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~
Photo by Monstera Production: https://www.pexels.com/photo/november-calendar-on-gray-wooden-surface-5635111/
This month was filled with a lot of joyous occasions and thankfulness.
I hope you found time to be quiet and reflect on what truly matters to you as we roll into December. If you have time check out this post that I wrote this month to help move your business forward.
As we wind down the year I am excited about writing out my goals for 2024 and for all the new beginnings ahead.
Keep IT Sunny~
Photo by RDNE Stock project: https://www.pexels.com/photo/happy-thanksgiving-greeting-card-on-brown-envelope-5847888/
Today you will receive numerous emails for Black Friday and other emails wishing you a Happy Thanksgiving. Have you stopped to think about what you are truly thankful for? I have. Every year it might look different but the sentiment is the same:
Gratefulness!
I am thankful and grateful to have good health.
I am thankful and grateful to have my faith in Jesus as the bedrock of my life.
I am thankful and grateful for my family and friends.
I am thankful and grateful for my business and the clients that I get to serve.
I am thankful and grateful for my furry friends.
The list is endless but the most important thing is to remain in an attitude of gratitude not just today but throughout the year.
Keep IT Sunny~
Photo by Andrea Piacquadio: https://www.pexels.com/photo/woman-in-blue-denim-jeans-sitting-on-floor-3807737/
Are you a goal-getter?
According to Hive.com, “A goal-getter is someone who continuously sets and consistently accomplishes their specific goals.”
Most of us start off strong at the beginning of the goal-setting process and then we kinda fall off.
We can be inspired and learn how two very famous people stayed on track toward their goals.
During my research, I learned that Beyonce stays motivated toward reaching her goal of receiving an Academy Award by keeping a photograph of one by her treadmill where she can see it every day.
Similarly, Michael Jordan stayed motivated toward his goal of becoming a professional basketball player by keeping the memory of the rejection he received from his high school basketball coach because he was too short. After being told he would never play at a professional level, he trained even harder and visualized his name in a professional locker room. As they say, the rest is history.
Today I want to spend some time looking at 4 simple steps that I call the Roadmap to Goal Success! Prepare, Plan, Execute Reflect
Step One: Prepare Your Mind for Success - You know the old saying, Garbage In, Garbage Out. You can’t put new positive information into a mind that is filled with negativity. The way I approach this is by reading the Bible and watching motivational speakers every morning that will inspire me to reach for my dreams. This ensures that I am ready for the next step.
Step Two: Make a Plan - Start to visualize and brainstorm what you want to accomplish. What does the end result look like for you? As an entrepreneur, my goal is to create services that add value and help other entrepreneurs make their businesses a success. What does your vision look like? Have fun with it.
Step 3: Execute - I think this is a step that many of us get stuck on. I know that I have. Sometimes I can get stuck in the “getting ready to get ready phase” and stall on carrying out the plan for my goals. A good way to get out of this cycle that I have found is to break up my plan into smaller manageable activities that I can easily accomplish. This helps to build momentum. And like Nike says Just Do It!
Step Four: Reflect - This is the key component to making sure you stay on the road to success. It’s like giving yourself a report card. In my entrepreneurial journey, this could look like taking feedback from my clients and applying it to improve my services. Also, I look at my “wins” and “learns” daily to see how well I am doing as a business owner as I work to pursue excellence.
In Summary, goal-setting and goal-getting are the key components to achieving success in your life. We can take inspiration from Beyonce and MJ that as talented as they are they still used tactics to keep them motivated toward their goals.
We all have set goals and gotten lost in the sauce as we work toward accomplishing them. I challenge you to start today on your journey to crushing your goals by following the 4 steps on the Roadmap to Success: Prepare, Plan, Execute Reflect
I will leave you with a quote by Dr. Eric Thomas, one of the top motivational speakers in the world who commands $100K to $200K per speaking engagement and started off homeless and eating out of trash cans as a teenager.
“When you want to succeed as bad as you want to breathe then you will be successful”!
Keep It Sunny~
Photo by Polina Zimmerman: https://www.pexels.com/photo/notes-on-board-3782134/
Goals
That word is so powerful. To some, it can lead to energetic excitement that inspires them toward success.
