Canadian Small Business Women

Connection, Synergy, Community

Is Fear of Failure Holding You Back?

CHuntly

You have your fabulous business idea, you have your goals written out, and you have written a killer business plan. The next step can be the most daunting one when it comes to launching any business – you have to tell people about what it is you do.

Once you start marketing your business one of three things can happen:

  1. You are an “instant” hit – it looks like you are going to meet or surpass your goals.
  2. Nothing – no one seems interested in buying what you are selling, or perhaps you aren’t reaching them in the right ways.
  3. Your audience vocally doesn’t like what you are offering – this is pretty rare unless you have completely misread your audience.

Often, for an entrepreneur, the fear of failure can hold you back from putting together the best marketing strategy you can. You are afraid that if you put yourself out there completely you won’t be received well. The best way to get over your fears is strategic planning and focus.

I know what you are thinking…  I read this blog for THAT?! As simple as it might seem, the one thing that gets pushed aside is great planning. You may have a lot of great ideas for a marketing plan, but is it a full strategy? And do you have a plan to keep yourself on track?

Here are 5 things to consider to help get over the entrepreneurial fear hump and get your marketing strategy in order:

  1. Have you considered your target audience’s needs and behaviours? Your audience should always dictate how you market your business. For example, if you are targeting an audience that isn’t very tech-savvy, that Twitter Q&A you have planned is the wrong place to invest. You may want to consider more traditional tactics like direct mail or event-based marketing.
  2. Do your selected tactics fit within your overall business goals? It’s easy to get caught up with what your competitors are doing or the latest and greatest technology that is on the market, however you should take a step back and consider those goals and objectives in your business plan. If your goal is to become an industry leader in your field but you hadn’t considered a strong content marketing or PR plan, then you should reconsider your planning.
  3. Focus is your best friend. It is easy to look at all of the things you have to do and find smaller, less important tasks that you “just have to” complete first. While cleaning out your junk drawer in your desk can probably wait as well, I am talking about all of the things that can derail a great strategy. For example, you have set out to market your business on Facebook, Twitter, and Instagram, but you heard about how neat Snapchat is and you thought you would “just set up” an account. Before you know it, you have spent half a day on something that you hadn’t planned on.
  4. Are you evaluating your strategy on a regular basis? Changing your original strategy isn’t a bad thing as long as it comes from a strategic evaluation of what is working and what isn’t. If you aren’t getting the traction you expected from Facebook, maybe you should consider a different social channel or focusing your time and resources into a different strategy altogether. It’s important to track the success of your efforts so you can look at your success over time and tweak your strategy as necessary.
  5. Are you trying to be an island? This is a huge cause of entrepreneurial fear (and failure). You may be the biggest champion of your own idea, however, sometimes it’s good to bring a third party in to look at your strategy with an unbiased eye. You don’t have to hire someone to do your entire strategy and execution for you (your budget might not allow for that!) but you can work with a consultant or coach to make sure you are on the right track. Your hesitation in starting your marketing outreach could stem from not feeling confident in your strategy and this will help with that.

As a business owner you should always give yourself enough space to take a step back, take a deep breath, and get back to the basics of what makes your business a business – your idea, your goals and objectives, your brand story, and your target audience. As long as you have a good foundation in the basics, you can approach everything else with confidence.

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

6 mistakes entrepreneurs make when seeking out funding

Praveeni

Entrepreneurs often have many  “great” ideas and rely on funding in the form of a business loan or investors to bring their dreams to light.  Pitching your business and asking for funding can be an intimidating and grueling process. However if successful the payoffs can be huge. Unfortunately many entrepreneurs aren’t successful in securing the funding they require. Here’s a look at 6 mistakes entrepreneurs make when seeking out funding:

