This was a tough year! But don’t ignore the moment and rush ahead to 2021. Instead, assess your sales through these 5 questions.
I learned about these questions after several frustrating conversations with my former accountant in the post-tax season. They would look at my sales from the prior year and ask me several questions. The questions were good. But it was often too late to do anything. So I started thinking about questions that would be important to ask prior to the end of the year.
When there is still time to do something.
I challenge you to answer these questions in your own business. This assessment can change the game. You only need a napkin to answer them. And don’t worry about doing a ton of prep. You just need to sit down and listen – whether you had an outstanding year or struggled.
So don’t buy your planner until you listen in.
It’s way deeper than “How am I gonna make money?”
This virus has thrown us all for a loop. School closings. Transit worries. Town curfews and the quarantines. I won’t run down the list but it’s definitely had an impact. It’s the uncertainty that is challenging.
And for the entrepreneur or small business owner…whew!
Questions about cash flow, taxes, employees, accounts payable. I am a fellow entrepreneur and understand how it feels. It’s hard to make decisions as things keep changing.
However, a few years ago, I discovered a tool that might help in these changing times. I was dealing with a rough patch in my business and started asking this question. It seemed simple at first. Too simple. But it changed everything. I went from struggling to finding a ton of short and long term term clients that were ideal to work with.
Over the years, I realized that many entrepreneurs often don’t ask it. So let’s start here:
In the midst of the roller coaster, I have 3 ideas that can help you pause and reset your business this summer. Whether you are busy or quiet, these ideas will give you valuable insights and keep you growing in your future
- Are you looking for what you need to do in order to reset your business this summer?
- Uncertain about what to do in the midst of all of the things that are happening around the quarantine
- Nervous about the ability or inability for us to go back to business as normal?
Well, stay tuned to today’s episode and the transcript below.
In the midst of this global pandemic, there is alot of information being shared about how to help entrepreneurs navigate their finances. But there are a few questions that are not being asked. So we are going to dive into how to look at your finances like a CEO.
We SHOULD avoid info overload. But do we really understand how too much information impacts our business? ie. spending too much time watching the news or digesting social media updates on the virus.
I dive in during my latest podcast episode and highlight why this warning is important for entrepreneurs, freelancers, and small business owners. It isn’t just about spending less time watching television. There are key benefits when you slow down/pause the overload. You’ll find ways to think more effectively and grow your business in the process. Listen in….
I was talking with a few entrepreneurs recently about goal setting. It’s that time of the year. You pull out the fancy planners and you think about, ooh, this is what I want to see happen in my business this year, and you set forth the goals. (Transcript of audio)
The conversation got really, really deep – Why haven’t you achieved some of these goals already? What’s been blocking you? What’s been challenging you? And what came up time and again – Because it’s hard. Because I start working on things, and it just takes a lot of extra work. Or I’m unclear of what it is I need to do next. Or I don’t block out the time. Or I don’t even have the time to work on these goals. And so it’s just really, really hard.
If you’re coming up against goals in your business that are hard with capital letters, here is a question that you can ask yourself to move past that hard when it comes to business goals.
Why are my goals this hard?
Now on the surface, when I say why is this thing so hard – I’m sure you probably have a very quick answer:
- Because I don’t have time
- Because I don’t have enough money
- Because I’m not sure exactly what it is that I need to do?
- When I get started, it’s just not really working right
That makes total sense. But I want to challenge you to dig in a little bit deeper. Take five minutes. Pull out your journal or talk with a business coach after you’ve had a few moments to reflect on this. Really, really, really dig in deep. Why is this thing so hard?
It’s the beginning of the year! And people are dropping coins on pretty planners and hip goal setting tools.
Before you buy a planner or spend an afternoon thinking about your goals, I encourage you to listen to my latest audio. I dive into the mistakes that entrepreneurs often make when they are setting goals for their businesses. Mistakes that you can avoid.
It’s easy when you work for a company to get input from the team. But when you are solo or on a small team, you might not see all of the blindspots. It’s also super hard to stay motivated throughout the year when you are the only person you report to!
Use the three tools I share and CRUSH your goals this year.
Question: I normally charge $300 for my services. But, I am offering a promotion at $75. I need a few models for marketing purposes so I thought this price would be a win-win. I will still perform the same level of service as my $300 service. In exchange, the client would release the photos for my upcoming social media campaigns. However, a few people have told me that they don’t think it’s fair that they have to pay if they are a model. What should I do?
Answer: Pricing is one of the trickiest areas when you are a service-based business. You have probably spent thousssssannnddds on education, supplies, and learning your craft. But clients don’t know the blood, sweat, and tears that you have put into learning and perfecting your skills.
They consider price based on their understanding.
I’ll say it again – good people often want lower prices based on THEIR understanding of the service.
This post focuses on service businesses in the beauty space. But if you analyze the suggestions, I bet that you can find solutions for your industry.
If you are a “roll up my sleeves and I’m gonna get it done” freelancer or business owner, this post is for you. You are smart enough to know that overnight successes are rare. You believe that starting and growing a business will take work. Time. Resources. And you are not afraid to roll up your sleeves because you know the rewards are great.
But it would be nice to see more wins! Especially after sleepless nights, endless networking events, and hours spent learning.
So here are a few questions to get you started: