Simply Business Coaching

New Year Reflections

I'm writing this in the last few hours of 2008, before the parties start in earnest, the champagne corks are popped, and the fireworks herald the arrival of 2009.

Although my intention was to share my own thoughts about the year that's nearly over and what may be facing us when we get back to serious business next week, there are already so many excellent posts out there that I decided to share some of those instead.

Review 2007, Forecast & Plan 2008 (revisited)
Problems ..... and Happiness
Revisiting the 80/20 Rule and Why It is even more critical ......
2009 will be the year for small businesses to ......
New Year's Revolutions

I'll just content myself with wishing you and yours all the very best in 2009 - good health, prosperity and much happiness. 

Happy New Year!

6 Hidden Dangers of Planning

As we get nearer to the Christmas holiday, I’m already busy setting goals for what I want to achieve in 2009 and planning what I need to do to get there.  I hope the last few blog posts have also inspired you to plan for success, but I feel it's only fair to issue a warning about some of the hidden dangers of planning.

Planning to the nth degree.  This is when you write your plans in such minute detail that there’s no room for manoeuvre.  Your plan must include some contingency time to allow for the unexpected – because it will happen.

Planning yourself into a corner.  While planning is a good thing and helps to keep you on track, if you don’t notice when adjustments are needed, you’ll end up in a corner with no easy way out.  Take a step back every once in a while and check that you’re still on track to achieve the result you want.

Working with blinkers on.  Not quite the same as the previous two, this is when you are so focused on doing what you had planned that you’re oblivious to new opportunities that may come your way.  It would be a shame to miss something good, because you were too busy to see it.

Planning without taking action.  This happens to a lot of people unfortunately (in business and in their personal lives).  They mistake planning for doing, and never actually get around to putting their beautifully crafted plans into practice.  Then they wonder why nothing’s changed.  Don’t let that be you.

Letting others plan for you.  Although this is thankfully rare in business, it’s still worth double checking that what you are planning is actually what you want to do and achieve, and not what someone else has decided might be a good idea for you.

Planning to look good.  Don’t make plans to do something because you think you should, or because you want to look good to others.  Unless you plan for what you really want, and those plans are in line with your personal inner values, you’ll struggle to make any headway with them, and you won’t enjoy the journey.

If you need any help with your planning for 2009, you might want to join in the ‘Get Set’ Teleclass on 8 January.  Click here for details.

I bet you haven't put this in your diary yet!

So far in this series of posts about planning, we’ve looked at setting aside time for future planning, planning meetings, holidays, marketing and projects.  What else could there be?  How about your own personal growth and development?  You know, the bit that usually gets completely overlooked!

This post is for you if you think that taking time to go to seminars, listening to classes, working with a coach or investing in training materials is self-indulgent, that you can’t afford it, or even that you’re too busy.

Unless you’re just about to retire from your business, you simply must stay up to date and continue to learn if you want to keep up with your competitors – and hopefully ahead of them.  If you neglect your own personal development, you’ll soon be at a disadvantage and your business will suffer.

Check out what’s new in your trade and professional publications; keep an eye on emerging trends that will affect your business. What do you need to learn and to do? 

Is there a gap in your knowledge that needs plugging, or a skill to brush up that would make a real difference to the future of your business?

Find out what you need to learn, where and when you can learn it and plan for it now.  Budget for the expense and block out the time in your diary.

Have you planned your 2009 marketing yet?

If you only do one bit of planning for next year (despite this series of posts!), please make it what you’re going to do to market your business.  If you stop marketing, people will forget about you.  You can have the greatest [insert your product/service here] in the world, but no-one will know about it unless you do the marketing!

The ‘feast or famine’ cycle of business usually comes about because business owners get so engrossed with client work that they forget to market – until they need more clients!  And then they market like mad – until they become too busy with client work.  And so on. 

Having a marketing plan, and following it, will help to even things out.  Your plan doesn’t have to be complicated nor does it have to cost a lot of money.  But it does need to be done regularly, and to the right people, ie. Those people who want what you have.  Notice I didn’t say they ‘need’ what you have?  Most of our buying decisions are about what we want, rather than what we need (when I go food shopping, I usually buy what I like to eat, rather than what is actually good for me!)

What should you include in your marketing plan?  Have a look back at what has worked for you this year and include that.  Don’t waste your time including activities that you know from past experience don’t work. 

Once you’ve put your plan together, schedule the activities into your diary as if they were client appointments.  Honour them as if they were client appointments – they are just as important to the future of your business after all!

(Don't forget to register for the 'Get Set' Teleclass!)

Plan your projects backwards!

This is a very simple and effective way to make sure you meet deadlines (real or self-imposed!).  Whenever I share this in workshops, I love to see people’s ‘aha’ moments around the room as they realise there is an easy way to keep their many projects under control. 

If you’ve ever found that looming deadlines force you to work through the night or that (horror of horrors!) you’ve failed to deliver a project on time, then you need to plan your projects from now on.

I tend to combine a couple of methods to make sure nothing is forgotten.

