Tag Archives: entrepreneur

by Angie Weinberger

When you are a business owner you often feel torn apart between taking on more clients and providing better service to your existing clients. Sometimes you might even feel that you deserve a higher quality in your personal life. Most business owners I know work every weekend and when they become mildly successful they realize that they have not been in touch with their oldest friends and even their family is often neglected.

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While your are transitioning from being in the start-up phase where every penny counts to being on a plateau of a revenue stream coming in from existing clients and before you develop your business further ask yourself these 10 questions:

1) How much turnover do I need in order to have a basic income that is sufficient to survive?
– Write down this number.

2) If I would have more income how would I spend it? Which of needs are not fulfilled with my basic income?
– Start a wish list or wish book.

3) Am I willing to sacrifice quality time for these wishes or is time with friends and family more important to me?
– Mark the wishes you would still like to see fulfilled.

4) Could I provide a better service quality to my current clients and raise my prices before acquiring new clients?
– Go through your services and write down what you could improve.
– Consider the value of your services and explain them to new clients.

5) Do I work for other providers and do I have clients in my portfolio that are not willing to pay for my new price level?
– Communicate your new price level to these providers and clients.

6) Do I believe that my services are so unique that no one else can provide them in the same quality?
– Review your services for the uniqueness and see if you can make them even more unique so people do not really care how much you charge.

7) Am I happy with my services and do I feel rewarded with my price level?
– Check your gut feeling with the price tags.
– Review all your services again and throw out what does not suit you any longer.

8) Am I still doing work that is not well paid? Is it for a good cause?
– If the answer is yes and the work is for profit and not for a good cause I suggest you decline it going forward.

9) Do I believe that I can make a difference in the world with what I do?
– If the answer to this question is “No.” talk to me.

10) Will I learn to say “No” more often in 2016?
– You can only say yes to this question.

The year end is a good time to review your prices and your service quality. Sit down with a glass of champagne to celebrate your success. Go through the ten questions above and practice to say “No” more often in order to say “Yes” to the right clients and the right jobs.


When clients ask me how they can fit more into their day I tell them to forget time management. We manage our time when we have enough. When we are stressed and under pressure of delivery we forget all of the methods and act like crazy headless chicken or chucks.

Over the years of my early career having worked with bankers I learnt that time is money and efficiency was considered a must. Responsiveness meant that I would call back immediately and respond to emails as fast as possible. Today I feel this paradigm has shifted to social media, what’s app and text messages. Anyhow, when you are constantly in response mode it is hard to get any work done. Moving into more managerial roles I had to re-learn how I prioritized and as a company owner it was again different. If you also struggle with being productive I have five tips for you to claim back your diary. You want to have more time with family and friends? You want to start a new hobby or continue one you started years ago and then dropped? You want to go running regularly? If your answer is “Yes, but I don’t have time.” Practice one or two of the methods given below.

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►Have-Done Diary

In consulting firms you have to maintain a timesheet in which you document daily how you use your time. This can be great to give you an understanding of where you are focused. You can increase the value of this exercise by maintaining a daily diary in which you document your accomplished tasks (Have-Done-Diary). I recommend a notebook and handwriting for this exercise.

►Time blocks with pomodoro-clocks

Find your most productive time in the day and block 90 minutes for creative and conceptual work. Set a kitchen timer for the task to 25 minutes. Work without picking up the phone or checking emails or Social Media. Then take a five minutes break.

Then work for another 25 minutes and take another 5 minutes break and a third junk. See how much you accomplish with this method. This is called Pomodoro-Method and you can even get a timer on your browser.

http://tomato-timer.com/

 

For many professionals the most important brain time is the early morning but I hear there is the other camp of night owls as well. So it is up to you to find your best 90 minutes in a day.

►Use an easy categorizer to determine where to start

Our most important tasks will have 80% of impact on our success only take 20% of our time according to the Pareto principle. 80% or our time we usually spend on important but less urgent and urgent but less important tasks which will only contribute 20% to our success. When you are overwhelmed use an easy categorizer. Work with an A, B, C categorization whenever you add a task to your diary or task list. Use your time block for A tasks.

►The Island

In your day build one island of peace. The island can be lunch with a good friend, a massage, running or sitting outside watching birds. The island of peace needs to fulfil two criteria:

1) You cannot take your smartphone or it has to be switched off.

2) You are not allowed to take away tasks from this place.

