Breaking free to the ultimate you!

Archive for May, 2011

Want to start your own business?

A lot of people are doing it – some out of want and some out of necessity. You may already have your own business now. Even if so, some of this information will be of help.

Question: How do I find the right business for me?

A good starting point is to make a list of your strengths and figure out a way to apply them to a business that interests you. Next, analyze the industry to determine how you could run a similar business better. Now make a list of five to seven things in which you excel, and another list of things you don’t like to do. Then do the same for things you like and dislike about your business life. This will help you discover a business that you will not only enjoy, but at which you will excel.

Once you pull the trigger on starting your business, there are several things that you will need to do yourself, then hire, contract other people, delegate, and/or create alliance partnerships to thrust your business forward. The three main reasons to start a business in order of importance are: (1) Provide a product and/or service; (2) Provide jobs, yours being the first; (3) Make a profit.

Following is a list of your main concerns.

  • Products and/or Services: What are the cutting edge benefits and the quality you strive for in your industry?
  • Sales & Marketing: These are two very different things. Marketing defines and gets your name and what you offer to your target audience. Sales are how you get the cash register to ring.
  • Finances: Monies and an accounting system are needed for startup and through the first year.
  • A Proforma: At least a 12-month projection of gross sales by month and cost associated with the sales, and overhead cost to get your net profit or loss before taxes.
  • Staffing: People to hire, contract with and form alliances/partnerships.
  • Space: To operate your business. It could be your home or rental space.

Starting a business is very rewarding but it can be overwhelming. However, like eating an elephant, you just take one bite at a time. These few bits will get you started and focused on creating your business. Having your own business can be a beautiful thing or a nightmare – so do it right. There are several books that I recommend that could be of help.

I have often been referred to as the “Business Person’s Coach.” This is my specialty. If I can be of any help, please contact me.

All the Best to You!

Pete

Top 10 Delegation Tips

The response from the e-mails I have been receiving shows that one of the major challenges for entrepreneurs / managers is to delegate. Why is it such a challenge? The most common answer is, “It is easier to do it myself.” When you delegate the responsibility to do a project and it’s not successful, the failure is usually due to lack of clear communication about what is required. Here are some tips to help you to start delegating, and gain confidence in doing it:

1. List everything that you can delegate in your business or job.

  • Against each item, put the name of the person who you are delegating to.

2. Before delegating any task, set the expectations and ensure that the person understands:

  • the outcome that you expect,
  • what you want them to do, and how to go about the task,
  • the resources they need to do it,
  • if training is needed, time will be made for training,
  • when the work needs to be completed, and checkpoints if needed,
  • that they are accountable for the success of the task.

3. The first time you delegate a task, start with something small.

  • When complete, give feedback, and let them know how well they did it.

4. Delegate enough authority so they are able to accomplish the results.

5. Put necessary info in writing and give a copy to the other person.

6. Don’t hover!

  • Leave the person alone to do the work, but be available for questions.

7. Agree on checkpoints to keep track of the progress, if needed.

  • Give support and direction, but don’t fall into the trap of doing the work.

8. Review and evaluate results at the end or the agreed upon time.

9. Expect results, but not perfection.

  • There are many ways to get results, so don’t insist that everyone does it “your way”. They may see a quicker / more effective way of tackling the task! You may be very surprised.

10. Give lots of praise for a job well done.

  • If you have given clear instructions at the beginning, you should have a successful outcome.

Congratulate yourself because delegating takes a bit of patience, overcoming fear, building trust and stepping out of the box. It’s well worth it because your rewards are many in the success for you and your business.