Insurance Agent that you can include as part of your plan and your team?
  3. Business Plan – There are templates a plenty out there to help you put together your business plan, and I highly recommend putting one together (even if you’ve already launched).  Formatting your ideas into a workable, and measurable plan, will not only keep you on track, but position your business for growth.
  4. Benchmarks – How will you know if you are successful and profitable?  Gaining a good perspective on what success looks like for you will be paramount in how you take the next steps.