►Repetition, Routine, Checklists

Repetition, routine and checklists are great ways to take the stress out of tasks that need to be accomplished but should not require a lot of focus. I prefer to work on such tasks in the late afternoon or evening. Examples are packing for an event, preparing your travel cost claim. Color-coding, tagging, printing and filing

If you feel that you are constantly looking for documents, try color-coding folders according to topic, tag documents, put descriptors on paper files, file papers weekly, throw out junk, advertising and ask yourself before printing: What will be the added value of having this document on paper? Will I read it? Will it end up in a pile? Will I review it?

In my experience we print a lot of documents, magazines, whitepapers without looking at them ever. Do you also have 50 books and only started to read them? When you are like me you probably should stop yourself from buying more books until you are at least through 25 of them (and have written reviews on Amazon).

►Outsourcing housework

Finally I encourage you to outsource your housework from grocery shopping to cleaning. Most of the housework you might still be stuck with but at least you can win about three hours per week if your house is cleaned by another person. You will also notice that you keep the house tidier if you have regular external help. I also sublet my office so that I have to keep the space relatively clean. If I did not have regular client contact I would probably have post-it’s everywhere and drafts in progress on the floor.

Now practice one tip per week and let me know what happened.

 

►Read more:

http://www.entrepreneur.com/article/229772

 

http://acuff.me/do-over/

 

http://www.briantracy.com/blog/leadership-success/practice-the-abc-method/

 

http://blog.idonethis.com/franklin-focus-on-daily-progress/

 

http://blog.hubspot.com/blog/tabid/6307/bid/3367/10-Management-Lessons-From-Donald-Trump.aspx

 

http://fourhourworkweek.com/2014/06/16/not-to-do-lists-drugs-and-other-productivity-tricks/

 

 

►Related:

http://globalpeopletransitions.com/how-to-get-rid-of-clutter-in-five-steps-spring-cleaning-for-more-productivity/

When you start your own business you have a lot of roles: You are everyone: From your own PA to the cleaner to the expert and business development manager. You need to learn about marketing, leads, work with new tools and you neglect your personal life. Those of us who thought they will have a better work-life balance when starting their own business either have another source of income or inherited millions from their parents OR they are not making enough money. They might get by but they are not saving for retirement nor do they spend money like employed professionals.

There will be a time however, when either you go bankrupt or you finally see the traction in your business, where you finally feel like all your efforts were worth it and you are suddenly making a lot of money. (For everyone the definition of “a lot of money” is different but in the context of Switzerland I would say if you reach a turnover beyond 100’000 CHF per year that’s already pretty good.)

In the last few years I have been building up a business and believe me there were many occasions when I wanted to give up and get back into a regular employment again. I have a secret to share: I only got this far because a) I had a financial reserve to cover my normal living expenses and b) whenever I had a “crisis” I spoke to a coach.

Most of my business issues were and still are internal issues. Once I “cleaned up” my inner house, I got a chance to work on the inner garden and enjoy the sunshine.  I might still be in this process but I would say that the sun shines a lot more often now.

I feel like a CEO* when:

  1. I am in control of all aspects of my business,
  2. I have a good team behind me that delivers continuous results,
  3. We have a trusted cooperation with our clients and they are happy to come back to us,
  4. I can afford to pay myself a regular salary as the Managing Director, which pays my rent, insurances, bills and groceries.
  5. My diary is rather full but at the same time I have the freedom to block a full day for creative retreats in the mountains or a business strategy meeting in Goa.

What do you do to make yourself feel like a CEO?

Do you have any CEO rituals you’d like to share?

 

Have a powerful week,

 

Angie

 

*PS: In Switzerland the Managing Director of a Ltd. is not called CEO. It would give the wrong impression if I called myself CEO.

 

Powerbreakfast #1

In March I had the honor to talk to a group of highly motivated female entrepreneurs at the #Powerbreakfast of the Powerhouse Zurich (Follow @Powerhouse_ZRH).

A key quote they selected was “Your Mood defines your Business”.  I know that mood can be influenced and as an intercultural executive coach I help you to reach a state of “relaxed attention” from where you can follow through your plans while at the same time keeping your energy level. However, being an entrepreneur I can tell you that I also sometimes fall out of my state of relaxed attention into either creative-overengaged–workaholic or phlegmatic-I-cannot-deal-with-all-of-this-at-the-same-time (staring into the empty space as if I was looking at someone). 

I had to accept as a manager, leader and business owner that there will be times when I am losing it.

Did you ever feel like you lost the overview, lost the focus or lost yourself?

Usually this is the time where I consult either my male coach or my female coach (depending on what I need). No, you are not calling your father or your mother, because honestly when you are beyond 40 you deal with this sh** professionally. And then once you paid your 350 CHF per coaching session and worked out your limiting beliefs and a few not-very-helpful-behaviors you get back on track. And then (whoo-hoo) success flies at you at rocket speed. (It’s true…after every crisis my business takes a leap).

In my talk on 5 March 2015 I went through nine rules I have developed over the last three years of running my business Global People Transitions GmbH.

They have been kindly summarized by Mirka Schaller in this one-pager. Let me know if you have questions.

 

Powerbreakfast #2

GPTSocialMediaGuest Post by Nabeha Latif

People often don’t understand what I do when I say I am social media engagement specialist. They think that it is only about posting on Facebook and Twitter but why will anyone need to hire someone to do that? What type of job is it?

Let’s explore what is social media to business and why is it important for success in this age. Guess what business owners are using right now to connect with clients? Yup. Social media!

When we googled the question “Will social media help me?” we were greeted with 1.6 billion suggestions. Had we added the word ‘business’ to it, they would still be few millions. Many of those will be repeating the same thing. Still it’s clear that getting started on social media is a question that business owners are looking for an answer to. Facebook campaigns, blog posts, news articles, corporate videos and more – again, everyone is looking to find the right way to do the social media.

What is the secret ingredient?

If you ask me, the secret is simple: You might want to start right away just like everything else that you do in your business. It is helpful to have a plan with measurable milestones and results. I was always amused by the idea of connecting with so many people virtually. I got more and more interested, every time I explored a new aspect of social media. I have a hobby to try new networks which I come across, just to study new ways of spreading virtual messages. Not kidding! Now being a social media engagement specialist, I know it’s not a myth or exaggeration that your social presence online is a representative of your company.

It was a challenge for me to make others understand that posting JUST anything on social media isn’t social media marketing.   You need to be specific to attract right kind of people. You can’t afford to say ‘what’s in your mind’ without thinking. It should be what others want to read because people will judge you accordingly!

Step 1: Why should your business want to be on Social Media? > Define your Social Media purpose

From having discussions with clients to monitoring conversations online, the overarching theme that prevents businesses from using social media is lack of understanding about why they NEED to be here! The typical responses we get include, “Our competitors are here,” “Because everyone’s talking about it”, “We want to be on everywhere.” The problem is that they fail to dig deep into bigger questions they need to answer:

  • What are your competitors doing on social media?
  • How can you differentiate yourself from the competitors with social media?
  • Will you be able to identify impact it will be have on your business?
  • Will you measure increased awareness, number of new leads through social media, heightened participation of potential clients and will you find out if it changes your bottom line?
  • Are you reaching your target audience?
  • Have you identified who that is?
  • Will you enjoy working with social media or is it just an extra chore for you?

Being able to answer these will allow you to move to next step.

Step 2: Where do you need to be? > Determine your Social Media channels

There are literally hundreds of social networks online along with power hitters Facebook, Twitter, Google+ and LinkedIn. Not to forget the forums, niche networks, community blog networks and more. No wonder so many businesses have trouble spotting the right path.

  • Define your market segment – Where is your target market in social networks? Are the business professionals on LinkedIn or every day users on Facebook?
  • Who do you want to be connected with? – Unless you are selling coke or pampers, you don’t need mass audience! Be specific. The closer you stick with your offerings, the fewer followers you will attract. But they will be delighted to connect with you.
  • Stick with maximum 3 to 4 networks – Work only with a number of networks than you can consistently maintain. Only if you can add meaningful content publish your business page on that network.

Step 3: How do you measure success= > Map out goals and success metrics

Try to define your goals and measure the success of your social media use. What do you want to achieve out of it? Quantitatively measure your efforts in terms of Likes/Follower growth or increase in frequency of engagement or brand mentions or amount of content to be shared etc.

  • Set up a calendar – Set up a social media calendar and break it down into results pattern like monthly, quarterly, biannually, annually .
  • Analyse results periodically – Study the difference in website traffic. Does traffic increase and which channels bring more traffic. Google Analytics will do the job!
  • Determine acceptable growth vs. ideal growth – Compare if you are at least reaching the former i.e. minimum growth you expected to achieve through social media. And how far behind are you lagging from ideal growth? An indicator could be your turnover that is generated through Social Media or leads you receive through referrals on Social Media (email does not count!).
  • Analyse the cost of implementation – Compare cost of implementation to the expected return (increased customer loyalty, word of mouth marketing, brand perception)

Remember content is the key! Stand out from the crowd through your content.

What is your greatest challenge when it comes to Social Media Marketing for your business?