  1. Over-valuing their firm or product
    Ok you’ve got an idea- that’s great, but how much is it worth? If it’s your idea it’s probably priceless to you but how much is your business really worth? People tend to over-value their business in hopes of securing a greater investment but that very often fails. Take an objective stance when valuing your business – look at how much you’ve done in sales, your costs and how much revenue you’re really brining in. Remember sales do not denote firm value. Don’t forget to factor in your production, operational and carrying costs.
  1. Presentation & pitch is too long
    Your elevator pitch and investor presentation should be short and informative. Keep your presentation under 10 slides and make your slides concise with 3-5 points per slide. Your elevator pitch should be about a minute long at most. If you can’t summarize your business in under a minute you may need to spend more time understanding your business. No one wants to be stuck listening to a 20 slide presentation.
  1. No concept of market size
    Whenever you offer a product or service you must be aware of how large or small its market is. Whether it’s a nice or mass market item, every product/service has a market. It’s up to you as an entrepreneur to research your market and determine who your target audience is and how much of a market share you would like to capture. Remember 100% market share isn’t always a viable or profitable goal. Be realistic in your market share goals and understand the size of your market.
  1. No professional business plan

A well written, factually correct business plan can garner you the funding you               require. It’s important not to skimp on your business plan. Don’t rush it, take time     to understand the risks, opportunities and profitability of your idea. Make sure you     comprehend your product and what it will take to bring your idea to market.  Many     people overlook the financial aspect of a business plan. Projections can be                     intimidating so seek out professional help if you require it, never assume always ask.

  1. Inability to explain what problem their product solves
    Ok so you’ve got an idea – great! How can it help me? What problem will it solve? Many times entrepreneurs are unable to explain exactly how their product is useful to consumers. This can be off-putting to investors as they think – if a person can’t even explain their own product then how can they sell it? You must fully understand your product or service and how it benefits consumers. Be prepared to answer questions about your own product and your competitor’s offerings as well. The more informed you are the better.
  1. No flexibility
    When asking for funding you need to be flexible. Remember you’re asking someone else to put their trust and money in you and your business. You may not always get the offer you prefer and in some cases may have to counter offer as well. It’s good to be prepared with at least 3 different counter offers when pitching to investors. You should also be open to different kinds of offers. This doesn’t mean give away your whole company for free but listen to what they have to say and run the numbers before you decide to accept, counter or decline. Most importantly be realistic – have a realistic valuation and seek out the appropriate amount for the share you’re offering.

 

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world.  She can be reached via Website, Twitter, Facebook or her Blog.

Taking the leap into the world of Business?


yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.   

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

Best Practice record keeping

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  1. What documents and information should a business provide to its accountant in order to file its business taxes, specifically payroll, HST and income tax?

 

  1. If you do your bookkeeping yourself, provide a softcopy of your records (eg., Quickbooks or Simply Accounting file)
  2. A copy of all your Bank statements for the year. Note: if you do your own bookkeeping, then ensure you provide a copy of your year-end bank reconciliation
  3. A copy of all your business credit card statements for the year. Note: if you do your own bookkeeping, then ensure you provide a copy of your year-end credit card statement bank reconciliation
  4. Cancelled cheques, cheque stubs and bank deposit book for the year
  5. Copies of all invoices issued
  6. List of Accounts Receivables
  7. List of Bad debts
  8. List of year-end inventory (including the cost)
  9. Invoices for capital assets purchased during the year (eg computers, furniture etc)
  10. Details of assets disposed of during the year (even if you got no money when the asset was disposed of)
  11. Copies of all expense receipts
  12. List of Accounts Payable
  13. Details of all bank loans
  14. List of all payroll payments during the year showing gross amount, withholdings and net amount paid. You should also indicate how paid (cheque, cash or direct deposit)
  15. Your accountant should have access to your CRA account data , so it will n ot be necessary to provide CRA correspondence, unless it is of a non-routine nature, and one which your accountant would not have access to
  16. Mileage log detailing business kilometers driven
  17. Record of any expenses you paid for the business (out of your personal funds)
  1. Tips on recordkeeping
  • It is very important to have a record keeping system in place from the first day of business operations. It is best practice to consult with your accountant on what records to maintain. The accountant should have readily available, a checklist of record required. This makes the first year of filing much easier, and you are less likely to make mistakes which have to be fixed in later years due to lack of knowledge
  • After your tax filing deadline, consider filing your income and expense receipts in “tax” folders, as opposed to putting them in categories. If you are audited, then all the data used in the tax return is in one place. You simply pick up the folder, and hand it to the auditor. You can use tabs to separate the docs in the categories on the tax return
  • Manual record keeping – this can be as simple as an accordion folder where you drop all invoices, expenses, bank statements and other required documents, in the separate sections. Then give this folder to the accountant to summarise and use to prepare taxes.
  • To reduce accounting bill, you can summarize the receipts for your accountant. This is most applicable to a Sole Proprietor, where the basis of the tax return is your income and expenses, as a full financial statement is not required. However, for a corporation, expense summarization doesn’t help too much, as the basis of your corporate tax return is your Bank statement.
  • Electronic recordkeeping is strongly suggested for a corporation. Simply because of the details required to be reported, as well, CRA requires a full financial statement – Income Statement and Balance Sheet (which is not required for Sole Proprietors)
  • Stay on top of your recordkeeping

Green Meikle & Smith Chartered Professional Accountants

Authorized to practice public accounting by the Chartered Professional Accountants of Ontario

1020 Matheson Blvd. E. Unit 10

Mississauga, ON L4W 4J9

905-919-3543 Ext 101

647-338-5306 (cell)

greenmeiklesmith.com

Benefits, Not Features

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Benefits, not features: this is the mantra I repeated perhaps every week to my class when I was teaching New Media Communications at Centennial College.  During our unit on writing for web, during our unit on social media: “Benefits, not Features”. I would tell my students that every time they are tempted to write the word “I”, they should consider how they might change it to “You”.

It is a great way to make sure you are really thinking about your clients or your customers, and not just talking about yourself: what are the benefits they are seeking?  What’s in it for them?  It’s what we generally want all advertising to do: Stop talking about yourself!

I found out the hard way how difficult this actually is when I recently delivered a pitch to a potential client, and said all the wrong things.  We were the right people for the job.  I knew what they needed and was certain we could deliver better than anyone else, and the only thing I needed to do in the pitch was convince them.

So I talked about all of the fabulous features that we had to offer: our media background, the fact that all of our employees were journalists , that I had worked in a newsroom…I talked about how we were usability experts and how experienced we were at dealing with very complex tech.

I used the word “I” A LOT.

And then: we didn’t get the job.  And I thought back to the questions they asked me that I was uniquely unprepared to answer and I realised how I had completely missed the mark, because I hadn’t at all addressed their actual need.  They needed to hear how working with us would make their lives easier, how it would save them money and time.  They wanted to know how to better manage their staff and streamline internal processes.  They wanted to hear how they would find our technology solution easy to understand and how it would make them feel on top of their game.

I spent all my time talking about how perfect the project would be for us, about our features, and none of the time talking about the benefits that working with us would bring to them.

Benefits, not Features.  Listen to yourself: are you saying “I”?  Turn it into a “You” and see what happens!

Christine McGlade is a Business Analyst, Content Strategist, and Usability Consultant.  With over 25 years experience in the media business, Christine helps small business, social enterprise, and Not for Profits how to leverage the power of the Internet to grow their business.  Learn more about Christine at analyticalengine.ca

Where’s your focus?

sandra

One of my most favourite quotes is by Dr. Wayne Dyer: “When you change the way you look at things, the things you look at change”. It didn’t always make sense to me, but once I did, I totally got it! When you focus on what’s working, and on your goals, you find opportunities where they once didn’t exist.

As entrepreneurs, it can be challenging to focus on what’s working when there are times when it can feel like very little is. It’s in these times that we have to look at our glass as half full. If we focus on the failures and mistakes, we can be left unmotivated and defeated.

In expressing gratitude for the business we do have, we open ourselves to opportunities to gain more. Staying committed to the end result keeps us motivated to look for ways to make the goal a reality. Focusing on achieving the goal rather than how difficult the journey has been, empowers you to plow through the obstacles.

I know that staying positive gets a lot of slack as being a bit Pollyanna. I think that choosing to be positive is the only choice that makes sense. This isn’t to say that you should celebrate the difficulties you encounter. It just means that instead of letting the disappointment swallow you whole, find the lesson in the experience and move on. Choose to be happy anyway!

I can tell you from experience that persistence pays off. The only way you’re going to persist in the achievement of your goals is if you stay focused on the goal, and not on the past or current negative experiences. Opportunities exist all around us to bring us closer to successfully attaining our goals. When we focus on the wrong things it blinds us to the very things that can bring us out of the fog.

Haven’t you ever experienced moments where it seemed that your life was flowing in complete synchronicity? These things don’t happen when we’re bogged down in negativity. They appear when we’re in a positive mindset, excited about our goal and open to any and all options to bring us closer to its achievement.

In The 5 Habits of Highly Effective People, Stephen Covey suggests that we begin with the end in mind. Keeping the end in mind is what’s going to give us that staying power regardless of what’s going on around us. Keep your eye on the prize, and it will be yours before you know it!

Sandra Dawes is a certified life coach specializing in helping women who feel unfulfilled with their 9-5 follow their dreams and pursue their passions. She holds an Honours BA, an MBA as well as a certificate in Dispute Resolution.She has completed her first book,Embrace Your Destiny: 12 Steps to Living the Life You Deserve!

Connect:

www.embraceyourdestiny.ca

www.facebook.com/embraceyourdestiny

www.facebook.com/embraceyourdestinythebook

www.twitter.com/sandradawes

Keisha Pinto: Canadian Small Business Woman of the Month of April

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Keisha Pinto, Owner/Event Planner-Stylist-Coordinator of Ki-Events, a full-service event planning boutique specializing in lifestyle events.  Since the launch of her business in September 2014, Keisha has been building her network and business by connecting with the most influential, established and game changing individuals in Toronto. Keisha keeps on top of the trends to plan, style and coordinate breath-taking signature looks that wow her client’s expectations every time!   Keisha Plans and styles each one of her events from conception to execution without missing any of the fine details.  Growing up Keisha has always been a very coordinated person, with a keen eye for details…”everything had to match”.  Her passion for event planning ignited once she entered into the corporate field in 2001. She became more involved in the planning and execution of the social and networking events for her organization, which really sparked her interest even more. To educate herself in becoming a certified Event Planner, Keisha enrolled part-time at George Brown College in Toronto where she completed the Event Meeting and Management Program. During the course of the program, Keisha received extensive training, teachings and gained experience from some of Toronto’s best special events, meeting and conference planners.  Keisha’s passion for event planning is evident in every event she creates.  

 

You can find and view her work at www.kievents.ca  You can also find Ki-Events on the following social media handles:

Instagram: kievents

Twitter: @_ki_events

Facebook: KeishaPinto kievents.

Pinterest: kievents

 

Our ! & A with Keisha

 *What inspires you?
I love what I do!  My passion for Event Planning inspires me..it is that simple!  Every event is different and brings a different type of inspiration, my passion for loving what I do is evident in every event I create.

*As a small business owner, what achievements make you most proud?
As a small business owner, the achievements that makes me the most proud is that I am able to balance life, being a mother , supportive partner and small business owner while holding down a 9-5, this makes me the most proud, knowing that with all that life throws at you I am still standing  and standing strong.  As we all know life can get crazy and they are days when you want to throw in the towel…and then you are reminded of your whys and the passion that you have for loving what you do.

 *What advice would you give to other aspiring small business owners?
My advice to aspiring small business owners is to know yourself and know your worth.  Do not ever sell yourself short for anyone.  One of the worst things an aspiring business owner can do is compromise themselves and don’t  stand up for what they believe in.

