Are You Wearing Too Many Hats?

Too Many Hats

How many hats do you wear?

Ok, I know you are not actually wearing all of these hats but they do represent the number of skills that you need to successfully take your business to the next level. You need to be an expert in everything!

At some point you will discover that you simply can’t continue to do it all yourself. Something has to give! Outsourcing one or two (or even all) of your hats will free up your time and energy for an abundance of other things including actually doing some revenue building work – now wouldn’t that be nice?

The first hat I took off in my business was my graphic design and website building hat. What a relief that was!  I slowly continued to remove other hats until I was only left with work that I wanted to do – that is what being a #Thousandaire is all about after all!

I would love to know what hats you have taken off and how you got on without them?

You’re never too small for good KPI’s

Measure Success

When you start a business, you tend to make decisions by following your nose.

You take the advice of the last person you spoke to, you follow courses of action that seem like the most interesting, and you most likely live from hand to mouth.

While you’re finding your business feet, that’s fine. However, sooner or later you have to move into a way of running your business that is actually a bit more – well – businesslike.

I’ve discovered that it’s almost impossible to run a serious, profitable business without Key Performance Indicators (KPIs) and, if you’ve been in business for more than a year or two and you don’t have these, the chances are you’re artificially keeping yourself and your business in the ‘start-up’ phase.

KPI provides a snapshot of what your business will look like, in terms of hard figures, when you achieve your current vision. Once this vision is boiled down into specific, reachable goals and next steps, they are fed into your KPI dashboard, where you can track them and monitor what’s going on.

You need a mixture of both ‘lag’ and ‘lead’ indicators – that is, the results you’ve already achieved, and the figures that represent your forecasts or predictions. In other words, you know where you’re going, and you know how much progress you’ve made towards that destination.

For example, KPIs for your profit margin, cash flow, and maybe measurements like customer satisfaction rates, or staff performance. The performance indicators you choose to measure should be those that indicate the results you’re looking for – that is, they are ‘key’.

They can be represented by graphs, spreadsheets, or pie charts. If they’re going to be made public in some way, you can use percentages rather than pounds and pence, to preserve confidentiality.

If running a KPI dashboard sounds like something only huge, corporate businesses might do, don’t be fooled. Whatever the size of your business, you need to have your finger on its pulse. Your KPIs could cover one side of a sheet of A4 paper – they’re still an invaluable part of your business success.

Or to put it another way, when you’re running a business, you need to define where you’re going, plan how you’re going to get there, track your progress and report back to yourself on how it’s going.

If you’ve got anything to add on KPIs, we’d love to hear your thoughts. Please leave your comment below.

Help! I need 10,000 followers!

Help!  I have set myself the very random and really high target of getting 10,000 people to follow ‘The Thousandaire Club’ Facebook page by the end of October 2017.

Please watch my video to find out what it is all about, and please like my page at https://www.facebook.com/thethousandaireclub/ 

Thank you 🙂

The 3 wise words – serenity, courage and wisdom

god-grant-me-the-serenity-to-accept-the-things-i-cannot-change-the-courage-to-change-the-things-i-can-and-the-wisdom-to-know-the-difference17

I came upon a Facebook post last week showing a picture of a circle of influence, and it made me really think about what I spend my time focusing on.

Many years ago I used to keep a diary, and written on the very last page was the quote from Reinhold Niebuhr as follows:

God, grant me the serenity to accept the things I cannot change, The courage to change the things I can, and the wisdom to know the difference.

I used to read it often and reflect on how acceptance of things that are out of my control would bring me happiness.  To be honest, I now often forget that fact, and I spend far too much time worrying and ruminating on things that I have no influence over.

The circle of influence takes Niebuhr’s quotation one step further by giving you the tool with which to actively consider the specifics of what is and what is not within your control.

An good example of a simple circle of influence is as follows:

stephencoveycircle

The inner circle of influence covers things such as: The words I use; my attitude; the type of clients I work with; the exercise I do; the friends I have.  In other words things that are fully within your control.  This is where you need to focus your time and energy.

The outer circle of concern focuses on things that are out of your control i.e. the attitude of others, the weather, international politics etc.  Spending time and energy trying to change these things is fruitless.

This simplistic model can be developed to suit whatever you want.  You could decide to do a separate circle for each area of your life i.e. personal and business, or you could merge them to create a more complex integration.  Whatever works for you is fine.

From my own perspective, it has been a really useful exercise to reflect once again on Niebuhr’s wise words.  I have now produced my own circle of influence which has given me focus and clarity on how I want to move forward with my book, my business and with life in general.

I am hopeful that this may prove useful to you too, and I would love to hear your thoughts…..