First I Mind Map the entire project.  If you aren’t familiar with mind maps,The Mind Map Book (Mind Set) by Tony & Barry Buzan provides a good introduction.  Basically you start with your subject name in the centre of a piece of paper and use it as the hub for all related ideas and topics to radiate out from, a bit like spokes on a wheel.  The reason I use a Mind Map rather than just writing a list is because I tend to come up with more ideas that way.

Then, once you think you have captured all the tasks related to your project, take a fresh sheet of paper and, starting with your deadline at the top, plan the project tasks back from that date.  You should end up with a list of what needs doing each month, each week, each day – right back to what you need to do right now!

If you follow this process for each of your projects, you’ll find it much easier to keep track of what needs doing and by when.  Deadlines will no longer come as a surprise and your stress levels will be reduced too!

What should you write in your diary first?

What’s the first thing you should write in your brand new 2009 diary?  Before client meetings, project work, networking events – even before writing your name at the front?

The very first thing you should write in your diary is when you’re planning to take your holidays!!  If you already do this, congratulations.  You obviously understand how important it is to look after yourself, to recharge your batteries at regular intervals and to take time away from your business occasionally.

During my corporate career I worked long hours, but I didn’t work at weekends (remote working hadn’t been invented back then!), and made sure I took my holiday entitlement every year.  Now that I work for myself, from home, it’s a great temptation to ‘just check my emails’ at the weekend.  Before I know it, one thing has led to several others and the morning or afternoon has disappeared!  It’s the same with holidays. 

Unless you block out that time in your diary and set it in stone, something urgent is bound to crop up.  A week off becomes a day off, a client meeting (plus associated work), another couple of days off, dealing with an enquiry, and then it’s back to work feeling you haven’t really benefited from the break you were supposed to be having!

What’s the first thing you’re going to write in your 2009 diary then?

Is your diary full up?

Are you one of those people who isn’t happy unless every last space in your diary is filled up?  I know I used to be like that.  Somehow, even though you know that some appointments will be cancelled or rearranged, any blank space is enough to bring on a panic attack and feelings that the business is failing.

Alright, I know I’m exaggerating – a little bit! 

Actually, having some ‘empty space’ in your diary can be a good thing.  It means you can take a little time off to relax.  Or you could use it to build in contingency to your tight schedule.  And if you have a bit of empty space left over, you could always use it to review how things are going and plan what you need to do next!

Yes it’s great having a diary packed with back-to-back meetings, networking and client work  .....  but unless you review and plan from time to time, you won’t have a clue whether all that activity is a) getting you the results you want and b) taking you in the right direction.

So, before you try to cram anymore into your busy schedule, STOP and leave a little empty space.

You never know, it could be one of the most important appointments you make for your business.

Getting passionate with Gary Vaynerchuck

This video (about 15 minutes) is all about passion and patience. Although Gary is talking mainly about personal branding and Web 2.0, he's really talking to every small business owner. The energy of the guy jumps off the screen - and that's how we need to be about our businesses.  (Warning, this video contains adult language!  If you can get past the language please listen to the passion!)

Let me know what you think!

Planning the financials

Working with a client last year, I was amazed to discover that he didn’t have any sort of budgetary control in place, no cash flow projections and no forward planning for capital purchases.  His business wasn’t insignificant either, with 9 employees and nearly £1/2 Million turnover.  His hefty overdraft and associated bank and interest charges came as no surprise to me however!

This client was a good example of how not planning the financials in your business can result in literally pouring money down the drain.

Planning to replace ageing equipment in advance avoids the panic of scrambling to find funds when it finally ceases to work.

Planning an annual budget for marketing will stop you being swayed by seemingly irresistible special offers that you really can’t afford.  Or, on the other hand, being in a position to take advantage of low prices because you know you have the funds available.

Planning your cash flow projections means that you’ll quickly be able to see if there’s going to be a shortfall, before it happens, and giving you time to do something about it.

I just watched an excellent short video by Nicola Cairncross of The Money Gym (if you can, watch all 3 from this week).  Nicola explains how to keep an eye on your business and personal cashflow much better than I can!

Do you plan the financials?

How do you plan your meetings?

When business is a bit quiet, it can be a welcome relief to write something, anything, in the diary! 

You probably meet up with fellow business owners for coffee or lunch and feel as though you’re working quite hard.  But your time, especially if you’re a one-person business, is the most important asset you have.  You cannot afford to fritter or waste it on anything that isn’t making you money.

And even when you manage to keep meetings short, if they involve travel that is basically ‘dead’ time which won’t earn you anything.

Take a look at your diary now.  Do you have any meetings planned?  Are they going to make you money straight away (ie. meetings with clients), or will do very soon?  Do any of them fall into the ‘maybe someday’ category?

While I’m all in favour of building relationships for the future, attending meetings can be incredibly time consuming.  When you take time to plan before making arrangements, your time will be well spent.  For example, I find it hard to get focused on other work if I know I’m going out to a meeting later in the day.  A solution that works for me is to group meetings together on the same day, and not expect to produce anything new or creative on such a day.

How do you plan your meetings?

Click here to learn more and register for my Teleseminar ‘Get Set for 2009’