*What new things can we look forward to from your business in the upcoming year?
2015 Ki-Events will be expanding the business and brand…not only by supporting other businesses and events, but we are offering new services and products, aside from planning-coordinating  & styling of events.  We are now offering products such paper flowers, which is trending this year, customize Sweet Tables/Candy Buffet packages.  Ki-Events is also going be adding a new extension to the brand “Ki-Notes” offering writing of sponsorship request letters, vendor request, events/wedding itineraries,  programs/agendas, bios, resumes and social media postings. Most importantly Ki-Events has collaborated with two other amazingly  talented wedding/event planners in Toronto Cassandra Scully, owner of Creative Elegance and Antoinette Dumuje, Owner of Heavenz Decor Inc. together we are CAKEvents, an organization formed to give back to the community, youths and brides on a budget, one event at a time. Look out for us!

IMG-20150326-WA0009kievents

Personal Business Planning

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When you hear the term ‘Business Plan’, you may immediately picture the intense moment of pitching an idea to an investor, hoping to secure some funding for your growing business. In this moment, the investors are going to want to see all of your numbers; sales, equity offer, profit margins etc. All of which would be in a professionally presented ‘Business Plan’. What I am introducing here is a different kind of business planning that is created for you, by you. A Personal Business Plan.

Why, (you may be wondering) do you need a ‘Personal’ Business plan? I propose that writing a vision for your business beyond a mission statement (as well as creating a system to work though strategies for growth), will help keep you aligned to your ‘big’ picture of your business and it’s potential future. Whether you will need partners in the future – planning your business with a personal approach can help you reach those goals by laying a foundation that is specifically aligned to your skills, abilities and personal preferences in business (Note: this isn’t the plan that you would share with the bank. This one is just for you).

A ‘Personal Business Plan’ (from my perspective) still dives into the nuts and bolts of business. Covering all of the basics from defining your customer avatar to building a brand to planning a promotion. The difference is that the plans you make relate to who you are as a person and what you want for your future. Here is what I mean:

Within ‘Personal Business Plans’, I encourage you to ask yourself questions that only you can answer; instead of thinking about what someone else may think is ‘right’. These questions will help you identify the lifestyle and purpose around your business, which will inevitably increase personal satisfaction and intrinsic motivation in the long run. Using ‘Defining Customer Avatar’ as an example. Instead of just asking: ‘Who has the most money to spend in this category?’ (Which I still think you need to ask), I suggest thinking about how you personally relate and whom you want to work with. For example: If part of your life experience has included raising children in a rural community with no access to recreation programs – you would probably understand that particular population on a level that cannot be identified on paper. Lifestyle wise, if you are in a season of your life where you want to be traveling, this is where you would ask yourself ‘Will my ideal client/avatar be interested in attending VIP event across the country?’ .If they aren’t – are you willing to sacrifice that need of yours? Or do you need too? Only you know.

Asking questions is part of the process; the other aspect of Personal Business Planning is to reference your future vision with daily choices. When you craft your plans in a way that includes your ultimate goals it can steer you in a direction that you are going to be happy with in the long run. An investor may not know that you see yourself living in on a beach in Hawaii or helping to raise your grandchildren in how ever many years.

Personal Business Planning is a strategy that I have seen many successful female entrepreneurs embrace and I encourage you to try it out and see if it can guide you to the next stage of your growing business.

Tamara is the owner and designer at ‘Your Pretty Pages’ where she provides templates, planners, guides and resources for creative entrepreneurs to get and stay organized. To support your successful personal business planning, Tamara has just released two savings bundles of templates in her shop found here: https://www.etsy.com/shop/yourprettypages

Why It Is Important To Keep Growing

 

 

Malene Jorgensen

 

 

As business owners, we start out with a business idea. That business idea gets altered, changed, developed and broken down during the business planning process. Here, we test the idea, examine our concepts and really figure out if this is indeed a viable business idea.

But part of the business planning is also looking at how the business idea could develop over time. We may start with one product or service, and be so invested in this one idea that we can’t look at other ways to build the business.

It is important to keep developing your business brand, because any given industry is changing constantly. New software programs are introduced, new business tools become available and your customers may want new things. It is important to have ideas as to how you can develop your business down the line.

While this planning may not be something you are thinking about as you start out, it is always good to have some ideas brewing. Like a business plan, these ideas will change with time. What you may see happening during your first year in business may completely change once you reach the third year.

