With all the hustling you do for your business, trying to bring about success, it’s hard to imagine a time when you might actually want things to slow down or need to find new goals. We work so hard at growing our business, improving our products and services, and getting clients that we forget how attainable success is. Success can become overwhelming very quickly. Alternatively, you might end up needing to change up your goals for the betterment of your own well-being as well as your business’s. If things have gone so right for you lately that you’re finding yourself in a bit of a spin, here’s what you should do!
What to do When Things Go Too Right for Your Business
1. Get Organized as Fast as Possible
When your business starts gaining momentum, one of the easiest things to lose track of is your sense of organization. As things pick up speed, however, organization is the last thing you want to let go, so if you’re feeling disorganized, get organized right away! Losing your organization will create issues, messes, and problems at unpredictable levels of severity in the future since you’ll be more likely to make mistakes and forget about tasks. Be sure to keep your to-do lists updated and check in regularly to make sure you’re not missing anything. Make sure to keep your records clean.
2. Refocus Your Goals
This could simply mean remembering your current goals and refocusing on them, but it could also mean adjusting them so they focus on what’s actually important. Is your goal to keep growing your business and get more clients? Or is it to provide quality services in a personal way? Whatever your goal is or whatever you want it to become, focus on that. Then plan and prioritize to accomplish that goal. This might mean continuing your business growth, but it might mean turning away new clients so you can give your current clients the attention they need.
3. Get Some Help
If projects, details, and tasks are falling through the cracks despite proper organization and goal-setting, then it might be time to bring in some help. Determine what projects you can outsource without sacrificing the quality or goals of your business and then find some reputable people or companies to help lighten your workload. Alternatively, you could hire employees and delegate tasks you don’t have to personally handle or that cause you the most stress. Don’t be ashamed of asking for help! You and your business will benefit from it.
4. Learn, Research, and Implement
Who are your competitors and what are they doing? How are they making their business run well? What are some of the latest technological updates that apply to or can be used in your business? What’s your target market like and have they changed at all? Take some time to learn from your competitors, colleagues, and customers in order to help you and your business improve. Continually search for ways to do what you do in a better, more efficient way.
5. Enjoy and Congratulate Yourself
Remember to take some time to enjoy what you’ve accomplished. Go out to dinner, buy something nice, go on a short trip (or a long trip), invest some money, do whatever you want but please acknowledge and celebrate your success. Celebrate, Dance, Laugh, Enjoy. You deserve this!
Things are constantly changing. Your business is changing, as is your market, your customers, and more. Success and failure; busy seasons and slow seasons; this is the way of the world. The success of your business depends on your ability to learn, react, and flow with these changes.
There are many different routes into a successful career as an entrepreneur. Many of the worlds most famous entrepreneurial spirits, like Richard Branson never even went on to higher education or college. They just had that million-dollar idea and turned it into a successful endeavour.
However, that being said, no matter how sure you are that you’re about to become the next Steve Jobs or the like, it is always a good idea to have a solid educational background to fall back on in case everything doesn’t go to plan. Here we’ve outlined a few degrees that could help you to become a successful entrepreneur .
Of course one of the most obvious choices for a budding self-starter is a business degree. Learning about business can equip you with many of the different skills that an entrepreneur would need. Along with teaching you how to negotiate and communicate effectively, it can also teach you how to excel at presenting as well as planning and being assertive. Business degree programs also ask their students to learn about different relevant fields such as psychology, finance and economics. Having a thorough knowledge of these subjects are a great way to develop a well-rounded skill set, which will only make you a strong contender for success when it comes to owning your own business. Have a look at the University of Alabama Birmingham and see if they have a business course to suit your needs.
Knowing how to sell and promote your business can only stand you in good stead of becoming an entrepreneur. Being able to think creatively and package relevant sales information to audiences in a palatable way, is important when you want to make sure that your customer has a great affinity and sentiment for your product. You’ll also be able to promote your products and services more effectively because you’ll know exactly what works. You’ll also have a good handle on the social media and public relations efforts that are needed when working for yourself.
A huge part of becoming a successful entrepreneur is understanding people and how that relates to your business. For this reason, taking a degree in psychology could be hugely helpful to a hopeful entrepreneur. In the fledgeling days of your business, you will more than likely be encountering lots of people every day, including potential clients, suppliers and employees. Because of this, you will need to be persuasive, confident and astute, all of which can be learnt by taking a degree in Psychology. You’ll also learn critical skills in decision making, personality traits, and psychology when it comes to business which may be particularly helpful.
Knowing how to deal with and manage money is an imperative skill in every entrepreneur’s life. Being self-employed means that you have sole responsibility for how much you make and how your money is spent. By learning to be savvy about managing your finances, how to budget within a business setting and how to effectively manage expansion, can help your business go much further, much more rapidly. For this reason, those who are great at analyzing data, numbers and numerical patterns can make incredibly successful entrepreneurs.
A degree in communications is an excellent choice for an entrepreneur. The nature of this work demands that you communicate effectively and efficiently with people from every aspect of life. You’ll want to be able to express your ideas for your business effectively and be able to convey important matters with ease. So an aptitude for communication is a must. When studying a communication degree you learn specific skills in public speaking, project management and teamwork all which can prove very useful when you’re a budding entrepreneur.
In today’s climate, almost everything is done digitally. From registering your business name to processing payments from customers, we have an ever-increasing need for technology and computers. With a degree in IT, you can find yourself ahead of the game. The tech industry is huge right now and there and hundreds if not thousands of profitable and well knows tech startups that have emerged in the last few years so a strong background in computing and IT will gove you a massive advantage. Also knowing how to utilise the many programs and software applications that come with working for yourself would be a definite plus. Another great thing about pursuing an IT degree is that it is also a very undersubscribed profession, meaning that if you do decide to fall back on your chosen degree, you’ll be able to find a lucrative role quite easily.
We hope this has helped you decide on the right degree for you.
If the thought of being your own boss is something that’s always excited you, why not take the leap and start your own business? It’s easier than ever to do and if you understand the costs involved then there’s no reason why you can’t go on to be a huge success.
Permits, Licenses and Dues
Everything starts with paper. You need to make sure that you get all of the permits and licenses you need to operate legally. This can be expensive, but when you’ve covered the initial cost, you’ll soon find that everything becomes way easier. You also need to set some money aside so you can cover your membership to any organisations you might need to sign up for. By participating in groups like this, you can then be kept up to date with the latest changes in your industry and you can also network much more efficiently. Another bonus of signing up to an organisation is that you’ll get member-only discounts on insurance, credit cards or even supplies, so this is well worth keeping in consideration.
Do you really need a commercial space? Before you go ahead and rent, think about what you actually need to operate your company. It may be worth renting a temporary space, or even working from home. This will make running your business way cheaper and it will also free up more room in your budget.
A lot of business owners make a list of all the equipment they need to operate their business before launch. This is great, but you may end up forgetting about the smaller expenses. This can include basic equipment like paper, pens, scanners, desks and even chairs. If you want to save money here, then you should certainly think about buying products second-hand. There are so many websites which give you the chance to do this and sometimes you may even get a warranty with them too. You should also avoid jumping to the latest model if you don’t actually need it. For example, if you need a mobile phone then choose one that’s able to hold its charge and get a good signal. You probably don’t need all of the additional high-tech extras, and there’s a high chance that you won’t use them even if you did. When purchasing items that are imperative to your business operation, it does help to spend a bit extra to ensure a quality product. This is especially the case if you need the equipment to serve your customers. So if you need a 3D printer, opt for the Creality CR-10 Max, or if you need a laptop so you can provide your customers with updates regarding their order, then shop for a new model that focuses on reliability.
Your employees are the backbone of your company. Salaries, medical leave, health insurance and even training costs are all factors that you need to consider. If you don’t invest in your team by providing them with a good wage or even a clean working environment, this could mean that you have a high turnover, and this will cost you even more in the future. If you want to get around this then it helps to offer your team perks. These don’t have to be pricey, and sometimes benefits such as having a flexible schedule can go a long way. If you’re providing your team with health insurance then negotiate with your provider annually, so you can budget for other fees more efficiently.
It’s mentioned above that you probably need to obtain some sort of health insurance for your team. That being said, you also need to try and pay for your own business insurance too. At a minimum, you need to have public liability and employer liability cover. Having insurance for negligence, illness and injury will help you out as well. Saving money here isn’t difficult, and sometimes all you need to do is negotiate with your insurance provider. If you have a good record and have gone a long time without making a claim, then try and ask them for a lower rate. Your business is important to them, and if they think that you’re planning on leaving then there’s a high chance that they’ll try and give you a better rate. You also need to review your coverage annually so you can see if you still need the policies you’ve chosen.
Shrinkage is when you lose inventory between purchasing it from the supplier and delivering it to your customer. Issues like this can happen for a huge number of reasons. You may find that you end up short on a shipment from a vendor, or that your team make picking errors. Theft and damaged goods are also another reason why shrinkage happens. If you need to safeguard yourself against issues like this then it helps to have an inventory management system. Barcodes and scanners are the way forward, as they can help you to maintain real-time data. They can also help you to pinpoint the exact moment an item goes missing so you can protect yourself against it happening again.
