Scaling Your Business Archives - Marla Tabaka https://marlatabaka.com/category/scaling-your-business/ Business Coach Tue, 13 May 2025 14:31:19 +0000 en-US hourly 1 https://marlatabaka.com/wp-content/uploads/2019/12/cropped-M-Favicon-32x32.png Scaling Your Business Archives - Marla Tabaka https://marlatabaka.com/category/scaling-your-business/ 32 32 Still Wearing Too Many Hats? How to Know It’s Time for Your Next Hire https://marlatabaka.com/2025/05/13/still-wearing-too-many-hats-how-to-know-its-time-for-your-next-hire/?utm_source=rss&utm_medium=rss&utm_campaign=still-wearing-too-many-hats-how-to-know-its-time-for-your-next-hire https://marlatabaka.com/2025/05/13/still-wearing-too-many-hats-how-to-know-its-time-for-your-next-hire/#respond Tue, 13 May 2025 14:31:19 +0000 https://marlatabaka.com/?p=61844 If your to-do list reads like a company directory — CEO, marketing, sales, product delivery,  customer service, and janitor — it might be time to hang up a few hats for good. Sure, bootstrapping is part of the entrepreneurial journey, but doing everything yourself indefinitely isn’t smart or sustainable; it’s exhausting. In the big picture, […]

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If your to-do list reads like a company directory — CEO, marketing, sales, product delivery,  customer service, and janitor — it might be time to hang up a few hats for good. Sure, bootstrapping is part of the entrepreneurial journey, but doing everything yourself indefinitely isn’t smart or sustainable; it’s exhausting. In the big picture, clinging to tasks you’ve outgrown is not the smartest investment of your time or energy.

It's probably wise to stop doing 20-dollar-an-hour work and consider whether it’s time to make that next (or your first) hire. Here are six signs you’re ready to stop juggling and start delegating to a new hire.

  1. You have efficiencies in place.

Before investing in your next new hire, make sure your current team is working to full capacity. If their hours are billable, create a budget for the time spent on each project. You may be able to crank out a job in a day or two, but your team members may not be as confident and experienced as you are. Some may tend to linger on a project when a strict timeline is not in place, thus losing money for the company.

If your team is not billable, ensure all job descriptions are clear, and tasks are completed regularly and efficiently. Studies have found that the average office worker is productive for only about 2 hours and 53 minutes per day.  A Salary.com survey revealed that 89% of employees openly admit to wasting time at work. These employees aren’t necessarily slacking; the human brain is not built to hyper-focus on tasks for a straight 8 hours. Clear directions, breaks, and a boss who leads by example will help mitigate these concerns.

  1. You’re doing too much billable work.

If you’re a photographer, designer, landscaper, or any business owner who clocks billable hours, you need to know when it’s beneficial to be on the clock versus growing your business. There are projects only you can do (until your company is profitable enough to replace you). If you’re stuck behind a desk or out in the field most of the time, who will find the next batch of prospects? Who will create and build the long-term vision for your company?

  1. You have a proven marketing strategy in place.

There’s no sense in hiring another person, no matter how busy you are in the moment, if you don’t have a way to pay their salary and other expenses. I ask business owners the following question to help them gain a complete perspective on their business’s potential for growth: If you could add another twenty hours (or more) a week to your availability, how quickly, and how much could you grow your business?

Most entrepreneurs reply instantly, suggesting that they could scale quickly. What is your answer? Write down precisely what you would do to bring in more business. This is the foundation for your marketing plan. Work with your coach or mentor to build out the plan with a timeline and projections on growth potential. Now you know how long it will take for you to pay for the extra headcount and sustain the growth.

  1. You’ve evaluated affordability.

If you're struggling to cover monthly expenses or carrying high-interest debt with no clear plan to pay it down, hiring may need to wait — or be done strategically (like starting with a part-timer or contractor).

Ask yourself:

  • Can your business cover your current operating expenses, including your own compensation?
  • Do you have at least three months of payroll saved or a reliable revenue stream to cover it? Your proven marketing strategy can help.

If the answer is “no” to these questions, take a breath. Get clear on your numbers first. A well-timed hire can be your most significant growth move. A premature one? A cash-flow killer.

That said, if you're close — and especially if you're still doing tasks that someone at $20/hour could do — a strategic part-time hire or outsourced contractor might be the bridge between burnout and breakthrough.

  1. You have training and onboarding processes in place.

It’s a horrifying experience for the entrepreneur, their team, and their new hire when a new person is plunked down at a desk with no clear definition of their job, goals, and daily tasks. Assign the responsibilities for onboarding and training to yourself or another qualified party:

Create a 30-60-90 Day Onboarding Plan

  • Week 1 orientation/training
  • Training for key tools and platforms they’ll need to learn
  • Goals for each month of their first 90 days
  • Regular check-ins for feedback (yours and theirs)
  • Add them to payroll and your benefits program if you have one
  • Inform them of your PTO policies. (At some point you’ll need an employee handbook)
  • Have their computer login credentials ready
  • Set up their email and access to the programs and apps they will use
  1. You are diligently developing your leadership skills.

