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The employee stuck in the old way of thinking is performing tasks using outdated technology.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.

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.

View your partnership with impartiality.

Although the startup I plan on launching includes a family member holding a partnership role, I have taken the initiative to list the pros and cons. Evaluate the skills, experience, connections, and any other assets your partner brings to the table. Then, take an open, honest look at character traits, personality, and qualities, both yours and theirs. What irks you? What do you most value about the other person? Do your values, mission, and purpose seamlessly blend? How do you get along? What idiosyncrasies will you work on accepting and what are those you are unwilling to accept? This is one of those awkward discussions I mentioned above; it must be had. Be ready to hear some truths about yourself as well; it’s a two-way conversation.

Create a Letter of Intent for Your Startup.

It’s never too early to lay out the terms for equity, responsibilities, non-negotiables, and next steps. While a Letter of Intent does not have to be a legal and binding document, it’s a good opportunity to present your expectations and understand your partner’s as well. It's a good place to initiate discussions about equity as well. Speak with a professional to better understand how distribution of equity is best handled. There are two camps on co-founder shares; one says never be equal partners on paper (my stance), and the other camp says it’s only fair. Don’t forget to set aside equity for employees and investors and agree on vesting restrictions. (Again, talk with a professional accountant or lawyer).

Draft a timeline for next steps.

In my situation, we both own other businesses and are very busy people. Most likely, you are too. It’s best if one of you can commit to the startup full time, but sometimes that is not possible. Either way, a timeline is important. In my Letter of Intent, I drew up a timeline that speaks to weekly phone meetings of 60-minutes, each of us traveling to one another’s destination for face-to-face meetings, and a timeframe for next steps. This not only states your intention, but holds both parties accountable to their commitment.

Hire a pro to draft a Partnership Agreement.

When is the right time for this big step? It can depend on many factors, as the scope of your agreement may change as the company grows. Certainly, prior to making any huge and lasting investment of time, and definitely before any sizable investments go into the company, whether it’s your money or someone else’s. “Sizeable” is relative to your financial resources. View your Partnership Agreement as a prenup. Remember those idiosyncrasies I mentioned above? This is where you can draw the line. I once had a client include a clause about the consumption of alcohol in his agreement because his proposed partner was a recovering alcoholic. Another put a restriction on her partner’s availability to other endeavors since the other person had a tendency to over commit to new ideas. This is also the place to determine who makes the final call on big decisions, or how you will divide decision-making responsibilities. Just about anything can go into your Partnership Agreement; better to go overboard than to regret your decision later.

It's not too soon to employ a business coach. Launching and running a business can feel lonely and overwhelming. Making decisions is sometimes daunting, and the wrong decision can be the difference between success and failure. Ask me about my 30-minute complimentary consultation.

Don’t confuse fair with ideal.

I hear the word, “fair”, quite a bit in reference to partnerships. Of course, fairness is only just. However, your determination of what’s fair and what isn’t, needs to be based upon what each individual brings to the table. I see emotions, and even a need to please, muddy the waters in these beginning stages. If you have to worry about hurt feelings now, you haven’t seen anything yet. Agree right at the get-go that honesty delivered with kindness is part of your value system—open the doors for frank discussions now to set the standards for the future.

This is an exciting time, albeit a bit frightening. You’ll enjoy and endure the journey from a stronger place when you take these steps. What’s your startup idea? I’d love to hear about it!

The post Common Mistakes Co-Founders Must Avoid In Startup Phase appeared first on Marla Tabaka.

Stop the self-sabotage! Once you accept the truth behind the value and worth of your services, prospects will pay more–much more.

You're an expert. In the most rudimentary language, this means that you know more about your topic than the average person, especially your target market. It also means that the sharing of your expertise will help others achieve or improve upon something that would otherwise have been very difficult or nearly impossible. How much value do you place on what you know and your method(s) of delivery? Probably not enough.