If a customer forgets to pay, or if the bank chooses to hold your transaction then this can cause you major issues. Payment delays can hurt your bottom line, and this is especially the case when payments are necessary to cover the cost. Overdraft charges can also eat away at your credit rating too, and this can cause you even more issues in the future. To stop things like this from happening, you need to set some payment terms with your customers. You also need to try and hold them accountable for not paying too. 30 day-terms can work for bigger businesses, but when you’re a smaller business you can’t be waiting a month to get paid. If a customer does happen to pay late then don’t be afraid to pursue them. It may also be worth chatting with your bank about getting some kind of overdraft protection too. This may involve a fee, but it will be way less expensive than having to deal with bounced checks all the time.
Your time is a very valuable resource. You cannot afford to waste it at all, so think about it, are you spending too much time on tasks that could be outsourced? If so, then explore this as an option. Freelancers are very reliable, and they often have favourable payment terms. Another benefit of hiring a freelancer is that you won’t have to insure them, and they’ll pay for their own tax too. If you aren’t quite sure how to hire a freelancer then there are tons of sites available that are designed to help, and some of them even come with payment protection too. This ultimately means that if they don’t deliver, then you will be completely covered.
As mentioned above, sometimes you may need to outsource your staff. This is especially the case when it comes to professional services. Sometimes accounting and even legal fees can run into the thousands, but they are worth their weight in gold. Legal professionals are able to untangle any red tape that you may come across when running your business and they may even be able to translate tax codes too. This will make it much easier for you to navigate the process and it will also help you to maintain a much more accurate payment inventory. If you need to save money here, then try and negotiate with the professionals who you work with to try and keep your fees as low as possible. It may also help to have your professional lawyer handle the more difficult legal tasks, and then hire someone with less experience to take care of everything else. This will save you money and it will also make it way easier for you to stay on top financially.
Credit Card Fees
If you run a small business, then you have to be so careful about using a credit card. If you cannot pay your balance in full every single month, you may end up with debt that is completely unmanageable. You may even find that you experience high-interest rates and even reliance too. It’s safe to say that this is a position that you don’t want to be in. If you need to get around this then it helps to do your research so you can find the best rates right now. You also need to find companies who can offer you the best rates too. Some may give you discounts if you make cash payments, and others may give you travel incentives. Either way, the type of business you own will ultimately decide which terms you should be looking for. If you are reluctant to take out a credit card, then consider looking into other forms of business financing. Loans tend to have much lower interest rates and you may even find that they’re easier to obtain too.
As a business owner or entrepreneur, I’m sure you know that it is incredibly difficult to find a healthy balance between living your life with family and friends and taking care of your business and business responsibilities. There is a constantly-growing to-do list on the business side of things and it’s difficult or nearly impossible to “leave work at work.” It’s altogether too easy to eat, sleep, and breathe work since your success is dependent upon your ability to hustle and accomplish tasks.
That being said, one of the most important things you can do for yourself, your business, and your success is to establish a healthy, effective business-to-life balance. Here are three tips for doing exactly that.
3 Tips for Establishing a Business-to-Life Balance
1. Invest in your health It’s difficult to lead a company, inspire others, build a team, or grow a business if your mind and body are unhealthy. You might be bringing in record-breaking sales for the time being, but if that’s at the expense of your health, then it’s unsustainable. Plan time throughout your week to exercise, stretch, meditate, and go for walks outside. Don’t skip or rush meals; rather, pay attention to nutrition and fuel your body properly. Make sure you’re getting the sleep your body needs. Get your head out of the craziness that is your business every once in a while and remember to live life, not just do things in it.
2. Clarify your vision
There’s no sense in working crazy hard on your business if you don’t have a clear goal as to what you’re working towards. Most business-life imbalances are due to murky clarity. If you’ve lost sight of your vision, then take a day or two to recenter. Figure out what you want, and then go after that. If you don’t know what your vision is, then you might want to take some time to really think about that. Consider what your ideal day would look like and put together a plan to make that happen. Start going in the direction you want, taking it one step at a time, and cutting out steps that are distractions. There will always be a lot of good ideas and great opportunities, so narrow it down in order to accomplish what you want. Remember that success rarely happens overnight.
3. Deliberately leave work and restore yourself with family
As a business owner, work doesn’t end. There’s always something you could be doing, even if it’s just improving something you already did. This can lead to intense stress as well as an inability to stop working, creating a perfect recipe for imbalance. Rest and restoration won’t happen automatically, you must deliberately make them happen. Pick a day or few evenings per week to close work and invest in family time, social outings, or something you consider fun. Get rest, restore your energy, do something you enjoy, and you’ll be far more able to do great work afterwards.