For others, it can lead to stress, confusion, and anxiety. My goal is to be in the first group and to take you with me. Let’s first start with a definition.
Merriam-Webster defines goals as, “The end toward which effort is directed.”
That sounds simple enough.
The first step is figuring out what you want your end to be and what kind of effort you are willing to put toward that end to obtain it.
Here are some steps to help you along the way.
Step One: Have fun and brainstorm what you are trying to accomplish.
Step Two: Take your brainstorming results and organize them into goal buckets; 5-year, 3-year, and 1-year buckets.
Step Three: Write down what you would need to accomplish within the next 12 months to help you toward your 3-year goal.
Step Four: Break down your goals into smaller chunks so that you can start to track and measure your progress.
Goals are the foundation of achieving success.
It is important to have fun and brainstorm some ideas, then get clarity around them, and create a roadmap plan that starts with your long-term, semi-long term and short-term goals. Finally, it is important to break everything down so that you don’t become overwhelmed and can track your progress.
Don’t forget to celebrate your wins.
Keep IT Sunny~
Photo by Maksim Goncharenok: https://www.pexels.com/photo/text-5552810/
Have you ever signed up for a course or training and never finished it?
Have you ever thought why am I in business this is so hard and felt like giving up?
We have all been there, but the thing that separates successful entrepreneurs from those who are not is execution. This month I want to look deeper into what is needed to help us execute our goals better to achieve success.
Join me on this journey.
Keep IT Sunny~
Photo by Александар Цветановић: https://www.pexels.com/photo/halloween-themed-jack-o-lantern-lamp-near-october-31-calendar-1480861/
The spooky month of October is coming to a close.
I hope you got some of your goals accomplished and are all set for the final two months of the year. I can’t believe this year is almost over. This month we looked at ways to keep your business on track for success and why using budget & cash flow reports in your business can be helpful.
I hope these posts were helpful and that you found ways to apply the concepts to your business. As we move forward toward the end of the year we will start to take a look at year-end business bookkeeping items that you want to have buttoned up so that you can be ready for tax time.
Keep IT Sunny~
Photo by Karolina Grabowska: https://www.pexels.com/photo/composition-of-calculator-with-paper-money-and-notebook-with-pen-4386341/
As a small business owner, I understand that you most likely did not get into business to look at budgets and cash forecasting reports.
You probably would rather chew paper than think about those words and I certainly would understand. Let’s start with defining exactly what both of these words mean.
According to Nerd Wallet, “ A budget is a way to balance income, expenses, and financial goals for a specific length of time.” I think of it as a roadmap for your business finances that helps you stay in control.
In the same spirit, “A cash flow forecast according to Business.vic.gov.au, involves estimating cash coming in and going out based on past business performance.”
Why Should You Care?
There are a ton of benefits to using these reports regularly in your business:
Resource Allocation
Financial Planning
Tax Planning
Cash Flow Management
Risk Management
Goal Setting
Cost Control
Performance Management
The list could go on but I think you get the idea. 🙂
There are numerous benefits to utilizing budget and cash flow forecasting reports in your business. It can help you to stay in control of your finances, make informed decisions, and help overall with meeting the goals you have for your business.
Keep IT Sunny~
Photo by Pixabay: https://www.pexels.com/photo/woman-in-gray-crew-neck-shirt-running-on-brown-soil-during-daytime-34495/
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?
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.
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.
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~
Photo by 대정 김: https://www.pexels.com/photo/photo-of-roadway-surrounded-by-trees-2734469/
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~
Many of us started our business out of a need to solve a problem or a passion for a skill set that we have. I started my business to use my background in accounting and administration to help service-based entrepreneurs create & sustain a business that they love so they can create the lifestyle of their dreams. I am a one-woman shop and look forward to growing my business but I want to do it smart.
According to a joint study shared on Entrepreneur.com, “Roughly two-thirds of the fastest-growing startups end up failing. Research from California State University also showed that companies that had fast revenue growth performed worse, long-term than their slow-growing counterparts.”
I am sure these business owners had the best of intentions and were super-excited to scale their business to increase revenue and jumped right in. We can learn from their mistakes by applying the 5 steps below as we move along the business scaling journey.
