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Tag: small business

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Avoiding Mental Hindrances to Entrepreneurial Success

mental-challenges-for-entrepreneurs

As an entrepreneur, I can testify that entrepreneurship can be a very rewarding journey, however, it can also come with a load of mental challenges. Going into entrepreneurship may seem exciting and fun, but it requires qualities like resilience, courage, and balanced thinking. In this blog, I will list some common challenges that entrepreneurs face. And I will also give some suggestions on how to prevent or manage them.

Stress and Pressure

Starting and running a business can be highly stressful. Many elements of the work may contribute to mental fatigue. The pressure to succeed, financial uncertainty, long working hours, and managing multiple responsibilities can take a toll on an entrepreneur’s mental well-being.

To prevent unnecessary stress, it is important to prioritize self-care, set realistic goals, delegate tasks, and seek support from mentors, friends, or a professional network. Building a strong support system and practicing stress management techniques, such as exercise, taking time to relax, and practicing reflective thinking, can help alleviate stress.

Fear of Failure

As entrepreneurs, the fear of failure haunts us at times. Failing to meet goals, the denial of a bid or deal, and the fear of losing a major client; all are common challenges for entrepreneurs. Yes, the risk of business setbacks, financial losses, and the fear of disappointing oneself or others can be overwhelming.

To overcome this fear, it is crucial to embrace a growth mindset and reframe failure as a learning opportunity. Surrounding yourself with a supportive network, setting achievable goals, celebrating small successes, and learning from setbacks are key techniques to overcoming entrepreneurial fear. Remember that failure is often a stepping stone to success.

Isolation and Loneliness

Entrepreneurship is a solitary journey, especially in the early stages of building a business. The lack of colleagues around or the longing for a traditional work environment can lead to feelings of isolation and loneliness.

To prevent the effects of isolation, actively seek out networking opportunities, join entrepreneurial communities, attend industry events, or consider co-working spaces. Connecting with like-minded individuals can provide support, collaboration opportunities, and a sense of belonging.

Burnout

In order for entrepreneurs to succeed in launching a business, they have to put in long hours of work and sacrifice personal time for the sake of their success. This can lead to burnout. And suddenly we find exhaustion, decreased productivity, and loss of motivation setting in.

Preventing burnout requires awareness of setting boundaries, prioritizing work-life balance, and recognizing the importance of rest and relaxation. In addition, It is important for entrepreneurs to learn when and how to delegate tasks and establish a schedule that allows for breaks and leisure activities. Cultivating hobbies or interests outside of work will definitely help!

Decision-Making Overload

Entrepreneurs face numerous decisions on a daily basis. They find themselves constantly having to make important choices that range from strategic alternatives to operational matters. Decision fatigue can be exhausting, leading to analysis paralysis and poor decision-making.

To prevent decision-making overload, develop a clear vision and mission for the business, establish decision-making frameworks, delegate decisions when appropriate, and focus on the most critical choices. I personally find that seeking advice from mentors or trusted advisors can also help gain insights and support the decision-making process.

Work-Life Integration

Achieving a healthy work-life integration can be challenging for entrepreneurs who are deeply invested in their businesses. Entrepreneurs have the tendency to get consumed in their own world forgetting their human need for others.

It is important to set boundaries and establish dedicated time for personal life, family, and self-care. Schedule specific hours for work and stick to them as much as possible. Create routines that allow for quality time with loved ones and activities that bring joy and relaxation. Maintaining a balanced and fulfilling life outside of work ultimately contributes to the overall success of an entrepreneur.

While these suggestions can help lessen mental challenges, it is important to keep in mind that entrepreneurship is a unique journey. Our individual understandings of behaviour and surroundings may vary. My experiences and practices as an entrepreneur may be different than yours, and vice versa. Each one of us gets to walk our own journey. However, if one continues to struggle with persistent mental challenges, it is advisable to seek professional help from a therapist or counselor who can provide personalized guidance and support.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Employment and Non-Employment Work Relationships: Navigating the Complexities

employee_agreement

As a startup or small business owner, it’s important to understand the complexities of the employment and non-employment work relationships that exist in Ontario. There are three main types of service contracts, each with its own unique characteristics and legal implications.

Independent Contractor Agreement

The first type of contract is the Contract for Service, also known as the Independent Contractor Agreement. In this type of relationship, the service provider is considered to be operating their own business and is not an employee of the company they are providing services for.

Additionally, independent contractors are responsible for their own equipment, employees, and financial risk, and have the opportunity to profit from their work. The company has limited control over the activities of the independent contractor and is not responsible for providing termination compensation or liable for torts committed by the independent contractor.

Employee Agreement

The second type of contract is the Contract of Service or Employee agreement. In this type of relationship, the service provider is considered to be an employee of the company they are providing services for. The company has complete control over the employee’s work hours, tools and equipment, work methods, and has the right to terminate their employment.

 In the case of termination without cause, employees are entitled to statutory minimum notice of dismissal, reasonable notice of dismissal under common law, or pay in lieu of notice. The company also has the right to expect employees to act in good faith, avoid conflicts of interest, protect the company’s assets, and maintain the confidentiality of the company’s business information.

Dependent Contractor Agreement

The third type of contract is a hybrid of the first two, known as the Hybrid of Contract for Service and Contract of Service or Dependent Contractor agreement. This type of relationship is most commonly found with commissioned sales agents and professionals such as physiotherapists and chiropractors.

 In this type of agreement, the service provider is economically dependent on the principal and may have limited control over their work. Dependent contractors are not considered employees but may be entitled to termination compensation if the contract does not address it.

employees-meeting

Differentiating between these types of contracts can be difficult, but it is important for employers to make the distinction as it can have legal implications. For example, if an individual is considered an employee or dependent contractor, the employer may be held responsible for termination compensation and vicarious liability for any torts committed by that person.

Understanding the nature of these relationships is also critical in cases such as union certification applications before the Ontario Labour Relations Board and workers’ compensation claims. Employers must carefully examine the specific facts and circumstances of each case and seek guidance from an employment lawyer to make informed decisions and mitigate potential risks.

In summary, understanding the distinctions between independent contractors, employees, and dependent contractors is vital for employers navigating the complex landscape of work relationships. The implications of these distinctions extend to matters such as termination compensation, liability for civil wrongs, and workers’ compensation claims. By carefully examining the nature of these relationships and seeking guidance from an employment lawyer, employers can make informed decisions and mitigate potential risks.

Submitted by:

Roberts Obradovic Law | admin@robertsobradovic.com | (647) 724-5179 | www.robertsobradovic.com

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business-related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Digital Transformation: How to Transform Your Business for the Future

digital_transformation

Digital transformation is the process of integrating digital technologies and strategies into all aspects of a business. The main objective of this process is to fundamentally change how the business operates and delivers value to its customers. The practice will include rethinking and redesigning business processes, creating new business models, and leveraging technology to improve efficiency and effectiveness.

The typical outcome of a successful digital transformation is to improve customer experience, increase employee productivity, and drive revenue growth.

And here are some key steps to transforming a business for the digital age:

Define your vision and strategy

Start by identifying what the core values of your business are and how can technology support them. Then, define your long-term vision and strategic objectives. And finally, develop a roadmap that outlines how you plan to achieve your goals(*). The homework in this step is foundational, and we will discuss the details and how-to’s in future blog posts.

Create a digital culture

Digital transformation requires a culture with three pillars: openness to experimentation, risk-taking, and continuous learning. Empower leadership and all employees to embrace new technologies, and foster a culture of innovation.

Invest in technology and infrastructure

Evaluate your current technology supply and determine what needs to be updated or replaced. Invest in modern digital tools and infrastructure that can support your business objectives.

Streamline your operations

Redesign your business processes to streamline workflows and eliminate holdups. Use data and analytics to identify areas for improvement and automate repetitive tasks.

Engage with customers

Leverage digital channels to engage with customers and deliver personalized experiences. Use analytics to identify customer data and insights to tailor your products and services to their needs.

Foster agility

Digital transformation is an ongoing process that requires responsiveness and adaptability. Develop a flexible, agile organization that can respond quickly to changing market conditions and customer needs.

In summary, digital transformation encompasses more than just technology. It requires a fundamental shift in the way businesses operate and a commitment to continuous improvement and innovation. Work on transforming your business for the future and stay ahead of the competition in this digital age.

* Read the blog post titled “A Roadmap to Business Transformation”

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A Roadmap to Business Transformation

business_transformation

Developing a roadmap for business transformation requires careful planning and consideration of the unique needs of a business. Staying aware of the business conditions and necessities is of high importance to develop a successful roadmap for transformational change. Here are some key steps to follow:

Define the vision and goals

Start by identifying the long-term vision and strategic objectives for the business. What are the core values of the business, and how can technology support them? Define the goals for business transformation in terms of specifics and measurable outcomes. Located the areas that require reshaping to prepare for the future and equip the business with the right tools to implement transformational change.

Assess your current state

Conduct an inclusive assessment of the current operations, processes, and technology infrastructure. Identify gaps and inefficiencies that need to be addressed to achieve the business vision. At one point there may be a need for assistance especially when it comes to areas that require some expertise. Do not hesitate to seek professional help when needed in order to achieve the goals for business transformation.

