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!

The post Navigating the 5 Stages of Entrepreneurship: Your Roadmap to Success appeared first on Marla Tabaka.

Experts will tell you to hire employees to take the load off so you can focus on business growth. As a business coach, I often suggest that clients onboard employees as they scale. However, a few key components must be in place before you expand your team.

Most often, small business owners skip over game-changing business-building steps because they're too occupied to put thought into them, but this lack of diligence always backfires.

Don't be that small business owner.

You decide it's time to take the plunge and hire your first (or next) employee. You think about what that person can do and how much time a new hire will free up for you. So, you whip up a job posting or spread the word through your community, and, voila, you find someone. You ask the standard interview questions, size them up, and perhaps check a reference or two, and your new employee starts on Monday. Cool!

Or, maybe not so cool. You may think the hard part is done at this point, but that's far from true. At this point, budding entrepreneurs need to learn to think like a leader rather than someone in the trenches. Now, you not only have to protect yourself from failing but also your growing team.

3 ways to set employees up to fail.

1. You don't give your new hire a steady foundation.

You may have a job description, but you don't have any training, implementation processes, or written documentation in place. Without a solid foundation, you throw your new person into the deep end without a raft. Rescuing your employee is time-consuming and frustrating; it was easier when you were solo!

Many entrepreneurs put these oversights in the category of employee empowerment and tell themselves they will not be a micro-manager. Really, this belief only serves to make the business owner feel better, but you can't hide behind it for long. Empowerment is built upon solid training and an understanding of the company's signature goals and direction. Your employee may attempt to do things right, but without consistent guidance and processes in place, they will struggle and most likely fail to meet your needs. There's a big difference between micro-managing and providing your team with education, support, and training.

2. You're unclear about your small business's growth vision.

Entrepreneurs have plenty of ideas for future growth and expansion. The problem appears when all these ideas merge murkily, causing a lack of clarity, confusion, and overwhelm . These murky waters lead to a team that also lacks clarity and feels overwhelmed and confused by your inconsistent leadership and direction. You may hire for the wrong positions and skill sets, leaving you with one or more team members who may be decent employees but cannot grow your small business with you. They just won't be a good fit for your ultimate vision.

3. You have not designed your company culture.

You have yet to think about what you want your company culture to look like or what values will guide you to that goal. Understanding your company and personal values to design an internal and client-facing culture gives you a roadmap for everything you do, including who and why you hire. For instance, if you hold a value that indicates honesty, integrity, or trustworthiness and hire a salesperson who promises anything to get the sale, you will have very unhappy customers. This person will also cause conflict with other team members who do represent your culture of integrity.

You don't know what you don't know about growing your small business.

Leadership development is a new stage of growth for most small business owners, and this process has many layers. While it may not seem apparent, your leadership abilities need to kick in before you hire employees, not after. It is difficult for most people to figure out how to

1. Make the time to develop processes, identify culture goals, and develop a vision
2. Get your ideas out of your head and into play
3. Gain clarity about the what, how, and why
4. Implement your ideas
5. Just about everything else!

This educational piece of professional and self-growth is why business coaches and mentors exist. No, you don't know what you don't know, and you're not meant to do it alone. Surround yourself with a supportive team of non-employees before you become an employer, and you will save yourself much disappointment, money, and time!

Are you interested in growing your business to add more freedom, security, and well-being into your life? Please contact me to see if I can help. Let’s chat and learn more about one another!

The post 3 Ways Small Business Owners Set New Employees Up to Fail appeared first on Marla Tabaka.

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!***

The post You Want to Grow Your Small Business. 3 Tips So You Don’t Regret It appeared first on Marla Tabaka.

Experts will tell you to hire employees to take the load off so you can focus on business growth. As a business coach, I often suggest that clients onboard employees as they scale. However, a few key components must be in place before you expand your team.

Most often, small business owners skip over game-changing business-building steps because they're too occupied to put thought into them, but this lack of diligence always backfires.

Don't be that small business owner.

You decide it's time to take the plunge and hire your first (or next) employee. You think about what that person can do and how much time a new hire will free up for you. So, you whip up a job posting or spread the word through your community, and, voila, you find someone. You ask the standard interview questions, size them up, and perhaps check a reference or two, and your new employee starts on Monday. Cool!

Or, maybe not so cool. You may think the hard part is done at this point, but that's far from true. At this point, budding entrepreneurs need to learn to think like a leader rather than someone in the trenches. Now, you not only have to protect yourself from failing but also your growing team.

3 ways to set employees up to fail.

1. You don't give your new hire a steady foundation.

You may have a job description, but you don't have any training, implementation processes, or written documentation in place. Without a solid foundation, you throw your new person into the deep end without a raft. Rescuing your employee is time-consuming and frustrating; it was easier when you were solo!

Many entrepreneurs put these oversights in the category of employee empowerment and tell themselves they will not be a micro-manager. Really, this belief only serves to make the business owner feel better, but you can't hide behind it for long. Empowerment is built upon solid training and an understanding of the company's signature goals and direction. Your employee may attempt to do things right, but without consistent guidance and processes in place, they will struggle and most likely fail to meet your needs. There's a big difference between micro-managing and providing your team with education, support, and training.

2. You're unclear about your small business's growth vision.

Entrepreneurs have plenty of ideas for future growth and expansion. The problem appears when all these ideas merge murkily, causing a lack of clarity, confusion, and overwhelm . These murky waters lead to a team that also lacks clarity and feels overwhelmed and confused by your inconsistent leadership and direction. You may hire for the wrong positions and skill sets, leaving you with one or more team members who may be decent employees but cannot grow your small business with you. They just won't be a good fit for your ultimate vision.

3. You have not designed your company culture.

You have yet to think about what you want your company culture to look like or what values will guide you to that goal. Understanding your company and personal values to design an internal and client-facing culture gives you a roadmap for everything you do, including who and why you hire. For instance, if you hold a value that indicates honesty, integrity, or trustworthiness and hire a salesperson who promises anything to get the sale, you will have very unhappy customers. This person will also cause conflict with other team members who do represent your culture of integrity.

You don't know what you don't know about growing your small business.

Leadership development is a new stage of growth for most small business owners, and this process has many layers. While it may not seem apparent, your leadership abilities need to kick in before you hire employees, not after. It is difficult for most people to figure out how to

1. Make the time to develop processes, identify culture goals, and develop a vision
2. Get your ideas out of your head and into play
3. Gain clarity about the what, how, and why
4. Implement your ideas
5. Just about everything else!

This educational piece of professional and self-growth is why business coaches and mentors exist. No, you don't know what you don't know, and you're not meant to do it alone. Surround yourself with a supportive team of non-employees before you become an employer, and you will save yourself much disappointment, money, and time!

Are you interested in growing your business to add more freedom, security, and well-being into your life? Please contact me to see if I can help. Let’s chat and learn more about one another!

The post 3 Ways Small Business Owners Set New Employees Up to Fail appeared first on Marla Tabaka.

When original employees don’t adjust well to culture change, tough decisions lie ahead!

You hired Sally 5 years ago, and she's been your righthand person, confidant, and friend. You are Sally were the company culture. As you grow, you'll introduce automation and new team members and identify and document the processes and procedures for a stable growth strategy. Suddenly, you're not sitting elbow to elbow with Sally anymore. Other team members may be more experienced and qualified to contribute in ways that Sally only wishes she could. She may feel threatened and displaced, even angry.

I've seen business owners hold on to original team members to the point of the employee becoming a detriment to the company. Even though you've provided additional training and have had multiple reassuring discussions, some employees can't tolerate that they are no longer your one and only. Sadly, they may need to move on. Still, the thought of this difficult conversation leaves entrepreneurs with a great deal of guilt and worry about this now underperforming employee's future outside the company.

How to determine if a long-time employee is no longer a culture fit.

