End of The Month & Year Round Up!

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I can’t believe this is the last week of 2023 and next week we enter into a new year. 

Are you ready?

Did the year turn out better than you thought? Did you crush the goals you set for yourself?

I am excited about all the new possibilities the new year will bring. As the year draws to a close and we begin planning for 2024 it is important to:

STOP

SLOW - DOWN

AND

REFLECT

Many times we can run through the whole year as if we are in a race and end up at the end of the year feeling unfulfilled. I know this has happened to me on occasion. I need to review the post I wrote called, What Is On Your Mind to see how I can improve my mindset so I can’t stop feeling so hurried but I digress. :)

My challenge to you is to press pause a few times during the holiday season to journal and reflect on the wins, challenges, and learns so that you can make next year a better year than 2023. After you have reflected on the activities of the past then think about starting to plan for 2024 for your business and personal goals using this process:

First create S.M.A.R.T. goals, specific, measurable, achievable, relevant, and time-bound. Next, try this process to measure your progress:

7 - measure your goal in one week to see how you are doing.

30 - measure your goal in one month to see how you did for the month.

90 - measure your goal as a milestone to see if you crushed it. 

I encourage you to try this method to help you to stay focused on your goal attainment. If you are looking for more tips around goals check out the post that I wrote this month. 

The end of the year is fast approaching and we can set ourselves up for success by slowing down to reflect on how the year went, create S.M.A.R.T. goals for 2024, and use the 7, 30 & 90-day approach to measure progress. 

Happy New Year & Thank you for reading~

Keep IT Sunny!

Welcome To December!

Photo by Boris Pavlikovsky: https://www.pexels.com/photo/gifts-with-pine-leaves-5499125/

We have finally made it to the end of the year.

I hope this year has been prosperous and productive for you. As we start to celebrate the holidays and plan for 2024, I encourage you to reflect on all the wonderful things that have happened this year and how you have impacted your customers. This month, I will focus on mindset, goal planning, and gratitude.

Keep IT Sunny~

Is Your Business On Track For Success This Year?

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We are in the 4th quarter of the year and by now you should understand how your business has performed thus far. 

Or maybe you don’t?

According to the SBA and Investopedia, “33% of small businesses fail in the first two years and around 50% go belly up after five years. The most common reasons are running out of money and the inexperienced management of business operations.” You don’t have to become a statistic.

As a service-based small business owner, it is uber important to press pause on delivering those world-class services and start to assess how well you are doing right now in your business. This is where the financial review can come in handy.

What Is A Financial Review?

According to Princeton University, a “Financial review is an overall review of your organization’s summarized financial activity.” This review should include your profit and loss, balance sheet, and statement of cash flow. 

You are probably wondering what exactly to look for. The list can be long but the simple answer is trends. The data on financial statements can be used for a variety of things but the most important item to take into consideration is trends. 

What are good trends that you want to see on your business financial statements?

Income Statement a.k.a. P&L

• Increasing revenue over time in a measured steady manner.

• A Gross Profit that is heading upwards and is stable.

• The operating expenses should not exceed what revenue you are generating.

• Your Net Income should increase over time and remain positive. 

Balance Sheet

• Your current assets should be highly liquid if you need cash to handle business matters. 

• The total liabilities of your business which include the current & long-term liabilities should be decreasing.

• Positive asset growth should show that your business is growing in the direction of your business plan.

Statement of CashFlow

• The business should show positive operating cash flow under the “operating activities” category. 

• The cash that “flows’ into your business should in large come from your customers and not other means like debt financing.

As busy service-based business owners, we truly care about making sure that our customers are taken care of. In contrast, we often forget that our businesses are the most important customer. We must ensure that our finances are in order and that we are on track to meet the financial targets and business objectives we set for ourselves.

The best way to do this is to stay on top of the financial health of your business by looking at trends on the balance sheet, income statement, and statement of cash flows. This activity will help navigate around any challenges that might arise and help to plan for success in the upcoming year. If your books need a little bit of attention feel free to reach out to me for help.

Keep IT Sunny~

Welcome To October!

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Fall is officially here and all things pumpkin and spice scents seem to be in the air. I love the fall season here in Vegas because it is a signal that cooler weather is upon us and we can all go outside to play without sweating to death. 

🙂

The fall season is also a great time to start planning for next year in your business. This month we will look at two main areas that should be on your to-do fall financial planning list. The first item that should be on your list is a year-end financial review of your finances. The other area that should be on your list is budgeting and forecasting. I am excited to dive into these areas and provide insights that will help you fall into next year with a solid plan in place for your business finances.