Balance will always be hard, especially since it can fluctuate so easily. Something that was well-balanced last week has to be adjusted when workload increases or if a family emergency arises. Just remember what your priorities are and keep them in place. Sacrificing one thing for another is fine for a little while, but balance is needed if you truly want to sustain regular growth.
If you need help to help create more balance in your business, click here and and sign up for my Goal Setting Bootcamp!It’s Time to Set Goals that Grow Your Business and Make Your Life–and the World–Better!
If you want to expand your business then you will know that sometimes, this can be difficult to do. After all, you need to plan out your product offerings, the budget that you have and even how you’re going to increase your workforce too. All of this can become very stressful, very quickly so it’s important to brainstorm some ideas so you can simplify the process.
Add some New Products and Services
This strategy may sound simple, but it can also be challenging. To begin with, you need to find out which services and products your customers want and how much they’ll be willing to pay for them. You then need to work out how much profit you need to make. The best way for you to do this would be for you to do some very thorough market research before committing to a price increase. Chat with the current customers that you have now and ask them if there are any new services they feel as though you should add.
Sell More to the Customers You Have Now
You also need to try and sell more products to your existing customers. One way for you to do this would be for you to perform a market analysis. This will help you to find out which customer groups are most likely to buy from you, so that you can really focus your sales and even your marketing efforts on those areas.
Tap into New Sales Channels
Another thing that you can do is try and tap into new sales and even delivery channels. The internet is the best example of how having a new delivery channel can transform any small business. For example, if you have a brick and mortar company and you wanted to expand then a website and internet sales channel would help you to reach out to international customers and an entirely new client base. If you want to take things to that next level, then it may be worth getting a salesforce consulting partner, as they can easily help you to analyse every aspect of your funnel.
Buy another Business
Buying another business is a fantastic way for you to expand your own and it is also the fastest way for you to grow. Merging with another company can easily double the size of the one you have now. It can also help you to grow your sales and your revenue too. You do however have to make sure that you do your due diligence when performing any business merger. This is especially the case when you look at the financial condition of the company. Think about it, do they have a good client base? How are the management team? What strengths does the company have? By focusing on all of this, you can then be sure to make the most out of your acquisition.
So, there are many different things that you can do to try and expand your company, and by following the above tips, you can be sure to find an avenue that works for you.
A chatbot is that little thing that pops up when visiting a website that asks if you need any assistance with anything. It is a piece of software that has been designed to make a customers user experience easier by initiating a conversation between them and an expert.
There are two different types of chatbots: one that uses Artificial Intelligence to respond to a customer, and another that has multiple choice answers to whittle down what a customer needs.
How can having a chatbot on your website help your business?
Engagement is absolutely key when it comes to your website. Everyone is using technology to stay online and engage with businesses and quite often demand interaction and responses at all times of the day. You may be available to answer questions at various parts of your day, but what happens when you have had to pop to a meeting, or even to the bathroom, let alone during the middle of the night? Well, this is where a chatbot comes in. They are there 24/7 to help your customers with any inquiries they may have and resolve their issues.
The vast majority of us own a smartphone and use this device to access websites. Because of this, it is essential that your website is mobile-friendly. Not only will it make your customers experience more seamless, but it will help you rank higher in search engines. Thankfully, technology means that chatbots can adapt themselves based on whether the visitor is on a desktop computer or a mobile device. You may think that because you have an app for your site, it is unnecessary. However, trying to encourage people to download an app and engage with it is not always easy, whereas a chatbot is easy and is always available, any time of the day or night. Of course, it is important to do your research and find out about the right ones for you, which you can do on the bot information page.
Chatbots are incredibly intelligent and are aware that your end goal is to convert visits to your website to sales. They are able to monitor what your consumers are looking for and then send similar items like this for them to view, and more often than not, these convert to actual sales. It is even able to send your customers coupons and discount codes for money off their next purchase, and help to resolve any issues that they may have. We all know that customers like to know that you, as a business, are paying attention to their wants and needs. This encourages them to remain loyal to you. It can be hard to do this single-handedly, and employing a team to cover this full time can be extremely expensive. A chatbot takes that stress and expenses away from you.
My name is Robyn and I am a Certified Content Marketing Specialist, Digital Marketer and Tech Savvy Virtual Assistant who loves to help entrepreneurs grow their online business by helping them implement the right systems and marketing strategies in their business.