You'll usually see developing resistance and something resembling a temper tantrum or the cold shoulder treatment. I've seen original team members employ emotional manipulation to sabotage a growing culture and the newcomers contributing to it. This behavior comes from a place of fear and insecurity, which frankly might be warranted. Sally may have been your right-hand person, but now there's a good chance the company's needs have outgrown her skillset. Some may consider her ways “old school” at this point.

In my experience, most business owners do an excellent job of redefining this person's role, but the employee may need more than that. They no longer feel as important, capable, and significant to your success. Soon, you and your devoted employee are miserable, which takes a toll on you and your newer employees.

Unhappy employees are often unwilling to adapt their style or grow their skillset.

The employee stuck in the old way of thinking is performing tasks using outdated technology. When asked to upgrade their skills to adapt to new technology, they may rebel, saying their way has always worked just fine, so why fix it if it isn't broken?

Employees who feel left out and threatened may treat the newcomers rudely and attempt to sabotage their success. This behavior comes from a desire to prove their worth; to you, but also themselves.

You may feel that this employee has become suddenly needy. The truth is they miss being your confidant and spending hours a day with you. They may feel like a lackey as their duties are siphoned off and given to someone more qualified to meet your growing needs.

Is it time to say goodbye?

In my experience as a business coach, it takes time for long-time employees who are stuck in their old-school ways to adapt to the changes brought about by company growth. It also takes a lot of patience and commitment from the founder.

Before you dismiss a once loyal employee who was critical to your success–and probably your sanity–make every attempt to include them in your developing culture and growth plan. Think about their qualities, what they love doing, and the areas where they thrive. Is there a place in the company where his or her skills, personality, and positive traits would be valued?

Could you allow this employee to be a part of the big-picture discussions? While you may now consider their skills outdated, the fact that they know you well and understand your idiosyncrasies (yes, we all have them) is valuable. Get creative, avoid typecasting, and discuss exciting options with your employee. Mostly though, give them time.

Then, if all else fails, the final ultimatum is presented: Find a home in this company or find what you deserve; a workplace that makes you happy.

There is one thing I can say for sure: If an original employee becomes miserable due to your growth strategy, they are as distraught about it as you are. If they are unbending, the healthiest, happiest opportunity for both of you is kindly letting them go their own way. I witness this frequently, and most of the time, both parties end up happy.

The post Culture Changes Might Mean Saying Goodbye to Original Employees appeared first on Marla Tabaka.

Consciously build a powerful company culture. Otherwise, it will build itself…and you will not like the results.   — Marla Tabaka

What does it really mean to build a strong culture? For some entrepreneurs, the very word conjures up images of employees dancing on desks, playing pool in the break room, and napping away in comfy, soundproof enclosures. While providing a fun environment may be one component of a thriving company culture, there's so much more to it.

If you want to stand out from your competition, keep your rock star talent from jumping onto another stage, and glean nothing but the best from employees at all levels, always remember Rule 11 from my 51 Rules of Leadership Excellence. Build a company culture based on your own values, but don't forget these eight musts.

1. If you want to be trusted, you must trust.

A culture of mutual trust is imperative. If you behave like a helicopter parent, overseeing, or worse, taking over every project, it will directly conflict with building trust. What if they make a mistake? I think any successful entrepreneur will tell you there is no mistake you cannot recover from. Give your employees clear guidelines and let them spread their wings.

Also, always do what you say you will unless there’s a good reason not to. If an employee is due for a raise, give it to them on time. If you say you will have weekly team meetings, be there. If you promise to add a team member to lighten the load, make it happen.

2. Determine your purpose.

Everyone needs a purpose in their lives; this is just as true in businesses. The purpose is the “why” behind what you do. If your company's purpose is only about making money, employees won't stand behind it for long. If the purpose is compelling and gives them a great reason to work at your company, it will attract passionate employees who want to fulfill your company's purpose.

If you create a purpose that benefits humankind, not just your company, you will attract and retain employees, which will produce the same effect on your customers.

3. Create a compelling vision.

If you don’t have a vision, you can’t get there. A compelling vision is short, clear, and achievable—albeit out of reach in the current moment.