Keep IT Sunny~

June Monthly Roundup!

The flowers are in full bloom and summer is officially here. I don’t know about you but I am ready to have fun in the sun. I wrote a few posts this month for you to check out while you are doing your summer reading.

5 Tips To Improve Your Cash Flow Management

What Do Banks Look For When Deciding To Give You A Business Loan

4 Things To Consider When Creating A Workable Budget For Your Business

I hope your summer is getting off to a great start and these tips help you along your business journey.

Keep IT Sunny!!

4 Things To Consider When Creating A Workable Budget For Your Business

What comes to mind when I say the word BUDGET?

It probably isn’t anything fun - right?

What exactly is a budget anyway? According to Zoho.com, a “business budget is a spending plan for your business based on your income and expenses. It identifies your available capital, estimates your spending, and helps you predict revenue. A budget can help you plan your business activities and act as a yardstick for setting financial goals. It can help you tackle both short-term obstacles and long-term planning.” 

Now that we know what a budget means let’s look at 5 things to consider when creating a workable budget:

• Practical Revenue Projections - It is great to aim for the sky but don’t aim so high that your goal is unattainable. It is a good idea to reflect on your industry trends, market conditions, market research, and your past history to develop your revenue projections.

• Review your expenses - Are you aware of your spending habits and how they impact your cash flow?

• Plan for an emergency - Do you have emergency funds available for your business? In the same way, you have a savings account with funds set aside for emergencies in your personal budget, your business budget needs the same contingency funds.

• Pay attention - No budget plan is useful if it is created and ignored. Make a note on your calendar schedule to review your budget at a regular interval that works for you. This will help you to celebrate your wins and quickly get back in alignment if you are off-track. 

I hope these 4 tips will help you to create a workable budget that makes sense for you & your business. 

Keep IT Sunny~

Welcome To The Month Of April!

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I absolutely love April. Spring is in bloom (in most places in the country:) The flowers are blooming and the sweet smell of summer is just around the corner.

My favorite thing is to get outside and explore which is a lot of fun here in the Vegas Valley. This month I want to explore the necessary tools to have in place to help your business grow. We will specifically look at some options for funding your business, hiring team members, and managing cash flow.

I hope you are ready to dive into this month and learn what it takes to move your business forward.

Keep IT Sunny!

5 Goals Every Entrepreneur Should Make To Create Success In Your Business

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2022 is almost over and 2023 is on the horizon. Now is an excellent time to start creating your business goals to hit the ground running in 2023. I know what you are thinking. You are busy running your business and don’t have time. But that is not true. We all can make time for the things that matter in life; this my friend is a thing that matters.

Yesterday I watched a Youtube video from Mark Wickersham the pricing guru about recession-proofing your business. I was busy multitasking but still tried to follow along. Mark said something that caught my attention. He said that business owners often don’t stop to take a strategic holistic look at their business to assess where they are and where they are trying to go. 

That stopped me in my busy tracks. 

He was right. 

My goal is to STOP and take a strategic holistic look at my business to take an assessment of where I am and more importantly where I am trying to go. These 5 goals will be on my list to help me to grow my business. I hope you will put them on your list too.

Increase and expand my marketing efforts

1. WOW my customers

2. Develop effective systems to help run my business better

3. Increase my business and social networking activities to build referral relationships

4. Set 3 to 5-year goals and create a plan to get there by working backward to get to the goal

The list could go on and on but it is important to remain focused on a few items so that overwhelm doesn’t start creeping in. 

What about you? What are the 5 goals that you want to set so that you can continue to grow your business? Share in the comments below.

Keep IT Sunny!

3 Tips To Actually Help Build Your Business At A Comfortable Pace

We have all heard the horror stories of businesses that were off to a great start and then ran into operational challenges and poof they were no more.

A company called Wise Acre Frozen Treats met such a fate.

According to an article in Entrepreneur.com, the organic popsicle company started with humble beginnings by making their product inside a school kitchen. “After a year and a half, the owner hired a single employee, and six months after that hired 13 more employees and entered a 3,000-square-foot manufacturing facility. By the end of the year, the company had gone bankrupt.”

Ouch!

There is a danger in growing too fast.

Here are 3 tips to help you build your business at a comfortable pace so that you don’t run the risk of going out of business. 

Tip#1

Write a business plan

I was at a S.C.O.R.E. seminar recently with local bankers and the key takeaway from that meeting was that a business plan is not just for startups but is a working document to guide you through your business journey. Here is a great resource that will help you to create one.

