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PlanIt Biz Success

Welcome to the Planitbiz Success Blog. You can find information here about planning and running a successful business, and much more!

Which road to take?

Which road to take?

Your turnover is OK and your customers are happy and keep coming back, but you still feel less than excited about your business.  It’s not that you have lost you passion, you just have less motivation than you used to or feel you should.  Many people in business today are women and they are juggling.  They are still expected (either by themselves or their partners) to keep house, bring up kids and run their businesses on their own.  Us women know that is an unreal expectation for anyone to have on us let alone on ourselves.  We try this for a while and then we get frustrated or overwhelmed or snowed under or a combination of all these.  A partners may say that our goals are unrealistic, but we know there is great potential and limitless possibilities available ‘out there’ and available to us.  So it is not that we are being unrealistic about, but we don’t have time and/or the energy to see what is really happening in our businesses. 

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Help! The spirit and spark has gone out of my business

Help!  The spirit and spark has gone out of my business
We've all heard about our weight plateauing when we're on a diet, but did you realise that your business can too?  It's almost like being close to reaching your goal weight and being thrilled about it but still needing to do or be more.It’s not that you have lost the passion for your business but perhaps there is a little less motivation than you used to feel and you probably don’t know why.  Maybe you know something is holding you back, but you are not able to see the beautiful rain forest for all the trees.   It happens to us all Many people in business today are women who are juggling home, family and social lives as well as running a business.  Often we set high expectations and get frustrated or overwhelmed by all there is to do and that business has to be all about black and white, good and bad, the logical and fixed.  Instead of realising that today’s business world is about utilising personal spirit, using different perspectives and approaches, flexibility, instinct and intuition.  It’s not that we are being unrealistic, it’s that we are being overzealous and don’t have time and/or the energy to see and feel what is really happening in our businesses and take notice of the new ways of operating ourselves and our business.If your business is not really meeting your expectations or you haven’t had time to set any meaningful goals, then it’s time to take stock and ask yourself the deep questions in your own private quiet space, or call on expert assistance in the form of a business coach.  Many see this as a luxury for their business, but if you’ve never run a business before – and most of us haven’t – then like having a good accountant and solicitor you need to have someone who can guide you objectively. What?  No business plan? Recent research conducted on about 200 small businesses showed that less than 98% have a written business plan or clear goals.  Taking the time to work out what you want from the business, where you want it to go and how you are going to benefit now and in the future is essential.  Also answering the following questions is important as they are not included in your standard business plan template:•    What do you want your business to give you, your family and lifestyle?•    Do you have a strong foundation of yourself and how is that contributing to your business?•    How does “who I am being” contribute and add value to the business function and how can this be maximised?•    How can you become more true to yourself and reflect that in how my business operates?•    Is your true value showing through your business results?None of us would ever dream of driving in a foreign country without a road map or GPS.  Think of your business as a foreign country and the business plan as your road map.  Now think of the adventures you can have along the way, especially if you know where you are heading to and trust your instinct and intuition.The only thing that may stop you – and it happens to us all – is fear and old conditioning.  We often get ourselves stuck because we are mentally and physically comfortable and not willing to change or at ease with change.  Analysing your business, working on the mindset and mental aspects can often address these fears.As women we are much better at looking at the emotional side of business and often this and the mind is where many blockages to achieving success can be.In reading the map and working out our travel route we create a strategy for getting from A to B, and not being taken off the path by flashing signs.  Similarly, business coaching provides the tools to create a strategy for getting our businesses travelling along the right route and assessing the benefit of taking notice and following the alluring flashing signs. Getting the groove back A business plan that incorporates these points will help put that zing back into what you do by moving you out of your comfort zone and being true to yourself.  This is when greatness can begin, we can get clearer vision, motivation back, new enthusiasm and greater gratitude.  Rather than being stuck at just above your goal weight, we are told to try new exercise methods - the same applies for your business where new thinking, perspectives and actions can l...
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What the Heck Do I Charge?

What the Heck Do I Charge?
There are many methods that can be used to calculate what should be charged for products and services.  In this session we are coming from three main perspectives:-1.    What are others in my industry charging?2.    How much do I want to earn in a year?3.    How do I value myself and what I do or sell?   What are others in my industry charging? Many people don’t know how to calculate or come up with a price for their products and or services so they use what others charge as a guide.  This is all good and well but doesn’t take into account any variations you have from them.  You may have a ‘at home office’ and they have a dedicated premises;  you have higher qualifications or more valuable experience than others;  you may have other sources of income to supplement this activity, etc.  All these points can make a significant difference to how much you can or should charge.  The other reason this is not an accurate method to use alone or at all is because this doesn’t take into account the following factors:-•    the location of your target market•    the types of people who are your target market•    the income of your target market•    the value of your products/services in the mind of your target market•    the value you add to your clients/customers•    the value you feel you have to add (we will expand on this later)•    the unique elements of your product or serviceUsing industry rates as a pricing model keeps your mind in the competitive not creative mindset and this in turn limits your earning capacity and opportunities. How much do I really want to earn in a year? Using this pricing method in combination with others can be much more beneficial.  This keeps your mind in the creative mindset and the philosophy that everything is limitless.Now imagine your ideal life –what it would look like, what would it include, where would you live if you could choose to live anywhere, where would you work from, what would your home be like?, where would you holiday?  These are all things to consider.So to have a lifestyle like this how much income is required each year?  From this amount deduct income from other sources and your partners income.  Once you know how much annual income you require you can calculate what that is in weekly, fortnightly or monthly frequencies.Using our example this would mean an annual income of the $165,000 means the following amounts in other frequencies:-$13,750 per month$ 6,346 per fortnight$ 3,173 per weekIf you have a service business where you charge by the hour and have products to sell, and you know 70% of your business profits come from your services and you work 1430 hours per year (an average of 29.8 hours per week conducting your services).  In one year you would need to earn $115,500 per year from your services alone.  This would mean you need to earn $81 per hour for yourself (so add on any expenses, superannuation and taxes).If you have products as well, you can total number of products sold per year and divide this into the remaining amount of earnings require for the year, this will give you the average base price per product (don’t forget to add on any expenses, superannuation and taxes).  For example that means $49,500 divided by 1,700 (products sold) gives an average product base price of $29. How do I value myself and what I do or sell? The last pricing method is a very good place to start from but the last consideration is and should be how you feel about the value you add to others personally and through your products.  For example if your product saves people a lot of time then it is of more value to them and they are often prepared to pay a little more money for good quality products or services.It is difficult for small business operators to get an understanding and true appreciation of what they have to offer, yet this is essential if we are going to be successful in business.  Why is it so difficult for us to appreciate our own value, many factors could be mentioned here.  Fundamentally it comes down to the following reasons:-•    our childhood has affected or feelings of worthiness and we haven’t let them go• &nbs...
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Work Life Balance

Work Life Balance

Most who have their own business find it easy to put all their spare time into the business. 
When you have a family too it becomes more of a juggling act.

Some have a misconception that work life balance means spending the same amount of time in your business as you do in the rest of your life.  It is not that at all, it is about having time for the things highest on your values and to spend enough time in each that fills you up and gives you joy.

 

Here is Sally's experience to achieving this.

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Maximising Your Tools

Maximising Your Tools
Maximising your tools can save you time and increase your skills and confidence. Why maximise our tools? There are many tools we use in life and in our work and not all save us time.  Maximising your tools can assist you to:- Have confidence in your personal and professional life Increase your return on investment You wont have to work so hard to achieve the same level of quality and/or quantity of work It is easier to improve the quality and/or quantity of work or output     Tools we can maximise? Tools of the trade – a hairdresser has combs, scissors, curlers/rollers, hair dyes, etc,; a painter has paints, brushes and finishing implements Lifestyle Tools – mobile phones, DVD players, video Cameras, Ipad Hobby Tools – someone knitting has knitting needles and yarns;  someone doing woodcraft has chisels, sand paper, lathes, etc Technology Tools – computers, software, electronic sensors, etc   How to maximise our tools? Read the manual Read guides and instructions written by someone who has mastered the tool and is a leading knowledge in that area Participate in a basic and / or intermediate course that is hands on using the tool and that is ongoing until you have learnt all there is to learn about that tool and you are not learning anything new Find tutorials on the internet that can assist you to master that tool with practical examples and exercises - videos or documents Participate in a users group for that tool. The manufacturers of your Tools of Trade and Technology Tools can often point you to user groups and guides that may be of great value, they should also be able to tell you of people near you who have mastered that tool.   Which tools to maximise first? Start with the tool you use most, then progress through your tools in this way, then move to those that you are least confident with.  Work with each tool in this way until you have mastered all your tools of trade.
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Love or Fear

Love or Fear
Which choice to make? When a decision is in front of you that scares the sh**t out of you, but you have faith somewhere in the back of the mind, lurking around (perhaps way back) and occasionally popping it's head up.  Do make you make the decision on the basis of love or the fear?I have had many experiences in my younger years where I was making decisions based on fear.  Then one day I was hit by a car and in hospital, for 3 months.  I woke up and realised I was OK, things were better than ok, this was meant to help me learn something new, to be someone new.  The key thing I learnt through the rehab was that I really only have two choices: to do things in LOVE or FEAR. While that hasn't always been easy when I am stressed or sick or under pressure.  When I take the time to centre myself and be calm and present, it is much easier. So let me give you some food for thought, if you want to comment with answers that is great: How often do you make decisions from a calm or centred place? How often do you make the pause and take time to calm yourself before making decisions? What do you do to calm yourself so you make the best decisions possible? When I am in this calm and centred head space the best decisions ever are made.  One example that immediately comes to mind   I was working a temp job in a government department where I had some freedom in the role to focus on the elements that I enjoyed most, the helping investigators to maximise the computer systems and hardware available to them.  It was a somewhat stressful role and frustrating, in that I had to tell some people the same things many many times and they still needed reminding, plus work load pressures.  MMMM, now that I look at very similar to being an entrepreneur mother.Anyway, the stress would prevent me making the best decisions about the workload priorites.  When I disconnected from the tasks of the role and focused on me internealised and accepted that I could meet the needs of the role I was able to easily prioritise, making efficient decisions and working efficiently.   What examples can you look back on where you have done well in decision making (and perhaps efficiency)? How can you do more of that on a consistent basis? How can you trust in yourself and the Universe more?             Thank you for the insight and realisations writing this has given me.
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