For example, ex-Dunkin' Donuts CEO (and son of the company founder) Robert Rosenberg created this vision for Dunkin's future: “To become the dominant doughnut and coffee provider in each and every market” in which it competed.

Clear, concise, and probably achievable, but how? Metrics, KPI’s, and consistency.

The key is to sift through all the possible metrics and KPIs to determine the goals that best define success. Dunkin’s early objectives were:

• To have earnings per share grow at 15-to-20 percent per year.
• To have store-level economics achieve at least a 15-percent return on investment on average.
• To have debt never total more than three times EBITDA.

The company measured plenty of other things, but these objectives mattered most. This meant other goals had to support those objectives; otherwise, they weren't important.

Do your best to make your vision short, memorable, and repeatable. Long or confusing paragraphs cannot guide employees' thoughts, decisions, or actions, mostly because they can't remember or repeat it.

4. Clarify the values within your company culture.

Values let your team and the outside world know what you are all about. To come up with your company's values, first, explore your own personal values and use those to create values to guide your company toward success. Avoid double-standards.

For instance, most entrepreneurs value freedom, both personal and financial. Yet, many don’t extend that value to their team. If you wish to be financially independent and have flexibility in your schedule, wouldn’t it make sense to extend the same opportunities to your team, within reason, of course. If financial freedom is essential to you, pay your team well, and you’re more likely to achieve the goal. They will be committed, hard-working, and focused. If your employees feel safe financially, it gives them one less thing to worry about so they can concentrate on their job.

You can have any number of values; it's up to you, but remember that your values will direct how you do things in the future, so choose wisely.

5. Create unique/WOW factors.

Unique/WOW factors for your company may be the single most important thing in business today. Why should anyone want to work with or buy from your company? What is unique or WOW about it? Does what you sell or deliver stand out from the rest?

Having a unique/WOW factor should not only be for what you sell, but how you deliver it. This is especially true for a commodity or a service, as in those cases, what you sell may not be that unique in the first place. Be different! If everyone is building fences, dig a tunnel!

6. No jerks allowed.

I can't say this often enough: Hiring for skill alone will doom you to misery. Hire people who fit in with the intentional design of your culture. Hire people who have a proven work ethic and are team players. Hire for creativity and personality. Sure, experience and skill are important, but not nearly enough to take you to the top of your industry.

Create an interview process with questions that will compel your candidate to discuss their values, vision, skills, and professional and life experience. Don't rush through the search and hire process to get a warm body onboard; know your new hires.

7. Your company culture should encourage growth and ownership.

A strong company culture isn't just about teamwork and camaraderie; it's about encouraging your employees to see their job as more than just a job–to own their job and their ideas. Once you've built this collaborative, trusting environment, your employees will bring ideas to the table. If it's their idea, put them in charge of it! If an employee wants to learn something new, provide the support for them to do it. Today, innovative companies don't hire employees to remain in one job for an eternity; they hire innovators who will contribute to the future of the company in a powerful way.

8. Communicate, communicate, communicate.

Poor communication issues are at the root of many failures, and where I see entrepreneurs fail most often. You have a recipe for disaster when one hand doesn't know what the other is doing. But communication about processes and workflow aren't enough. Drill your values into your employees with ideas like those above and demonstrate them in your own behavior. Be authentic and, at times, vulnerable. If an employee isn't performing up to par, don't let your frustration and disappointment grow; engage in thoughtful conversations about it and create an improvement plan. If an employee has a win, celebrate!

Building a distinctive culture is not an overnight event, and it's not always easy. You'll hit some bumps in the road; remember Rule number 6: Never forget that your team, not your product, not your bank account, is your number-one asset.

The post How (and Why) to Build an Intentional Company Culture appeared first on Marla Tabaka.

Here's what may be going on, and how you can make it better.

1. Others don't understand the entrepreneurial mindset.

Let's face it, entrepreneurs are a breed unto themselves. You are willing to take emotional and financial risks to attain the dream. You strive for freedom but often work sixty-plus hour weeks. The passion runs so deep that others can't possibly know how it feels.

Entrepreneurs frequently tell me how much they love their partner and friends, but people who don't relate to an entrepreneurial mindset may not be able to support you as you like and need.  You may be looking in the wrong place for the camaraderie and encouragement you seek from those in your personal life.

Solution: Find like-minded supporters

Spend time with other entrepreneurs. There are groups out there for almost any interest. Sharing stories, brainstorming, and lending your expertise will give you a dose of the mental and emotional stimulation you crave. The assistance of a great coach or mentor is strongly advised to aid you in creating this balance.

2. They feel robbed of your attention.

The important people in your life may feel deprived of your attention. It's tough to admit this, so they may cite something else as the problem, become argumentative, or go into avoidance mode. This creates confusion because you can't possibly find a solution to a problem that you haven't properly identified.  Oftentimes, loved ones will say they support you, but their actions don't match their words. This is particularly true if your attention is lopsided, in favor of your business. Sometimes things get so bad at home that the entrepreneur hides behind the business to avoid facing the issues at home or in their friendships.

Solution: Create balance and avoid making promises you may not be able to keep.

Broken promises are a brutal blow to our loved ones and will cause their feelings to deepen with disappointment. Have you told your significant other that the business won't disrupt your household or relationship? You know that's not true. Do you break your plans or constantly run late? That gets old after a while so your partner is bound to feel let down and annoyed.

If you find yourself begging forgiveness for broken promises, then something must change.  Be honest, realistic, and forthright rather than avoiding the truth in fear of backlash or disappointing them. It's only fair that they know what they're dealing with. Learn to work on your business instead of in your business and create processes to expedite and organize things so you can spend more time with your loved ones. You might find they become more supportive when they don’t feel second to your business.

3. They are more risk-averse than you are.

When entrepreneurs sink time and money into a business it changes the financial landscape of the household. Savings decrease, debt increases, and lifestyle luxuries go by the wayside. Your partner may be focused on dollars in the bank today, while you're focused on a larger fortune down the road.  Spouses sometimes feel resentful, especially if they cannot see the light at the end of the tunnel. Your dream may require them to work harder to make ends meet, placing the burden of financial survival on their shoulders while you “squander away the money.”

Solution: Have a solid financial plan and share it with them.

Many entrepreneurs begin their businesses as a sole proprietor. As things grow and problems arise (because they will), it's difficult to slow down enough to create a plan. A business without a plan leads to a lack of clarity and direction. I'm not a fan of full-blown business plans unless an investor is involved, but a basic financial forecast and growth strategy is a must. These plans will help those who love you feel more secure about your investment.

4. They are afraid for you.

No one who loves you wants to see you hurt. While they may not understand your vision and commitment, they do understand how much it means to you. They probably hear about your concerns, but do you communicate your positive development and wins? You may feel like you've got this, but they cannot be inside your head, so they don't feel as confident as you do. This doesn't mean they don't believe in you; they just don't see the big picture as you do.

Solution: Be conscious of how you communicate.

Sometimes it feels good to vent–to express your fears and unburden yourself when things aren't going well. So, you dump on your loved one and leave them feeling your pain. It's good to vent but make sure it's balanced by expressing a positive outlook or something that will help to resolve their concern. Of course, they will worry for and about you. Many entrepreneurs have come to me after years of using their spouse as a sounding board, only to realize it's ineffective and stressful for both parties. Again, a coach or someone else who can fill this role is a good way to go. Not to exclude others, but to balance the load.

One more important note: Never make assumptions about the meaning behind your loved one's seemingly negative actions. Reading messages into another's behavior is a fine way to create unnecessary trouble for the relationship. The key to success and feeling supported is to communicate clearly and to remember that support is a two-way street

The post 4 Reasons Your Partner Isn’t Fully Supportive of Your Dreams (and What to Do About It) appeared first on Marla Tabaka.

Here are the issues I see most often; however, I could list many more! If you recognize any of these tendencies in yourself, you should first know that you’re not alone! The second thing to know is that your business can and will grow if you conquer the inclinations that hold you back.

