I’ve been in business for about a year, so I’m obviously making it happen, but I really have no idea what I’m doing. Help!
I can’t tell you how often this has come up in our recent meetings and consultations. So let me reassure you that feeling lost is normal.
Sure, having your own business is great, but it’s easy to feel overwhelmed. When working with clients in situations like this, I always encourage them to simply dial it back. Progress is progress, no matter how small. And it helps to keep these three things in mind:
Remember your purpose. The stress of running your business will often make you lose sight of the reason why you started it in the first place. Your purpose is what’s behind everything you do, whether you’re aware of this or not. Regardless of your current situation, the clearer your purpose is, the easier all the insurmountable personal and business challenges you face will be.
Not clear on what that is? Again, totally normal. Which is why I highly recommend Simon Sinek’s book, Start with Why.
Knowing your WHY is not the only way to be successful, but it is the only way to maintain a lasting success and have a greater blend of innovation and flexibility. When a WHY goes fuzzy, it becomes much more difficult to maintain the growth, loyalty, and inspiration that helped drive the original success.
So write down your purpose and keep it somewhere you can see it at all times.
Ask for help. Sometimes the best solution is the easiest one, and that’s asking for help. However, it’s important to define the problem in clear and concise terms. Then, take it to a trusted business mentor with more experience than you. At the end of the day, you get what you ask for. If you ask for help, you will get it. And with that help, you can break through your problem and continue making progress toward your goals.
Focus on one thing. Don’t get lost in the monumental goals you’ve defined for yourself and your business. Focus instead on the few tasks that propel you forward, however small they may be. If customer service is what truly matters for your business, then every chat, email, or phone conversation you have with a customer will be the most important thing you can do. Each one individually won’t have a big impact in your future growth, but all of them together will
Is Q3 too late for tax planning?
It’s never too late! Tax planning is actually a year-round endeavor!
Now would be a great time to review how your business is set up, and whether that’s still optimal. As your business and income grow, the best structure for your business may change. Making changes early can significantly impact your 2024 tax burden. This is something you should review with your CPA and certified financial planner every few years (or more often if your business is growing rapidly or if there have been changes to the ownership).
While you’re on the tax planning topic, you should also take a look at your bookkeeping system. Still relying on that shoebox full of receipts? Now would be a great time to organize and upgrade. This can be easily done with software like QuickBooks, and most bookkeepers and accountants still have time to help you through the process.