Leadership may or may not come naturally to you, but masterful leadership skills are developed with intent, and over time. You can’t define your leadership style without defining your company culture and values first. Read books and blogs, listen to podcasts, but most importantly, work with a leadership and business coach to help you know yourself and who you are as a leader.

All of this might sound like a lot of effort, but ask yourself this: Would you rather spend your time and energy doing low-wage jobs or billable work for little in return or do fewer of these things so you can grow your company, increase your take-home, and actually spend time at home without working?

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Navigating the 5 Stages of Entrepreneurship: Your Roadmap to Success https://marlatabaka.com/2023/12/29/navigating-the-5-stages-of-entrepreneurship-your-roadmap-to-success/?utm_source=rss&utm_medium=rss&utm_campaign=navigating-the-5-stages-of-entrepreneurship-your-roadmap-to-success https://marlatabaka.com/2023/12/29/navigating-the-5-stages-of-entrepreneurship-your-roadmap-to-success/#respond Fri, 29 Dec 2023 16:21:57 +0000 https://marlatabaka.com/?p=61817 Welcome, fellow entrepreneurs, to the thrilling and often challenging journey of entrepreneurship! Embarking on this path isn't just about starting a business; it's a transformative voyage that evolves through distinct stages. Over the years of coaching entrepreneurs at all stages, I will say that the greater your awareness of these 5 stages of entrepreneurship, the […]

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Welcome, fellow entrepreneurs, to the thrilling and often challenging journey of entrepreneurship! Embarking on this path isn't just about starting a business; it's a transformative voyage that evolves through distinct stages. Over the years of coaching entrepreneurs at all stages, I will say that the greater your awareness of these 5 stages of entrepreneurship, the more likely you will navigate them effectively to achieve your goals and ultimate success.

No one will tell you that entrepreneurship is predictable or linear, and neither are these 5 stages of entrepreneurship; rather, they are overlapping and interdependent. Fail to be diligent in one stage, and others will collapse. Be strategic but also adaptable and fluid, like water.

Stage 1: Seed Stage – Planting the Idea

This initial phase is akin to planting a seed; it's where your entrepreneurial journey begins. You're brimming with ideas, exploring opportunities, and conducting extensive research (never skip the research!). This stage demands introspection and market validation. Here, clarity in your values, vision, and mission becomes the cornerstone of your enterprise's foundation. Remember, it's not just about having an idea but understanding its potential and feasibility.

Stage 1 Insight:

“The seed stage is your time to dream big but ground those dreams in reality. Validate your idea, research your market, and assess its viability. This groundwork is crucial!”

Stage 2: Startup Stage – Cultivating Growth

Ah, the startup phase – where the rubber meets the road! This stage involves turning your validated idea into a tangible business. You're developing your product or service, establishing your brand identity, and initiating your market entry. Here, agility and adaptability are paramount. Embrace the inevitable challenges; they're growth opportunities.

Stage 2 Insight:

“Embrace the chaos and crazy of the startup phase. Adaptability and a willingness to pivot will define your success. Remember, things aren't likely to turn out exactly as you once envisioned them. Get used to change now because in our world it never stops!”

Stage 3: Growth Stage – Scaling Up

Congratulations, you've survived the infancy of your business! The growth stage is where your efforts begin to yield results. You're acquiring customers, experiencing increased demand, and fine-tuning your operations. Scaling becomes the buzzword here. Strategic decisions and efficient resource allocation are key. This phase demands a robust infrastructure to accommodate expansion. The Growth Stage is when most of my coaching clients find me because they’re smart enough to realize that you don’t know what you don’t know. There’s so much to learn here about leadership, culture building, systems and processes, delegation, and evolving from the doer to the visionary.

Stage 3 Insight:

“Focus on scalability without compromising quality. Streamline operations, invest in talent, and embrace technology to fuel sustainable growth.”

Stage 4: Expansion Stage – Diversification and Innovation

As your business matures, the expansion stage beckons. Now is the time to diversify your offerings, explore new markets, and innovate relentlessly. You're solidifying your market presence and seeking opportunities beyond your initial niche. It's about staying ahead by adapting to changing market dynamics. You may even consider an acquisition at this stage. Approached right, acquisition is an efficient way to achieve growth!

Stage 4 Insight: 

“Innovation isn't just about products and services; it's about processes and customer experiences too. Embrace calculated risks, and don't fear exploring new horizons!”

Stage 5: Maturity Stage – Sustaining Success

The maturity stage signifies stability and a well-established brand. You've become a market leader, and your focus shifts from rapid growth to maintaining your market position. Strategic partnerships, customer retention, and continuous innovation are vital. However, complacency is the enemy; evolving consumer preferences and trends necessitate ongoing adaptation.

Stage 5 Insight:

 “Stay nimble and alert even at the peak. Keep reinventing and evolving. Remember, what got you here might not keep you here!”