Prioritize areas for improvement

Based on the final assessment, prioritize the areas that have the greatest impact on achieving the business goals. Identify the specific initiatives that need to be taken to address these prioritized areas. And acquire the tools that are essential to make transformational change happen.

Develop a technology strategy

Define a technology strategy that aligns with the business vision and goals. To do that, we need to identify the technologies that will achieve organizational objectives and develop a plan for implementing them in a structured and timely manner.

Create a change management plan

A successful business transformation requires change management that includes communication, training, and engagement. Develop a plan that outlines how the organization will communicate the changes to its employees and stakeholders, and provide training and support to help them adapt.

Establish governance and metrics

Establish structures and standards to monitor progress and ensure accountability. In addition, define metrics that will measure the status and success of the transformational change. And finally, establish processes for monitoring and reporting on its development.

Implement and iterate

Implement the roadmap in a phased approach, starting with the highest-priority initiatives. Continuously monitor and adjust the plan based on learnings and the acquiring of new insights. It is recommended that the monitoring process happens regularly, so ensure it’s incorporated into the implementation plan.

In summary, developing a roadmap for business transformation is a complex process. It requires careful planning, collaboration, and execution. By following the above-listed steps, one can develop a roadmap that outlines a clear path to a futuristic business transformation that is aligned with organizational vision and goals.

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Revolutionize the Way You Write

read_and_research_using_artificial_intelligence

As a writer, I often find myself struggling to come up with fresh and engaging ideas for my blog posts. However, since discovering this innovative writing tool, I have been able to develop a writing process that has increased my speed when writing blogs. Chat GPT can revolutionize the way you write. It has definitely done that for me!

What is Chat GPT?

An AI-powered language model that has the ability to generate natural language responses based on user input, that’s what Chat GPT does. As a writer, I can input a prompt or question into the model, and it will generate a response that can serve as the basis for a blog post or other type of content. I take that content, modify it to fit my writing style, and use it for my blog posts.

Overflow in Ideas

Since using Chat GPT, I have been able to generate a wide variety of ideas for my blog writing. The model has helped me to brainstorm new topics, come up with interesting content, and use my time efficiently as I develop outlines for my posts.

In addition, Chat GPT can generate entire paragraphs of content based on the prompts I give it. This has enabled me to write high-quality blog posts in less time than it would have taken me without the help of that tool.

Rich Content

I also appreciate the versatility of Chat GPT. The model can generate responses in a wide variety of styles and tones. That means that I can use it to develop content for a range of audiences and purposes. No matter what audience I am writing to, Chat GPT can provide me with the guidance, inspiration, and tone to create engaging and informative content.

I highly recommend using Chat GPT. Writers who are looking to streamline their writing process and produce high-quality content will find the tool pretty helpful.

Visit the OPENAI website and start benefiting from its Chat GPT smart tool http://chat.openai.com/

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The Key to a Professional Business Image

business-address

Having a designated business address is an important aspect of starting and growing a successful business. A business address is key to a professional image. It can enhance credibility and help to separate personal and business dealings. It can also be necessary for legal compliance and for receiving mail and packages related to the business. In today’s digital age, a corporeal business address may not be necessary for day-to-day operations. However, it still plays a vital role in building a strong and trustworthy brand. Whether you are starting a new business or looking to expand your current operations, finding the right business address provider can help you achieve your goals and take your business to the next level.

When looking for a business address provider, consider the following factors:

Location:

It is important to look for a provider with a strategic location. Pick an address in a reputable and convenient area.  Aim to have it close to your target audience or business partners, as that will not only enhance your image but it will also make you seem reachable upon need.

Mail Receipt:

Make sure the provider offers secure and convenient mail receipt services. Some providers offer Package receipt while others may not. Some providers offer designated mailboxes while others may not. Assess your business needs and find the providers that fit what the business requires.

Professional Image:

Look for a provider that offers a professional and credible business address. For example, having an address in a corporate building vs having an address in a retail store. Only you can determine what works best for your business! Strategize, and choose a provider that can enhance your marketing and advertising expression.

Customer Service:

Choose a provider with responsive and helpful customer service. At times you may need to connect with the provider to ask a question or resolve an issue. It is during these times that you rely on your provider’s approachable customer service.

Cost:

Incorporate the cost of a business address provider in your budget. Review the services offered making sure they meet your business requirements. Shop around for affordable pricing so you do not exceed your budget.