1. STOP ignoring your numbers.

Numbers are the one thing in life that tell an accurate, consistent story. If your business is struggling, it is certainly easier to ignore the financial facts, but number anxiety and avoidance only create a deeper abyss between you and your success. I’ve had clients who can’t even tell me what it costs to run their business or how much money they have in the bank. There is no shame in this; I get it, but unawareness of these facts is damaging, and the pain of not knowing is usually more profound than the truth behind your numbers.

Bite the bullet. Hire a bookkeeper or accountant and get your books in order. Organizing and understanding your numbers will give you a roadmap for your next steps and help you understand where to put your focus.

2. STOP doubting yourself.

Confidence is at the core of success; self-doubt is your greatest saboteur. It’s natural for confidence to ebb and flow, but if you get stuck in a loop of negative thinking and a lack of confidence, it will undoubtedly hold you back. So what if you fail at something? That’s how we learn and gain wisdom. Have the courage to fail and put the lion’s share of your focus on your many positive achievements.

3. STOP holding on to employees who don’t perform.

You believe it’s easier to have a warm body than to take the time to locate, hire and train a new employee, right? That belief is so, so wrong! I’ve worked with many business owners who’ve made this mistake. When they finally agree to take the leap and let go of an underperforming employee, they berate themselves for not doing it sooner. If the employee is well-meaning, it is even more difficult because now the entrepreneur feels terrible about letting them go. Most people don’t know that if a team member can’t keep up for any reason, they are as unhappy as you are. Release them, free yourself from a damaging situation, and you will both be much happier.

4. STOP accepting clients who are not on brand.

An essential part of your brand is knowing your ideal client. If you’re not clear on that, it would be wise to make it your next priority. Market only to that niche, and don’t step outside of it because you need the money because fear-driven decisions will always backfire. These clients will cause problems, you may not be able to meet their expectations, you won’t enjoy the work, and it will consume more time, keeping you from your ideal clients.

5. STOP avoiding growth strategies.

If you’re putting out fires, working on non-revenue producing tasks, and engaging in what we call, productive procrastination, you will notachieve revenue-generating growth. Such procrastination is usually a consequence of confusion, uncertainty, and fear, not a condition. Your first step is to separate revenue-generating action steps from tasks that are not the work of an entrepreneur. If you must do these other tasks (that’s a whole separate issue), schedule two hours of uninterrupted time to dedicate to them as often as needed throughout your week. Spend the remainder of your day, once again uninterrupted, being an entrepreneur. No excuses, no procrastination.

What’s next?

How can you gain clarity and find solutions to the issues that stand between you and your dreams of further success? It’s unlikely that you’ll do it alone. The good news is you can absolutely make it happen.

Most people believe it’s about buckling down, determination, and struggle. It doesn’t have to be this way. Hire a great coach. Work on yourself first, then your business, not the other way around. It’s your mindset that’s holding you and millions of other entrepreneurs back from the ultimate dream of freedom and happiness. And that, my friend, can be resolved.

The post 5 Growth-Stunting Habits You Must Stop Doing Now appeared first on Marla Tabaka.

It takes work, ingenuity, and smarts, but rest assured; you can find your way through the tough times. You'll need to keep your head on straight and view this period as an opportunity for change. If you engage in negativity, then see it for what it is–Bullshift!

1. Find the Bullshift™ by examining the true reason for your financial woes.

It's not unusual for struggling business owners to blame fickle customers, employees who don't get it, and a changing industry that leaves them feeling out of control. The blame list goes on and on, and some of these reasons are sound, but that doesn't mean you can't do anything about it. Usually, the more significant problem is within the entrepreneur, so your mindset is the first thing to examine. What is the real reason for your situation? Be honest with yourself, asking what you are afraid of about taking the next steps.

Once you isolate the problems (usually, there's more than one reason for financial stress), you can create a plan to address them skillfully and creatively. Often, it's not as tragic as you may believe. This is where a good coach or therapist comes in handy; perhaps that could be your very first step.

