WOMEN MEAN BUSINESS - Blog

The Business Turnover Myth

This year I've noticed a lot of "gurus" I follow celebrating reaching the $1 m*illion dollar annual turnover mark. This is absolutely fantastic and I congratulate them all on a brilliant achievement. However - there's something really important missing from the fabulous picture most of them are painting for us.

It's not about the turnover. It's about the profit! In fact I heard the following just the other day: "Turnover is vanity and profit is sanity!" It's all too easy to get carried away when we have a great turnover total. The figure that really matters though is -  what do you have left after you've covered your taxes and all the other business expenses?

There's also the fact that some of these businesses have grown to the level where they need office premises and full time staff. For me that would take away from my personal freedom too much! I made a decision more than 7 years ago that I would work from home and I would run my business without any actual employees. I do have help and support, but I don't have any permanent staff. It's important to be clear on what you want your business model to look like as well as what you want to earn from it. 

Think about your personal values in relation to your business model. One of my strongest values is personal freedom. Yes I'd love a $1 million turnover, but as long as the major chunk of my turnover is retained as profit, I don't need a huge empire with all the associated costs and potential headaches!

Of course this is my very personal view of what I want from my business. Your ideals may be quite different. So next time you read about a $1 million dollar success story, stop to think about all the other costs involved and what the profit margin might really be.

Bottom line: in your own business, get clear on your profit margin, not just your turnover and be clear on having a business model that ties in with your strongest values. Otherwise, why be self employed?

(c) Shona Partridge, Women Mean Business   website

Marketing 101 - Tip # 13 Time to Think

If you're constantly busy and on the go, where will you find the time to think about new ideas? The trouble is, when we love what we do it's much more difficult to have the demarcation we would get in a traditional, salaried job.

However, taking time out to rest, recharge and just daydream is actually an essential part of being an entrepreneur and business owner. After all, Einstein came up with the Theory of Relativity when he was lying on a hillside on a sunny day wondering what it would be like to ride on a sunbeam! And Walt Disney had a specially designated "Dreaming Room."

So, what's your dreaming time and special place? When did you last empty your mind of to do lists and "shoulds"? New ideas need space to develop, and marketing ideas are no different. Try it out - and I'd love to hear how you get on.

If you're constantly busy and on the go, where will you find the time to think about new ideas? The trouble is, when we love what we do it's much more difficult to have the demarcation we would get in a traditional, salaried job.

However, taking time out to rest, recharge and just daydream is actually an essential part of being an entrepreneur and business owner. After all, Einstein came up with the Theory of Relativity when he was lying on a hillside on a sunny day wondering what it would be like to ride on a sunbeam! And Walt Disney had a specially designated "Dreaming Room."

So, what's your dreaming time and special place? When did you last empty your mind of to do lists and "shoulds"? New ideas need space to develop, and marketing ideas are no different. Try it out - and I'd love to hear how you get on.

Marketing 101 - Tip # 2 Create "Client Free Days"

One of the most important decisions I ever made in my business was to only see clients 3 days a week!

I decided to ring fence times where I did not see clients or even do a lot of client  work. Nowadays, I don't see clients on Mondays or Fridays and  I limit any client work I do on these days.

My key days for seeing clients and doing client work are Tuesdays, Wednesdays and Thursdays. This means I have two days a week to concentrate on other things. Maybe it's marketing and PR, writing, creating new programmes,reading or learning new skills or maybe just taking some time out to re-charge my batteries.

I'm not exaggerating when I say this decision changed my life. Instead of rushing around at the whim of my clients, I took control of my time and my commitments. My clients benefit too because they know when I'm available for them.

Trust me - this one decision will repay huge dividends in extra time, energy and a feeling of control.

One of the most important decisions I ever made in my business was to only see clients 3 days a week!

I decided to ring fence times where I did not see clients or even do a lot of client  work. Nowadays, I don't see clients on Mondays or Fridays and  I limit any client work I do on these days.

