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Bite-Size Chunks of Wisdom

January 2014

Recent Posts

Five Steps to Building Financial Reserves for Your Small Business

Posted by
Jackie Nagel, Synnovatia

Small business owners lacking surplus cash stuffed in a mattress or buried in the backyard are anxious, fretful, and stressed. And, rightly so! Anyone who is ever interacted with a financially-desperate, white-knuckled business owner has felt their desperation. It’s not pretty. If the recent volatility in the economy has taught us anything, it’s the need to build financial reserves.

Regardless of the current financial situation, anyone can begin shoring up financial reserves immediately by following these five simple steps.

  1. Prepare a budget.
    Every business owner knows how important it is to prepare a budget. That doesn’t, however, always translate into taking action. A detailed budget means smarter decisions. And, who can’t use some of those, right? Use your accounting software to help you with this task.
  2. Plan your sales forecast.
    Projecting sales can sometimes be problematic. No matter how well you plan, it’s impossible to predict the future….unless you have a crystal ball. Even so, it may not be as difficult as you think. By combining your past trends with your projected growth, you’re sure to create a forecast that will be closer to reality than those predicted by quirky meteorologists.
  3. Reduce expenses by 50%.
    Nothing ignites ingenuity like the challenge of figuring out how to drastically slash expenses. Needless to say, the wobbly economy has been helpful in reducing expenses but there may be some additional areas that could use a little trimming.
  4. Evaluate your pricing.
    I’m sure it doesn’t come as a surprise to learn that many small business owners under-estimate their value and, consequently, end up with inaccurate pricing. Business owners who under-value themselves and their services can end up resenting their business and their clients. That’s just downright ugly! Before you become “that” business owner, why not re-assess your pricing structure. More often than not, pricing is an inside job.
  5. Save 10% each month.
    Ah, what a concept. As studies have shown, the savings rate in America has gone up considerably since October 2007. Good for us! That extra 10% allows you to take advantage of unplanned opportunities and unexpected challenges, like slow paying clients, and make the needed investments to remain competitive.

Simple tactics? You bet! East to implement? Not always. It takes time and discipline to create some wiggle room in your financial picture but when you do, it reduces your stress, makes you happy, releases your creativity and opens you up to attract the kind of clients you look forward to working with. And, isn’t that what you’re really after?

Your turn. Tell us what you do to build financial reserves.

Business Growth Strategy: How to Make Friends with Email

Posted by
Jackie Nagel, Synnovatia

Remember your first days on email? Remember? They were glorious! At the click of a button we could communicate anytime day or night. Ahhh, those were the days! Today, we lose roughly 2.1 hours (28% of our day) to the interruption and distraction of an ineffective strategy for email. It’s time we make email our BFF.

Business Growth Strategy: Reboot Your Email Strategy

My recent shot at “unplugging” created some surprising new insights. No longer blinded by the daily flurry of email I had a chance to reboot my approach toward email.

My pre-insight approach went like this: I awoke at 5:30 am and went directly to my inbox with a nice hot cup of coffee. With an empty inbox, I was refreshed and ready for my day.

By 9 am, invigoration faded into overwhelm as others arrived at work and launched into their inbox. With an inbox stuffed with emails, I was sucked back into my inbox, like an addict to cocaine. The carefully crafted plans for my day had been foiled.

My post-insight approach is this: I still get up at 5:30 am to start my day with 30 minutes of reading and a nice cup of caffeine. Next, I head to my “Daily Goal Planner” to work on projects related to my goals.

By 9 – 10 am, most colleagues have launched into their email. Whatever emails need my attention are waiting in my inbox. I focus on email knowing that my priorities for the day are complete.

As a result, I no longer “live” in my inbox.

Business Growth Strategy: Make Email Actionable

Although email can be an effective communication tool, the truth is that most emails require some sort of action. Acted upon in the moment and your entire day is consumed.

One of my clients turned me on to this little gem — Active Inbox* — because emails aren’t letters, they’re tasks. It flips the way one views email, and how email is approached.

Rather than read an email, take action, and respond, I now review email for the purpose of determining what action is required by when. Once parameters are assigned, the email is removed from your inbox to be handled at a time of your choosing!

Ahhh, now that’s relief! The world looks new and shiny now that my head isn’t full of stuff in my inbox.

Are you ready to make friends with your email? Test your assumption that you have to be always “in” your inbox, and share how it changed your view of the world.

*Active Inbox currently works with gmail only.

