If you're a woman in business and you've been in business 3 years or more January is a great time to assess how it's going. You're hitting the crucial 3 to 5 year mark where, I'm sorry to say this, most businesses fail. Or, your business may bump along, more in the way of a hobby than a real business.
First assessment question: Are you making money? If not, then your business is a hobby. If that's true, don't despair. This is when you get serious about how to make your business profitable, or decide you're ok with a part time business that's fun, but not necessarily making money.
Here's the big question: What's Working and What's Not Working about your business? Now, sit down and make a list first of what's working. Really, right now. Give yourself credit for what's going well and the Not Working list tells you where you need help. Keep the not working list short and those become your goals to fix in 2014.
One area to assess is your Power Team. Do you have a CPA, bookkeeper, Attorney, Assistant, Coach on your team? Here's a hint - in the beginning you can do your books yourself - but it takes time away from being in front of clients or prospecting. As soon as possible - DELEGATE that task to a bookkeeper. Not a CPA - use the CPA for your tax preparation and any questions you have. That's a good use of your dollars and will make you money. When I did that my income went up.
Other areas to assess include: Sales, sales follow-up, systems including time management (watch out for email, Facebook time wasters), bookkeeping, bill paying, procedures and polities, forms or templates particular to your business. For example, I have templates set up for new clients where I insert information and send. My assistant can do this work also.
We've all heard the phrase that most of us work too hard IN our business with the daily activities and don't spend enough time working ON our business, which is the planning and strategizing for success. In our business is the small picture - ON our business is the big picture.
At the heart of my business I want to make money, of course, but my goal is to have FUN. I totally agree with Colleen C. Barrett, American Businesswoman that “Work is either fun or drudgery. It depends on your attitude. I like FUN."
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Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the weekly PowerUP Your Money blog for women in sales and small business. If you’re ready to PowerUP your Money, your Business & your JOY get your FREE Strategy Session with Lynn at www.joywithmoney.com