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.

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.

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.

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 dreams or 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 most 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 miss out on plans or constantly run late?

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 business 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 your entrepreneurial dreams mean to you. They probably hear about your fears and problems, but do you communicate any 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 Entrepreneurial Dreams (and What to Do About It) 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.

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.

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.