2. Eliminate expenses unnecessary to your small business.

During more abundant times, many entrepreneurs are tempted to spend money unnecessarily. Some of these temptations are new office space, nicer cars, overstaffing, and increased personal spending. Always consult with your accountant and talk things through with your coach or mentor before making decisions like these. Look at your profit and loss statements to help you recognize opportunities to adjust your spending. Be sure to weigh the pros and cons of laying off team members. If it leaves you in the position of doing all the work and none of the strategic growth efforts, it may not be a wise choice.

3. Find your low-hanging fruit.

Sometimes we don't see the opportunities right in front of us. The most efficient means to increase your small business's cashflow is often found within your existing customer and prospect lists. Upsell them, offer something new, and connect them more often and more effectively.
Is your website's traffic volume adequately reflected in your conversion rates? Are you missing an opportunity to sell something that visitors to your site aren't finding? Examine your sales funnel if your conversion rates are low.
Lastly, look at your accounts receivable; how many of your accounts are past due? AR is often a goldmine that small business owners hesitate to act upon. Put a plan in place to get more aggressive about collecting monies due.

4. Market like crazy.

If a dip in the economy is the reason for your cash flow issue, other businesses are likely suffering. Just like you, they are tightening the budget. The marketing budget is usually one of the first cuts that business owners make, and that's not always a smart idea. However, you can use this to your advantage because advertising rates may also be slashed. Take advantage of lower rates and out-market your competition even if the economy causes buyers to cut back and the audience is smaller than it used to be. You'll get ahead of the game if you gain the lion's share of the audience.

5. Repackage your services or products.

How can you offer a bargain or something fresh and new to your customers? I have a client who manufactures and sells a popular line of dishes and accessories for tabletop décor. By examining her market more closely, she determined that customers like bundled product offerings in addition to individual selections. With a slight break in price and attractive packaging for these gift sets, now her customers buy more items from her website. She has made purchasing and gift-giving easier, appealing to the customer's urge to buy.

You can do the same if you offer a service. Look for missed opportunities in the way you package and price your services so you can create something new and attractive for your audience.

6. Adapt and innovate.

Innovative companies survive difficult times because they adapt, not only when times are tough but always. You can ask your customers what they want, but, as Steve Jobs said, they don't know. Where do you see future trends going?

The templated design platform, Canva, is one example of a trendsetter. They are listed on Fast Company's 2022 50 Most Innovative Companies, referred to as a word processor for our modern digital design culture. The company has rolled out tools for every form of content imaginable, making good design accessible to people like you and me.

How can you become a leader in creating new trends?

7. Show your customers more love.

It's impossible to place a value on brand loyalty. Provide a great product or service, ease of use, outstanding customer service, and other efforts that make you unique. Your customers will become vocal advocates for your brand. Don't be stingy in developing campaigns and implementing policies that will turn your customers into raving fans.

Make sure that your efforts are well thought out, or you will suffer the consequences as this restaurant owner did:

Restaurant “xyz” is the fifth dining establishment to occupy a specific building in my area. The other four have failed miserably. When the newest restaurant hit the one-year mark, they sent a clever email blast about breaking the property's curse. Almost as an afterthought, they thanked their loyal customer base for making it possible. Nice, but where's the real show of appreciation? They ended the email by telling us to keep coming in to purchase more food and drink so their success could continue. No discount offers or other creative expressions of thanks. This indiscretion has not gone unnoticed, as diners have made comments on social media and among themselves. The restaurant saw a dip in business. While it wasn't long-lasting, I'm confident the restaurant was negatively impacted.

The post The Economy Has Tanked; My Small Business Will Never Make It. Bullshift! appeared first on Marla Tabaka.

Not everyone has what it takes to think and act in a way that will grow a business to multiple six or seven figures. Things like a low-risk tolerance, lack of confidence, and an inability to think beyond their problems keep many entrepreneurs on the hamster wheel of struggle and sweat.

Some of the necessary qualities and skills needed to successfully grow a business can be learned. You must be willing to change and take action. It takes determination, confidence, and commitment, but the intrinsic and tangible rewards are well worth the investment of time and energy.

Million-dollar business owners have a vision with long-term goals in place.

A vision is a dream you aspire to. It consists of three elements:

1. Core values.
2. Core purpose.
3. Visionary goals.

It's best to create your vision statement through soul-searching and an eye to the future, not a few corny sentences that no one identifies with. It is the cornerstone of your company's future, including your plan, strategy, culture, and goals.

Million-dollar business owners plan for challenges and view them as an opportunity.

I work with an entrepreneur who suspected that President Trump would impose tariffs on Chinese imports long before it happened. He left his factory in China and moved production to other countries. The entire transition took just under two years, so it was a costly risk, but he's still in business because of it.

Never make the mistake of thinking things will remain the same because they never do. Your company could become extinct tomorrow, so know your business's vulnerabilities and continue to evolve as conditions change–because they will.

People with million-dollar business potential take responsibility.

Your employees make mistakes, market conditions change, customers quit, and vendors don't deliver on time. None of these scenarios is your fault, but a solid leader takes responsibility and acts to resolve issues immediately, without finger-pointing or blame. They view every problem as an opportunity to improve and develop.

Million-dollar business owners thirst for information and personal growth.

Many of my high 6 and 7-figure clients, and those who will be someday, wake up extra early to read or take in educational and inspirational media. Some add things like meditation, journaling, and physical exercise to the mix. Successful entrepreneurs don't use the “there are only 24-hours in a day” excuse. Mentally downloading useful information is fulfilling and can help you be more focused and productive, which means that 24 hours is plenty.

Successful small business owners take risks.

Savvy businesspeople calculate their risk/reward ratio as a predictor of return on investment. They also engage their intuition or gut feelings when making risky decisions. As you contemplate your next move, allow experience and wisdom to guide you toward your answers rather than acting hastily.

Millionaires wear wings.

Maintaining a bird's eye view of your company, environment, and the future takes a special kind of person. Millionaires are big thinkers and don't get caught up in the day-to-day operations any more than necessary. Keep your eye on your purpose and vision, remain focused on the goals, and imagine yourself donning a beautiful set of wings to keep you out of the weeds.

Big thinkers don't chase bright and shiny objects.

These business owners plan their next moves and stay on track, while less successful entrepreneurs complain they can't remain focused. There are two main reasons for lack of focus: little or no clarity, which causes them to go off-track, and too much involvement in operations. Creative minds need to remain focused but find new ideas fascinating. This fascination can generate tangents that delay or prevent success. This is where your vision, values, and long-term goals play an important role. Before pursuing a new idea, confirm that it fits nicely into your plan and that you're ready for it.

Millionaires respect money.

We all know people who spend money faster than they make it, and most of them are not millionaires. People who possess a millionaire mindset don't spend large amounts of money as it comes in. I've seen entrepreneurs do things like move into expensive offices and purchase luxury cars much too soon, only to end up losing them. I believe in celebrating as growth occurs but avoid being extravagant. Save the big spending for when you have a proven, replicable business model and money in the bank.

You're more likely to become one if you think like a millionaire. To become a successful leader:

1. Change your habits one at a time.
2. Be contemplative and evaluate your actions.
3. Create a plan for personal growth because your mindset determines your level of success.

Successful business owners have coaches and mentors.

Most of my new clients are making money and need the clarity, confidence, and support to build substantial growth. In one recent experience, my client began her coaching experience as a solopreneur with two part-time employees and annual sales of about one-hundred-thousand.  She broke the million-dollar mark in about one year and fourteen months later she is very near four million. She grew her team to fifteen talented people.

In another example, my client had a long-standing dream of authoring a much-needed book addressing her niche, but it was only a dream. Seven months into her coaching experience the book is on its way to the publisher! She is already well-known in her industry with high-profile connections and a powerful social media presence. I have no doubt that she will quickly meet her financial goals.

Success is measured in many different ways but always involves a dream. What's your dream? A great business coach will help you make your dream a reality.

The post Want to Become a Million-Dollar Business Owner? See If You’ve Got What It Takes appeared first on Marla Tabaka.