Additional Services:

Look for providers that offer additional services, such as mail forwarding, virtual office services, and meeting room rentals. Even though you may not need all that as you start up your business; however, these are services you may need later on as the business grows.

Reputation:

Research the provider’s reputation. Search for online reviews and speak with other business owners. Your provider’s reputation will become your business reputation; so make an informed decision when choosing a business address provider.

business-address-huddlespace

Make it a part of your home business strategy

If you are a home business, consider having a business address. Establishing a professional image, meeting legal requirements, protecting privacy, and managing mail and packages are crucial to operating a business. Separating personal and business finances and improving marketing and advertising efforts is vital for growth. Getting a business address helps to establish credibility, promote privacy, and maintain a clear separation between personal and business dealings.

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The worst nightmare for the business owner

business_nightmare

As business owners, we set goals and strive to achieve them on a daily basis. Yet, as we go about doing our work, we realize that some tasks may fail and other tasks may succeed. And even though we are conscious of the undetermined results, we stay focused on the ultimate business objectives to guide us toward success. Overcoming obstacles is a characteristic that every business owner should master. Nevertheless, some obstacles, if not carefully dealt with, may turn into nightmares.

Let’s look at some of the potential worst nightmares for a business owner:

Financial complications

One of the worst nightmares for a business owner is experiencing risky financial problems. And I am talking about financial difficulties that may threaten the survival of a business. These troubles may be a sudden deflation of revenue or going bankrupt. It may also be facing substantial debt or having to lay off employees. Facing situations that require radical decisions that will determine the existence of the business can be a nightmare if not planned for. A part of business planning is incorporating a proactive plan that will assist business owners as they make decisions during these emergency situations.

Losing a major customer

Another nightmare is failing to retain a major customer. And if that was a long-term or high-value customer, it will make the situation an even more devastating blow; as it could potentially lead to significant financial losses. Identifying major customers, and building a retention strategy, will secure long-term relationships and maintain the sustainability of the business.

Legal issues

A small business may be subject to facing a wide range of legal issues, such as lawsuits, regulatory investigations, or maybe some intellectual property disputes. That can be a nightmare for small businesses as court issues are usually time-consuming. These legal issues are also expensive and potentially damaging to the reputation and credibility of any business.

Reputational damage

A small business’ reputation is a valuable asset, and any damage in the standing of a business will affect its credibility and trustworthiness. Once the reputation is harmed, it gives way for the negative press to fuss, customer complaints will skyrocket, and social media will backlash. And that can have serious consequences on the survival of a small business.

Loss of key personnel

Another major nightmare for a business is the sudden loss of a key staff member. Whether it be an important executive, a top salesperson, or a highly skilled worker; that can cause a major setback for a business. These unexpected crucial vacancies can impact the business’s ability to operate effectively and achieve its targets.

Natural disasters or other emergencies

When operating a business, it is crucial to allocate an emergency fund, and ensure that proper insurance is in place to cover natural disasters and other emergencies. Unpredicted crises such as earthquakes, hurricanes, floods, or power outages can disrupt a business’s operations and turn them into a nightmare. These disastrous conditions can cause significant damage to the facilities, equipment, and inventory. And in some cases, it can even result in human loss.

Cyber-attacks or data breaches

A significant nightmare for a business may be caused by a violation of cyber security. Cyber-attacks and data breaches are alarming as they result in the theft or loss of sensitive data. We have all heard of shocking stories of how customer information or proprietary information has gone missing in reputable banks or businesses. Such horrifying experiences can have serious consequences on the credibility or reliability of the business.

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Google Search Tricks You Never Thought Exist

Search_image

How often do you use Google search?

Google’s plan for its search feature seems to be geared to continuously increase the number of searches even without any submission by the user. We are at a point now where we ask Google for everything! Want to know the weather? Ask Google. Want to get the location of a business? Ask Google. What to know where a restaurant is? Ask Google.

Google seems to appreciate that people are using their search feature and they are definitely investing in it. Now we can perform searches that are based on keywords and get our results without even having to submit the search. Let’s test that:

Go to Google and type the following search keyword: Weather

Calculations_Search

Isn’t it helpful to save time and get the result instantly without even submitting the search? Wait, there’s more! Google search has extended its feature ability to do simple calculations.

Let’s try another function. This time let’s try the calculation:  567*44=

calculator_google_search

Google now instantly gives us the answer, without even submitting the inquiry for any calculation! That means that now Google search can replace our calculator for simple calculations. In fact, now Google has its own calculator under the search term: Calculator Google.

travel_comparison_search

To take that further, Google search now does complex calculations, graph functions, and it solves geometry problems. It converts Fahrenheit to Celsius, currency and weight comparisons, and a lot more.