Speakers, trainers, coaches and service providers can easily underestimate the value of their offerings because there are few or no cost of goods sold and overhead is negligible. But that's not the only reason they tend to diminish their worth; internal messaging is the biggest culprit.

In working with small business owners and solo-practitioners as a business coach over the years, I've seen a pattern of thinking that, frankly, keeps people poor. I've even experienced it myself–perhaps you have as well. The pattern I'm referring to is the ongoing questioning of the worth of your services, undervaluing them (therefore yourself) internally. You may believe that this negativity doesn't show on the outside, but you'd be wrong. When you diminish the importance and uniqueness of your knowledge, it's impossible for your prospects to set a high value on what you offer. The energy behind your sales pitch simply will not match that of a highly valuable end result.

I've actually come to believe that well-delivered information, inspiration, and emotional support are priceless. While priceless isn't acceptable in negotiations, embracing this theory will help you to set–and get–fees that are commensurate with the actual worth of your services.

Here are a few of the statements I've heard from people who are stuck in this loop of negative thinking. I call them lies, or excuses because they are only a means of self-sabotage that keep you from taking an emotional risk. It's time to stop the lies and accept the truth.

1. Lie: It's just common sense, anyone can figure this out.

Truth: If they could have figured it out on their own, they would not be seeking your help. Perhaps they have pieces of the puzzle but haven't put them together yet. Many experts tend to diminish their wisdom because it comes so naturally to them. What is simple to you may feel like rocket science to another. Your ability to turn rocket-science into manageable information is, as I said, priceless.

2. Lie: They can find this information online; they don't need me.

Truth: If you are a trainer or teacher, much of what you teach is most likely available online and in books. People are busy, some aren't great at collecting information, and most are willing to pay for the opportunity to access what they need through one convenient resource. Additionally, you put your own unique spin on the information, making it a meaningful process–unlike reading long articles and sifting through uninformed opinions in on-line forums.

3. Lie: I probably don't know as much as I think I do. I might be found out!

Truth: Ask yourself if you know more than your prospect. Perhaps they do know a lot, but are they acting upon it? Can you make it easier and more likely for them to take action? The answer is yes. You make peoples' lives easier and richer. Again, priceless.

4. Lie: What if they tell me it's not worth much? I may be facing rejection!

Truth: What if's create a tumbleweed of possibilities. Why not turn your negative what if's into positives? What if your client adores you to the moon and back? Understand that if–I should say when–a prospect says no, it probably has nothing to do with you at all. Don't assume that a “no” is a reflection on your talent and worth. Your prospects are dealing with their own limiting beliefs, including a perceived lack of funds.

5. Lie: If my client(s) fail, it will be my fault–It will mean I'm not very good at this after all.

Truth: Boy, this one used to be a biggie for me until I had a life-changing realization: not everyone is ready to do what it takes to get the results they desire–even if they say they are. As the old saying dictates, you can lead a horse to water but you can't make it drink, some of your clients will not show up as superstars. You're great at what you do and many of the people you work with soar to success with you at their side, right? To achieve a one-hundred percent success rate when you base your success on that of another is an act of self-sabotage. That's the truth.

If you have a challenge believing in yourself, muster up the courage to ask for help from a professional. You are so worth it!

The post 5 Harmful Lies Entrepreneurs Tell Themselves (and how to stop doing it) appeared first on Marla Tabaka.

A love note from your small business:

You gave birth to me one day, long ago. I was the sparkle in your eye, an idea growing inside of you, impatient for the day when I would become a reality.

I know that I’m not an easy child. I know that I’m demanding and always hungry for your attention. Thank you for staying up with me into the wee hours of the night and carrying me with you everywhere you go. I’m your most demanding child, yet you nurture and care for me like no one else ever could. Thank you for feeding me with your creativity, passion, and endless devotion.

