Build a Better Business - Vyde

When to Forget Your Goals and Focus on Your Obstacles

It seems like goals is a buzzword in business these days. We hear about solopreneurs achieving lofty aspirations and turning their side hustle into a corporation almost overnight. We read about the best tactics for corporate goal setting and how to implement change, and we’re constantly focusing on how to beat our stats, implement metrics and strategies, and set and crush goals that were once thought of to be impossible.

But with all the good that goal setting does, it also can cause a dangerous distraction. You might be shaking your ahead in agreement – the SMART goals, seminars, ways to make $1M overnight, and other tactics can often create a roadblock for our success rather than propellling us forward. Why?

Well, sometimes the big, fancy finish distracts us from focusing on what it will take to get there. But you’ve gotten it broken down into a million steps and everything is planned, right? Although SMART goals and planning are effective sometimes it really does obscure the path because despite it all we’re focusing on the end result rather than on being the type of person that can actually make the end result happen (and last).

We’re not saying that you won’t get there with goal planning – but it might go a lot faster if you look at the obstacles that are blocking your path and solve those, rather than try to create your own personal roadmap to success.

Here are a few things to think about when it comes to finding and overcoming the obstacles that might stand in your way:

do you have the skills needed to accomplish the goal you have in mind? If your plan is to have an astronomically large net worth, but you currently don’t have one, odds are that you might be lacking a few financial skills needed to obtain your wealth. Start listing the skills you think you need and then check them off your list when you’ve got them. Those that you don’t have – make them a priority.
prioritize the obstacles – we talk about strategy in business so apply that to the obstacles you’re bound to encounter and you’ll find that you’ll be crossing the goal finish line sooner than you might think. It’s not enough just to have a to do list with things you need to become or learn, figure out the best way to get it done and what to tackle first. Prioritizing allows you to blaze a clear trail and you might find you can even kill 2 birds with 1 stone.
keep the end goal vague so you can focus on the here and now –we’ve heard plenty of big goal setters say that knowing the details is what drives you to accomplish that big goal. Things change, flexibility is key, and it might not even be possible to do something exactly to plan. Our recommendation? Keep the end goal vague and instead focus on the details that are happening right now that will propel you to that end goal. When we say vague, we still want you to know where you’re headed just don’t start picking out your big expensive sports car and figuring out how you’ll rule the world just yet.

What are you big goals? Or maybe your obstacles? We love talking business and big dreams… tell us in the comments.

Frequently Asked Questions:

Why can goal setting sometimes be a distraction?

Goal setting can be a distraction because focusing too much on the end result can obscure the path to achieving it. It might cause you to overlook the necessary steps and skills required, leading to frustration and stagnation.

How can I identify the obstacles blocking my path to success?

Start by listing the skills and resources you need to achieve your goals. Identify which ones you lack and make acquiring them a priority. By breaking down the process, you can tackle obstacles systematically and more effectively.

What is the benefit of keeping the end goal vague?

Answer: Keeping the end goal vague allows you to remain flexible and adaptable to changes. It helps you focus on the present actions and decisions that will propel you toward success, rather than getting fixated on a rigid, detailed plan that might not be feasible.

How should I prioritize the obstacles I encounter?

Answer: Prioritize obstacles by assessing their impact on your progress. Focus on the most significant barriers first and create a strategic plan to overcome them. This approach ensures efficient use of your time and resources, helping you progress faster.

Why is it important to manage expectations when setting goals?

Answer: Managing expectations prevents undue stress and pressure, especially when goals are unrealistic or overly ambitious. Setting manageable and attainable goals allows for consistent growth and helps maintain motivation by celebrating incremental achievements.

Why You Need to Learn to Tell Your Story

Stories are just words. So why are they so important? Studies show that the average American hears or reads 100,000 words every single day. Findings from studies dating back decades have shown that 80% of what we learn is gone within 24 hours of our hearing it. That means that many of the message we hear simply don’t make an impression.

And yet, we’re told more and more that it’s even more important than ever to have a personal brand, to build a platform, to stand out, to manage our careers. But how do we do that without words? And how do we make the words we say meaningful enough to stick?

We tell stories.

Why Telling Your Story is So Important

These stories aren’t necessarily the ones you read to your kiddos at bedtime or those fairytales you remember hearing as a kid. But they’re important just the same and they’ll be remembered (just like those fairytales) if you tell them right. These stories are facts, but they also provide plenty of opportunities to connect with those you tell them to and the connection is what will make you memorable.