Google search even compares travel information including price comparison!

travel_comparison

Future Features

More Google searches are coming up every year. And there will be new features with artificial intelligence in years to come including a 360-degree shopping experience that is still being worked on.

If you are a fan of Google products like I am, keep looking out for new search features regularly. Google’s latest technology will definitely continue to contribute efficiency to our daily work routine.

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Four Steps For Entrepreneurs To Get Out Of Your Own Way!

market-branding

A fixed mindset holds people back because they believe that their talents and abilities are set in stone, which limits their ability to learn and grow. In order to succeed, entrepreneurs need to overcome their own mindsets. On the other hand, a growth mindset recognizes that skills and talents can be developed through effort, practice, and learning from mistakes. This type of thinking is critical for entrepreneurs who want to achieve high levels of success.

“Be real. There is no bigger magnet to attract your ideal clients than your authentic self. – Puja Misra”

growth-mindset

The first biggest barrier to business growth is a lack of confidence.

This can manifest itself in different ways, such as second-guessing yourself, not taking risks, or being too perfectionistic. However, all of these behaviors have one thing in common: they stem from a fear of failing. Instead of seeing failure as a setback, view it as an opportunity to learn and grow.  The only way to achieve great things is to embrace failure and adopt a growth mindset.

business-growth

People with a growth mindset see obstacles as learning opportunities. They are not afraid of failure, because they know that it is only through trial and error that they will find success. They listen to their inner voice and intuition, trusting their gut instinct to guide them. And they are not afraid to take risks, because they know that this is how the big wins are made. This shift in thinking will open up new possibilities and help you reach your full potential. 

The second barrier is personal brand reputation. 

In today’s digital age, our personal brands are more important than ever before. And many entrepreneurs are so worried about what other people will think of them that they hold back from really putting themselves out there and lose out on an immense amount of opportunities. But the truth is that if you’re not actively working on your personal brand, you’re not going to get very far in business.

personal-branding-headshots

Additionally, always remember that you are your Brand and your personal brand reputation is an asset so don’t be afraid to promote yourself and your business. 

The third barrier is brand marketing.

Building a brand, marketing and advertising is an important way for any business to reach new clients. Too often, entrepreneurs think that they can’t afford to invest in marketing, or that it’s not worth the effort. Reality is that without a strong brand presence and marketing strategy, your business will struggle to reach its potential and stand apart in a crowded marketplace… If you want to grow your business, you need to invest in branding and marketing.

brand-marketing

The fourth Barrier is time management skills.

As a small business owner, you have a lot on your plate. From sales and marketing to product development and customer service, there are a lot of moving parts to your business. And while it’s important to be involved in all aspects of your business, you can’t do everything yourself. That’s why time management skills are so important for entrepreneurs.

management-skills

By learning how to manage your time effectively, you can free up more time to focus on brand strategy, business marketing, and other activities that will help grow your business. And when your business is growing, you’ll be able to show potential investors that you’re serious about making profits. In addition, good time management can help you to build a strong reputation for customer service and quality products or services.

Submitted by:

Puja Misra, the President of Zoom Into Life Studio. A creative branding agency helping businesses & entrepreneurs transform into Brands for over a decade. Proudly serving small businesses in Oakville, Burlington, Milton, Mississauga, Toronto, and the Greater Toronto Area.

www.zoomintolife.com
puja@zoomintolife.com

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Reasons versus Excuses

resons-vs-excuses

What did I learn today as an entrepreneur?

Often, we offer a reason or excuse when something didn’t happen, or is not done.
First, let me start with my perception of the difference by defining each concept as I see it.
Excuse* – to me, this says, it was avoidable, and within our control to change the outcome.
Reason* – to me, this says, it was maybe not avoidable, but still within our control to change the outcome. Let’s look at Reasons versus Excuses.

*Disclaimer: I know and get there are other factors and circumstances where what I am sharing is NOT the case. Those instances are not what I am discussing in this article, but rather those situations where we have control of our decision-making processes involving our business.

Reasons versus Excuses

I want to pause us here and ask: Why is it we don’t spend as much energy on using a reason or excuse when something is successful, completed, or done? Is not the learning moment and evaluation of what led to the successes or accomplishments equally important as the time we invest in justifying why something did not happen or is not done?

When do we find ourselves articulating a reason or excuse?

Do we more often work on coming up with either of these when it comes to feeling the need to offer others one? Are we looking for empathy? Understanding? Justifying?

Do we in our own mind craft one for ourselves to make us feel better about the lack of a result?