With a plan in mind to grow your company, you may find yourself needing more experience and education. And self-growth is the key to running a successful business.

So – get going! Create a long list of ideas to assist you in future growth.

Malene Jorgensen is an entrepreneur, author and speaker. Jorgensen is passionate about online content, blogging, online business development and e-commerce. She owns an international media publishing company and a design studio. Jorgensen has written several books that are sold in over 50 countries. She is also obsessed with coffee and Twitter. You can reach Malene Jorgensen at Website | LinkedIn | Twitter | Instagram

Easy Steps to Overcome Procrastination and Achieve Your Goals

yvonne

I’ll start my business this year, I’ll start writing my business plan next week, I’ll start my diet on Monday, I’ll follow-up on that new lead next week… and unfortunately we sometimes never get round to it and miss out on fantastic opportunities, or come next year, we are still struggling with the same goals.

Procrastination is one thing we can all easily fall prey to, but what differentiates each of us, as well highly successful people is our ability to overcome procrastination in order to achieve our goals. While it may be easier said than done, those who choose to be motivated and complete necessary tasks are those who are able to see results and move ahead onto bigger goals and aspirations. Here are five easy steps you can take to help you overcome procrastination.

 

1. Know Your ‘Why’

I love the story John Maxwell shares in his book ‘15 Invaluable Laws of Growth’. While a salesman looks out of the hotel restaurant window, he asks the waiter if he thinks the roads will be clear enough to travel the next morning. And the waiter responds, “Depends on if you are on salary or commission”. The first step to achieving your goals and overcoming that lethargic feel of procrastination is having a strong ‘WHY’; one that is worth fighting for and motivates you whenever you see yourself beginning to procrastinate.

 

2. Dive Right In

We often procrastinate because we fear that a task will take too long, or that we don’t have the skills to complete it successfully, or that we’ll magically find the time later to finish it. Oftentimes the best way to put a stop to procrastination is to stop thinking and simply dive right in. Once you get started, you’ll begin to figure out how to complete the task i.e. necessary steps or resources required, otherwise it’ll remain untouched, unfinished, and continue to be a roadblock to your success.

 

3. Learn Proper Goal Setting

Writing down a list of the top things you’d like to get done this year is only the tip of the iceberg when it comes to goal setting.  Goals should be broken down into:

Overall goal > Monthly goals > Weekly goals > Daily goals

By breaking your goals into smaller and more specific steps, you increase the likelihood of them being completed. Also ensure your goals are time-framed, giving yourself specific target dates to complete tasks by.

 

4. Get Your Motivation Going

For many, once we have our strong ‘WHY’ in front of us, as well as see how easily a big goal can be broken down into manageable bite sized pieces, we feel less overwhelmed and more motivated. However, if you still struggling with driving yourself to get things done, analyse how procrastination is preventing you from reaching personal and professional success; make two lists of the pros and cons, listing all the drawbacks of procrastination that you can think of, and then list the benefits. This should remind you how much procrastination is holding you back. If necessary, tack that list up somewhere visible to remind yourself.

 

5. Practice Good Time Management

Getting things done is largely about properly managing your time. Not sure if you’re a big time waster?  Then do this: spend one week writing down how you’re spending your time from the moment you get up to the minute you go to bed.  Chances are you’ll be shocked by how much time you’ve allowed to go to waste.

 

BONUS:  By reviewing how you’re spending your time, you’ll likely find that there are tasks that you can delegate or outsource to others, or tasks that you can stop doing completely to free up more of your time. Here is a piece I wrote on how to delegate effectively.

Yesterday you said tomorrow, today is the day! Start doing.

Want to identify what may be stopping from achieving yours and find strategies you can implement to get you started? Attend our free and complimentary webinar on July 3rd Click here to sign up for the webinar

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Yvonne is a Change Consultant, Speaker & John Maxwell Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc, www.twitter.com/oliveblueinc, www.oliveblue.com

Easy Steps to Kick-Start Your Business … Practical Tips for Success!