My key days for seeing clients and doing client work are Tuesdays, Wednesdays and Thursdays. This means I have two days a week to concentrate on other things. Maybe it's marketing and PR, writing, creating new programmes,reading or learning new skills or maybe just taking some time out to re-charge my batteries.

I'm not exaggerating when I say this decision changed my life. Instead of rushing around at the whim of my clients, I took control of my time and my commitments. My clients benefit too because they know when I'm available for them.

Trust me - this one decision will repay huge dividends in extra time, energy and a feeling of control.

Strengthen your business boundaries

If you want to have more energy and more confidence it pays to have strong boundaries.

If you say yes to too many requests from other people you could find yourself feeling harassed and even resentful. Not a good combination for your confidence levels!

There are several things you can start to do right away which will have a positive impact in this area.

You’ll find that a lot of these suggestions are really about controlling your time in one way or another. If we feel in control of how we use our time it helps us to feel more confident that we are in charge of our own lives and businesses.

• Get really clear on your business and personal priorities. Only say yes to requests that fit into your own priorities.
• Have set days and times for client appointments rather that saying yes just because you have a space in your diary. This one action can radically reduce your stress levels and give you clear time to work “on” your business.
• If you work from home ensure that friends, neighbours and family members know your core working hours. Don’t fall into the trap of being everyone’s errand runner or doing the car pool most days. Remind people that you are running a business and your time is important too.
• Say no to requests politely but firmly – you don’t even have to say why. Just practice saying something like: “That won’t work for me.”
• Buy yourself time by not saying yes to requests when you are first asked. Say you’ll get back to the person when you’ve checked your diary. This gives you breathing space to make a considered decision. We all love to be helpful and can find ourselves saying yes and regretting it later.
• Remember you don’t have to answer the door or the telephone if you are busy.
• Get help in the form of a cleaner, baby sitter, order groceries on line etc.

Think about what bothers you in this area. Is there something that others take for granted that is bugging you? Is there a negative friend who drains you every time they phone? Are you doing most of the housework and cooking? Are you the one who always seems to be picked for committees? Make a list.

Now go through your list item by item and decide what you can do differently in future to strengthen your boundaries.  Pick something easier to start with as this will give you the confidence to work up to the more challenging items. Not everyone will be happy with your new way of doing things, but trust me, the freed up time and energy will be well worth it!

What gives you energy? Finding the right fuel

I blogged in my previous post about my daily walking regime and the many benefits I'm feeling as a result. It got me thinking about what we use to give us energy. All too often we get a quick energy fix from caffeine or chocolate then hit an energy slump half an hour later. To say nothing of piling on the pounds!

No, I'm not turning into a kill joy - I still love chocolate and coffee, but I'm trying not to rely on them for quick energy fixes. I'm choosing healthier snacks some of the time  - like oatcakes,nuts, bananas and other fruit.

It's not only the food we eat and what we choose to drink that affects our energy levels. How about the constant diet of negativity from the news. These days I minimise the amount of news I listen to or read, which is saying something for an ex journalist! I am so tired of all the news concentrating on the darkest and nastiest goings on in the world. I don't need to know about every single bad thing that happens world wide every day. No thank you! Try a news diet for a few days and see how much more positive it makes you feel.

Do you have some really negative people in your life who are all gloom and doom and who drag you down every time you speak to them?  Can you minimise your exposure to these people? You can also try countering each negative remark with a positive one of your own and they might get the message! Otherwise you really would be doing yourself a favour by withdrawing from their negative influence.

And let's not forget what we say when we talk to ourselves! Are you being a kind, supportive friend to yourself or can you sometimes be your own worst enemy? Replace your negative self talk with more supportive language starting today!

See my audio and workbook programme: "SELF BELIEF FOR THE SELF EMPLOYED - How boosting your confidence can boost your business" for more on this topic. More information

Time to get fit

As small business owners we spend a great deal of time tied to our desks. This month I started a new regime of going for a 45 minute brisk walk every day. I'm not a fan of the gym, but I love walking. When I had a "proper" job I walked to work and back each day plus I usually went for a walk at lunchtime.