I have finally come to the place where I won’t offer, volunteer, or blurb out a reason or excuse when something is not done, unaccomplished, or has not happened. It doesn’t change the fact! It doesn’t alter the outcome!

Don’t get me wrong – if I am asked, I will share my perception of why something has not gone as planned or has not occurred. Too often, however, I find the sharing of the reason or excuse is nothing more than providing myself or another party with the opportunity to play the ‘blame game’. This game does not, again, alter the outcome but boy how it can feed or deflate one’s ego! What are the differences between the words?

I’d love to hear your thoughts!

I do see the reason as being outside of our control happening, occurrence, and or the moment but that does not mean it has to dictate the outcome. We allow that. I see ‘reasons’ as being a problem and I try my best to live in a world where all problems have solutions. With this thought in mind when the reason appears, even outside of my control, I should be able to pivot around it and regain control to get the outcome I am needing.
Therefore, any reason and or excuse (for the most part) is not acceptable as to why something did not get done or occur.

I have started to phrase things differently. I feel this has been a huge moment in my personal and professional development, to be honest. I am at a place where I say (to myself), “This did not happen, and this is how I see it moving forward.” It takes the pressure from the disappointment and puts the focus on the forward movement. Movement is about finding a solution. That is powerful for both and all parties. Why linger on the “ugh” of what happened, or why it didn’t happen? Don’t we all just want to focus on the forward movement and momentum of how it is now going to take shape and occur?

Reason or excuse? Fact and movement? Let’s state the fact and get to the moving!

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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Make A Lasting Impact

entrepreneurial-fear

What did I learn today as an entrepreneur?

As business owners we drop the ball. As business owners we make mistakes. As business owners we screw up. As business owners our actions and our lack of actions has an impact. I intentionally put a period there after the word impact. Impact – PERIOD. This will not be a light and fluffy, heart-warming blog. This will be as real as it gets from many angles.

Recently I had a client trust me to do certain tasks for them.  Without a lengthy list of excuses and reasons – I did not get the said tasks done.

In my mind, this has created a Tsunami.  

Tsunami Definition: a long high sea wave caused by an earthquake, submarine landslide, or other disturbance. It can also be an arrival or occurrence of something in overwhelming quantities or amounts.

As business owners, we hear repeatedly the client is always right, and we need to see things from the client’s perspective.  From the client’s perspective, it is quite possible my name is mud! 

Now, I have not asked how they are feeling about my lack of performance, I have not reached out to take a poll or get the low down on how they are feeling.  I have not asked about their frustration level and or anxiety level centered around their expectations being crushed.  I have not asked.

Instead, I am assuming, and yes, I know what that word breaks down to be.  In my assumptive state I am thinking they will blacklist me; talk to everyone they know about how horrid “I” am.  See what I did there?  How horrid “I” am rather than how horrid my service was!  There is a difference.

So now I sit on an unfinished task, not communicating out of fear and waiting for the wave to hit me and leave me gasping for air.  That is what I can articulate on one level.  Yes, there are levels to this thing called business ownership.  Level 1 completed – I am waiting for the wave.

Level 2 is being played out simultaneously.  Level 2 looks something like this!  I go to bed every night knowing I didn’t face the ‘task’ or ‘client’ and thinking tomorrow I WILL!  I will make this as right as I can!  Level 2 includes me waking up every morning carrying the weight of I must get this done and how in the world do I even make this right now??  At this level I find I am equipped with no free hands because they are busy picking up every piece of baggage I can manage to find to carry.  The baggage of “I messed up”, “I failed”, “I disappointed someone”, “why do I do this?”, “who is going to do business with me now?”, “screw it”.

Crazy enough the point of this post is:  Yes, care for your client and how they feel but, dang it, as a business owner be attentive to how you are feeling and handling things for your own mental peace of mind. 

Failure is an event. 
Disappointing one is not disappointing all. 
Feelings change. 
LET IT GO! 
Stop carrying it. 
Come to a place of peace. 
I messed up and own it.  I can’t fix it and own it.  Move forward and OWN THAT forward movement.

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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What I Wish I Knew When I Started This Journey

business-networking

Have you just started your entrepreneurial journey? Let me share with you some lessons learned.

I remember it like it was yesterday.

I was attending my first networking event as a new entrepreneur, and on the drive there, I almost talked myself out of going.

Public speaking wasn’t new to me. Before starting my business, I had built an award-winning 15-year career in public relations and corporate communications. I advised, wrote for, and trained managers, senior executives, and politicians on communication.

But this was different. This was me talking about me. I had no idea how challenging that was going to be.

