Interviewing can be fun and exciting—the thrill of adding new capabilities to your team, thoughts of growth and expansion. Yet, we seldom recognize the cost of moving too quickly. Hiring for the wrong reasons. Rushing the process.
The money you make in your business is hard-earned. It’s the reward for all of the sales calls, difficult client deadlines, and customer support challenges. So it’s hard to give it up to anyone—least of all the government. Yet, taxes are a part of doing business in almost every country on earth. And we want you to focus on one thing: keeping as much of your money in your pocket as possible by taking advantage of every possible legal method of reducing your year-end tax bill.
Topics: Managing Money
If, after reading part one and part two in this series, you’re starting to see the value in better understanding your financial performance, then we’re in a good place to move forward. If you’re thinking, “Sure, that all sounds good, but there’s no way I have time to put this much energy into tracking and thinking about my money—nor the ability to pay someone else to do it,” then you need to stop and reconsider. A relationship with your numbers is a key ingredient of your success, but there are some tools you can leverage to reduce the technical work significantly.
Perhaps you use Google Analytics to track every visitor to your website, right down to the country they’re visiting from. Maybe you even use wearable technology and a smartphone to measure the steps you take in a day or how much sleep you get at night. But what are you doing to measure the financial health of your business? If your only measure of financial performance are the sales you generate each month or the balance in your bank account—you’re missing out on a wealth of information about your business.
How many times have you heard someone say, “I’m just not a money person”? Have you ever been that person? It’s a common expression and an easy escape hatch to fall through when you’re staring at spreadsheets full of numbers and formulas. But it’s a phrase, and an attitude, that’s ultimately unproductive and stopping you from taking your business to the next level.
The day you decided to stop working for anyone but yourself was probably glorious. No one to tell you what to do and how to do it. Life suddenly had promise, imagining yourself spending every day doing the work you’re passionate about. Until… until the day you realized that instead of your boss dictating how you did one thing, now you had a dozen things coming at you that you weren’t counting on and, frankly, didn’t know how to do: sales things, customer things, employee things, money things, production and delivery things. And, the saddest thing is that you found yourself with as little control over your time as you had before you went into business for yourself.
It was about a year ago today that I was asked by Ilene Gail Frahm, our Board Chair, to become the next CEO of EMyth. The last year has been filled with an immense amount of learning and growth. My appreciation for every single person on our team in Ashland, Oregon has never been greater: they are all incredibly devoted to clearing the path for our network of coaches to do the important work of improving the lives and businesses of business owners around the world. Perhaps you’ve seen or heard from them in emails or on the phone, in videos or webinars, but if you haven’t… please know there isn’t a more dedicated team anywhere in the world. They are: Britt’nee Anderson, Michael Anderson, Jed Bickford, Justine Bowen-Jones, Sam Gerber, LC Graf, Molly Hamilton, Ali Hough, Nick Lawler, Slade Machamer, Josh Merritt, Lenny Miller, Ashley Nunes, Eben Ostergaard, Sierra Satow, Jon Shaffer, Adam Traub, Cass Wick, and Shey Yearsley.
I’m in the upstairs bathroom writing notes on my iPhone when it strikes me—the apparent irony of me sketching out notes for a blog post about work-life balance while in the middle of giving my daughters a bath. I left work hours ago but had hardly left my work behind me. And in that moment I felt so close to the many business owners that come to us seeking to improve the balance between their work and their personal lives. Creating work-life balance is a difficult task, but it’s also a rather poorly-defined term. What does that balance really look like? If “balance” means an equitable distribution of hours, is that what everyone really wants?
You call your team together to roll out your strategy for the coming quarter. Everyone gathers around and all eyes are on you. You’ve spent at least forty hours over the last two weeks planning, modeling, forecasting, all in anticipation of this day. OK, take a deep breath, and begin your presentation. Five minutes in you start to notice some people drifting off, getting lost in their own thoughts. You’re not being inspiring enough. Have to up the energy…
In Part 1 of Jeff Schneider’s turnaround story, his business, Marketing Ninjas, was on the edge of failure. But, Jeff was determined to keep his business alive. With the support of his coach, Mary Rydman, he began changing the way he worked, turning down time-consuming clients, and building a solid foundation that would allow him to finally scale beyond himself.
But scaling meant bringing in new people, and Jeff needed to focus on making the right hires—people who would consistently give his customers an experience they’d keep coming back for. In this episode, Jeff discusses how his Brand Commitment and hiring process helped him turn his business into one that makes him and his team truly proud.
Learn more about Marketing Ninjas at www.marketingninjas.com.