management support Archives - Small Business Coach https://www.smallbusinesscoach.org/tag/management-support/ Business Coaching Services Tue, 12 Dec 2023 13:11:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.2 https://www.smallbusinesscoach.org/wp-content/uploads/2021/08/Favicon.jpg management support Archives - Small Business Coach https://www.smallbusinesscoach.org/tag/management-support/ 32 32 Top Agile Project Management Tools https://www.smallbusinesscoach.org/top-agile-project-management-tools/?utm_source=rss&utm_medium=rss&utm_campaign=top-agile-project-management-tools Wed, 05 Apr 2023 20:41:13 +0000 https://www.smallbusinesscoach.org/?p=25068 Do you think the Agile methodology has been doomed to ashes? Well, if so then you are completely mistaken. The significance of agile methodology hasn’t been reduced till date. You see the Agile wave began in the year 2001 with the objective to conduct seamless bespoke software development projects. Over time the methodology seems to […]

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Do you think the Agile methodology has been doomed to ashes? Well, if so then you are completely mistaken. The significance of agile methodology hasn’t been reduced till date. You see the Agile wave began in the year 2001 with the objective to conduct seamless bespoke software development projects. Over time the methodology seems to have evolved to a great extent across the globe. In fact, Agile seems to have gained popularity among numerous project managers. Some of the leading companies using the Agile methodology include Amazon, Cisco, Google, Lego, Netflix, Microsoft, Spotify and a lot more!

The term agile means to move swiftly and respond to any changes made seamlessly. Earlier, there were other alternatives such as the waterfall methodology but since it took ample of time, software development companies simply started looking for better options. Some of the leading Agile methodologies include Scrum, Crystal, Extreme programming, Lean development and so more! And you know what makes them a cut above, it’s their uniqueness and specific approach.

Some of the core aspects that make an agile methodology a cut above is its intense flexibility, adjustable and can be easily adapted according to different project needs. Whether the project size is small or large, agile works wonder for any and every software development project need. In addition, there are some other advantages of considering the agile methodology such as:

  • Productive and efficient teams
  • Flexibility and agility
  • Predictable cost and time-frame
  • Enhanced quality and transparency
  • Faster turnaround times
  • Seamless business engagement
  • Easy to manage agile
  • Well-optimized development process
  • Customized team structures
  • Reliability
  • Eliminate the scope of the rework
  • Early and predictable deliveries
  • Focus on the need of end users
  • Increased and efficient collaboration

Still not convinced? If you try taking a closer look at the agile methodology, you will find that here even the end users are successfully involved in the decision-making process. Earlier, customers were only involved in the planning phase and they were excluded from the execution. As a result, this had a pretty negative impact on flexibility and adaptability.

Fortunately, that’s not the case anymore! Today the customer is involved and kept in the loop throughout the procedure for relevant feedback and ensures that the final product is developed right in accordance with the given requirements. In the end, your customers are bound to come back to you for other projects as well.

And of course, one shouldn’t forget the core agile principles such as early and constant delivery, embracing changes from time to time, frequent delivery, better communication, stable work environments and a lot more.

I can simply go on and on when it comes to agile methodology. However, the following post is about the top agile project management tools to take into account. So without any further delay, let’s get acquainted with the top project management tools.

Best Agile Project Management Tools to Take into Account  3
#1 Proofhub  3
#2 Click Up    5
#3 Forecast  6
#4 Trello  6
#5 JIRA   7
Conclusions  7

 

Best Agile Project Management Tools to Take into Account

#1 Proofhub

One of the best Agile Project Management tools to take into consideration is Proofhub. This one is basically a small, feature-rich agile project management software highly recommended by some of the leading organizations across the globe. Here each team member can effortlessly share ideas, compile documents, begin conducting open discussions and end up creating a successful project.

The software is mentioned in this list which means it has something more appealing in comparison to others. You see here you may find all the necessary tools and features. In addition, you can use different project management techniques such as the critical path method (CPM), getting things done (GTD) and so forth.

Check out ProofHub’s Kanban boards and Gantt charts. When you try using Kanban boards, defining all the workflow stages becomes pretty easy. Also, you will be able to see how these tasks move across different stages. All this is done in the form of cards. Whereas with Gantt Charts what happens is, you can seamlessly visualize the timeline of the project. By doing so you will get to know will the project be completed within the expected time frame or not.

Whether it’s scheduling different tasks or marking out milestones, all these can be taken care of using Gantt Charts.

So when you are using Proofhub what exactly can be done?

  • Different tasks can be created and divided into smaller and manageable chunk tasks
  • You can select one or more tasks
  • Set up relevant start and end dates
  • Setting up the recurring tasks
  • Attaching files and adding relevant comments
  • Adding labels to prioritize tasks
  • Organizing different tasks becomes quite easy

As mentioned earlier, Agile methodology highly focuses on team management and feedback. Well, Proofhub definitely emerges as the perfect agile management tool featuring a high-end built-in chat interface and online proofing tool. So getting in touch with all the members of your team to discuss relevant ideas, and report work status is a pretty easy thing to do. Here you may find real-time feedback and suggestions. For any additional proof, simply open a design or a document file within Proofhub and share.

Overall, do you know why Proofhub is on this list of the top agile project management tools? Because it offers more meaning to your existing project and of course better outcomes.

agile

#2 Click Up

The next interesting Agile project management tool to take into account is Click up. It’s one of the most effortless and leading project management tools that offer you a quick view of how many tasks are accomplished and how many of them are in progress and in case of any dependencies, etc. In other words, if you are using click up as your Agile project management tool, several bottlenecks can be taken care of.

Some of the key features of the following tool include:

  • Epics – Setting up best milestones with sprint planning
  • Story points – Understanding how to enhance your Agile project with Click App
  • Sprints – Making the most of Sprints ClickApp to manage relevant dates, status, tasks and automation
  • ClickUp Dashboards – Making use of all the agile metrics such as Burnup Chart, Velocity Chart, and Cumulative Flow Diagrams.
  • ClickUp Docs – Document your engineering wiki, product backlog and sprint backlog, etc. All these can be shared seamlessly.
  • Templates – Ample of time can be saved when you use readymade templates
  • ClickUp Custom Task Statuses -Agile workflow can be customized
  • Time Tracking – You are in control of how much time is spent on a particular project.
  • Integrations – Adding your favorite tools has never been so easy. Some of the best examples are Slack, Gitlab, and Google Drive.
  • Compatibility – Easily compatible with Android, iOS, Mac, Windows, and Linux

#3 Forecast

Another interesting and one of the leading agile project management tools to take into account is Forecast. Well, this tool in particular turns out to be best for approximately all the agile teams available around the globe. Forecast ensures nothing less than optimal project deliveries. Not to mention, here the work process is pretty much adopted and this surely results in saving ample of project managers’ time as well as visibility is also maintained.

It may quite interest you to know that the agile project management tool uses Artificial intelligence to assist in making relevant estimates. As a result, one can plan for a more accurate view of your sprint capacity and monitor the progress simultaneously. Everything feels in its place. As a result, you can observe a severe reduction in the amount of rework and enhanced efficiency while planning the sprint, tracking progress and velocity easily.

In addition, here different ranges of tools can be well integrated such as Azure DevOps, GitHub, and GitLab, as well as two-way sync with Jira, another interesting agile project management tool to consider.

It may also interest you to know that Forecast is used across 40+ countries and you can see this by using the 14-day trial for yourself.

#4 Trello

Another intimidating name to take into account when looking for the best agile project management tools is Trello. Trello might seem simple but it is one of the leading agile Kanban tools to take into account. If you want a seamless entry into the world of agile tools, then you should definitely begin considering Trello. Not to mention that this one is pretty easy to learn and can be available for free. It’s more kind of a freemium tool. Trello’s task management and team collaboration is pretty known and acknowledged across the globe.

Some of the core benefits offered by Trello include:

  • Color coding of cards
  • Vast capability to customize each card
  • Excellent communication and collaboration tracking

So what’s the issue here? Well, you may not find any kind of native support here. Also, Trello is not recommended for large and overly complicated projects and board management needs some major improvements.

#5 JIRA

The last but certainly not the least Agile project management tool to consider is JIRA. JIRA is more like a tracking-based tool which is highly recommended for testing different agile projects. Several activities such as bug tracking, issue tracking and project management to software and mobile development process can be well-taken care of with the help of this agile project management tool. One of the core aspects of JIRA is that the dashboard can be well customized. So what makes JIRA one of the best agile project management tools? Issue tracking, boards, Agile epics, bug tracking, custom fields and a lot more!

Conclusions

And we are almost done here! So these are some of the best agile project management tools to take into account. Let us know which one is your favorite. Also, you can let us know if you want to add any other interesting tools which you have already used before.

There are plenty of names available around such as DailyScrum, LeankitKanban, BinFire, Version One, Agilean, Asana, Active Collab and the list goes on. So the key is to try out and bifurcate the relevant ones depending on your needs and requirements.

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WHAT IS A SUCCESS COACH – ALL YOU NEED TO KNOW https://www.smallbusinesscoach.org/what-is-a-success-coach-all-you-need-to-know/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-a-success-coach-all-you-need-to-know Thu, 02 Dec 2021 22:00:21 +0000 https://smallbusinesscoach.org/?p=12821 What is a Success Coach? When people hear the term “success coach,” they usually think of academics or schooling (students in a high school, college, or university setting). This coaching specialty isn’t just for academic achievement. Some entrepreneurs hire a success coach to assist them in scaling their businesses and accelerating their growth, and if […]

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What is a Success Coach?

When people hear the term “success coach,” they usually think of academics or schooling (students in a high school, college, or university setting). This coaching specialty isn’t just for academic achievement.

Some entrepreneurs hire a success coach to assist them in scaling their businesses and accelerating their growth, and if you want to know what success coaching is all about, then this article is for you. We will be covering the role of a success coach, the basic principles success coaches operate with, as well as the differences between a coach for success as a life coach. And keep reading till the end to find out how you can get a free strategy session with our certified success coaches.

So, let’s get into it.

success coach

Success Coaches are skilled professionals that assist others in reaching success. Their tasks include implementing successful tactics and creating personalized programs for individuals.

Success coaching is a method for assisting people in setting and achieving realistic financial objectives more quickly and easily than would otherwise be achievable. The success coaching method is, in general, instructional. Coaches are hired for their existing knowledge, skills, and competence as well as their potential to generate new knowledge. Success coaching focuses on measurable objectives such as financial, academic, or professional objectives.

Success coaching leads to increased financial success and personal riches. Success coaching focuses on improving a person’s ability to generate personal wealth while taking into consideration existing resources, such as “time.”

What Does A Success Coach Do?

The role of a coach for success in coaching others includes:

Identifying client’s strengths

With a clearly defined vision and goals, success is attainable, but working against your natural inclinations can easily set things back. A success coach will work to unveil your strengths and capitalize on them for success. Basing on your strengths is a quick route to success, but this can easily be overlooked. Being mindful of your limitations and the things you can’t do can easily blind and help you miss out on what you can and are already doing well.

If you can identify your strengths and re-enforce them, then success is almost assured. By identifying areas where you shine, a coach for success can help you maximize your natural abilities and strengths.

Managing client’s weaknesses

success coach

Not only do success coaches identify your strengths so you capitalize on them, but they also help you acknowledge and face your weaknesses, as well as develop ways to manage them. A coach for success helps to ensure your shortcomings don’t short-circuit your progress.

A success coach would develop tools and procedures to identify your weaknesses as a business owner. This could include tools like questioning to deduce negative patterns of behavior/thinking that are holding you back. And their job doesn’t end there. They go on to deduce ways you can manage these weaknesses so they don’t spill over to draw back the business.

Identify client’s goals

Success coaches can help to achieve business and personal goals when the set goals are healthy and attainable. But before this, they play a role in ensuring the right business goals are set in line with your personal life’s goals, values, and abilities.

Business goals must reflect what you’re seeking in life, and the success coach will help synchronize your business and personal goals. The focus here isn’t just about raising the yearly revenue of the business; success coaching goes beyond the “how” into the “why.” When the “why” isn’t clearly defined, there is the danger the business you’re setting up may not bring about the satisfaction you seek or achieve your definition of success

To do this, a coach for success would first attempt to establish the vision of the business before the goals, ensuring that the business provides you with the fulfillment you desire.

If you’re feeling lost, directionless, or unfulfilled with your business, you should consider getting a success coach. Click here to book a free strategy session with our certified success coach.  

A success coach creates a personal and business plan of action

It’s not just enough to have goals and a vision for your business – there needs to be a roadmap towards the realization of those set goals. The success coach works with the business owner to map out a plan of action for the business, and where necessary, for the individual’s personal goals. This roadmap would include a practical approach to attaining success in the business.

The coach for success would also help to create a set of realistic and practical strategies toward realizing set goals. It’s not enough to just throw around ideas for success. The success coach synthesizes ideas, assesses their practicality and applicability, and composes them into a working roadmap

Helps with resume building and time management skills

The coach for success plays a role in portfolio building, be it online or offline. This would include helping the client be perceived as reliable, competent and trustworthy.

The success coach would also help to impart and finetune key success skills in the clients like time management skills. To efficiently manage one’s time is to efficiently march towards success and the success coach guides the client through their daily schedule to ensure they maximize their time and resources to succeed.

Motivating and Inspiring clients to achieve their definition of success.

The success coach plays a role in helping you figure out what you’re longing for as your purpose and why the feeling of dissatisfaction is setting in. The coach for success also helps to identify what success looks like to you as an individual and business. The definition of success varies from person to person, and it depends on you and your business.

The success coach provides goal-oriented guidance, as well as the steps to success while encouraging active participation of the client.

Performing progress assessments.

The success coach makes use of motivation techniques to encourage clients by recognizing milestones while mitigating challenges that hinder progress. They also present regular reports on the progress made and the results with clients.

No doubt, business success is inevitably linked to the actions you take consistently, and accountability is critical for success. The business coach can provide crucial feedback at every stage of the route since he or she has a thorough awareness of the company’s vision, goals, and current state. This will keep you focused and motivated.

small business coach

5 Key Principles A Success Coach Would Use

Usually, a coach for success would go through these principles in discharging their duties. However, note should be taken that these principles aren’t rigid, but merely a guide that may be applied fluidly, rather than strictly.

  1. Getting the client to focus on the right daily activity. A well-thought-out approach is almost useless if it isn’t implemented consistently. Those who take consistent action, even without a well-thought-out plan, are more likely to succeed.
  2. A coach for success would often motivate your clients. It is incredibly motivating to have clients track their activity because it provides them with a goal to work toward, a sense of accomplishment when they meet the goal and a sense of fulfillment.
  3. The success coach helps clients identify which activities are key to their success and ensure they accomplish these key tasks before engaging in other busywork tasks like cleaning their office or setting up their work environment. Coach for success would hold clients accountable, not letting them prioritize non-productive activities.
  4. A coach for success wouldn’t allow clients’ feelings to stop them from emphasizing what they should be doing to be successful. Be it fear for doing a presentation, cold calling, or networking, a success coach helps clients move past any limiting beliefs and fears they may have.
  5. the success coach would emphasize processes that achieve consistent results, rather than improvisations that can’t be quantified into processes that amount to success. The success coach would help clients understand what beliefs or expectations are getting in the way of their success so that they can overcome those obstacles.
  6. When coaching for success, success coaches would get their clients to take action immediately, even if the action may not be perfect. Why? Because, when created, a goal is most powerful, and its power gradually decreases over time. Letting clients bring up excuses that keep them from taking immediate appropriate actions could kill the momentum of the initiative.

The Difference Between a Success Coach and a Life Coach

company wiki

Some may argue that life coaching and success coaching are interchangeable terms. Although the two niches are similar, there is a big distinction between them. The main distinction between the two is that life coaching has a broader area of practice, and the client determines the desired outcomes. Success coaching, on the other hand, is personalized or tailored to assist people in achieving realistic educational, financial, or professional objectives. It is also important to highlight that in success coaching, coaches assist clients in establishing specific strategies to attain what the client defines as success.

Everyone has their notion of success; however, success coaches concentrate on certain objectives such as business, academics, or careers. Life coaching, on the other hand, is a broad term that includes success coaching as one of its subcategories. While coaches’ styles and tactics vary significantly, there are few variations between success coaching and life coaching in general. Certified coaches in a variety of fields can assist customers in bringing out the best in themselves to achieve goals and make positive changes.

Trained success coaches assist clients in developing ways to achieve their definitions of success. One customer, for example, may want assistance in overcoming burnout, while another may require assistance in taking the risks required to bring in more revenue. A success coach can also assist a client in adapting to their current level of success. A young entrepreneur with a fast-growing new business, for example, may want assistance in overcoming self-doubts and managing his business with confidence and balance.

Clients who hire a success coach are usually looking for precise, measurable results. An academic success coach, for example, would speak with a university student on creating good study habits and focusing on academic strengths to help the student achieve a given grade point average. The focus of executive success coaches is on leadership abilities. The executive’s superiors or other members of the organization are frequently involved in executive coaching.

A professionally trained life coach collaborates with a client to attain the customer’s goals. The client is the expert in his own life, according to the life coach. Some life coaches specialize in helping people lose weight, manage debt, or even improve their sexual lives. Life coaches, who work with people on a more emotional level than successful coaches, may do most of their sessions over the phone or via Skype.

Coaching can assist clients in achieving goals that aren’t quantifiable in terms of money or job advancement. Instead of focusing on professional development, life coaches who assist with emotional change stress ways to improve one’s subjective life experiences. A coach, for example, might assist someone in developing self-discipline so that he can achieve more general goals, or in discovering deeper passions so that he can feel more enthusiastic about all aspects of life.

The difference between coaching and counseling

personal finance

It’s important to note that coaching is not the same as therapy. Some people may be tempted to use coaching as a form of treatment.

Although coaching can be very therapeutic, it is not equipped to diagnose or treat any traumas or mental health concerns, or to “correct” what may be considered as an individual’s “wrongs.” Instead, it’s an opportunity to raise awareness of the person’s “good” qualities. It believes that each individual who engages in coaching can develop and adopt healthy habits and behaviors that will allow them to be successful in crucial areas of their lives by enhancing latent or acknowledged strengths.

Expectations from a success coach

Having the right expectation of the successful coaching exercise would ensure maximum results. Though success coaches’ methods of operation and strategies may differ from person to person, there are basic expectations you can have when working with coaches, some of which include:

  •   Self-inquiry

Probably the first thing you should expect from a coach for success is questions – lots of open-ended questions. Success coaches will engage you with probing questions like:

  •   Why did you engage in business?
  •   What specifically do you love about the business?
  •   Why did you choose this particular business to take on?
  •   In what ways do you desire your business to change?

Such inquiries will elicit in-depth personal reflections on yourself and your company. Though it might be intrusive and uncomfortable at times, the outcomes are well worth the effort. Coaching starts with self-inquiry.

Expect your success coach to ask you things you’ve never considered before, allowing you to explore and reveal your true beliefs, mission, fears, and style of thinking. You’ll be able to examine your beliefs with these questions, identifying the things that inspire/terrify you, as well as the things that bind and derail you.

With this, you’ll need to find a coach for success with whom you can be completely open and transparent. Trust is a critical element of the coaching procedure.

  •   Assessments

You may already be aware of certain things you’re strong at, things you enjoy doing, and places where you’re poor in, as a business owner. The success coach employs assessment methods and criteria to identify and better understand your strengths and weaknesses, as well as their impact on the company’s current trends.

You might think you’re strong at financial management, but you can’t account for the company’s financial transactions, for example. The success coach will assist you in determining what you’re genuinely good at and where you’re stifling your company’s growth.

The business coach has a better viewpoint from the outside, allowing him or her to identify places where you’re squandering time or money. In some circumstances, delegating specific jobs to other more capable individuals will let you focus more on your strong suits.

 This period of self-evaluation necessitates a great lot of honesty and openness, and a competent coach for success will always strive to foster a sense of safety and support.

  •   Developing a business road map and following through

The majority of business owners have objectives for their company. Nonetheless, the lack of a clear roadmap will jeopardize such lofty goals and expectations.

You can expect success coaches to aid in developing feasible plans towards achieving set goals. A good roadmap should account not just for anticipated successes but also for challenges and unexpected obstacles.

The way it works is, you and your coach for success will create a plan with attainable daily and weekly steps and an accountability partner to monitor progress. This will enable the success coach to deduce your fears and limiting beliefs when you fail and your strong suites when you do succeed.

  •   Professional standards and values

Like all other professional fields, you should expect pristine professional standards and values in the business coach, with qualities like trust and patience at the helm. Core values like integrity, faithfulness, trust, and respect should be evident in the business coach, seeing you’re entrusting a great deal in their abilities. With such, you can rest assured, knowing you’re in good hands.

Can you be coached?

Coaching is an excellent way to improve your business, but it isn’t appropriate in every situation. You should ask yourself the following questions before hiring a success coach:

  • Are you looking for a collaboration that will push you to think more critically and attentively than you do now? The success of the coaching session is mostly determined by the business owner as much as the coach. As a result, you’ll need to psychologically prepare to face the task.
  • Are you ready to be exposed to new and intuitive coaching procedures to bring out the best in you? This will force you to step outside of your comfort zone, and you must be willing to try new things and try new ways of doing things, otherwise, the coaching process will fail.
  • Are you sincerely eager to reach your full potential and abilities in both your personal and professional lives? You’ll be more inclined to try new ideas and techniques if you’re this enthusiastic.
  • Are you prepared to assist the coach? Coaching isn’t a one-way street centered on the coach; to gain the benefits, you must be eager and ready to engage in every step of the process.
  • Do you recognize that progress takes time and requires daily practice and commitment? Coaching isn’t a panacea or a magic wand that produces results overnight. You must be willing to devote yourself to the process at all times and acquire the necessary habits for personal and business success and progress.
  • Are you willing to be your best self? The desire to be the best you can be, to maximize your potential and abilities, both for personal and professional success, must be present.

If you replied “yes” to these questions, you’re ready to work with a business coach.

Is hiring a business coach worth it?

Now, you may be wondering, is it a worthwhile investment to get a business coach? Well, in the words of Merrill C. Anderson, PhD, from MetrixGlobal LLC,

“Coaching produced a 529% return on investment and significant intangible results to the organization. Including financial benefits from employee retention, the ROI was 788%.”

Now that’s significant.

Investing in a skilled success coach has shown to be a wise decision, with big rewards in the form of increased revenue and earning potential for the company. Hiring a success coach can transform your life and your company’s view for the better. It only gets better.

The benefits of hiring a good business coach are not only financial; they also include: 

  • Greater achievement of defined goals
  • Increased engagement and dedication within the organization
  • A reduction in worry and stress
  • Improved well-being and resilience

Caching isn’t a quick fix or an overnight endeavor, but the results are well worth the effort.

Take it to the next level

Do you desire to take your business to the next level? Are you looking to work with a fun, innovative and exceptionally skilled professional to guide you and your company on the path to success? Then be sure to check out our success coaches. Click here to book a free strategy session with our certified coach for success today.  

For more details, click here.small business coach

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Money Management Tips to Keep Your Small Business Afloat https://www.smallbusinesscoach.org/money-management-tips-to-keep-your-small-business-afloat/?utm_source=rss&utm_medium=rss&utm_campaign=money-management-tips-to-keep-your-small-business-afloat Mon, 31 May 2021 13:25:36 +0000 https://smallbusinesscoach.org/?p=10079 The challenges money management and all the other issues we juggle in owning a small business can feel insurmountable at times, especially when it comes to finances. Money management is the biggest factor in terms of personal success. As an entrepreneur or startup founder, you alone are the chief financial officer and accountant for your […]

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The challenges money management and all the other issues we juggle in owning a small business can feel insurmountable at times, especially when it comes to finances. Money management is the biggest factor in terms of personal success. As an entrepreneur or startup founder, you alone are the chief financial officer and accountant for your business. The only person who sets the budget, enforces boundaries and manages income and expenses is you.

That’s a lot of pressure, but it can also be immensely gratifying when you manage to maximize your revenue and gain more financial freedom than ever.

Money Management Tips to Keep Your Small Business Afloat

To give you the greatest chance at reaching your goals and making your business prosper, here are some of the best money management tips you should know. They’ll not only help you build a solid foundation, but they can also work in a pinch when you find yourself starting to struggle to make ends meet.

Understanding Small Business Finances

The challenge of running a small business is the lack of capital and/or revenue. You simply don’t have the quantity of resources to work with as a bigger or more established company. When times get tough, you are likely to run out of options faster and quickly find your savings or even personal finances dwindling. Even with fantastic planning, certain circumstances happen that are simply outside of your control.

A pandemic, for example, can’t be controlled, and the impact of COVID-19 left many small business owners at a total loss. You’ll likely have more expenses and obligations than profit in the beginning. If you are generating sales, that’s great, but you’ll need to pay close attention to how you distribute your revenue if you want to stay successful and scale your operations.

Large vs. Small Business Financing Options

The size of a business varies by industry, but generally speaking, a large business is a corporation or enterprise that has stockholders involved. They are operating at a much greater scale than an individually-owned or small company, and they not only have more resources in reserve but far greater options when they’re in a bind. At the higher levels of operation, companies can take out lines of credit and receive loans that may not be accessible to a startup.

While there are SBA loans and credit cards available for smaller operations, the principals tend to be smaller and yield higher interest rates, which can make repayment difficult when a company is already struggling. Greater assets mean greater options, but that doesn’t mean small business owners are out of luck. By building the right skills and knowing how to predict and prepare for setbacks, you can weather the storm and guide your business to greener pastures.

Separate Business and Personal Funds

The biggest mistake most entrepreneurs make is failing to separate their work and personal expenses. Although your company is your primary source of income, you need to deduct your take-home pay and leave the savings and additional revenues separate. If you find that you’re running too low on expenses when you’re running your company, you can look into borrowing a personal loan from a private lender.

Personal loans are meant to meet your current needs, so there are plenty of options including flexible repayment schedules, different payment amounts and different interest rates. Explore your options to discover the right refinancing option for you. This can come in helpful down the line if you have multiple loans and want to save money on repayments without tapping into your business’s reserves.

small business coach

Stay on Top of Deadlines

Invoices, bills and other deadlines should always be paid in-full and on time. Keep a schedule active and set notifications. If you can automate payments, do so. Knowing that a certain amount of money is set to come out of your bank account each month can help keep you focused and accountable, as there isn’t room to put things off or backtrack when you’ve agreed to pay things by a certain time.

Time Your Purchases

How often do you need to replenish your inventory? Does your manufacturer or supply chain currently feel out of sync with your overall budget? Pay close attention to when deductions are made, and time them to maximize your income. Revenue will always take a hit to keep an operation running. The ideal timing, however, can turn a model that feels choppy and disconnected into one that smoothly runs without a hitch.

Cut Costs and Increase Revenue

Could you switch to a different supplier and save more money? What about cutting back on packaging or even software expenses? There are many ways you can subtly and substantially lower costs to bolster profit. If you’ve been paying others to do work that you could handle yourself, do so. It may mean longer hours, but the eventual pay-off is worth the price.

On a more practical note, take a look at things like utilities, water consumption and office supplies. Be mindful of how you operate, how much you’re using and how you could adjust your usage to save more. Increasing revenue can happen in a few ways. Sales and promotions are always an option, and there’s also the possibility of raising your prices to reap greater rewards from each sale. Consider your current client base and growth rate to determine which option would be best for you right now.

Recap

Although you will face hardships running your own company, being a small business owner helps you grow in ways few other jobs can. Mastering money management for your professional life will undoubtedly have major advantages in your personal one, too. Take advantage of the financing options available to you. Loans can be especially valuable if you know how to optimize your principal and turn it into an even greater profit.

Take a look at this post to see how a Financial Planner can help with money management.

 

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Value of a Team Building System https://www.smallbusinesscoach.org/how-to-implement-a-team-building-system/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-implement-a-team-building-system Tue, 16 Apr 2019 08:16:34 +0000 https://smallbusinesscoach.org/?p=6197 When you have a small business, you know that communication between the different team members is crucial. However, you also understand that before they are a team, they are individuals, each one with their own personalities. So, how can you make sure that all your team members get along and can communicate well so that […]

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When you have a small business, you know that communication between the different team members is crucial. However, you also understand that before they are a team, they are individuals, each one with their own personalities. So, how can you make sure that all your team members get along and can communicate well so that you can achieve your business goals? The key is to implement a team building system.

Create a Diverse, Powerful Team Using Team Building

Within a team building system, everyone knows each other’s personalities and each team member adapts to the behavioral style of the other team member. Instead of thinking the guy who speaks bluntly is a “jerk,” you realize the simple fact that that’s just the way God made him.

One of the things that you may be thinking about the team building system is that it is hard to implement. After all, it isn’t easy to have different personalities working together and communicating well without conflict.

Importance of Team Building

So, today, we decided to give you 7 tips on you how can implement a team building system within your small business.

#1: Create A Common Vision:

When you are implementing a team building system, it is important that all team members share the same vision – what you want to develop and where you want to go. Developing a vision usually happens when you develop a Strategic Plan. Keeping the vision in front of your team is paramount.

#2: Develop Common Goals:

To ensure that you have a working team building system, you need to make sure that all the small business goals are not only understood but also supported by all team members. Developing a shared vision and plan covers this step.

Each member has their own role and deliverables within the team. So, each member needs to understand his or her role to meet the final goal.

#3: Use Psychometric Profiling:

Using psychometric profiling with your team can be interesting and fun. The DISC and Myers Briggs profiles are some of the most popular. When hiring a new team member or promoting one of your existing team members you can decide in advance what personality type is the best fit for the position. For example with sales, you probably want an extrovert for the position. In team building as you profile each team member and then share the results with your team, people become more aware of themselves and other team members.

#4: Clarify Responsibilities And Roles:

One of the best tips that we can give you to ensure that you set up a team-building system within your small business is to clarify the responsibilities and roles of each member of the team. The truth is that many small business owners tend to assume that everyone knows their role and responsibilities and they don’t need to be clarified at all. However, this isn’t always true and not having clearly defined roles can erode communication and achieving the company’s goals.

So, make sure that everyone knows exactly their responsibilities and roles. Ideally, this is covered from the day they are hired with a job description that each member agrees to and signs. Ideally, none of these roles or responsibilities overlap.

#5: The Need for Management Support:

Needless to say, managers ensure that everything is running smoothly. However, another important part of their job should be to question whether the team’s needs are all satisfied. In case they aren’t, managers need to take the time to see what they can do so that the team can enhance their efforts. One of the things that are often needed is extra education or extra training.

Team Building System

#6: Everyone Should Be Engaged:

In order to guarantee the success of the team building system, you need to make sure that all the participants are not only engaged but that they are also challenged throughout the entire process of team building.

All you need to do is to find the areas or topics that team members like or that are relevant to them in any way. Then, you can do some kind of exercise or activity to ensure that they are challenged and that they can have fun with one another.

#7: Give Your Team Some Room:

Whenever you hold a team building session, you don’t have to be at the office. In fact, this can do more harm than good. Instead, you should consider taking your team members to a different environment where you are not distracted with any urgent items, voice mail, or even emails.

Think about your team building system in terms of fun. Hold your meeting outdoors, at an amusement park or in a more formal environment like a meeting room.

#8: Take Some Time to Learn:

Most small business owners believe that all they need to do to manage and grow their business is to make the right decisions. However, they are forgetting about one crucial aspect: how can they make the best decisions if they don’t take the time to listen to their team members?

Unfortunately, this tends to happen a lot and this ends up leaving the different team members somewhat lost. In order to prevent this from happening, ensure that you take some time to listen to all your individual team members. So, you need to ensure that they know that communication is always open and that you are always ready to listen to them. Ultimately, this will leave team members feeling comfortable when they need to express their needs.

  • Are you open to using a team-building system in your business? If so type “yes” below.
  • What are your thoughts about developing a team building system? Share below in the comments.
  • What has worked well for you? I would love to know what has worked for you. Share below.

Conclusion

Developing a diverse team can be a very powerful weapon in growing and competing. Implementing a team building system can unlock a major force and your business can take on a life of its own. Here’s a case study on Using a Team Building System in a Landscaping Company.

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