Step One
Set S.M.A.R.T. Goals. I shared in a previous blog post that SMART stands for specific, measurable, achievable, relevant, and time-bound.
Step Two
Take time to do market research on your industry and the competition to gain a better understanding of your competitive advantage or threats.
Step Three
Know your numbers. It is super important to understand where your business stands financially so that you can make good decisions. Additionally, creating a detailed business budget and financial projections are also must-haves in your business toolkit.
Step Four
Create efficiencies in your daily operations and use technology to reduce labor on repetitive tasks.
Step Five
Provide excellent customer service to your customers and ask for their feedback to improve your services.
There are many more things to consider when you are thinking about scaling your business. If you take your time and give some thought to the steps above you will be miles ahead of your competition as we sail out of the month of September. As usual, this month went by fast. People say that time flies when you are having fun so that must be true.
I truly enjoyed kissing summer goodbye and moving forward into the fall season. I hope you had a fantastic summer season and were able to get some things accomplished. This month I talked about 3 Ways To Create Measurable Goals and How Busy Entrepreneurs Can Continue To Learn New Things. If you have time for a few quick reads check them out and remember the tortoise won the race.
Keep IT Sunny~
Photo by Loe Moshkovska: https://www.pexels.com/photo/woman-wears-black-kiss-print-crew-neck-shirts-sits-722244/
Has anyone heard of a company called Blockbuster?
https://news.airbnb.com/store-manager-lists-worlds-last-blockbuster-on-airbnb-for-local-residents/
I remember growing up in Detroit and going to my neighborhood Blockbuster on a Friday night to peruse through the aisles looking for a good movie. This is where all the fun happened in my neighborhood on a Friday night.
Fast forward to today and BlockBuster is gone.
It has turned into a cautionary tale of what can happen when you allow your business to become complacent and stagnate.
Your business becomes obsolete.
In the case of Blockbuster, according to the Business Insider article, “Blockbuster: The rise and fall of the movie rental store, what happened to the brand,” was their inability to learn new things and shift their business offering in a different direction. The company started by David Cook in 1985 in Dallas was based on the brick-and-mortar video store experience and worked very well for a long time UNTIL…..
The market changed.
Instead of taking a hint from the market that was quickly changing from going to the video store to rent a movie to watching movies on demand in their own homes, David failed to learn the new thing that was going on and well the rest is history! The craziest thing is all Blockbuster had to do was buy Netflix which was the dominant player in the market at the time. This would have helped Blockbuster pivot by learning a new thing.
I know you might be thinking well I am not Blockbuster and I am too busy to learn new things.
Well, both are true.
But the cautionary tale is still the same. If you CHOOSE to stay stagnant and not learn new things your company might die a slow death as a result. This has been proven. However, if you do decide that you are ready to make space to learn new things that can move your company forward then I have a few ideas for you below.
Network, Network, Network
Take an online course via Coursera or another platform on a subject that interests you and apply the key principles to your business.
Read books and gain a blueprint about how other successful entrepreneurs have done it before you and apply those principles to your business. Audible is a great way to do this.
Attend conferences, lunch & learns, webinars, or seminars that are about learning soft skills like relationship building or communication to learn ways to add your personal touch to your business offerings.
Benchmark from another business in a different industry to learn the key methods they use to stay competitive and implement those strategies in your business. Think Whole Foods, Starbucks, and Apple.
The list is infinite but the bottom line is the same. Just because you are a busy entrepreneur doesn’t mean you can stop learning new ways to evolve your business. If you don’t do this then one day you might be gone with the wind just like Blockbuster.
Keep IT Sunny~
Photo by Markus Winkler: https://www.pexels.com/photo/green-typewriter-on-brown-wooden-table-4052198/
Have you ever started driving towards a destination and gotten lost because you didn’t use your GPS? You were thinking that you could remember how to get there based on the last time you visited the destination.
You Were Wrong!
Many times we have the same scenario play out in our business journey. We start up our businesses sometimes out of necessity and start working without a plan or goals.
Today I want to share 3 easy ways to create measurable goals. When I see the word “easy” in my Google searches it warms my heart. I am sure the tips that I will share below will help you along your business journey.