However, for the last few years of running my own business I've been guilty of neglecting my exercise. The result of this has been that I've put on weight and felt more tired. I'm determined to build up my stamina and my flexibility from now on!

You probably have your own favourite kind of exercise - maybe you love going to the gym or cycling or swimming. What I love about walking is that you don't simply get valuable exercise, you gain thinking time and sometimes it seems like you have a  sort of walking meditation. The other fabulous benefit of exercise is that it's a great stress buster. I've had a very stressful couple of days but I'm handling it better than usual because I'm not tensing up.

The other added bonus is more energy and a clearer mind. I'm sticking with my new routine! How about you? Just step away from that desk!

Do you need to meet in person?

I'm been working on making my business bigger and more "virtual" this year. I'm very fortunate that I can work by telephone so it doesn't matter where my potential clients live.

Are there any aspects of your service provision that could be done over the phone rather than in person? It's great to meet potential and actual clients face to face, but not every subsequent meeting needs to be in person. You and your clients could save lots of travel time and it frees up space for more clients or more time off.

Of course sometimes it's great to get out of the house and it can stop us feeling too isolated as solo professionals working from home. But just giving a little extra thought to whether you really want or need to get in the car or hop on the train, instead of just picking up the phone can add up to hours of saved time over a year

Marketing 101 - Tip # 13 Time to think!

If you're constantly busy and on the go, where will you find the time to think about new ideas? The trouble is, when we love what we do it's much more difficult to have the demarcation we would get in a traditional, salaried job.

However, taking time out to rest, recharge and just daydream is actually an essential part of being an entrepreneur and business owner. After all, Einstein came up with the Theory of Relativity when he was lying on a hillside on a sunny day wondering what it would be like to ride on a sunbeam! And Walt Disney had a specially designated "Dreaming Room."

So, what's your dreaming time and special place? When did you last empty your mind of to do lists and "shoulds"? New ideas need space to develop, and marketing ideas are no different. Try it out - and I'd love to hear how you get on.

Your ideal business?

If you want to keep your motivation high as you build your business, remember why you went into business for yourself in the first place.  Consider what you want your business to do for you! Too often we become slaves to our businesses and lose touch with our key values and reasons for being our own bosses. Maybe you wanted to spend more time with your family, or find the time to finish writing your novel. Maybe the idea was to travel more and only work a four day week. Whatever the reasons, try getting in touch with what motivated you and use this to revitalise your long term vision for your business and how it will support your life.

Do you want your business to grow into a larger enterprise or do you want to keep it smaller and more manageable, still working from a home based office?  Do you envisage larger premises and more staff? Is your longer term goal to make the business work without you and perhaps build a business that you can ultimately sell? It pays to think about the very long term.

Try writing down your ideas – don’t just think about them. It’s amazing how much clearer your ideas become when you write them down.  Rather than working from month to month or even year to year, look at the really big picture. When do you want to retire? Do you even want to retire? This exercise will pay enormous dividends and may even prevent you taking a wrong turn with your business. You don’t have to grow your business beyond a certain size if you believe this could have a detrimental impact on your quality of life. Remember, it’s your life and your business so make the most of it!

No pain, no gain or can work be fun?

There seems to be an increasing amount of buzz about working flat out, doing whatever it takes, getting yourself booked solid etc. Only yesterday I was reading a book which had some good things to say and then I read this sentence: "In order to be successful you must be uncomfortable on a consistent basis." Well, I don't know about you, but that's not why I went self employed! Absolutely, let's get out of our comfort zones and stretch a bit, but be uncomfortable ALL the time? No thanks.

I much prefer the following quote from J M Barrie: "Nothing is really work unless you would rather be doing something else." And because I love what I choose to do, no it doesn't feel like work! If you're self employed you don't have to be uncomfortable all the time. If there's something that simply has to be done and you don't want to do it, then you can always delegate it. I'm all for work being FUN and enjoyable. What do you think? Share your thoughts below.