But why is telling a story so important? Don’t we have other means that showcase who we are and what we’re capable of. We do, but the honest truth is that not many care and even less remember. Here’s just a few reasons telling your story can be so important:

no one really cares about your resume – gone are the days of relying solely on a sheet of paper with your greatest accomplishments. Many employers today are more interested in reading your bio, seeing what they can find about you when they search on Google, and hearing about the life experiences that have shaped you into the person you are today (you get bonus points if the life experiences you share showcase skills that apply to your work!)
the biggest leaders and greatest marketing campaigns start with a story – look around and you’ll find some of the most influential organizations tell a story that is so compelling others want to join or contribute just to be a part of it. (If you’re racking your brain trying to think of an example, here’s a few, Apple, R[E]D, Toms)
telling your story helps you evolve – how many times have you introduced yourself? Do you always say the same things? If you look back you might find that the details you include have changed over the years – when we tell our story often we start to find out subtle truths about ourselves that help us gain confidence and understanding about who we are and what we can and want to do.
sharing your story can accelerate interpersonal connection – think about the people you work with. Those that you eat lunch with or have known for years have probably shared at least a few personal details about their lives and likes. Because of this, you’ve got a better gage at how to work with them and that means that you can accomplish more. Creating these connections is a great way to be efficient and it’s also incredibly effective when you’re striving to put together high performance teams.

What Makes a Good Story

Now that we’ve seen why a story is so important, we want to make sure the stories we tell are as effective as they can be. Miscellaneous facts and data aren’t easily remembered if they’re line-itemed or randomly listed, but include them in a story and you’ll find the recall rate is a lot higher. Tucking in important points within your story is key, but the most memorable stories are those that are practiced and that have a set pattern. Here’s how to get started & a few tips on telling a good story:

make sure you have good story structure – start at the beginning and provide ample background without losing your listener in the details. Every story should have a beginning, middle, and end.
keep the reason or moral of your story simple and stick to just one – learning 17 different lessons from a story seems overwhelming not to mention a little unrealistic. Pick the most important reason for your story and stick to it.
Personal connection – sometimes in story telling a character can seem one-sided or flawless. Make sure that you have your main character be relatable – remember to show them in real life even if the story is about them taking on a challenge or overcoming a tremendous obstacle.
Include common reference points – this is one of the best ways to solidify your characters being relatable. Include feelings, ideas, thoughts, that others can relate to. We all know what it’s like to feel scared, take on a new task, or work towards achieving a huge goal.
Pacing – having a beginning, middle and end isn’t all you need. Make sure you have a good pace – that you don’t dwell too long on setting up the story or belabor certain points. Instead make a full circle and come back to the point you started with in the beginning

No matter what, remember that stories need to be practiced and then shared. They might help you get a job interview, inspire an employee, get you a promotion or help you sell your product or service.

How to Create Daily Rituals that Help Propel You To Success

We’ve heard it before. The effect daily rituals have on success is quite the topic among high achievers. The concert pianist who practices scales and muscle memory exercises mercilessly to help hone their craft. The athlete that visualizes winning a gold medal, scoring the winning goal or breaking a world record in efforts to maximize their performance. And the ultra-savvy entrepreneur or CEO that gets up early, works out regularly, takes risks and makes millions. More often than not, those that are most successful in their chosen field attribute their success to exercises, or rituals, such as the ones mentioned above. The difference between an exercise and a ritual might just be the fact that most rituals become long-standing habits. Aristotle said it best,

We are what we repeatedly do. Excellence, then, is not an act, but a habit.

So what exactly do daily rituals mean for small business or entrepreneurial success? Everything. Today we’re breaking down the purpose of daily rituals and just how we can implement them to help propel our success in our chosen field or industry.

Benefits of Optimized Rituals

When most people hear the world ritual they associate it with religion. In this case, a ritual is merely something that is done consistently in efforts to produce the same results. Rituals, aren’t just consistent, they’re outlined steps that are followed with exactness so as to ensure a wanted outcome. So what type of benefits can you expect to see from a ritual? We’re glad you asked. Rituals can benefit anyone in the following ways:

Put you in a high performance groove both mentally and physically – its a surefire way to get ready for big decision-making and calculating risks
Allow you to predictably perform at a high level – meaning you can count on high performance every time rather than hit and miss chances at success
Stop you from overthinking – when it comes to risks, thinking too much can actually cost you a win. Rituals push you through the process and help you get to the success faster so you don’t overthink or miss an opportunity
Allow you to upgrade your performance because you can break things down in steps and tweak what’s need fixing – doing things repeatedly and in the same way allows you to pinpoint where the breakdowns might occur and correct them.
Give a sense of purpose and confidence – creating a habit or a practiced sequence means you’ve seen success before. This consistency gives you confidence that you can recreate the same effective outcomes and that means you’re more and more ready to push through the challenges ahead.

How to Build Your Own Daily Ritual

Now that we’ve got you convinced about daily rituals and how they can propel you to success, lets talk about how to create some rituals of your own. It really is just a prescribed sequence that can help set you up for success – creating some ornate set of steps or adding additional tasks to your already busy schedule won’t do. Real rituals are the most effective when you fine tune your already existing routines to help ensure a successful outcome. To do this, we suggest the following steps:

catalog what you already do – focus on a single area that you wish to improve. It may be your customer service, product launches, or even expanding your business in a certain area. List out the typical steps you take.
take a look at your process – What steps are you missing? Are there things you might be able to add in, delete, or move around that would better ensure your success?
reinvent the ritual and put it to practice – make the changes and then get to work. No matter what your ritual, you won’t see success unless you put in consistent effort.

Incorporating AI technologies into daily rituals can significantly enhance productivity and success. Future AI tools like personalized scheduling apps, virtual assistants, and smart home devices can streamline routines and manage time efficiently. By automating repetitive tasks, AI allows individuals to focus on high-priority activities and decision-making. Additionally, AI-powered analytics can provide insights into personal habits, helping to optimize performance and well-being. Embracing AI in daily rituals not only boosts efficiency but also fosters a proactive approach to achieving goals, ultimately propelling individuals toward greater success.

We’d love to hear about the goals you’ve set and the rituals you’re creating to help you get there – drop us a line in the comments.

7 Tips on What Not to Do as a Small Business Owner

Being a small business owner is hard. We balance personal life, work, and everything inbetween just trying to make it through the day. Because of this, it’s easy to take shortcuts or let things slide. Here are a few ideas on what to steer clear of or at least know what you’re getting into so you know how to handle it:

Don’t Hire a Family Member or Friend

This can be tricky. There are times that this works out well, however, keep in mind that you will need to be prepared to give correction, be professional much of the time, meet deadlines, and be careful with money. If you do hire someone close to you, make sure that you talk about the professional requirements of the job and how you are counting on them. If they don’t work out, be honest. Make sure they also happen to be the best person for the job.

Don’t Allow Business to Change Your Personal Calendar

Many times, people quit a taxing 9-5+ job to start a small business so they can spend more time with their family. It’s hard when trying to “make it” in the beginning, and when you “have arrived” and things are really busy. Just remember, you switched vocations so that you could spend time where you wanted. Even if that takes a little less money here or there, those kid performances are important. Make your schedule at the beginning of the week and try to stick to it.

Don’t Do Everything Yourself

You’ve heard the phrase, “the devil is in the details” right? Well, when owning a small business, it can actually be bad to care about so many little details. Hire a good team, then delegate, and TRUST them. They might not do things the way you would, but why would they? They can bring something better than another robot version of yourself…variety, cross-functional thinking, and most importantly, TIME 🙂 Don’t discount the importance of this when you get to pay day.

Don’t Be Late to Everything

here are so many tasks, projects, people to follow up with, customer requests to get to. Even if a conversation seems to be going somewhere successful, make sure to let a prospective buyer/client know what time you need to be done, and stick to it. Professionalism counts, even for small business owners. By excusing yourself to head to another meeting or a child’s soccer game, the buyer will know your time is precious and take you more seriously than if you hung out with them all day listening to what they have to say.

Don’t Assume That Spending Money on the Business Should Always be Done Cheaply

This goes for marketing materials, trainings, software, employees, etc. Careful planning and organization is important, but many of these items should be viewed as an investment toward the future. I’m only talking to the Frugal Freddie’s here. Spending frivolously is a different topic. It’s not a good idea to hold out on marketing for an upcoming conference, or withhold training for employees, or put off a simple low-cost piece of technology until you have more customers or make a certain amount. It is smart to spend even when you don’t have much, as long as it is done in a strategic way. Most importantly, don’t skimp on paying good help what they are worth. A special gift to collaborators can go a long way as well.