Number One
Start with the end in mind - This tip can’t be ignored because you must know where you are trying to go so you can get there. I like Simon Sinek’s Ted Talk on “Start With Your Why.” This always helps me to get back to the reason I am in business which helps to spark what goals I have for my business.
Number Two
Write down SMART Goals - I am sure you have heard of this. In this method, the objective is to make your goals clear so that you can measure them better. According to Mindtools.com, SMART stands for; Specific, Measurable, Achievable, Relevant, and Time-Bound.
Number Three
Chunk it down - We have all heard the expression, how do you eat an elephant? One bite at a time and your goals should be broken down into tiny bite-size steps so that you can easily get them accomplished.
Don’t continue to move forward in your business journey by the seat of your pants but instead elevate your goal setting and apply the tips above. If you do I am sure you will be a success.
Keep It Sunny!
Photo by Boris Pavlikovsky: https://www.pexels.com/photo/printed-september-calendar-paper-surrounded-by-dried-flowers-5490091/
Can you believe that we are pretty much done with summer?
I hope you had an amazing Labor Day weekend with your family & friends. I had the chance to rock out with my friend at the Metallica and Pantera concert in Phoenix over the weekend. It was so much fun to pump my fist in the air and yell to the top of my lungs all the song lyrics.
Yes, now you know my secret - I am a rocker!!
One thing that I learned while watching the crowd go crazy as the bands played their sets is how well they engaged the audience. Both bands have been around for years and have played in a variety of venues but still manage to keep things fresh & engaging to the fans.
How do they do that?
I wish that I could ask them but I can’t. However, I can guess that these three things played a role and continue to play a role in their success:
Having measurable goals
Being able to continuously learn new things
Have sustainable growth
I know it doesn’t sound dazzling BUT I can almost guarantee that they used these attributes to achieve and maintain their success and we can apply the same concepts to our businesses.
This month I want to take a dive into these 3 areas and see specifically how we can use them to build the business of our dreams.
Keep On Rocking & Keep IT Sunny!!
The month of August came fast and is leaving just as fast!
I hope you had a great time enjoying all the summertime fun with your friends and family.
I sure did.
In the midst of all the fun, I took time out to work on my business with my US Bank Goals Coach. If you don’t have one yet then I highly recommend working with one.
I also set time aside to help you focus on your finances by taking a look at a few areas in your business. If you have time over the Labor Day holiday weekend check out the posts below.
Got Cash? 3 Tips To Manage Cash Flow
How To Successfully Manage Debt In Your Business
The Importance of Capital Management -
Summer is winding down but we should be getting geared up for the final push to finish the year strong. A healthy business starts with mastering the fundamentals, cash flow management, debt management, and capital management are at the top of the list.
Keep IT Sunny!
Photo by Pixabay: https://www.pexels.com/photo/hard-cash-on-a-briefcase-259027/
Successfully managing working capital is the lifeblood of any business. Let’s first define working capital. According to Netsuite.com, “Working capital is calculated by subtracting current liabilities from current assets, as listed on the company’s balance sheet. Current assets include cash, accounts receivable, and inventory. Current liabilities include accounts payable, taxes, wages, and interest owed. Additionally, key attributes are:
Working capital is a financial metric calculated as the difference between current assets and current liabilities.
Positive working capital means the company can pay its bills and invest to spur business growth.
Working capital management focuses on ensuring the company can meet day-to-day operating expenses while using its financial resources productively and efficiently.
Here are a few reasons why working capital management is important:
Managing working capital successfully helps with meeting your short-term obligations and ensures you have enough liquidity in your business to fund day-to-day operational expenses like payroll, utilities, and other business expenses.
Managing working capital well means that if an operational interruption occurs like Covid you have enough money to keep the business running and prevent major disruptions.
Efficient working capital management can help with managing debt and increasing profitability.
Successful businesses understand the importance of keeping a keen eye on their working capital and cash flow. It is extremely important to put together a plan to manage working capital on a regular basis to ensure your business stays healthy and strong.
Keep IT Sunny
Photo by Karolina Grabowska: https://www.pexels.com/photo/crop-faceless-person-with-cash-and-calculator-app-on-smartphone-4386292/
Picture this:
You have a growing business, your customers are happy and you are happy providing services to them. The sales are increasing month after month and finally, all your hard work is starting to pay off. There is one problem. You are exhausted and hiring a new team member would be so helpful to take the strain off you and help to keep the momentum going in your business.