Final Thoughts:

Understanding these five stages isn't just about navigating them sequentially: it's about embracing the dynamism of entrepreneurship. Each phase presents its unique challenges and opportunities so be fluid, rather than linear in your approach.  Embrace failures as lessons, celebrate successes, and remember, your mindset will be your greatest asset throughout this journey. Hire a great coach! Surround yourself with mentors and supportive people. Being an entrepreneur can feel lonely, don't let that be you.

So, are you ready to conquer the entrepreneurial landscape? Contact me to set up your complimentary consultation. Your success story awaits!

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Fair Compensation Blueprint: How Small Business Owners Can Build Equitable Pay Scales https://marlatabaka.com/2023/11/17/fair-compensation-blueprint-how-small-business-owners-can-build-equitable-pay-scales/?utm_source=rss&utm_medium=rss&utm_campaign=fair-compensation-blueprint-how-small-business-owners-can-build-equitable-pay-scales https://marlatabaka.com/2023/11/17/fair-compensation-blueprint-how-small-business-owners-can-build-equitable-pay-scales/#respond Fri, 17 Nov 2023 15:56:37 +0000 https://marlatabaka.com/?p=61810 Sally, a small business owner, generated about $120,000 in gross sales. After expenses, including a part-time employee, Sally took home about $30,000 in exchange for 50–60-hour work weeks. This situation lasted for five years and was unsustainable, so Sally knew she had to take action to change her circumstances. That’s when she decided she needed […]

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Sally, a small business owner, generated about $120,000 in gross sales. After expenses, including a part-time employee, Sally took home about $30,000 in exchange for 50–60-hour work weeks. This situation lasted for five years and was unsustainable, so Sally knew she had to take action to change her circumstances. That’s when she decided she needed a business coach and found me.

Today, four years later, Sally’s business employs 15 individuals and generates about five million in gross sales; her salary is generous. Yet, among the growing pains of a small business, achieving equitable pay scales for her employees has been challenging.

It’s not difficult for entrepreneurs to decide what and how to pay themselves, but it’s more challenging as you build your team. How much should you pay employees? How can you keep salaries fair and reflective of experience and contribution? How do you prevent your company from overspending on payroll?

Your first employee comes on board, and you think, hmm, I have about $40,000 remaining in my budget, so that’s what I’ll pay this person. That can work, but then your second, third, and eventually tenth and eleventh employee comes along. The $40,000 you pay your current employee isn’t enough to attract new talent, so you pay them more. This cycle perpetuates itself, and before long, you have a valuable and experienced team member who’s been with you for two or more years, making less than the new person with less experience. Payroll is a mess, and when word gets out, morale is even worse.

Use equitable pay scale ranges to solve this payroll dilemma.

Is it time to grow your team? There are many things to consider, and most entrepreneurs fail to look at the future financial picture before they take this important step. After all, you don’t know what you don’t know, right? Here’s a simple plan to help prevent a division in your culture and a negative balance in your business bank account.

Create an organizational chart.

Looking three to five years into the future, what positions will you hire for to achieve your projected growth? Create a list of job titles (not names of existing employees).Small business org chart

Research pay scales for each listed position in your geographical area. If you are a remote business, you must research the areas where your employees live. Some websites, like payscale.com, charge a fee to keep national and local averages up to date, but as a small business owner, you can use ziprecruiter.com or indeed.com to do your research. There, you can find a scale for the job you intend to fill, from low to high.

Create a pay range for each position.

Now that you know the salary range, separate it into three sections so you have three pay ranges within each pay grade. For a pay grade with a $50,000 salary limit, it might look like this:

$39,000 – $43.500

$43,501 – $47,000

$47,701 – $50,000

Now, assess what skills, experience, and qualities are for each range in your pay scale. For instance, say you’re hiring a coder. You will pay someone right out of school a different wage than someone with three to four years of experience. You’ll pay someone with eight to ten years of experience, eager to help your company grow, and a great fit for your culture, far more than you’d offer the newcomer to the industry.

Now, list the levels of experience. Identify,

  • How applicable must the experience be to your industry and goals (how much training is necessary)? Will a software engineer from the banking industry seamlessly fit into your software development company?
  • What level of education is the bare minimum your new employee needs?
  • What skills would be ideal for each pay grade level? Again, how much training will they require?
  • Whether they will manage other employees.

You can identify any markers that apply to your company and industry.

A pay scale will make your payroll system fair and equitable.

As you answer the questions above, you will create a clear, easy-to-understand scale with bullet-pointed qualifications, which is important on many levels. It will:

  • Prevent pay bias in the hiring process.
  • Take the guesswork out of your process when making an offer.
  • Help you offer clarity to employees who ask for unreasonable raises (more on this later).
  • Help to prevent your business from overspending on payroll.
  • Create a fair and balanced payroll system.

Before you conduct an interview, use the CV and your new system to get a general idea of the pay range for your candidate.

How do you create equity if payroll is already imbalanced?

