Claim the space - Expert in...

My 'word" for the year is "spotlight". I've been holding back and not claiming my space. A few years back I worked with a coach who encouraged me to claim an expert space. 

I dabbled in it...

Expert in New Entrepreneurship

Small Business Expert

or ....what

This year, when we were encouraged to select a word that would capture what this year would look like, I chose "spotlight". No more shying away from the spotlight, I chose to claim my space and step into it once and for all. 

Debbie Adams - Entrepreneurship Expert

Oh, people will chafe at the thought and some may even want to challenge me. 

Expert - really? 

Let's look at what it means to be an expert in any field. 

Dictionary definition of expert is "A person who has a comprehensive and authoritative knowledge of or skill in a particular area." Yep, I have that in the area of entrepreneurship and I'm stepping into that space.  I've always resented it when people claimed the space in business just because they had the education but had never really done the grind. 

Back when I was a tradeswoman, I used to meet other women who were holding themselves out as expert on "women in trades" but they had never spent one hour on tools. They could not possibly have been an expert - they had never used toothpaste to get the grime out of their hands. How could they be expert? Expert is about learning and doing - knowledge and wisdom. 

I love it when #tradescontractors come in and ask me how to double their revenue. I love it when I get asked to develop a partnership agreement for two guys who are coming together to bid on a job. I especially enjoy it when I get asked to speak on a topic and share what I have learned where the rubber hits the road. 

Here's a question - what are you expert in? Where are you holding back and waiting for someone to invite you into the spotlight. What body of knowledge do you hold comprehensive and authoritative knowledge or skill in? Think about it - are you an expert?

Are you a planner or a doer?

There are benefits and burdens in being at the extremes - are you a planner or a doer? When I need a plan written, I love giving it to an extreme planner - they don't miss anything. I can write plans but they're labour intensive for me. I like to get 'er done.

On the other end of the spectrum, if I need something done, I'll find a doer to pull that off. They may not dot every "I" or cross every "T" but they will get the job done.

When you own your own biz, you're often both people, the planner and the doer.

Being at one or the other extreme can work to your detriment. That's why we have to put systems in place to protect ourselves from our own proclivities.

I'm big on execution "done is better than perfect in my opinion". But...I also see the benefit in reading the instructions, I run my ideas by people. I ask others for advice like what to watch out for. I have learned that this DOER in me can land me in hot water at times.

My entrepreneurial friends who are big on the Planning end of the spectrum report that the plan can bog them down. They can get lost in fine tuning the plan. Sometimes they take longer to achieve something as a result. To overcome this, they will bring in someone to manage projects and to provide the proverbial kick in the behind that is needed to get 'er done.

Are you a planner or a doer and what strategies do you have in place to save you from yourself? Just curious?

Tax Time Tips: Sorting the Shoe Box

It's that time of year. Let's face it, not many business people love TAX TIME! 

After all, we get before tax dollars!!!! Duh!!!

If you're facing the proverbial shoe box filled with crumpled receipts and packing slips, you need a plan. 

If your receipts have not made it in from the glove box yet, you need a plan. 

If you're forgetting about your digital expenses and you seldom print a receipt when you do the email transfer, you need a plan. 

Here's the plan!!

Don't get overwhelmed. I suggest tackling the beast in one hour chunks. 

Take a deep breath all the way to the soles of your feet and breathe all the way out. You're ready - oh ya, you're more than ready. 

Set aside one hour a day so you don't get overwhelmed.  Did I say that already? What do we do when we get overwhelmed? We kick the shoe box into a dark recess in the closet and don't do our taxes at all. DON'T DO THIS!!!

As much as we don't love tax time, let's show it the respect it deserves.

 If you think that shoe box is intimidating - you should see what it feels like when you get that knock on the door. Know what I'm saying??

...back to the plan

Breathe......

Collect those digital files and put them in one place. Don't miss out on write offs just because you hate doing the leg work. Bring the receipts in from the car and dig through your pockets - they're everywhere. 

You won't notice gaps in expenses until  you get it all sorted. So start sorting. 

Check those dates. Make sure it's dated for this year. Is the receipt  for advertising? Don't put it in the pile where you put your receipt for snow tires and car repairs. You get it?  CATEGORIZE your mess.

Your tax preparer will give you a handy dandy set of handouts to get you sorted. I know this for a fact - oh ya, we do taxes.

Entrepreneurs (at least the successful ones) do hard stuff every day - this is hard stuff!!!  But believe me when I say that you're going to love the weight that will be lifted when you're finished. 

Of course, if you really don't like it, you can get someone to do it for you. Give us a ring - we can hook you up. 

Cash is like blood; run out of either and you're dead. My favorite cash flow tips.

Truth be told, the first time I encountered the term "Cash Flow" was in a half day workshop on the topic. At the time, the material went over my head. It was a case of receiving information when I wasn't ready for it.

As adults, we have this unique way of learning - we don't pay too much attention to the topic unless it pertains to us.

At the time, I had no cash flowing in either direction. I was in the early stages of business trying to figure out how to get a client. I was a little green and I'm certain that everyone except me could tell.

Fast forward a few years and I find myself in a new position - with the plunge into "bricks and mortar" suddenly cash flow becomes an urgent and pressing topic.  I definitely had a timing issue when it came to cash flow. There was a lack of synchronicity between when bills needed to be paid and when I would be paid for services delivered. I was at that WTF moment.

I was immediately reminded of a quote one of my sages was fond of using "Cash is like blood; run out of either and you're dead."

Many businesses fail early for a number of reasons. One being that there is no market. I did not want to be the person who failed at business because of lack of skills around cash flow.

I dug out those books and they offered some good tips for planning and projections but there are some lessons that can only learned where the rubber hits the road.

Here are my favorite tips on the topic of cash flow.

1. Plan - have financial projections, do a budget or whatever you choose to call it. Map out the next year.

2. Don't be an ostrich - I like to keep my finger on the pulse. I'm all about the soft landing. Most of us do not enjoy that part of business but the reality is developing this habit early can save you from trouble later on.

3. Develop good relationships. I pride myself on being a good paymaster and I develop good relationships with people that I owe money to.  Because of this relationship, I was able to ask the landlord to hold onto a check for a couple of days when funds were low. We had built trust into the relationship.

4. Become an excellent communicator. There's nothing worse than someone who uses passive aggressive tendencies when it comes to money. You can't get blood from a turnip and you can't get money when there is none. People know that. They're a lot more forgiving if you're not dodging phone calls.

Keep in mind that cash is king. Keep it front of mind and keep it flowing.

Cash Flow Workshop
Jan 26th
Register today.
Email
debbie.adams08@gmail.com