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Managing your business challenges, frustrations and stresses

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As an entrepreneur who has owned over 20 businesses and helped countless others, I see the same challenges, frustrations and stresses over and over again especially in small business. I can confidently say that if you have been in business for any length of time, then you would have gone through the challenges, frustrations and stresses . Can you overcome these challenges and frustrations (without throttling someone)? Yes. But not overnight. There are no shortcuts. There is no golden goose that lays the golden eggs. There is no magic wand that you can wave. But there are strategies you can put in place to overcome them.

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Managing your business challenges, frustrations and stresses

  1. 1. MANAGING YOUR BUSINESS CHALLENGES, FRUSTRATIONS & STRESSES Or How To SAVE Your Sanity, ENJOY Life And Bring The FUN Back Into Business
  2. 2. OUR DREAMS gave us our business idea PASSION got us started
  3. 3. Challenges, frustrations and stresses will stop us and crush our dreams It doesn’t have to!
  4. 4. Where would we be today if:
  5. 5. Elvis quit singing when he was told he “ain’t goin’ nowhere”
  6. 6. Disney stopped imagining when he was told he “lacked imagination”
  7. 7. Rowling stopped writing after multiple publishers turned her down
  8. 8. Challenges, frustrations and stresses will always be there. How we manage them will determine how successful we are in business.
  9. 9. CHALLENGE #1 THE PAPER WAR Know anybody who went into business because they LOVE paperwork?
  10. 10. Neither do I ! We go into business to chase our dreams, NOT to fight a paperwork war
  11. 11. For a business to be successful, you MUST get these 4 areas right. 1. Leadership 2. Sales & Marketing 3. Operations 4. Administration
  12. 12. Good administration (i.e. paperwork) means:  Good bookkeeping  Good systems  Good tax compliance and great tax planning
  13. 13. ADMINISTRATION PROBLEM #1 Hate bookkeeping? Bookkeepers cost too much?
  14. 14. Think about it… You HATE bookkeeping. You NEED a great bookkeeper.
  15. 15. If you are using a bookkeeper for just 1 day a week - and you are PAYING $70 an hour…
  16. 16. I can show you how you can SAVE $320 a week or $16,640 a year … That’s IMPOSSIBLE !?!?! Or is it?
  17. 17. The Solution
  18. 18. OUTSOURCE OVERSEAS! You pay a fraction of the price compared to local rates. AND your bookkeeper will likely be better qualified than the local person doing the same job e.g. a Senior Accountant overseas charges considerably LESS than a bookkeeper locally
  19. 19. P.S. Many professional accounting practices are already doing this (outsourcing YOUR work to India, Malaysia and Philippines, etc) and many (not all) are keeping the savings as their extra profit!
  20. 20. The 101 Reasons Why You CAN’T Outsource
  21. 21. But really, there are only 3 reasons why: 1. No TRUST 2. Questionable COMPETENCY 3. SECURITY and PRIVACY over the internet
  22. 22. The Solution Connect with me for an introduction to my TRUSTED overseas bookkeepers For more information: https://www.equipped4success.com/is- outsourcing- your-bookkeeping-a-good-idea/
  23. 23. "The best thing I ever did was to have Patsy manage all my bookkeeping for me. She has my work done by her own bookkeeper from Malaysia so I am paying so much less than I would pay to an Australian bookkeeper. The books done by her bookkeepers are done RIGHT, done QUICKLY and it means that my books are always UPTO DATE.The only thing I have to do is scan in the invoices for her each month and she does the rest. Now I can just concentrate on my business and making more money!” - SamYoong, Loan Hunter Australia Pty Ltd A GOOD bookkeeper is great to have. A GREAT bookkeeper can make a difference to your bottom line.
  24. 24. ADMINISTRATION PROBLEM #2 How do you systemize the business?
  25. 25. The Solution
  26. 26. Step 1 Use ONLINE TOOLS* - Software is relatively cheap - Saves time on menial tasks - Can be outsourced if online * Free eBook on this available at https://www.equipped4success.com/resources/
  27. 27. Step 2 Assign a CHAMPION to document your processes and procedures. This one takes time! Start NOW.
  28. 28. ADMINISTRATION PROBLEM #3 Do you know if you are paying the right amount of Taxes?
  29. 29. Pay For Professional Help Get a REFERRAL Do it and do it RIGHT the first time. You CANNOT do this yourself (unless you’re a qualified Accountant) AND you keep up to date with tax legislation. Proper tax planning and a good accountant is worth their weight in gold and will save you A LOT of money.
  30. 30. CHALLENGE #2 NOT ENOUGH TIME Know anybody who thinks that working 24/7 is the perfect life they can have?
  31. 31. Neither do I ! We go into business to chase our dreams, NOT to lose our life to business working 24/7 all day, everyday
  32. 32. The Solution
  33. 33. 1. BREAK IT DOWN – One step at a time 2. STOP PROCRASTINATING – Cost of procrastination is enormous 3. DELEGATE WHERE YOU CAN – You can do anything, you cannot do everything
  34. 34. 4. BE DISCIPLINED ABOUT YOUR SOCIAL MEDIA – Balance what you MUST do on social media against the distraction 5. STOP PROCRASTINATING – Cost of procrastination is enormous
  35. 35. 6. BE INTENTIONAL ABOUT YOUR DAY – Don’t reprioritize your day’s work to handle someone else’s false emergencies. 7. SCHEDULE IN THE WHITE SPACE – You MUST have a break 8. KNOW YOUR WHY – Make the main thing, the main thing. Stay focused.
  36. 36. CHALLENGE #3 THE FEAST & FAMINE CYCLE Know anybody who likes to live from hand to mouth all the time?
  37. 37. Neither do I ! We go into business to chase our dreams, NOT to lose our life to business working 24/7 all day, everyday
  38. 38. Marketing - FAMINE Do the work - FAMINE Cash in from Sales - FEAST No Sales - FAMINE A Feast & Famine Cycle in it’s simplest diagrammatic form
  39. 39. The Solution
  40. 40. ASK WHAT DOES YOUR FEAST & FAMINE CYCLE LOOK LIKE?
  41. 41. Once you UNDERSTAND how YOUR industry works: 1. Brainstorm/Mastermind with your team on HOW you can break that cycle 2. SYSTEMISE your business where you can 3. Formalise your REFERRAL system 4. Ask HOW can you PRODUCTISE your business to a subscription model and implement the model.
  42. 42. You will get all you want in life, if you help enough other people get what they want. ZIG ZIGLAR
  43. 43. What is on YOUR clients’ bucklet list? Help them fulfil their list! TEST Zig Ziglar out on his statement. I have. It does WORK!
  44. 44. CHALLENGE #4 DIFFICULT TIMES Do you know anyone who was prepared for the Covid-19 pandemic crisis?
  45. 45. Nobody Was Prepared We plan for insurable risks. Nobody saw Covid-19 coming.
  46. 46. There’s no where to hide. Covid-19 will affect every business.
  47. 47. WHAT CAN YOU DO?
  48. 48. Confront the FEAR & UNCERTAINTY. “This too shall pass.”
  49. 49. Remember your WHY Stay FOCUSED on your dreams ADJUST for the crisis
  50. 50. Use your time to UPSKILL and work ON your business. It will give you an advantage over your competitors when the crisis is over.
  51. 51. You can predict the future of your business based on how you’re going to show up today. TODAY DOES MATTER. Make the HARD decisions you have to make.
  52. 52. PRESERVE CASH. You will need it.
  53. 53. CULL YOUR EXPENSES Identify your cash leakage and plug it. Identify your cash leakage and plug it. 1. Start with areas which will give you big gains and are easy to do 2. Next, do those that are easy to do that will give you small gains. 3. Next, do those that are hard to do that will give you big gains. 4. Last, do those that are hard to do and will give you small gains.
  54. 54. IT’S A GOOD TIME TO SPEND TIME ON BUILDING YOUR BRAND
  55. 55. SHARE WHAT YOU KNOW BUILD YOUR INFLUENCE
  56. 56. MAXIMISE OPPORTUNITIES Use this time to transform your business into an even stronger and more profitable business
  57. 57. STAND UP. TAKE YOUR PLACE. You have to LEAD your team out of the crisis. EVERYTHING RISES & FALLS ON
  58. 58. CHALLENGE #5 THE PEOPLE CHALLENGE Can you have a business where you NEVER have meet or speak to your customers nor employ any staff?
  59. 59. Only in your Dreams!
  60. 60. Big dreams cannot be implemented without help. Long journeys should always be taken with others. One person can only do so much.
  61. 61. About 85% of the factors contributing to … success are related to the ability to work effectively with people. DALE CARNEGIE
  62. 62. The Solution
  63. 63. FIGURE OUT HOW WE CAN WORK WITH DIFFICULT PEOPLE
  64. 64. ACCEPT THAT EVERYONE IS DIFFERENT Celebrate the DIFFERENCES Different is not bad. Different is just different!
  65. 65. LEARN & APPLY DISC Model of Human Behaviour
  66. 66. DISC has been used in business to:  Reduce stress  Minimise conflict  Build trust  Raise morale  Boost sales  Enhance communication  Decrease employee turnover  Improve service quality  Maximise team performance
  67. 67. CHALLENGE #6 OVERCOMING OVERWHELM
  68. 68. Overwhelm leads to STRESS
  69. 69. The Solution
  70. 70. Understand how you’re wired So you can put STRATEGIES in place to make sure that you can stop things getting out of hand before it can take hold
  71. 71. STRATEGY #1 Learn to say “NO” until such time as you have completed your own tasks.
  72. 72. STRATEGY #2 Challenge your assumptions.What limiting belief that’s holding you back and causing you to feel overwhelmed?
  73. 73. STRATEGY #3 Sometimes near enough CAN be good enough. Done is better than perfect!
  74. 74. STRATEGY #4 Accept that there is only one superman and it’s not you!You can do anything.You can’t do everything.
  75. 75. STRATEGY #5 Be realistic about how long you need to complete an assignment.
  76. 76. STRATEGY #6 Make use of productivity tools.
  77. 77. STRATEGY #7 Remember your WHY Stay FOCUSED on your dreams Say NO to anything that does not fit
  78. 78. THE BEST STRATEGY DON’T EVEN ADD IT TO YOUR LIST!
  79. 79. CHALLENGES, FRUSTRATIONS & STRESSES CAN BE OVERCOME Winners NEVER quit. Quitters NEVER win.
  80. 80. STAY FOCUSED and TRUE to your PASSION Make TODAY count. Today MATTERS
  81. 81. MENTORING & COACHING IS A MUST 75% of executives say mentoring has been CRITICAL to their career development, according to a survey by the American Society for Training and Development. No matter where you are in your business, it is never too late to start. But you do have to START.
  82. 82. WORK WITH ME Will having me as your coach and mentor help you achieve SUCCESS and get you to where you want to get to FASTER? Yes, it will – EVERYTIME! PATSY LIM FCA, BUSINESS MENTOR & COACH Tel: +61 439 935 440 www.PatsyLim.com Let’s make business FUN again!

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