This pay scale system will prevent future discrepancies, but what if your pay scales are already imbalanced? Using the computer engineer example, what if the person you hired three years ago earns $50,000, but today, you must pay a second person of equal talent and experience $65,000? Unless you are willing to lose your original person, you will have to adjust their pay to match (at the minimum) your new employee. Keep this in mind as you hire new talent; the payroll cost will increase substantially because of this pay adjustment if one is necessary. If your original computer engineer is amenable, you can make this adjustment over time, but you would risk a morale issue.

How to manage raises and promotions.

There are many different types of raises, but I usually suggest that a small business owner focus on only three:

Cost of Living (COLA).

The US Department of Labor determines a cost-of-living adjustment (COLA). Since 2021, the increases have been on the rise since living in the US has become more costly. However, just because the Department of Labor says the COLA is 4.5% does not mean you must offer 4.5%. Offer what your company can afford; otherwise, your employees could be at risk if your company struggles financially.

Completion raises.

I often suggest that my clients begin a new employee as a contractor (1099) for about three months before converting them to W-2 status. This tests if the employee and employer are a good match, whether or not the employee can deliver as anticipated, and if the job will keep the person engaged and productive. At the 3-month mark, if you bring your contractor on board, a pay increase is a great show of faith and goes a long way to keep your culture intact.

A completion raise is also applicable to goal completion and increased education experiences. A significant raise is certainly appropriate if your team member completes a training program or returns to school for an applicable degree. When you do a performance review and offer a list of goals to an employee, a raise may be in order once they successfully achieve the goals. Large project completion may merit a bonus or increase in pay.

Merit raises.

Each time you do an employee performance review, giving them goals and suggestions for advancing skills, education, or goals is wise. This is the time to discuss how they get along with other employees and customers. As they achieve these benchmarks, a merit raise is advisable. Hitting benchmark years at your company is another reason for a merit raise.

Side note: Many small business owners neglect ongoing or annual employee feedback. Remember this: Your employees are your number-one asset. Do not neglect them or fail to acknowledge them. In terms of importance, they come first.

Promotions.

Too often, I hear that employers add to the responsibilities of their employees without proper compensation. This is especially true when an employee is asked to manage others. The salary for a manager is higher than someone whose responsibilities end at their own performance. Promotions are based on performance, need, and team members' ability and willingness to grow.

Generally, reviewing pay structures regularly is a good idea to ensure that all employees are paid at levels comparable to those for similar positions in the market. Keep your team members happy and engaged, and your life will get easier—your business will be more profitable!

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Here’s Why You Struggle with Delegation, and Why You Need to Do It Anyway https://marlatabaka.com/2023/10/22/heres-why-you-struggle-with-delegation-and-why-you-need-to-do-it-anyway/?utm_source=rss&utm_medium=rss&utm_campaign=heres-why-you-struggle-with-delegation-and-why-you-need-to-do-it-anyway https://marlatabaka.com/2023/10/22/heres-why-you-struggle-with-delegation-and-why-you-need-to-do-it-anyway/#respond Sun, 22 Oct 2023 07:06:35 +0000 https://marlatabaka.com/?p=61793 The Entrepreneur's Dilemma: Relinquishing Control Through Delegation Tell me, who is your favorite corporate leader of our times? Tim Cook? Sheryl Sandberg? Reed Hastings? Mary Barra? Sara Blakely? Richard Branson? Who is someone in business leadership you admire and learn from? Imagine this influential person's day-to-day activities. In your visual, do you see them preparing […]

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The Entrepreneur's Dilemma: Relinquishing Control Through Delegation

Tell me, who is your favorite corporate leader of our times? Tim Cook? Sheryl Sandberg? Reed Hastings? Mary Barra? Sara Blakely? Richard Branson? Who is someone in business leadership you admire and learn from?

Imagine this influential person's day-to-day activities. In your visual, do you see them preparing payroll, shipping packages, and troubleshooting minor problems within the company? It's probably not an image you can conjure up—because that's not what they do. If they wasted time working so far below their skill level, they wouldn't be where they are today.

So, why are you still doing tasks that don't require your skill level? Solid and successful leaders delegate. If delegation creates a dilemma for you, working through your state of mind is a good idea.

Entrepreneurs are often known for their vision, drive, and hands-on approach. However, this same passion can lead to a reluctance to delegate. Do you buy into the common misconception that no one can handle select parts of your business as well as you can? A protective nature toward your business is a natural instinct but can also be limiting.

Why is delegation so critical to success?

I've worked with entrepreneurs eager to race to the ever-elusive finish line. Yet, aside from a lack of capital, one of the top reasons small businesses fail is pre-mature growth. Investing your resources into business expansion too soon can take your company down in months, but the danger of failure multiplies if you're unwilling to relinquish control over certain aspects of your day-to-day operations.

Delegation exponentially expands your capacity. When you entrust tasks to competent team members, you're no longer bound by the limitations of your own time and expertise. You can channel your energy toward strategic initiatives and high-level decision-making by releasing the grip on routine tasks. This is where true business transformation happens.

