“As a small businessperson, you’re still probably a bundle of nerves even after you’ve successfully coped with the federal tax code this year while preparing your return,” says Seattle Biz Coach Terry Corbell (http://www.bizcoachinfo.com).
“While completing your tax return, you were also reminded about your financial pet peeves – few of which aren’t even recorded in your profit and loss statement,” he adds.
Healthcare costs, the federal government deficit, ill-advised legislation by the state Legislature, traffic congestion – he says – are just some of the things that tax small businesspeople each day.
Another common complaint: There isn’t enough time in the day.
Mr. Corbell says it’s important to budget enough time to gauge your current business progress – so that enough corrections can be made in time to improve profits by the end of the year.
“Every manager and employee should be asking one key question,” says the profit professional. “Is my behavior in financial matters matching my goals for performance?”
Usually, he says the answer is a resounding “no.”
The second step: Develop strategies for better time management in analyzing your profits.
Here are his 10 keys for micro businesses:
1. Review your long range goals. When developing your goals, be specific. Identify your priorities in order to list your financial goals. That usually means making your managers and key workers more effective. Develop your strategies and set a specific timeline for each action.
2. Track your progress and delays. Record everything, including your progress. Avoid frustration by looking for progress – not perfection.
3. Analyze your progress. Record and analyze how you spend your time. At every juncture, ask: “Is what I’m doing right now helping me to reach my goals?”
4. Take baby steps. Start your road to success by setting your sights low. Even slugger Mickey Mantle would resort to bunting in order to break out of a slump. Here are the baby steps for overcoming business obstacles: http://www.bizcoachinfo.com/
5. Avoid procrastination. Make sure the first hour of every day is the most productive. The rest of your day will seem like a walk in the park. Then, take advantage of technological efficiencies and budgeting tools to see how your expenses compare to your goals. Here are the nine dos and don’ts for best decision-making:
6. Be gentle. Take it easy. Do everything gently. Remember the wise words of songwriter and entertainer Hoagie Carmichael: “Slow motion gets you there faster.”
7. Plan your time. Make your “to do” list by Friday for the following week. Review the next day’s schedule before going home each night. Ensure that your employees, particularly salespeople, have their activities and appointments set at least three to five days in advance.
8. Prioritize: A, B, or C. Remember not every task is a top priority.
9. Avoid desk clutter. Instead of “post-it notes,” put all the necessary folders away in the appropriate file drawers. Once the clutter is off your desk, the “to do” list serves as the master organizer.
10. The bottom-line:
Mr. Corbell's portal, The Biz Coach, provides proven solutions for maximum profits in Planning, Operations, Marketing/Sales, Finance, Technology, Public Policy, HR, and Wall Street.
Plus, it has informative news videos: World, U.S. Business, Economy, Markets, Health and Sports.
All columns and videos are free.
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Seattle Biz Coach Terry Corbell is a business-performance consultant and profit professional. Also, as a longtime media columnist, he now publishes performance-