When my turn came to introduce myself and my business, I stumbled through my intro. I felt wholly inadequate as I compared myself to other entrepreneurs in the room. I admired those who appeared confident, clear, and who knew exactly how they served. I wanted to be like them.

That day served as a touchstone moment for me. It showed me how much I needed to learn to believe in myself and I didn’t yet know-how. It provided me with the opportunity to see that entrepreneurship was a journey of becoming – a journey that’s not talked about enough, and one which new entrepreneurs would benefit from learning more about.

You don’t know what you don’t know, right? Here are three lessons that flowed out of that day that I wish all new entrepreneurs knew:

  1. No matter how awesome you were in your 9-5, entrepreneurship is a different beast. I don’t mean to scare you. The reality is in your 9-5 you had a specialized role. In your business especially at the beginning, you’ll wear many hats. Some you’ll master. Others you’ll need help with. You’ll learn. You’ll fail. You’ll get back up and adjust.

  2. You’ll come face-to-face with feelings of inadequacy. “Not enough” and “not worthy” will show up a lot. Avoid believing these stories. A large part of the entrepreneurial journey is learning to let go of self-limiting thoughts and beliefs, and continuously moving forward with purpose.

  3. You’re not alone. I developed relationships with entrepreneurs who were present at my first networking event. We talked about our challenges with growing confidence and learning what it meant to be an entrepreneur. We found comfort knowing we weren’t alone. There are many entrepreneur communities. Find yours and lean into them.

May these lessons serve you as they served me in the brave and fulfilling journey of entrepreneurship.

Submitted By:

Fazeena Haniff | CEO & Leadership Communication Coach | The Conscious Communicator hello@theconsciouscommunicator.ca  | www.theconsciouscommunicator.ca

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Meeting Customer Needs in a Pandemic Era

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Meeting customer needs: the objective of every business.

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Are you one of the enterprises that had to remodel its business processes in order to stay operating during the COVID-19 era? Or are you still running your business in survival mode? Meeting customer needs in a pandemic era have been the focus of every business.

The Difference

Innovation in remodeling the business is what differentiates businesses that are meeting their monthly revenue from businesses that are struggling to survive. The Pandemic has changed lifestyles and closed businesses and the need to restructure and remodel the business will allow more room to meet customer needs. The pandemic has really hit the business community hard, especially in trades like food, events, and hospitality industries.

A Business Guide

Here are Four tips to guide the business as it innovatively remodels its offerings:

  1. Time to Reflect: Take time to reflect, evaluate and write down the current offerings of the business. It is very important to have a clear view of what’s current in order to identify the sudden change that took over since the pandemic started.
  2. Identify Changes: With an open mind, identify the changes that were imposed on the business. Keep a log in order to enhance clarity of the situation . Sometimes business owners find it difficult to embrace change. However, in the world of business, change has proven to be evident. In normal days business owners have to keep watch for trends and quickly adapt to the changes that come with them.  While the pandemic brought major changes to the business world, business owners still have to adapt and be open to alter their practices.
  3. Brain storm: Reflect on the list of changes that the business had experienced one at a time. Write down innovative remodelling ideas for the business.  It can be amendments to practices and operations, or it may be bringing in some new products or services. While brainstorming mark down creative and innovative ideas as they come to mind. And always keep customers as the target audience and core mark to the new model.
  4. Create a Plan: Now that all the facts are at hand, it is time to organize the collected data and edit the list of remodelling ideas. With that we are equipped to establish a readiness and come up with a plan. The objective behind that process is to implement change. Modifications that are geared to regain consumer confidence and recommence consistent growth for the business.

Summary

That exercise will restructure the business model to retain and acquire customers in a pandemic era. Once that practice is complete, and the business starts running with the new model, then it is time to craft a marketing plan that works in sync with the new changes.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. On our channel there is a collection of business videos that equip small business owners for growth.

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Dimensions of Modern Accounting

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Accounting as a discipline has evolved over a period of centuries. In the initial phase, it was thought to be restricted to mere bookkeeping or record-keeping of business transactions. However, gradually the importance of numbers contained in the accounting records of businesses became prominent and experts started generating a variety of reports to assist businesses to make informed decisions. In modern times accounting has thoroughly integrated with information technology to transform itself into a real-time information-based system that serves the needs of a variety of stakeholder groups interested in making an objective assessment of the financial health of a business. However, it is pathetic to know that majority of small businesses still regard accounting as mere bookkeeping and thus they remain oblivion to many of the benefits that modern accounting can render to enable them to make informed decisions.

Since the owner is the primary beneficiary of a business, therefore, it is imperative that he or she must take accounting as an essential support system to monitor the performance of the business from a variety of perspectives. Some of the key dimensions of modern accounting that are ironically ignored by owners of small businesses include the following.