Can delegation backfire or fail?

Your delegation efforts can (and probably will) fail at times. If you hire the right people, equip them with clear and documented instructions, and provide the right resources, it is less likely that your employees will fail at their assignments. I often hear complaints that there isn't time to document procedures and policies and onboard and train an employee or two. This claim is the worst excuse I've ever heard! An overwhelmed and stressed-out business owner does not work efficiently, so it only feels like time is short. Bite the bullet and make time; otherwise, you'll look back five years from now, wondering why you’re in the same position, not having achieved your goals and struggling financially.

Enough false excuses. Let's look at the reality behind delegation struggles and some other insights.

The fear of letting go.

Fear is the main contributor behind the reluctance to delegate lies: the fear of losing control, others making mistakes, upsetting a client, or damaging the business in another way. Business owners often fear that others won't take them and their business seriously if they do not appear to be busy and overwhelmed. Stress does not earn anyone a badge of honor; it’s debilitating.

It's essential to recognize that delegation isn't about relinquishing all your control; it's about leveraging the strengths and talents of others to achieve collective success.

When my clients follow the plan to set their team up for success, they often find that projects turn out even better than when doing those projects and tasks themselves. Just because someone has different ideas or a unique approach doesn't mean their methods are not as good as yours. Anticipate success with new and more efficient ways of doing things.

Sometimes, entrepreneurs react emotionally to letting go of some of their duties, as though letting go means they are no longer an integral part of the company's success. Another concern is that they will be seen as someone other than the person in charge by their clients, therefore losing their importance or authority. This concern may be a subconscious fear, which is most damaging. I work with my clients to uncover the buried beliefs that keep them stuck. Then, and only then, does the company grow.

If you resist delegation to an extreme, find a coach or therapist who can help you uncover the truth behind your reluctance.

The boomerang effect.

Entrepreneurs, particularly in the early stages, find themselves wearing multiple hats. It's a commendable feat but can lead to burnout and a lack of focus on strategic growth. Delegation allows you to free up your time for high-impact activities only you can do. But here's the problem: If you boomerang back to control the details in operations, you can't focus on strategic growth and partnerships and will only be able to afford your employees for a short time. Hands-off delegation is critical to your culture and your future.

Building a culture of trust.

Once an employee is trained to perform their assigned tasks, it's imperative that you allow them to work independently. Independence does not mean you throw them into the deep end and hope they can swim; you're still available as a mentor/teacher. You will confuse and discourage your team if you don't allow them to make mistakes, demonstrate their abilities, and collaborate. Your team will thrive in a culture of trust, not one of backlash and shame.

Delegating fosters a culture of trust within your team. It empowers your employees, showing them that you value their skills and judgment. This trust forms the foundation of a high-performing and engaged team.

If you play the role of a helicopter parent, your employees will grow to doubt themselves and feel frustrated, even angry, with you. If you have a manager, allow them to manage. If you have a client service rep, let them build relationships and handle customer issues. Remember, at this point, you are a mentor, not a doer. If you want to grow your business and increase revenue, resist the urge to step in and do it yourself.

Building a growth mindset through delegation.

A reluctance to delegate indicates a fixed mindset, which limits the capacity for growth and positivity. Entrepreneurs with a fixed mindset stay stuck in a familiar pain or challenge to avoid the fears they associate with growth.

The preference of living in a state of stress and being overwhelmed, rather than fully utilizing an employee or a team, is an example of the pain and consequences of a fixed mindset. Entrepreneurs who won't delegate are stuck, inundated, and limited in their financial and personal growth capacity.

There is transformative growth and power in delegation for you and your team.

Balancing delegation with quality control.

It's important to note that effective delegation requires clear communication, defined expectations, and a system of checks and balances. Striking this balance ensures that tasks are executed to meet your standards. Don't set your employees up to fail; set them up for success, and they will thrive and stick around far longer than a stifled employee would.

Embracing change and growth.

Remember, growth often requires stepping out of your comfort zone. Embracing delegation is one massive leap toward your dream of a successful and profitable business. Start small, build mutual trust, and enjoy the freedom to grow personally and professionally.

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Business Coach Advice: Boost Sales With This 4th Quarter Checklist https://marlatabaka.com/2023/08/02/business-coach-advice-boost-sales-with-4th-quarter-checklist/?utm_source=rss&utm_medium=rss&utm_campaign=business-coach-advice-boost-sales-with-4th-quarter-checklist https://marlatabaka.com/2023/08/02/business-coach-advice-boost-sales-with-4th-quarter-checklist/#respond Wed, 02 Aug 2023 16:40:30 +0000 https://marlatabaka.com/?p=61694 Today is August 2nd, and it seems too soon to think about 4th Quarter planning, but this business coach knows the importance of year-end fact checks and action steps for your small business. Now is the time to protect yourself from unnecessary financial loss and the disappointment of going into another new year, feeling that […]

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Today is August 2nd, and it seems too soon to think about 4th Quarter planning, but this business coach knows the importance of year-end fact checks and action steps for your small business. Now is the time to protect yourself from unnecessary financial loss and the disappointment of going into another new year, feeling that you haven’t achieved your goals.