Tip#2

Track Your Finances

I know this sounds like no fun at all but it is crucial to build your business at a comfortable pace. Almost every business that failed including the one above was due to poor financial management. There are many tools available to help you do this like Excel spreadsheets and accounting software such as Quickbooks Online.

Tip#3

Don’t Hire Too Fast

It can be exciting and a relief to bring on a few extra hands to help grow your business. The key thing to keep in mind is to make sure it makes both financial and operational sense to do so. Here are a few tips to help you make the decision.

Conclusion

Running a business can be much like riding a rollercoaster with plenty of dips and high points. A ton of amazing businesses grew too fast and are no more. That’s why it is so important to make sure you are building a great business at a comfortable pace. I hope the 3 tips shared help you along your business journey. 

Do you have any tips or pearls of wisdom you would like to share? I can’t wait to hear them!

How To Crush B.H.A.G 's in 2022

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In my search for a photo to depict the title of this post I found this funny looking guy and thought I would add him for humor's sake.

Today we are looking at B.H.A.G’s (Big Hairy Audacious Goals) and how we can crush them in 2022. Let’s start by defining what exactly are B.H.A.G’s.

According to Investopedia.com, A big hairy audacious goal, or BHAG, is a clear and compelling target for an organization to strive for. The term was coined in the book “Built to Last: Successful Habits of Visionary Companies” by Jim Collins and Jerry Porras. A BHAG—pronounced “bee hag”—is a long-term goal that everyone in a company can understand and rally behind. BHAGs are meant to excite and energize people in a way that quarterly targets and lengthy missions statements often fail to.

So now that we know what it is the question is how do we crush it? Here are a few tips.

• The best way to achieve a BHAG is to start where you are by taking stock of what you have achieved so far in your business.

• Create your BHAG and make sure it is something you are really excited about achieving

• Break your goal down into tiny bits that can be measured for success along your journey

• Celebrate your wins so you can continue on the path towards BHAG success

Check out this article from inc.com and dive into the perspective of the man himself, Jim Collins.

Keep IT Sunny~

New Year's Resolutions

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Every year we all go through the cycle of making or not making new year's resolutions. The people that make them most say they don’t keep them throughout the year. In contrast, the rebels don’t bother making them at all.

Is there another way to go?

I think goal setting can be the path forward. There are SO many choices out there that picking a method can be a daunting task in itself. According to betterup.com here are some simple tips to apply to goal setting:

• Make them specific, measurable, relevant and time sensitive

• Write them down so they can be visible

• Develop a plan and break them down

• Get busy moving

I know these are not new ideas but more of a reminder to get energized and go after your goals to make your life better than it was last year.

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This Is Your Year To Make Your Dreams Come True!

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Happy New Year Officially!!

I am super excited for what the new year will bring and how I can make an impact on the world.

What about you?

Do you have dreams that you are ready to make come true?

I hope so. As a small business owners we might dream small but this is a new year and I want to challenge you to dream BIG!

This month we will look at goal setting and how to achieve B.H.A.G’s better known as big, hairy, audacious, goals in 2022.

Do you have 2 words that will help set the tone for you in 2022? My 2 are: invest & f.o.c.u.s.

Follow

One

Course

Until

Sucess!

I can’t wait to hear yours.

Keep IT Sunny!!

Welcome To The Month Of December

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I hope you had a wonderful Thanksgiving holiday with your friends and family. I love this time of year when one holiday rolls into the next one. In the month of December we get two for the price of one; Christmas & New Years Eve. As we wind down the year it is time to start getting organized for everyone’s favorite time of year which is tax time. 

Yay!

 Well maybe not:( 

But we do want to start getting our ducks in a row so that when the taxman comes knocking we are well prepared. This month we will take a look at a few ways that you can stay on top of your finances and be ready for your tax professional.

What is your favorite thing about the holiday season? Share in the comments below!

Keep IT Sunny!

Breathe~

Photo by Lachlan Ross from Pexels

As we roll into summer and close out the first half of the year it is a great time to pause and take stock of your business goals.

Are you on track to reaching them?

If not then take a look at a blog post I wrote on 3 practical steps to help you reach your goals. I hope this helps to get you back on track.

Keep IT Sunny~

It All Starts In Your Mind

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Everything starts with a thought and then action. I often run into the challenge of trying to get things on my to-do list crossed off with slim success at times. One day I stopped to think about why I was struggling to get these tasks done. I thought about other times when I made a goal list and got those things accomplished and wondered what was different.

Mindset

My mindset for the items that I did get completed was positive and I had a ton of energy to get things done. I also gave myself a reward for getting it done at the end. So then I thought about how I can apply those same things to my to-do list that is growing by the day but not getting completed.