10 Ways Your Small Business Benefits from Strategic Group Coaching

Posted by
Jackie Nagel, Synnovatia

In the years I’ve been coaching small business owners on the strategies and mindset of running a success business much has changed. Technology continues to alter how we work. The changes provided by technology are positive. Thanks to social media, small business stands toe to toe with larger organizations in marketing their products and services without the enormous marketing budgets and staff.

The most profound transformation is the pace at which small business owners need to innovate to stay current with the rapidly evolving needs of their clients. Innovation at today’s speed requires a team effort — one that many small business owners lack. It takes a village to grow a business.

That’s more good news for the small business owner. The village necessary for quick-response to client stimuli is at your fingertips — without adding to your payroll expense — through group coaching programs exclusively for small business owners.

These are the top ten ways small business owners and entrepreneurs benefit from group coaching programs:

10. Accelerate learning of necessary business skills. The best form of adult learning is peer-to-peer. Plus, who has time to learn everything they need to know? Group coaching quickens the development of the skills you need to run and grow your business. You’ll learn more in two hours in a group-coaching program than in six hours of learning on your own.

9. Resource sharing for keeping up with business trends. In the spirit of collaboration, members of a group-coaching program save you valuable time by contributing essential articles, trends, and technologies for your small business to grow more quickly.

8. Source of inspiration, support, and accountability. Small business owners are hungry for community. There’s nothing more reassuring and encouraging than the backing of like-minded entrepreneurs. Structure is an antidote to fear.

7. Reduce your sense of isolation. You’ll quickly discover that you’re not alone in your challenges and growing pains. Shared experiences are comforting and confidence building.

6. Generate better ideas. Creativity doesn’t flourish in a vacuum. Tapping into the collective wisdom and experience of group coaching participants provides the feedback you need to ensure your ideas are sound and successful. No more wasted resources chasing ideas that won’t work.

5. Gain immediate access to multiple perspectives. It’s like having your very own focus group at your fingertips. What is better than that? With instantaneous input on your ideas, you can stay in the flow of your work.

4. Discover opportunities. Whether it’s a previously undiscovered revenue stream or a strategic partnership, group coaching opens doors to new opportunities, new networks, and new ways of thinking.

3. Achieve your goals more quickly. Maximize the combined energy, knowledge, and insight of group coaching to speed up forward momentum. Nothing inspires success like success.

2. Take your business to the next level. Isn’t that what all of us want? By the way, in group coaching, the next level is defined by you — not what the so-called “experts” say it should be.

1. Your choice! As a member of a group coaching community, your voice counts in creating the agenda, topics, and direction. Do you want to grow? Get rid of overwhelm? Feel more confident and in control of your future? Grow your paycheck? An effective group-coaching program takes your needs, wants, and desires into consideration.

Group coaching is the solution to the small business dilemma of acquiring the professional support needed to achieve your goals that’s affordable for all.

If you’re interested in what group coaching can do for your business, contact us for more information.

Smart Selling: Ten Tips to Small Business Sales Success

Posted by
Jackie Nagel, Synnovatia

If the thought of “selling” produces instant nausea, it can only mean one thing: loud, fast-talking sales people clad in plaid slacks, striped shirts, and wide ties sporting a food stain was likely your sales experience. Is it any wonder you’re left with a bad taste for selling? Couple that with years of a good economy where products and services literally sold themselves and it’s easy to see how sales systems may be a bit anemic.

As with some trends (including double-knit pants), the passing of time can be a good thing. Selling, done properly in today’s marketplace, is no longer about seducing your prospect into doing business with you. In fact, a recent study indicated that 92% of all business-to-business products and/or services were bought – not sold!

With your prospective client controlling both information and the velocity of the sales cycle, here are 10 key points guaranteed to help your prospects become clients and fortify your sales system.

  1. Have genuine conversations with your prospects about their needs and concerns. Selling is about identifying and satisfying the needs of your prospect.
  2. Be authentic. Develop sales conversations that are a natural fit for you.
  3. Know and understand the buying cycles driven by your consumer.
  4. Develop sales methods that attract (pull) rather than seduce (push) your consumer.
  5. Align your sales efforts with market segments that are growing.
  6. Make it simple and easy to buy your products and/or services by removing buying obstacles.
  7. Measure the effectiveness of your sales efforts to permit continual improvement.
  8. Implement a follow-up system that allows you to remain top-of-mind for your prospect and readily available as a trustworthy resource.
  9. Grow a sales system that produces a consistent experience for your prospects with each and every encounter.
  10. Establish sales goals that stretch – not stress – you. There’s nothing more unbecoming than an anxious sales professional.

Bribing, seducing, or coaxing your prospect is no longer an acceptable sales practice for the 21st century. Although clients want to buy, they just don’t want to be sold.

Are you curious how your sales skills measure up? Take the “Qualities of the 21st Century Sales Professional” test and see for yourself. Then, share what is most effective for you.

Are You a Pushover in your Small Business?

Posted by
Jackie Nagel, Synnovatia

There’s a common trait among small business owners. It’s the sort of quality that gets in the way of achieving what you want from your business. In fact, it makes you dread going to work – in you own business! Can you guess what it is?

Small business owners are generous to a fault. They’re pushovers in their business. They let others walk all over them which, sadly, keeps them underearning and overworking. And, it comes at a cost. It ruptures confidence, impairs physical health, and weakens business success.

Here are two examples I frequently hear. A client is late in paying. You feel “bad” for the client. Therefore, you don’t take the necessary steps to get paid as agreed upon. Finally, with enough time, the client doesn’t pay at all and you end up writing off the project. Sound familiar?

How about this situation? A client asks for work beyond the initial scope of the project. Sure! No problem. You want to provide excellent service and show the client how much you appreciate their business. You do it for no charge. Plus, what harm can it be? It’s only a minor request. Before long, request #2, #3, #4, and #5 follow.

At this point, you don’t want to respond to their emails. You cringe when their number pops up on caller ID. You just want them to go away! You’re no longer comfortable speaking with them about additional billing charges. You’re afraid you’re going to loose your cool and cause the client to pull the plug on the entire project. Instead, you endure.

Dr. Phil, psychologist and TV personality, said (in a southern drawl), “We teach people how to treat us.” If we want to be treated differently, we need to act different.

5 Ways to Overcome “Pushoveritis”

1. Communicate. We can’t speak enough about communicating clearly, completed, and frequently. At the launch of a relationship with a new client, don’t assume the client read “the fine print.” Do any of us? Review the agreement with them in detail. Make sure there is a clear understanding of change orders, additional costs, payments — and impact if the agreement is not honored.

2. Consistency. Be steadfast in your policies. When inconsistencies exist with your billing and/or service practices, it confuses the client and sets you up for a potential miscommunication. Be consistent in all you do with all your clients.

3. Correct the underlying source. Being a pushover in your business is triggered by other underlying factors. For instance, the fear of losing business, lack of confidence in one self, people pleasing, or undervaluing your skill set are just some of the dynamics that trigger pushover behavior. Once you tackle the source, you’ll have a permanent solution.

4. Be humble…but assertive. Some small business owners feel uncomfortable with the notion of setting boundaries with others. They don’t like being “aggressive”. When you communicate early and often, you seldom need to be concerned with aggression rearing its ugly head. Assertive business owners develop the skills to ask for what they need respectfully.

5. Be brave. I know how challenging it is to implement new ways of “being”. However, you have to get past your fears to grow a successful business. You’ll soon realize that you can, in deed, ask for what you want and your business won’t fall down around you. It’s the most powerful feeling of all.

What do you do to overcome “pushoveritis?”

The 4 Top Unknown Reasons Your Business Needs Goals

Posted by
Jackie Nagel, Synnovatia

Most psychology or business books don’t tell you the many unknown — and essential — reasons your business needs goals. Business goals keep you focused and on track. They provide a way to measure your progress.  And, goals provide inspiration long after the mood in which you set them has passed. All in all, the benefits are obvious.

But, did you know that there are other obscure reasons for your business to have goals that are much more advantageous than those listed in pop psychology? Here are the top four reasons to set goals for your business.

4. Better resource allocation. Rather than run your business by the seat of your pants, goals allow you to be a much better director of your time, talent, and money. Goals set — and achieved — deliver more money at the end of each month and extra time at the end of each day.

3.  Greater confidence. Have you ever felt like you were losing only to discover that you were actually winning? What a silly question! Of course, you have. Unfortunately, feeling like a failure doesn’t do much to build confidence. On the other hand, goals tell you that you’re winning. Achieving business goals make you a livewire — a winner — in every sense of the word. Can you name anything that shapes confidence better than success?

2. Control over your future. The #1 reason people launch their own business is to have control over their future. During the economic upheaval of 2008, entrepreneurs took quite a hit.  It produced a shortfall of “control” over their future. Goals put you back in the driver seat. Goals make you the master of your destiny. Goals replace ambiguity with sureness of a bright outlook.