You decide to tap into loan solutions to help with cash flow. This isn’t a bad idea but is it a well-planned idea?
Many times as business owners we have to make decisions on the spot to keep progressing forward but using debt without planning for how you will pay it back can be a recipe for disaster.
What are some key things to consider to successfully manage debt in your business?
Create a budget plan for how you will pay the loan back.
Make sure you are considering your business goals when taking out the loan.
Don’t overleverage yourself and take on too much debt.
Manage your working capital.
Monitor your cash flow.
Negotiate good terms that you are comfortable with.
The financial challenges that entrepreneurs face when they are in a growth phase can be tough. The key to successfully managing debt is first understanding all the moving parts associated with servicing the debt and making a realistic plan to pay it off as soon as possible.
Keep IT Sunny~
Photo by Pixabay: https://www.pexels.com/photo/1-us-bank-note-47344/
Cash flow management is critical for any business's success. According to efinancemangement.com “The fundamental goal of cash flow management is to ensure that the incoming flow of funds is always greater than the outgoing so that the business sits on a surplus.
Here are 3 tips to help you to achieve this goal:
Tip One - Create an emergency fund for your business
According to PNC Bank, “Surveys show that 17% of business owners say that if faced with two months of declining revenue they would have to close, and other statistics show that 25% of businesses won’t open again after a disaster.” Think about what happened as a result of the pandemic. The first step to creating an emergency fund is understanding how much you need to operate each month and how many months you would like your emergency fund to cover.
Tip Two - Create a Budget
This tip goes hand in hand with creating an emergency fund. This is about going deeper to dig out specific information to create categories of spending so that you can create a plan that is realistic based on your past experiences.
Tip Three - Track Your Money
This one is the most important tip because if you don’t know where your money is going you can’t create a plan for it.
Successful cash flow management is key to running a successful business. It starts with getting clarity about the current status of your finances. Additionally, creating an emergency fund and a budget will help you to achieve your goals and stay cash flow positive.
Keep IT Sunny~
Photo by Jess Bailey Designs: https://www.pexels.com/photo/composition-of-august-letters-on-table-4926898/
We are coming to the home stretch of summer but it’s not over yet. There is still plenty of time to get outside and play. It’s also a good time to take a look at what roadblocks may stand in the way as you try to grow your business. There can be a variety of challenges that might crop up as you try to grow your business but we will look specifically at:
Cash Flow Management
Debt Management
Working Capital Management
We will also look at smart solutions that you can put into practice to remove these roadblocks along your business journey.
Keep It Sunny!
This month is almost in the record books! I hope you are enjoying the summer season so far. It’s been so hot everywhere in the country including Las Vegas. My main goal for this month has been to stay cool!!!
In a recent mastermind meeting, a colleague mentioned her excitement for purchasing training that would help move her business forward. I mentioned that we should all strive to have clients like her and she agreed.
What does it take to deliver such an exceptional client/customer experience that will make your business look red hot and leave people raving about your business like my colleague? It starts with caring about your clients and customers’ needs. In a recent post by Hubspot, they mention that you must make your customers feel special. They go on to say that “Every interaction needs to revolve around the concept of individual value, mutual respect, and a shared vision for your future as their brand of choice.”
It’s a mouthful but it’s very true!
They go on to list the following ways you can deliver an exceptional client and customer experience:
Go beyond their expectations
Go beyond what the competition delivers
Strive to deliver a frictionless experience
Be appreciative and say thank you
Get client and customer feedback to make enhancements
These are all things we as business owners can strive to do. Tools like Hubspot, Survey Monkey & Zoho can help us with this task. The one tip that I have is to listen to your clients and customers. This one tip will give you a mountain of information about what is working and not working in your client/customer journey.
I hope you will take these tools, tips, and checklists with you into August. Go out there and be amazing.
Keep IT Sunny~
Helping Service-Based businesses in:
Health, Fitness & Wellness
Professional Services
Online Based Businesses
To gain clarity around their finances so they can serve up a whole lot of awesomeness to their clients while creating the lifestyle of their dreams!