Change my mindset about it

Take a second look at how I described my to-do list:

“It is growing by the day but not getting completed”

This thought process is enough to make anyone NOT want to do this. Instead, I am trying a new perspective around it which focuses on how I will feel once it is done. Additionally, I will also break up the to-do list into bites size chunks. Deep Patel calls this setting “micro-goals” which entails “Breaking down each segment of your goal into a tiny “micro-goal.” Divide each larger task into the smallest possible unit of progress, and include each of these baby steps in your schedule. Keep breaking down your goals until they’re sliced up into tiny, easily achievable micro-goals”.

As entrepreneurs, we thrive on hitting our goals and making things happen within our business. In order to accomplish these goals, we must have the right mindset. Check out this tool to help you clear your thoughts so that you can focus. I hope this information gets you energized to reach success within your business.

Keep It Sunny

February Monthly Round Up

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The month of February is pretty much in the record books. It always boggles my mind how fast this month goes by. I hope you found time to work on your business this month and move it forward. If you had a busy month like I did and did not have a chance to read the blog posts that I wrote on Why It Is Important To Get Organized In Your Business and How To Do It then take a few minutes and read them. It could be just what you need to move out of a business rut. I also did a post on tools that you can use to help run your business efficiently. I hope you take the time to read and apply it to your business.

Don’t just consume and not apply. It will be a waste of your time and I know that your time is precious.

Keep IT Sunny!

Do You Have Systems In Place To Run Your Business Efficiently?

Running a business is a full-time job. Remember the good old days when you would work for someone and they took care of everything? All you had to do is show up and start working. In contrast, you are now in charge and it is up to you to have an organized way to run your business daily. These are the systems, tools & processes you use to run your business. Here are a few categories to consider:

Customer Center - This is where all things customer related live. This is where the initial customer meeting is documented for each customer. If they were a lead that turned out to not be a good fit then you would document why. You should have a CRM tool to help manage this process along with standard operating procedures to follow so that consistency can be maintained. A good CRM tool to check out is Zoho CRM.

Office Management - The place where we do business has changed in 2020. Some people are working at a traditional office while other people are working remotely. No matter where you call the office it is important to establish a few processes that will help you to stay organized. Do you have a way to make & receive customer calls when you are out of the office? Do you have a standardized greeting to answer customer calls? Some good tools to check out for phone communication is Grasshopper or Google voice.

Running a business is a lot of work. It is helpful to minimize friction and maximize efficiency by taking a look at your current processes to see where you can make improvements.

Keep It Sunny!

How To Plan For Financial Success In Your Business For 2021

The end of the year is here. It is really hard to believe that we are in the month of Merry Christmas and Happy New Year’s Eve but we are here. Now is a great time to stop and take stock of the health of your business finances. Here are 3 tips to make sure you are in shape heading into 2021:

1. Is your business healthy? Can you look at your Income Statement, Statement of Cashflow, and Balance Sheet to access the overall health of your business? Did you make more than you thought you were going to this year? Did you lose a little bit more? What products or services were hot sellers this year? Which ones are ready to go on the chopping block? If you can’t answer these questions with ease then it is time to get your books in order and updated.

2. Are you ready for tax time? Do you have a CPA or Enrolled Agent to help you prepare your taxes in a few months? If the answer is no then check out this post I wrote about how to find the right tax professional for you.

3. Are you charging enough for your services or products? If you are not sure then it is time to take a deeper look at pricing techniques. Check out this resource from Mark Wickersham from the Value Pricing Academy and gain the knowledge to start charging what you are worth.

The end of the year is here and although this year was a bust we can start to look toward brighter days ahead. The 3 tips above will help you to start planning for financial success in your business for the year ahead.

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Goal Setting Is The Key To Being Productive

Do you get excited about new goals and then fall off track as soon as the sizzle fades? If so your not alone, according to Business Insider,

“80% of people fail to stick to their New Year’s resolutions longer than six weeks.”

That says a lot!

So what can you do to make sure you don’t become a statistic? Check out a blog post that I wrote in July about how creating a goal/to-do list can help you to become more productive.

If you feel less than energized to go after your goals don’t fret. There is still plenty of time left in this year to finish the year strong.

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Get Unstuck!

The end of the year is almost here and I hope you are being productive in your business. We all know this year is unique and that customers might be a little scarce. Are you in a business rut and need to find your way out? If you are looking for some tools to help you move forward check out this post I wrote to help you do just that.

Keep IT Sunny!