“Live, love, learn, leave a legacy”
Stephen R Covey
Stephen R Covey’s book The Seven Habit of Highly Effective People changed my life. The achievements and the drive I have had since reading this life-changing book over thirty years ago has been amazing. Completed a Master of Business Administration in my mid-forties as well as other significant personal and business achievements.
Understand Your Purpose
My Purpose is to help good people succeed in reaching their full potential in both their business and personal lives. The fact that I have recently qualified as a Certified Hypnotherapist adds another dimension in helping individuals reach their full potential. Personal wealth has never been a driver in my life, having enough and being enough is what drives me personally.
“You’ll never see a U-Haul behind a hearse. … Now, I’ve been blessed to make hundreds of millions of dollars in my life. I can’t take it with me, and neither can you. It’s not how much you have but what you do with what you have.”
– Denzel Washington
Have a Backup Plan
If you purchase any small business you are basically buying yourself a job. I have owned a number of small businesses over the years and one of the first things I do is look at the labor hours the business requires and then look at the financial numbers to come up with an hourly rate. You also have to factor in the annual leave and the fact that you might get sick and require so time off. If you have a business where you are able to take leave without having someone step in all the better. If you have to pay wages while you are away you need to put this cost into the mix as well.
If you are contracted to perform specific work then you need to ensure that you have a backup plan. Sounds obvious but unfortunately, this doesn’t always happen. If you are in breach of your contract then you stand to lose what you have invested in the business and possibly finish up in court for breach of contract.
You need to seek professional advice if you don’t understand the numbers. Find yourself a good accountant and one that can give you advice on the taxation side as well. As we progress through the business coaching blogs you will realise that you are not the only stakeholder in your business. There are a lot of others dependent on you having all your ducks in a row.
Depending on the type of business you are in or considering, you should always make provision for expansion or growth. The processes and procedures you put in place are critical in making your administrative and compliance function smoothly. This aspect of your business is as important as the operational part of your business and will be a key part of your being able to grow and expand.
The amount of innovation and development in this aspect of business will be amazing in coming years. The small business operator who recognises and accepts this will be better positioned to take advantage and get ahead of those who choose to hope it all goes away. As a business coach one of my goals would be to ensure you are really focused and aware of the critical area of running a small business.