Price setting of your products and services

The majority of small businesses set the prices of their products and services by following a rule of thumb approach or based on gut feeling. However, this is a naïve approach to price setting. Unless a business knows about its costs and their classification into fixed or variable components, a sustainable pricing policy cannot be adopted. Since price is a critical factor in generating sales, therefore, it must be viewed from a strategic or long-term perspective, which is not possible without analyzing the business’s cost structure. A variety of accounting methodologies, such as activity-based costing, marginal costing, absorption costing, and breakeven analysis may be used to determine a realistic pricing policy that ensures long-term growth in sales and profitability.

Proper understanding of profitability and liquidity of a business

For the majority of small businesses, profitability is the key determinant of the success of their business. However, it must be understood that profitability alone is not a guarantee that a business may survive in the long term unless its liquidity or solvency position remains intact. Profitability is the outcome of matching business expenses and receipts, while liquidity focuses on cash generation and the spending capacity of a business. Since cash is the king, therefore, a business with a strong liquidity base is more likely to survive in the long term than a business that merely generates more profits by relying on overtrading.

Knowing about Key Performance Indicators (KPIs) of a business

For many small businesses, the only KPI is the overall profitability of a business. However, if a business is asked how that profitability has arrived, they remain clueless about the factors that are responsible for the profitability or losses of a business. These factors may include classifying business expenses as avoidable and unavoidable, fixed and variable, marginal and incremental; and classifying sales of products and services as profitable and loss-making, stagnant and exponential, retrograde and progressive, etc. By developing and monitoring KPIs that focus on critical factors impacting a business, a successful business strategy may be developed that ensures long-term profitability and growth in the net worth of a business.

Tax impact of capital and revenue expenses:

A proper understating of the tax impact of capital and revenue expenses is vital to arrive at an accurate profitability figure. Many small businesses wrongly classify certain capital expenses as revenue expenses and vice versa. Consequently, the profitability figure may show erratic patterns and the tax liability of a business may be miscalculated.

Real time accounting systems:

Many small businesses keep their record in a conventional manner. However, nowadays many bookkeeping software are available in the market that may be used to develop a real-time-based accounting system that can be connected with spreadsheets for financial analysis.

Submitted by:

Baqar Bhatti LLB, CPA, CMA, CGMA | CEO & Owner of Panacea at Zenith | 289-952-3494 | accountants@pazca.com | www.pazca.com

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December: A Critical Month for the Small Business

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Entrepreneurship was very important at our home as my parents were entrepreneurs. And despite the rush and hustle that always came with the month of December, it was the month we enjoyed the most. My Dad owned a retail store on a busy street in the city of Beirut. And one of the most memorable times I have for December is when my siblings and I used to alternate to go and help my Dad at the store. That was always the busiest time of the year.  Yes, to some businesses it may be a busy month, but to others, it is the slowest time of the year. Whatever season December may mean for any business, it is considered a critical month to many owners and entrepreneurs. Many may not see it as a critical month yet, however, this blog may be an eye-opener to many!

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Steps To Consider

If December is a high season for the business, get the help it needs to meet customer requirements. However, if it is a slow season and has a decline in sales, it does not mean that time spent on planning and doing admin work gets undervalued. Here is a list of tasks that can be done in December to prepare the business for a successful year ahead.

Evaluate:

Evaluate the calendar year not only in terms of sales but also in terms of operations and customer relations. Review business practices and learn from mistakes done. Take another look at the marketing strategy and determine what has worked best in creating visibility for the brand. Evaluate what was done to increase following. Review sales reports and try to follow patterns for growth. Research the achievements of competitors and learn from them.

Reach out:

Use slow times to reach out to customers and check on them. Send season’s greetings that reflect sincere wishes and promises for future work relationships. Send out a newsletter with wishes for a successful new year. Assure customers that your business will always be there for them when they need it. Reaching out to current customers is very important to increasing customer retention. Use the season as an opportunity to establish contact with customers, leads, and everyone on the mailing list.

Plan:

Yes, December is the time to plan for the new year. Write your vision and set business objectives. Break them into goals and set timelines. Research business and marketing trends. Sketch out a marketing plan so the business stays ahead in brand visibility.

Get Organized:

Prepare for January/February income tax filing. Catch up on administrative work. Follow up with the accountant in order to complete income tax filing in a timely manner.

If December is not the busiest season for your business industry, it doesn’t mean it’s a slow month. It’s up to the business owner to use it wisely and make it a time to prepare for a successful year ahead.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel is a collection of business videos that equip small business owners for growth.

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