Don’t Reinvent the Wheel

Don’t feel like you have to implement all of your ideas right away. Even a “slam dunk” plan might not have the best timing. Think about what you have already created and how you can use it to implement a version of the plan. If the timing isn’t right, don’t throw the plan away. Make a folder on your computer or project management software for “Backlog” or “Ideas.” Revisit that folder at quarterly and annual review time. You’ll be amazed at how many great ideas can be patched together from plans you’ve almost implemented in the past.

Don’t Act as if Sleep & Exercise is for Wusses

You know we all do this. We stay up late to get everything done that hasn’t been done for years, and then get disappointed when we can’t finish, have no energy during the team meeting the next day, and forget to tell employees how important hair nets are. Work will always be there. Sleep and exercise is how we get through the day without sluggishness, depression, etc. Also, we end up becoming more dependant on coffee, sugar, junk food because we don’t have the energy to get through the day without it.

You are doing great. Many times we think we aren’t making a difference or selling enough, etc. Take a look at all the good that has come because of opening your doors. Thanks for all the hard work you do to build the small business community in a STRONG way!

How to Stay Organized on Your Business Calendar

It’s all too easy to let our day jobs rule our lives. With technology at our fingertips we can constantly be in contact – checking emails, answering texts, and fielding phone calls. Our work schedules quickly feel up with business meetings, and collaborating with teams on projects, new product launches and much, much more. As small business owners, we’re guardians of our time and our success and the two are definitely linked. Today we’re sharing our top tips for keeping organized when it comes to your business calendar.

Make an Optional Calendar

Life is busy. We say no to lots of things… even good things that might help us take our personal and professional lives to the next level. The reason? Time. But if you’re like us, you’ve had the occasional afternoon open up and you’re left coming up with what to do or worse, wishing you could remember the dozens of tasks that you’ve been meaning to get done.

You’ve probably seen on your own digital calendar that you can set up multiple calendars and have them appear at a click of a button a master calendar. Events are color coded and it’s not only pretty to look at but effective. That said, it can still cause a lot of stress and an over-programmed life. When you say no to an event or project that you’d like to say yes to, slip it onto a “Optional Calendar” that way you’ve got the information at hand when your afternoon seems to open up and you’ve got free time you didn’t know you had. And you can shut down the regret of having to say no by simply turning the view option on that calendar off. With an Optional Calendar, you can spend the time doing more rather than figuring out what to do with your free time.

Work in Blocks of Time

You’ve heard of batching tasks and we’ve even talked about automating processes, but there’s something to be said for blocking off chunks of time so you can hunker down and get things done. You’ve probably heard of many an entrepreneur or CEO that hits the office early so that they get a jump on the day – they’ve scheduled blocks of time for answering emails or brainstorming projects – often those things that aren’t easy to accomplish amidst a dozen interruptions.

Take a look at your schedule. Can you move your meetings all to the afternoon so you’ve got time in your office to take care of daily tasks? Maybe it’s best to schedule out reading and answering emails before 10 AM. No matter what you do, look for tasks that you do often or that require similar circumstances (like peace and quiet to return phone calls, etc.) and then group like tasks together.

Prep for Tomorrow

Half the battle of a successful day is being ready for what it holds. Some of the most successful small business owners we know make it a habit to spend the last few minutes of the day getting ready for the next. So what is it that they do?

Some review their schedule for the next day? Others write the last few emails and hit send, others clear off their desk, close out of tabs in their internet browser, and scribble down a short list of to do’s so they can hit the ground running. The best way to figure out what to do to prepare for the next day is to take note of what things you’re doing first thing in the morning – then add those tasks to your end of day and you’ll start the next day ahead.

Prioritize Tasks & Do What You Can, Now

The almighty to do list can get awfully long, so make sure you prioritize it once you’ve created it. Most efficiency experts say that planning to accomplish 3 major tasks each day is a definite win. But what about all the little things you put on your list – where do those fit in? Instead of pushing them into tomorrow’s schedule stop and do them now.

Don’t wait to respond to that employee that needs an answer tomorrow – craft a short response and send it now. Once you prioritize your tasks you’ll be able to see which items need more thought and which ones can easily be accomplished or eliminated completely.

