Thursday, May 28, 2009

Is Your Business Helping You Reach Your Life Goals?

People start businesses for a variety of reasons. Some just dream of getting rich. Others are sick of working for somebody else. Still others think they know a better way, so they embark a venture all their own. I even know a few people who simply started businesses because of some happy accident. They didn't really intend to start a business. It just happened through a series of circumstances they never planned.

Over time, businesses change. What may have once been the very passion of their life become a 100 pound weight hanging around their neck. They now feel enslaved to a business that no longer serves their life goals. They're trapped inside their own business, with no apparent way out.

If that sounds like you, this list of thoughtful questions might help you get unstuck.

1. What's changed - in your business?

If your business is no longer scratching your itch, what changed? Think about the changes that have happened. When you first started, what caused the rush of adrenaline? Is that "cause" still around? Or maybe it's you who changed. Maybe the things you once needed have now been fulfilled and you have a new itch that requires a new type of scratch.

2. What's changed - in your life goals?

We all experience changes in our life. Our goals when we start our career are very different than our goals after 30 years of work experience. Make a list of the things you now hope to accomplish. List your current goals.

3. What activities in your business hinder those goals?

Yes, it's a negative approach, but if you're struggling with your present business you may as well face down reality. You could approach it like this, "What activities in your business advance those goals?" We're approaching this from a "what's wrong" approach though - not a "what's right" approach. We're trying to fix things.

4. What can you do about those activities or things that hinder your personal goals?

Brace yourself. The answer may come back, "Nothing!" If that's the case, you likely understand your options. Get out. How? Well, that's a different list and a whole "nother" story.

But, maybe there are things you can do to get the business back on track and in harmony with your personal goals. Not long ago I was working with a dealer who wanted to walk away from his business. However, his goal was a target price that simply wasn't founded in reality. His need, or goal, had little to do with the actual value of the business. Result? No sale. Just one miserable business owner.

A better approach is to figure out how you can realign your goals with your business. You should absolutely make changes in your business to get things back in alignment with your personal goals. However, only do that if it will enhance the business. Don't do anything to put your company at risk because you're having a mid-life crisis.

I've known some 30-something business owners who inherited the business from a retiring father and their personal goal was to buy a $100,000 sports car. The business wasn't helping them reach that goal fast enough, and they got stupid. Putting your business at risk for such selfish goals aren't exactly what we're talking about. We're talking about more "this isn't what I want for my life" type goals.

Change what you can, if it will also make the business better. Face the realities of the things you can't change. Decide if you can live with them. If you can't, start building your exit plan.

5. Be careful what you wish for - you just might get it.

"I want to move to the coast and golf," said the owner. He sold the business and did just that. He and his wife of 40 years sold just about everything they had. They left behind the kids and grand-kids. They moved to their dream house in their dream city. For a year, they did what they wanted. After a year, bored completely out of their mind, missing friends and family - they moved back. The coast and the golfing were only things they thought they wanted.

Make sure that your life goals are truly what you want. There are countless men and women who thought they wanted something, only to have obtained it and found tremendous disappointment. Carefully examine your life goals.

Business isn't just about money. It's not just about the things money can buy. It's fundamentally about something more powerful, desire. It might be the desire to determine who we interact with. Maybe it's the desire to live where we want. Maybe it's the desire to determine our own schedule. It can be a thousand different things. And it's not possible to have it all. Don't believe that lie. Every desire comes with a price tag. Your job is to make sure you're willing to pay the price for whatever you desire.

Businesses exist only because somebody wants them to. Make sure you still want yours to exist. Before you dismiss those thoughts, think about two other groups of people who have a vested interest in your decision: your employees and your customers! Get what you need, but don't be too selfish.

Randy Cantrell is the President of Bula Network, LLC, a business accelerator for independently owned small businesses. Read his blog at http://bulanetwork.com

Article Source: http://EzineArticles.com/?expert=Randy_Cantrell
People start businesses for a variety of reasons. Some just dream of getting rich. Others are sick of working for somebody else. Still others think they know a better way, so they embark a venture all their own. I even know a few people who simply started businesses because of some happy accident. They didn't really intend to start a business. It just happened through a series of circumstances they never planned.

Over time, businesses change. What may have once been the very passion of their life become a 100 pound weight hanging around their neck. They now feel enslaved to a business that no longer serves their life goals. They're trapped inside their own business, with no apparent way out.

If that sounds like you, this list of thoughtful questions might help you get unstuck.

1. What's changed - in your business?

If your business is no longer scratching your itch, what changed? Think about the changes that have happened. When you first started, what caused the rush of adrenaline? Is that "cause" still around? Or maybe it's you who changed. Maybe the things you once needed have now been fulfilled and you have a new itch that requires a new type of scratch.

2. What's changed - in your life goals?

We all experience changes in our life. Our goals when we start our career are very different than our goals after 30 years of work experience. Make a list of the things you now hope to accomplish. List your current goals.

3. What activities in your business hinder those goals?

Yes, it's a negative approach, but if you're struggling with your present business you may as well face down reality. You could approach it like this, "What activities in your business advance those goals?" We're approaching this from a "what's wrong" approach though - not a "what's right" approach. We're trying to fix things.

4. What can you do about those activities or things that hinder your personal goals?

Brace yourself. The answer may come back, "Nothing!" If that's the case, you likely understand your options. Get out. How? Well, that's a different list and a whole "nother" story.

But, maybe there are things you can do to get the business back on track and in harmony with your personal goals. Not long ago I was working with a dealer who wanted to walk away from his business. However, his goal was a target price that simply wasn't founded in reality. His need, or goal, had little to do with the actual value of the business. Result? No sale. Just one miserable business owner.

A better approach is to figure out how you can realign your goals with your business. You should absolutely make changes in your business to get things back in alignment with your personal goals. However, only do that if it will enhance the business. Don't do anything to put your company at risk because you're having a mid-life crisis.

I've known some 30-something business owners who inherited the business from a retiring father and their personal goal was to buy a $100,000 sports car. The business wasn't helping them reach that goal fast enough, and they got stupid. Putting your business at risk for such selfish goals aren't exactly what we're talking about. We're talking about more "this isn't what I want for my life" type goals.

Change what you can, if it will also make the business better. Face the realities of the things you can't change. Decide if you can live with them. If you can't, start building your exit plan.

5. Be careful what you wish for - you just might get it.

"I want to move to the coast and golf," said the owner. He sold the business and did just that. He and his wife of 40 years sold just about everything they had. They left behind the kids and grand-kids. They moved to their dream house in their dream city. For a year, they did what they wanted. After a year, bored completely out of their mind, missing friends and family - they moved back. The coast and the golfing were only things they thought they wanted.

Make sure that your life goals are truly what you want. There are countless men and women who thought they wanted something, only to have obtained it and found tremendous disappointment. Carefully examine your life goals.

Business isn't just about money. It's not just about the things money can buy. It's fundamentally about something more powerful, desire. It might be the desire to determine who we interact with. Maybe it's the desire to live where we want. Maybe it's the desire to determine our own schedule. It can be a thousand different things. And it's not possible to have it all. Don't believe that lie. Every desire comes with a price tag. Your job is to make sure you're willing to pay the price for whatever you desire.

Businesses exist only because somebody wants them to. Make sure you still want yours to exist. Before you dismiss those thoughts, think about two other groups of people who have a vested interest in your decision: your employees and your customers! Get what you need, but don't be too selfish.

Randy Cantrell is the President of Bula Network, LLC, a business accelerator for independently owned small businesses. Read his blog at http://bulanetwork.com

Article Source: http://EzineArticles.com/?expert=Randy_Cantrell

Proven Tips For Business Finance

In the last part, you learned some of the very basic facts about business finance. In this part, I will tell you how to deal with the problem of cash shortage and an array of other such factors that contribute to the success and failure of your overall business venture. Here you go.

Cash Is King
When you encounter a cash shortage problem, the first thing that you should do is to inform all the people who are going to be affected because of this. For example, you can start by giving a call to your suppliers and explore your options for renegotiating the credit terms, such as by creating a provision for installments or by extending the due date - something that you can afford. This will not only help you battle the problem efficiently but you will also be able to restore people's trust in your business.

