Breakthrough to Financial Freedom in your Small Business
Efficiency drives business growth
This statement is so true for all sized businesses and especially pertinent for the small business owner. When, if working alone, your time is literally money. Unless you have a passive income, when you are not working with clients or directly on client related work you are not earning. So, how do small business owners get around this challenge?
Mike Michalowicz gives loads of great advice to small (and big) business owners in ‘Profit First,’ one piece is derived from Parkinson’s Law. In simple terms it’s this:
‘…if your client gives you a week to turn around a project, you’d likely take the whole week – but if she gives you just a day, you’ll make it happen in a day…’
Are you being efficient with your time? If like me, you’ve been indoctrinated with office life of working from 9 till 5 but not being productive in all those hours then some work will need to be done to turn this behaviour around. This will give you your advantage.
Unstructured and sporadic with your business approach
So many small business owners are often heard to say this: ‘Oh yeah, I used to do that, worked really well – not sure why I stopped…’ Running a business can often mean the business owner getting wrapped up in menial tasks – chasing invoices, checking accounts and cash flow, booking events, responding to -as-they-happen-comments on social media. The list goes on…
This results in hours of wasted time, interrupted work and a lack of focus due to seeming time constraints for real business development related activities. Initial time spent on setting the strategy for chasing invoices, checking accounts – systems that will create structure and drive efficiencies in your business so you can start to focus on your business.
This is when you’ll be able to spend the time attracting more clients because your systems and processes allow you time to focus on delivering your products and services.
Consistency is Queen
‘It’s not what we do once in a while that shapes our lives. It’s what we do consistently.’ Tony Robbins
Being consistent with marketing, messages, branding and how we operate as small business owners not only saves a huge amount of time – it’s the stopping and starting of projects where time wasting lies – it also means clients and potential clients know what to expect and when.
In line with Maslow’s Hierarchy of Needs, humans love routine – it fulfils ‘Safety’ – predictability and order, ‘Love and Belonging’ – participation and commitment and for the business owner ‘Self-Actualisation – we need to feel fulfilled, like we are achieving, that we are becoming everything we can be.
Create consistency around business development activities coupled with spending time more effectively will make for a breakthrough to financial freedom equating to a more fulfilled, time efficient, focused, achieving small business owner.
Clare Whalley celebrated 10 years in business in 2017. A great milestone to achieve. She graduated with an International degree in English and Education and went into corporate life to pursue a career outside of teaching. Successfully passing a rigorous graduate scheme into a blue chip company; working in several positions across team management, customer service and sales roles. A working trip to India helped her decide to resign, retrain and set up her own coaching and training business.
Clare now lives in Sutton Coldfield, Birmingham with her two young children, Isabelle and James and her husband Rob.
Clare works with fellow business owners to help them create a business they love too. She uses strategies and tools which will help business owners get to the clients they love to work with, with more consistency and ease.
To find out more about my small business coaching programs click to download here or to have a chat with Clare to find out more about how coaching can help you and your business book in for a free one hour business strategy session.