Allow me to tell you a story.

One entrepreneur’s business took off during her second year of coaching with me. In addition, her husband started a company of his own, which grew quickly and substantially. Their 2022 combined household income was three times what it had ever been. This year, both businesses continue to flourish.

I always remind my fast-growing business clients to meet quarterly with their accountants to double-check numbers, plan spending, and ensure their earnings are appropriately taxed. However, working with a business coach is a new experience for most clients, and they don’t always realize the importance of a quarterly financial checkup, so many small business owners neglect to heed this advice. They are well-meaning, but things get busy, and important meetings get placed on the back burner. As a result, my client just got hit with a state tax debt of $10,000 for 2022. That was manageable, even though it was disappointing. But it wasn’t as upsetting as the $100,000 IRS tax debt notification she received two days later!

Why did this enormous tax debt happen? Because the client’s accountant had adjusted quarterly taxes at the end of 1st Quarter but not since. Scheduled meetings would have prevented these shocking tax debts seven months into the following year. Sure, these taxes need to be paid one way or the other, but you can imagine the infuriating surprise of an unexpected bill of this size. It’s better to pay taxes on a schedule than to receive a shock like this one.

Business Coach Advice: Don’t let that happen to you!

Now is the time to delve into operations, bookkeeping, goal assessment, and future planning for your business. I often advise my clients to schedule two or three days away so their time is free of interruptions and distractions. Book yourself into a lovely hotel just far enough away from home and work to keep distractions at bay. Tell everyone, including employees, friends, and family, that you will check in once at the end of the day and are otherwise unavailable. Use this time to follow the checklist below and complete what you can.

Important tip: Also, schedule an end-of-day massage and at least one decadent meal somewhere nearby!

Here is your 4th quarter checklist.

Begin now to clean up your 2023 plan and go into 2024 feeling good about yourself and your small business. The 1st piece of business coach advice on this list should be obvious by now!

Schedule a 4th quarter meeting with your business accountant.

Your accountant will know what to talk about, but here are a few suggestions:

  • Ensure there are no tax code changes that will affect your business.
  • Double-check your tax withholdings.
  • Ask if you should increase your taxable spending.
  • Review payroll to see if year-end bonuses or pay increases are possible.

Check on your inventory history and plan for future sales.

  • If you carry inventory, be sure that holiday stock is on order. Allow time for delayed shipping and out-of-stock inventory.
  • Do a review of the current year. Where did you fall short on supply? Plan for those months during the upcoming calendar year.
  • Will you add new items for holiday gifting? What new product line ideas do you have for next year?

Revisit your other 2023 goals.

Business Coach Action Plan Are there remaining goals on your list that hold the possibility for completion yet this year? If so, forgive yourself, schedule time to work on them, or, better yet, think of someone to delegate them to, even if it’s a 1099 contractor. Be realistic about your goals; otherwise, you will let yourself down repeatedly. Of course, if lack of completion is an issue for you, hire a business coach to help you manage and eliminate this issue.

Review operations and documentation.

Have operations run smoothly in 2023? If so, congratulations! If not, any number of things could be to blame.

Plan for documentation of your primary processes and procedures in 2024. The lack of training materials is usually a significant problem for owners who see a lot of operations issues. Again, the main complaint about the documentation process is time consumption. I always tell my clients to imagine how much more time they’d have if they didn’t have to deal with a plethora of mistakes and oversights. Documentation isn’t only for training purposes; it serves as a guide in each job role. These materials give you a tool for effective employee reviews and dismissals, and it keeps your organization running smoothly.

What else is essential to know about clear and thorough documentation? It adds value to your company. This collateral is considered proprietary information, and should you ever sell or seek to be acquired, there must be processes in place before anyone takes you seriously.

Also, review staffing needs. Will you require an additional headcount or freelancers in 2024? If additional payroll is something you need to consider, add this to your accounting discussion. Schedule time on your calendar to define the job role and get your onboarding plans in place. This is another area where a business coach could be essential to the process.

Consider automation for 2024 or 25.

Customer Relationship Management tools are about more than just managing client relationships. These money-saving tools are a powerful means for running your business efficiently. A customized CRM will reduce errors and oversights. Your notifications to prospects and clients will go out on a timely basis. Your CRM will keep all correspondence branded and consistent, and it will track your job progress, flag issues, and be your project manager. Some will even integrate and track your inventory.

Some contractors specialize in customizing just about every CRM on the market, and you’ll likely find a list of preferred vendors on the CRM builder’s website. A contractor’s fee is well worth a reasonable investment. Do your best to work this into next year’s budget, but shop around for your contractor!

Create or revisit your 4th Quarter marketing plan.

Preparing a marketing calendar in advance with the big-picture strategy broken down into monthly, weekly, and daily bite-sized action steps is always a great idea. If you haven’t done this before, work with your marketing person or business coach to create your marketing calendar for next year. This task is a great 4th Quarter activity.

For now, consider your sales goals for 2023. Have you fallen short or exceeded your projections? Either way, it’s time to revisit or create marketing initiatives to achieve the current plan or continue to surpass your initial goals. Try something new or build upon what’s been working. If you set your sights on improving operations, realistic goals, and a solid marketing plan, you can and will increase profits in 2024. Who knows? You may be able to add revenue to 2023; it's not too late!

Book your hotel or getaway location today! If you’re so inclined, email me a few pictures, and I’ll include them in a follow-up blog later in the year!

The post Business Coach Advice: Boost Sales With This 4th Quarter Checklist appeared first on Marla Tabaka.

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You Want to Grow Your Small Business. 3 Tips So You Don’t Regret It https://marlatabaka.com/2023/07/21/how-to-grow-your-small-business-3-tips-so-you-dont-regret-it/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-grow-your-small-business-3-tips-so-you-dont-regret-it https://marlatabaka.com/2023/07/21/how-to-grow-your-small-business-3-tips-so-you-dont-regret-it/#respond Fri, 21 Jul 2023 20:52:50 +0000 https://marlatabaka.com/?p=61667 As a small business coach, I love working with overwhelmed business owners doing everything themselves and who are ready to have a life outside of work. Most entrepreneurs come to me with a vision but don't have the time, energy, or clarity to make it happen. This is one reason they seek out a qualified […]

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As a small business coach, I love working with overwhelmed business owners doing everything themselves and who are ready to have a life outside of work. Most entrepreneurs come to me with a vision but don't have the time, energy, or clarity to make it happen. This is one reason they seek out a qualified business coach to help them grow.

My clients achieve their goals, but for some, the reality of growing their small business is much different than they imagined. Here's the startling truth. There are several points within the process where you may question your decision to scale. You might even feel an overwhelming need to dial it back or give up. I often help my clients through these stages, and, fortunately, nearly all of them plow through until they feel good about their choices again.

To lessen or avoid the negative emotional impact of scaling your small business, here are a few questions to ask yourself as you create your plan.

1. What do I need to do now to reduce my stress later?

When small business owners are knee-deep in problems, the idea of becoming a true leader who works on the vision instead of the day-to-day operations sounds exciting and fulfilling. Still, you'd be surprised by how often entrepreneurs miss the simplicity of being the business when they initiate a growth model. Some wish they'd never hired employees and taken on more business because it now feels even more overwhelming than when they did it alone. This negative experience of expansion usually comes from poor planning and a skewed vision of the path to success.

It's wise to initiate your progression in phases and have a plan in which your function is clearly and realistically outlined for each process stage. It's also wise to accept that sometimes you'll take two steps forward and one step back. Growth is not a linear process.

To minimize the growth pains, consider these points:

  • Avoid making personal or professional travel plans within six months of bringing on new employees. Training takes time. In fact, you're likely to feel more overwhelmed by all the training than you did before hiring help. Don't expect your new people to run the business in your absence until they can perform the job skillfully.
  • You'll probably need new business to support payroll but be cautious about how much you add to the workload for at least a few months. Even if your new person or people have the skills to do the job, not all skills translate seamlessly from company to company. They still need plenty of your attention. Don't spread yourself too thin, or you'll resent your choice to build a team.
  • Outsource work that doesn't need to be done internally, like bookkeeping, payroll, and freelance labor. Do this before you hire anyone else so you're not bogged down by managing more than one transition at a time.
  • If you are offloading tasks to your new hire, begin documenting the steps in writing or doing videos before hiring anyone. Loom.com is an excellent resource for making your training videos. You will still need to provide additional training, but your new person will have documentation to check their work.

2. Am I a great communicator who listens, demonstrates patience, and understands the varying needs of different personality types?

Sometimes entrepreneurs make terrible bosses. There, I said it! If you are a creative, innovative visionary, you'll probably be the worst kind of boss. You don't like boots-on-the-ground activities like hiring, training, and building expansive systems to support your growth. One of the new leaders' most damaging mistakes is neglecting detailed, frequent, and thoughtful communication with their teams.

Never assume that any process is “just common sense” because the knowledge you possess is uncommon. There was a time when you only communicated with clients; now, you'll have more communication points, which creates a greater likelihood of error. Employing others will offer you every opportunity to learn patience and expertly communicate, but you may need a hand.

Hire a business coach who can help you grow your emotional intelligence and communication skills, learn patience, and create realistic expectations of yourself and others.

3. Do I have a skewed perspective on life balance?

A conversation with Jack Canfield offered insight about wealthy entrepreneurs that's useful to share with my clients with less wealth. Despite his success and wealth, the Chicken Soup for the Soul co-author still works fourteen-hour days for days and weeks on end. He said that when he's working on a new book or another big project, he locks himself away in his library and has very little contact with others. But then, when he sends that book to his publisher, he's off to Hawaii with his family for an extended vacation. Life returns to a pleasant balance until the next big project comes along.