Strictly Follow A Set Procedure For Payment
While you are documenting the terms and conditions for sales, make sure to include payment terms as well. Follow this payment procedure strictly. If a customer is asking for credit, you should grant the same only after checking their background thoroughly. For example, you can do this effectively by getting references from other suppliers that the customers are dealing with.

How To Chase Debts
Chasing the debts the right way is also very important for your business finance. You must follow a set procedure for it as well. For example, an effective way is to sending a duplicate invoice mentioning the due date for the payment and when the due date expires, you can follow up by giving a telephone call to the customer.

Realistic Forecasting
Forecasting can be a good thing for your business as long as you are realistic and not conservative about it. Always remember, realistic forecasting is the foundation for ordering raw materials, negotiating premises, and raising money. While you are estimating about the various components, make sure that your analysis and estimation is based on some facts. At the same time, you also need to be consistent about this forecasting. For example, monthly or weekly forecasting is much better than just one annual forecasting.

Keep Proper Records For Everything
Keeping thorough records for each and everything is also essential for the health of your business finance. If you do not have enough time to do it yourself, you always have an option to hire a professional bookkeeper for this purpose. The objective is to keep a firm track on where your money is going out and coming from. Computerizing your accounts is a good way to do that. There are lots of software programs available in the market that can make the process much easier and more efficient for you.

Last, but not the least, you should always keep in mind that everything is negotiable - whether it is payment terms with your suppliers, the rate of interest payable to bank, and the due date of the debts, and the amount of installments for loans. So, negotiation is also a good part of healthy business finance.

Gaining good control over your business finance is the key to success in your venture. You can visit my website for more business finance tips that will eventually give your business a solid base.

Article Source: http://EzineArticles.com/?expert=Alexander_Miller

Labels:

In the last part, you learned some of the very basic facts about business finance. In this part, I will tell you how to deal with the problem of cash shortage and an array of other such factors that contribute to the success and failure of your overall business venture. Here you go.

Cash Is King
When you encounter a cash shortage problem, the first thing that you should do is to inform all the people who are going to be affected because of this. For example, you can start by giving a call to your suppliers and explore your options for renegotiating the credit terms, such as by creating a provision for installments or by extending the due date - something that you can afford. This will not only help you battle the problem efficiently but you will also be able to restore people's trust in your business.

Strictly Follow A Set Procedure For Payment
While you are documenting the terms and conditions for sales, make sure to include payment terms as well. Follow this payment procedure strictly. If a customer is asking for credit, you should grant the same only after checking their background thoroughly. For example, you can do this effectively by getting references from other suppliers that the customers are dealing with.

How To Chase Debts
Chasing the debts the right way is also very important for your business finance. You must follow a set procedure for it as well. For example, an effective way is to sending a duplicate invoice mentioning the due date for the payment and when the due date expires, you can follow up by giving a telephone call to the customer.

Realistic Forecasting
Forecasting can be a good thing for your business as long as you are realistic and not conservative about it. Always remember, realistic forecasting is the foundation for ordering raw materials, negotiating premises, and raising money. While you are estimating about the various components, make sure that your analysis and estimation is based on some facts. At the same time, you also need to be consistent about this forecasting. For example, monthly or weekly forecasting is much better than just one annual forecasting.

Keep Proper Records For Everything
Keeping thorough records for each and everything is also essential for the health of your business finance. If you do not have enough time to do it yourself, you always have an option to hire a professional bookkeeper for this purpose. The objective is to keep a firm track on where your money is going out and coming from. Computerizing your accounts is a good way to do that. There are lots of software programs available in the market that can make the process much easier and more efficient for you.

Last, but not the least, you should always keep in mind that everything is negotiable - whether it is payment terms with your suppliers, the rate of interest payable to bank, and the due date of the debts, and the amount of installments for loans. So, negotiation is also a good part of healthy business finance.

Gaining good control over your business finance is the key to success in your venture. You can visit my website for more business finance tips that will eventually give your business a solid base.

Article Source: http://EzineArticles.com/?expert=Alexander_Miller

Labels: