How do we define success for your small business? And, more importantly, what does it take to achieve it? It will differ from person to person, and from business to business, but I want to give you one key to what it takes that applies across the board:

“The secret to my success is determined by my daily agenda – by the daily decisions I make, and the daily disciplines I practice.”– Dr John C. Maxwell

I heard that statement a few years ago, and it is something that has always stuck with me, because I fundamentally believe that it is true. Another way of saying it is that, if what and where I am today is a direct result of my previous actions, what I am tomorrow depends on what I do today. The problem is, most people underestimate what they can do today, and over estimate what they can do tomorrow. Read more »

We have spent the past few blog posts teaching you how to prepare yourself for success as a small business owner.  You know how to treat your business finances as an entity separate from your personal finances, you know how to organize and keep track of your expenses, and you know where you are starting on this financial journey. Great!  Now what?

Not a thing in your financial lives will change if you do not do the footwork.  You need to consistently devote the time necessary to improve your financial situation.  As entrepreneurs so many of us are great starters.  We begin to gather knowledge and make great plans, thinking of the ultimate outcome, but then we often do not fulfill our plan by taking the step-by-step actions required to bring us to that outcome. Read more »

Imagine this.  You want to lose weight and live a healthier lifestyle.  You are serious about it and you are pumped.  You are going to exercise and eat nutritious foods.  Yet day after day you are surrounded by people who hang out in front of the television eating pizza, chips, and ice cream.  They complain all of the time about not having any energy and feeling lousy, but they never do anything about it.  How successful do you really believe you are going to be unless you change your environment? Read more »

As entrepreneurs, it is easy to sometimes feel like our finances are outside of our control.  Especially in the early years of your business you may not have the regular earnings that came with a job. Our spending often varies as well, since building a successful business costs money.

These factors make it even more critical that we develop financial consistency.  Keeping a handle on the ways of managing our money that are within our control, will go a long way towards building financial stability and avoiding the financial roller coaster that plagues many small business owners. Read more »

One of the challenges of being a small business owner can be the often times solitary nature of your work. The desire to connect with people can easily turn into regular restaurant lunches and meeting friends for dinner or drinks. Never mind the fact that, with a couple of $10 drinks, a $15 plate of food and a 20% tip, that social hour ends up costing you over $40.  Doing this just a couple of times per week adds up to an extra $320 each month that you could really do with avoiding.  BUT…everyone else is doing it, and you don’t want to be the one to admit that finances are tight, and be a downer on the evening.  So you go along and have a good time, but all the while you feel just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month, and those bills are getting high enough as it is…

So the question is: how do we balance the need for a social life with the realities of a tight budget? Read more »