Life balance is rarely about day-to-day perfection in your schedule. Look at balance as a whole life experience, not a daily part of your life. There will be periods when your personal life goes by the wayside, and there will be times when you experience the bliss of leaving everything behind to spend time doing the things you love outside of work.

Scaling your small business comes with its ups and its downs. Proper planning and an informed outlook will make the downs fewer and more manageable—but there's one last thing. Don't believe you have to do this alone! There are countless resources and people out there to reduce the burden and help you make the best decisions for you.

***Let's chat! We will investigate whether or not I can help you grow your small business with less stress and more success!***

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Entrepreneurs Who Use Vision Boards are More Likely to Achieve Success https://marlatabaka.com/2020/01/06/entrepreneurs-who-use-vision-boards-are-more-likely-to-achieve-success/?utm_source=rss&utm_medium=rss&utm_campaign=entrepreneurs-who-use-vision-boards-are-more-likely-to-achieve-success Mon, 06 Jan 2020 17:09:39 +0000 https://marlatabaka.com/?p=60760 As I was training to become a coach (remember, this was about 20 years ago), most of our population rejected the whole Law of Attraction/Vision Board concept. Thankfully, with the advancements in neuroscience, we can see how these seemingly magical tools are primarily about using different parts of the brain to our greatest advantage. Since […]

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As I was training to become a coach (remember, this was about 20 years ago), most of our population rejected the whole Law of Attraction/Vision Board concept. Thankfully, with the advancements in neuroscience, we can see how these seemingly magical tools are primarily about using different parts of the brain to our greatest advantage. Since things like vision boards have become more mainstream (alleluia!), it’s been fun and exciting to speak about metaphysics and the wonders of neuroscience without disguising the conversation in conventional wording. So here we go!

You started your business because you had a vision, right? Yet, how often do you spend time feeling excited by your vision? Do you actually visualize the outcome of your hard work, or do you get stuck in the “hard work” mentality, leaving the idea of success lost somewhere in your fantasy of the future? By equipping yourself with mindset-enhancing tools, you will not only measure success differently, but your real-time achievements will become more and more impressive and satisfying.

A recent survey revealed that, among respondents, one in five successful entrepreneurs used vision boards in the business building process. In fact, 91 percent of them attribute their current (strong) financial position to having envisioned a plan to get there. These are smart entrepreneurs!

So, can you do it as well? Of course, you can! Here’s the thing—it’s simple! That’s good and not so good because it’s so simple that people tend to break the habit of visualizing daily or don’t do it at all. It may be difficult for them to believe anything that lacks complexity could be so powerful.

I have a confession to make.

Visualization makes up most of my marketing plan. Yup, you heard me right. Of course, I market, but I visualize more. And here’s a great example of what happens when I do.

Two days ago, I was working with a client to help her grasp the concept of visualization to create strong and positive emotions about success. You see, the level of feeling that goes into your visualization produces the magic. More on that later.

I got so wrapped up in the conversation with my client that I felt the familiar surge of joy that I associate with onboarding a new client. I never focus on the money or any other self-serving aspect of working with a new entrepreneur. I focus all my attention on the joy of knowing that I can help them achieve their dreams and what that means to them. The feelings are powerful and profound.

After our session, I checked my email only to find a consultation request from a new prospect. Smiling at the wonder of it all, I picked up the phone, and he made the time to speak with me on the spot. It was a ten-minute conversation, and he became my next new client.

That is how powerful the visualization process can be. This isn’t voodoo magic. The energy I generated in my client call helped me listen intently, say just the right things (meaningfully, of course), and radiate the energy that helped my soon-to-be client feel the synergy.

What about the vision board?

Vision BoardsAs you may notice, no vision board was involved in my manifestation experience. Many people don’t know that the pictures on a vision board are only a means to an end. Images are tools to help you tap into feelings like excitement, joy, happiness, and feelings associated with self-empowerment. Once you practice with your vision board on a regular basis, you may be able to achieve a high-level vibration without the support of a board. That’s what happened in my client call.

Now let’s get a touch nerdy about the subject. Ha!

Why do vision boards work?

Your brain is malleable and trainable; it can even rewire itself. This remarkable capacity is referred to as neuroplasticity, and it allows you to train your brain for success. Visualization is one of the most powerful and efficient ways to do this.

The rewiring process harnesses two key components: mirror neurons and neural resonance. Mirror neurons are vital to the learning process and planning of our actions, as well as understanding the intentions behind them. Neural resonance is involved in focus and problem-solving. Visualization can help us to rewire our brains resulting in greater access to ideas, solutions, and motivation.

The selective attention involved during visualization imprints essential things on the part of your brain that filters out unnecessary information and focuses instead on information that's relevant. Your brain becomes laser-focused on your goals and introduces you to what you need to make them happen. This is what we call The Law of Attraction at work. Sometimes it feels like opportunities and abundance come from nowhere, but now you can see the science behind it. However, let’s not negate the fact that good stuff happens all on its own too.

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