Drum roll, please……The #1 unknown reason why you need goals for your business….

1. Business growth. Research shows that the only statistically significant predictor of business growth is not the industry, size of business or length of time in business. It is the entrepreneur’s goal for growth. Goals move entrepreneurs from “I have a dream” to “I have a strategy and a plan.”

Are you ready to take advantage of all that goals deliver your business? Let’s get the party started! Click here to download our free goal setting workbook, Are You Heading in the Right Direction? Unlock Your Future with Smart Goals.

5 Ways to Shift Your Small Business Into Drive

Posted by
Jackie Nagel, Synnovatia

There’s no better feeling than being at the starting gate of a new year. Your engine is revving and you’re raring to go! That is, until you don’t! No matter how much optimism a new year brings to your business, it doesn’t want to budge. Your business is stuck in neutral.

You know the signs well. You can’t seem to bring in enough customers, your overhead continually dwarfs your profits, you’re working longer and harder hours, there’s more to manage and less resources to do so, and your business has no more room to grow.

With your foot on the gas and your hand on the wheel, its time to shift into drive with these five proven strategies:

  1. Stop doing what doesn’t work. Every small business owner has a good idea what’s not producing results. However, if you’re tracking your metrics, you can’t lie about what’s working and what’s not. The numbers loudly give you insight into what needs to go — and what needs to stay.
  2. Select goals that fire you up. Boredom with your goals is a good indication that your ladder is leaning against the wrong wall. Nothing will shift your business out of neutral more quickly than focusing on goals that excite you.
  3. Raise your prices. A common reason for small businesses to be stuck in neutral is related to an ineffective pricing strategy. We all understand the need to reinvest back into the business to get off to a strong start. However, with time and hard work, you want the assurance of solid, sustainable business that can only be accomplished when “the price is right”.
  4. Eliminate 15% of your clients — the bottom 15%. Every small business owner, at one time or another, works with clients that aren’t always the best fit. It’s in the best interest of your client — and you — to help them move on to a vendor who is a better fit. It’s much more electrifying to do — and be — your best with clients that fit.
  5. Reboot your thinking. Is your own thinking keeping your small business stuck in neutral? According to Stanford psychologist, Carol Dweck, talent or intellect does not determine business success. Rather, business success depends upon our mindset — the degree to which we believe we have the capacity to cultivate our intelligence and grow our abilities.

Is your business stuck in neutral? Are you ready to grow? If so, I’d love to hear what you’re doing to keep you moving forward.

Small Business Blogging: The Pain and the Promise for Entrepreneurs

Posted by
Jackie Nagel, Synnovatia

Why did I commit to this? That thought gallops across my brain (it is, after all, the year of the horse) as I stare at a blank screen. Then I remember! I committed to blog each day for 30 days because blogging is painful for me. And, I want the pain to stop – or at a minimum, subside to a dull ache!

I know that blogging is good for business. Hubspot, my favorite marketing software, tells us customers who write just 3-4 blog posts per month get 20 more monthly lead submissions, 800 more monthly site visits, 60 more Twitter followers, and 50 more Facebook like’s than customers who only write 2 blog posts per month. I’ll take those numbers!

In fact, we’ve seen similar representations with our client results – the more our clients blog, the greater their site traffic, etc. It seems pretty simple – until you have to sit down and actually do it.

“Experts” (whoever they are) say that blogging, like exercise, gets easier with frequency and repetition. Like strengthening a muscle group, “they” tell me that the agony of blogging subsides with use (and a good stiff drink).

True Confessions From a Strategic Business Coach

With the hope that you’ll feel my pain, join me in my suffering, and/or be a source of relief, here are the two primary reasons I find blogging challenging:

  1. I want it to be perfect. Perfection takes energy. For a post to be declared “perfect” (by me), it has to be well thought out, perfectly researched, and artfully communicated. Oy! This leads me to point #2…
  2. It takes time. I have tremendous respect (and longing) for the ability to write a blog in 30 minutes. Given my perfectionistic tendencies, time is not always on my side.

Before I go any further, PLEASE tell me I’m not alone in my feelings toward blogging! Then tell me that you’ll support me through this uncomfortable process.

Just as I conquered the pain of my first marathon, overcame the agony of my first 500-mile bike ride, and captured the torment of my first mountain climb, I’m hopeful that “this, too, shall pass.”

In the words of the famous man of action, Benjamin Franklin, “There are no gains without pains.”  Course, John Ray, English naturalist, also said, “Misery loves company.”

Care to join me in the 30 day blogging challenge?

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Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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