I wish to give you something in return. I wish to give you the gift of freedom; I wish to give you a performance for which you will be forever proud. I wish to give you security and financial independence. Mostly, I wish to give you the means to help others as you do so well, and the satisfaction of knowing that this world is a better place because of you–because of us.

Perhaps I’m still too small to give you all of that right now, but we’ll grow together. Please know that gratitude comes in many forms and, while I may not always give back to you in the ways you expect, there is a gift in every moment that we spend together. Like the child you hold close to your heart I will bring you joy, even in the most trying of times.

Thank you for bringing me into this world.

Love,

Your Business

The post Your Small Business Has a Few Things to Say to You appeared first on Marla Tabaka.

If you want to be an entrepreneur, here are seven things to do before you quit your day job. How ready are you?

1. Work on your business plan now.

Daydreaming is something you probably do often, and that's great! You need to make this more than a dream though; it's time to work on your plan. Every step, from where you will operate to how you'll fund and market your idea, needs to find a home outside of your head. Declutter your mind by creating a document that outlines your steps and how you will execute them. One caution though: Don't strive for perfection; that's simply another way of putting things off.

2. Connect with helpful people.

You've probably never done this business-building thing before, so don't go solo. There's no need to reinvent the wheel. Find a couple of successful business owners who are willing to provide sage advice and guidance. With the combined experience of a strong support network you're more likely to make better choices. Also, find a great business coach who has a solid track record of helping others in your position to succeed. Let's talk about that.

3. Create a budget now.

Before you take the leap from employee to employer, plan for the consequences of a slower than expected take off, or even failure. Do you need to secure financial help from investors? Have you saved money specifically earmarked for living expenses and startup costs? Plan for a long road ahead; if you make it there sooner, you'll have the capital for expansion. If you don't have enough money set aside (double or triple the number that comes to mind) then start socking it away now. Take on a second job if needed–yes, I really said that. You may as well get used to the long hours now, since operating a start-up often leads to many sleepless nights.

4. Tell people about your idea for a small business.

If you're afraid to share your idea and expect everyone you meet to sign an NDA, you're acting out of fear. Stop that! Your idea is just an idea, and there are millions of them out there. When you actually have an innovation (an idea turned into a profitable business), you may need to protect it. Right now what you need is feedback, sage advice, and to become well networked. And that takes us to my next point:

5. Build a diverse network.

A solid network for support, connections, and financial support is critical to the success of your soon-to-be business. But don't forget the industry connections related to your current work. Your contingency plan may include returning to a day job (for a period of time at least) and you don't want to lose touch with the people who can help you do that. Please don't burn your bridges! When the time is right, leave your company on good terms and with integrity.

6. Do a test drive.

You love your idea. You have to, or you won't have the fortitude to make it work. Now it's time to make sure you're not the only one who believes in it. At this stage of the game, test the market by wading in, not jumping in feet first. Do your market research, sample out your product, and launch it in phases. I once had a client who wanted to launch an entire line of beauty products, risking everything she had. Thankfully, she decided to launch only one and received invaluable feedback that probably saved her from financial ruin. No need for this to take years; perform your due diligence, correct course where necessary, and just do it.

7. Don't make empty promises.

Hopefully, your close friends and family, especially your significant other, will back you up on your decision to take this leap. They might be more nervous about it than you are, so it's tempting to make promises you may not be able to keep. Giving your word about things like a short timetable to profits and consistently devoting time to the family will soothe some of their fears and make your life easier–at first. Don't pretend that this life-changing event won't affect your home life and relationships, because it will. The trick is to create “life balance”over the long haul, understanding that there will be times when your life is anything but balanced. Be honest with yourself and others; anything less will only make you a liar, at least for a while. With that said, never lose sight of what's truly important and can never be replaced.

For those of you who have already taken the leap, what do you wish you did differently? Help someone out and share your thoughts and insights with them today.

The post 7 Things to Do Before Quitting Your Day Job to Launch Your Small Business appeared first on Marla Tabaka.