So what are some of the ways you stay organized in your business calendar and life? We’d love to hear your ideas in the comments below.

FAQs: Staying Organized on Your Business Calendar

1. What is an optional calendar, and how can it help me stay organized?

An optional calendar is a secondary calendar where you can add events or tasks you would like to do but are not essential. This helps you avoid over-scheduling and provides a list of productive activities when you find unexpected free time.

2. How can blocking time improve my productivity?

Blocking time involves scheduling dedicated chunks of time for specific tasks. This minimizes interruptions, helps maintain focus, and allows you to complete similar tasks more efficiently, improving overall productivity.

3. What are some tips for preparing for the next day?

Spend the last few minutes of your day reviewing the next day’s schedule, sending any final emails, clearing your desk, and making a to-do list. This preparation ensures you start the next day with a clear plan and focus.

4. How should I prioritize tasks on my to-do list?

Focus on accomplishing three major tasks each day. Prioritize by importance and urgency, and try to handle quick tasks immediately to keep your list manageable and prevent procrastination.

5. Why is it important to respond to small tasks immediately?

Addressing small tasks immediately prevents them from piling up and becoming overwhelming. It also ensures timely communication and keeps your workflow smooth and efficient.

4 Ways to Raise Your Small Business Credit Score

When it comes to test scores, salaries, batting averages, or pretty much anything other than golf scores – the higher the better. The same goes for credit scores. And a good credit score means a lot if you’re starting or running a business.

Why Your Credit Score Matters

A credit score is a way that financial institutions and lenders attempt to predict your future financial behavior. They look at your financial past- what types of loans you’ve taken out, if you quickly repay or default on a loan altogether, and if you’re consistent in your payments and even pay on time. Then based on their assessment they assign you a score between 850 and 300.

The higher the score the better of an investment you are, so your ability to take out new loans or work with lenders with better rates increases.

This can be essential if you’re looking to start a business or expand the business you already have. It even can come into play if you’re sourcing large amounts of raw materials or other resources for your business – many wholesalers are more likely to extend larger tabs to clients with higher credit scores because they know they’ve got a good financial history.

How Do You Increase Your Small Business Credit Score

Remember, you didn’t get your current credit score overnight, so raising your credit score isn’t going to happen that fast either, but you can always do things to help it improve.

Take a look at your current credit report – review you’re current credit report and look for areas that might include false information or items that have a negative impact. Verify your story to the best of your ability by collecting related paperwork and any bank or credit card statements. Then contact the credit agency and ask to work through these concerns.
Pay on time. Every time – Making sure you can pay your bills and that you do so on time is the best way to improve your business credit score. To do so, consider setting things on autopay, paying a little extra each time so you’ve built up a reserve and setting reminders on your phone so you can check to see that you’ve paid in full by the required monthly deadline.
Pay Down Your Debt – for most individuals and small businesses this can be a monumental task, but it is possible and it makes a great impression. If you’re looking to acquire a loan or are putting things on credit, go into it with a plan on how to pay it off. If you’re stuck with debt, take a look and see if you can consolidate it by using a debt snowball method. No matter what, pay the minimums so that your current schedule credit score doesn’t take a hit.
Improve your Credit Utilization Ratio– lenders take into consideration just how much you utilize your credit. The higher your utilization rate the greater the risk of not being able to repay your debts. So work to keep your credit utilization rate low, preferably under 30%. Lenders want to see that you can properly manage your debts and are much more willing to extend credit if there is a lower risk.

No matter what don’t give up. Pick a strategy and stick with it. Don’t get frustrated when you don’t get immediate results – like we said before, you didn’t get your current credit score overnight and you won’t undo it that fast either. Making wise financial decisions consistently will not only improve your credit score but also help your financial standing overall.

Save Time & Stress Less – Process Automation

Entrepreneurs and small business owners are often one-man shows. But just because your headcount is small doesn’t mean that your business has to be. In fact, you can save time, stress less and earn more by spending a little bit of time thinking through your daily tasks and implementing process automation where you can. For many small business owners, process automation sounds like something that’s only for large corporations or businesses that have exponential growth – but we’ve seen that process automation doesn’t just cut down on stress and save time, it also helps businesses grow – and grow quickly.