 

yvonne

You’ve been thinking about it, but something keeps stopping you from starting your business? And by now you’ve most likely come across many articles such as this on ‘How to …’. If the truth be told, giving advice is sometimes easier said than done. I myself can testify to that. However, here are a couple of practical tips you can easily implement today to help you raise finances and kick-start your business.

Do your research. Research simply put is knowing your market and customers. How do you know your market? Read trade magazines and newspaper, visit industry seminars or conferences, check online or take a drive round your business geographic area and see what similar services and products exist, sample some of these services or products, ask suppliers about the market, and ask potential customers who they currently patronise. All these and more will help you build a broad picture of the market before you entering.

How do you know your customers? If they will want your products or services and what exactly it is they want? As many people as you come into contact with and see as potential customers, ask them questions. When you go to an event, take the opportunity ask people pertinent questions in a conversation-like manner. Develop a questionnaire, and email to all your family, friends, colleagues and former colleagues, ask them to email to their network of people, and voila! you have conducted your research. However, do bear in mind that the bigger your investment risk and the more complex your business model, the more structured your research should be.

For more information on business research check this article Business Research Demystified

Raising finance. The usual advice is personal savings; loans from family, friends or the bank; government funding; grants; venture capitalists etc. But what if these sources don’t quite cut it for you? You don’t have the savings, you can’t get a loan, or you fall outside the qualifying criteria for grants and funding. Here are some additional avenues and tips;

  1. Trade by barter. Offer your services, products or skills in exchange for goods or services that will help build your business i.e. you need to develop your website, and you are a marketing consultant, why not offer some free consultancy to the web designer in exchange for your website development
  2. Cut down on your personal overheads, which may include; downgrading your car or moving back to live at home saving on the monthly rent, reduce your spend on social outings such as cinemas, suspend club memberships (except of course it is required for effective business networking purposes)
  3. Start your business with incremental steps such as piloting your business idea, or starting with one product or service, and as the business starts bringing in returns, you can then consider expanding and implementing more plans and ideas
  4. Consider alternatives to reduce your start-up cost  If you are low on capital. This includes working from home without needing to lease office space, converting your garage, shared office space, virtual assistants, start with offering your services and products online etc.
  5. Consider crowd funding or sourcing capital from customers or suppliers. With some services pr products you could actually seek to get upfront payments or deposits from clients, which could then be used for your initial capital requirements. A successful example is that of a hosting company who offered potential clients a lifetime hosting package if they would pay a certain amount upfront to help fund the start-up of the business.

These tips are not all-encompassing, and there are many things that go into having a successful business such as a business plan. There is no running away from it either now or later in your business life cycle.  If you need help with your business plan, also read Business Plan Demystified, Writing Your Business Plan Once And For All.

Get a free eBook to get started on your goals: http://eepurl.com/xeDrf

Yvonne is a Change Consultant, Coach and Speaker who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc, www.oliveblue.com

Goals. They’re not just for the big guys!

Sheralyn

The Importance of having goals, no matter what size your business is.

Often, the small business entrepreneur starts out in their field because of a particular passion.  Perhaps you are an amazing baker or skilled at making unique, handcrafted jewelry.  Likely you’ve attended a seminar or two that talked about embracing your passion so that’s what you did.  But, don’t be blinded by it. Being passionate about something is good for the heart and soul but it won’t necessarily pay the bills. I once had a passion for collecting teddy bears but that didn’t translate into owning the “Build a Bear” empire.  To accomplish something like that I would have needed goals and a clearly defined path, not just passion.  So whether your goals are lofty or more level headed, the importance of having them cannot be overstated.

Big business doesn’t own the concept of having a Mission, a Vision for its future or of establishing clearly defined goals. Even if your kitchen table is your office, no matter what size you are, your business will only grow and that growth be measurable, if you set well-defined goals.  Whether you use a vision board, a goal setting technique like SMART, or get advice from your local SBEC centre, take a good hard look at your business development plan and set both short and long term goals.  Decide where you want to be in 1 year, 2 years and 5 years and then get to work designing your business plan around that vision.

Clearly stated goals that are recorded and always visible (post them on your wall for example) help keep you focused. They remind you when you get off track (don’t beat yourself up, we all get off track once in awhile!) they allow you to refocus and if necessary, to redefine or reshape your business plan according to current economic and business conditions. As a boat without a rudder floats at the mercy of the sea, without a plan you too will float along – at the mercy of others and their priorities, without benefit of a mapped out route that would help you achieve clear sailing once more.

I had the opportunity of visiting SBEC, a small business enterprise centre recently.  The experience was invaluable in helping me clarify exactly who my target market should be.  In talking through my business ideas with an advisor it suddenly became clear that the market I was actively pursuing was not necessarily the one that would help catapult me to the next level of income earnings.  When I got home and started recording the specifics of what I actually do day to day, as well as writing down why I do it and who is best served by my business, it suddenly became obvious that I should be seeking out entirely different client opportunities.

I started writing a business plan that day.  What do I really want to accomplish?  What are my goals?  My business was something I dabbled at, something I found enjoyable and that I was reasonably good at.  Without goals however, I had no focus. To follow the tried and true classic formula, here’s what you should do:  Make your goals S.M.A.R.T.  When they are Specific, they are Measurable and when they are measurable you will know if they are Attainable and you will be able to track your achievements. Make sure that your goals are Realistic. If you flunked Grade 11 physics, you might not be heading the space shuttle program anytime soon. Making a million dollars is a great goal but perhaps set your first target a little lower. Enjoy the satisfaction of reaching that goal – then target the next realistic monetary goal.  Finally, make sure your goals are Timely. That is, give yourself deadlines, specific dates that you can actively work towards and measure your success against. Goals and having a vision will help bring clarity, unity, and focus to your everyday activities, even if your boardroom is your bedroom and the kitchen table is your office!

 

WRiting Right For You
“At a loss for words? I can help you find them!”
Sheralyn Roman B.A., B.Ed.

Business: 416-420-9415
Email: writingrightforyou@gmail.com
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Business Research Demystified … And Why You Need It! (Part 1)

yvonne

One of the keys to starting a business or writing your business plan is Research. More important than this is conducting the right type of research.  I don’t know about you, but usually the word ‘research’ can evoke all types of emotions, which does not often include excitement.

But that need not be the case, even if it were, we need still need to do it. Think of research as a means to gain knowledge, get ahead, be relevant or establish facts, and business research being to gain the required business knowledge and facts for the purpose of establishing a more concrete foundation to develop your business and give you an edge in the market and over your competitors. When you look closely at businesses that have failed some of the contributing factors could have been eliminated had they taken the time to do some research and gather valuable information on their target customers, about the market, supplier and competitors.

On speaking with many ‘entrepreneurs’ or business owners, I find some of them disregard the process of undertaking any form of research. Often a times, they feel they have all the information they need based on their immediate experience. However, what research allows you to do is broaden your knowledge of what your customers want; know how to price and position your products and services; know what your competitors are doing so as to compete strategically; and understand market and industry trends to ensure your products or services are relevant etc.

Simple forms of undertaking research include asking your trusted network and potential type target customers about the feasibility of your business idea, products or service; and looking at similar businesses to yours and what products or services they provide and prices they charge. Simple as it may sound, these still constitute research.

Whether starting a business or looking to grow your business, I want to challenge you to step up your game, and approach your research in a more structured manner in order to gain better insight and results.

Though some businesses have started out successfully without any research, a time comes when they have to pause and research to maintain their strategic advantage or they become irrelevant.

Look out for Part 2 on the types of research that apply to new businesses or existing businesses.

 

Yvonne is a Change Consultant, Coach and Speaker who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc, www.oliveblue.com

Taking The Leap Into The World Of Business?

yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

Please refer to past articles on fundamentals such as ‘Research’, ‘Writing a Business Plan’ and ‘Raising Finance’ that will help you prepare for starting your business. http://www.oliveblue.com/category/blog/

 

Yvonne is a High Performance Consultant, Coach and Speaker focused on working with Individuals, Entrepreneurs and Organisations to execute and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc

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