What Process Automation Can Do For Your Business

Just so that we’re clear, they type or process automation we’re talking about is anything that brings structure to repeated tasks or eliminates additional work. If you’ve created your business from the ground up, you probably either remember the days (or are still in them) where you’re crafting the same emails over and over, or feeling like you’re reinventing the wheel for every client, new product launch or customer service issue. The start up phase of any business is so focused on bringing in enough cash to support the business that we spend a lot of time spinning our wheels.

Why Process Automation Helps You Grow?

The simple answer – it frees up your time so you can focus on other tasks. But it also helps in a bunch of other ways. Process automation can save you money. For example, we have lots of clients who tell us that they’re super busy and need to hire an assistant. But when we look at their books, we can see that they might not be able to pay an assistant and that the income their brining in doesn’t seem to match up very well with the hours they tell us their spending. Hiring an assistant seems like a great way to reduce stress, but it could actually increase it. Instead, we recommend taking a brief look at the work you’re completing every day. Are you still drafting out customer service emails when needed or do you have a file of templates that you can tweak as needed? Do you process and package orders individually or do you batch tasks? You can see that answering a few simple questions and then putting together a little bit of a structured plan can quickly convince you that you actually don’t need an assistant you need process automation.

How to Get Started with Process Automation

We touched on this slightly above – the first step is to stop and look at what you’re doing over and over again. If you feel like you’re having to recreate the wheel, chances are you’ve got an area of your business that could benefit from process automation. Before you rush out and buy new equipment or purchase expensive software – make sure you stop and see if there isn’t an easy fix. Here’s our short list of process automation ideas that don’t require spending a bunch of additional money, but rather just a little bit of time:

emails – dig through your sent email box and pull out those you’ve already drafted and that seem to need to be written again and again. Make a file of email templates, even save them in your drafts folder right there in your inbox and then make sure to just cut and paste and tweak as necessary. Even if you only have a template or two, you’ll be saving yourself at least a half hour each day.
batching tasks – it’s one of the first things people suggest but also one of the last suggestions people actually take. But the time you can save by batching tasks is amazing. And it also simplifies your work day so that you’re not stressing about the fact that you didn’t get much done. Take 20 minutes and brainstorm all the areas of your business. You may only answer customer service emails during lunch time, and spend mornings picking product, packaging and getting it ready to ship. If you find yourself constantly brainstorming ideas for marketing or new products – schedule time to do it once a week rather than every day.
bring in technology only when it’s needed – it’s true, tech and additional software can help streamline a process, but learning that software or implementing it can take time. If it’s a good trade off, then by all means bring on the tech, but if it’s going to take longer to learn/implement than the time it will save – it might not be worth it, at least not at this point. We find that lots of our clients have purchased software in hopes to save a buck and DIY their own taxes and monthly bookkeeping – we’ve also found that most save more money by outsourcing it to us than they ever did trying to do it themselves with a fancy software program. This isn’t always the case, but hiring an expert or specialist might be a better fit so don’t rule it out before you’ve checked into your options.
buy in bulk & subscribe if possible for repeat purchases – when your business was new, you might have saved a buck or two by buying only what you needed right then. But a great way to cut cost and time is to buy in bulk. Packaging materials or raw material you use for product/services is a great place to put this method to practice. If you’re constantly shipping goods, consider purchasing larger quantities of packing material from a supplier rather than picking up just what you need at a retail store. If you’re a service based business requires that you keep certain tools or equipment on hand (like if you’re window washer and you know you’re going to need cleaner, rags and window cleaning tools) plan to not only buy in bulk but utilize a subscription option for your products if it’s available so you don’t even have to spend time filling your shopping cart with the needed products each month.
keep a history – writing down how you do certain tasks while you do them will help you figure out what processes need or could be automated. It will also help you streamline how you attack events that happen over and over again in your business. Product launches, marketing campaigns, seasonal tasks – they’re all important but they might happen more infrequently than the day to day tasks. Keeping a history of what you did and then referring to it when it’s time to do it again will help save time and even help you pinpoint areas where you want to improve.

So what areas of your business could use a little streamlining? We’d love to hear what areas you’re going to add process automation to first!

Top 3 Business Strategies That Will CHANGE The Way You Do Business

There are many different types of consultants. Business, IT, HR, Marketing, etc. IT consultants can fix hard drives, cloud problems; HR consultants can protect you from wrongfully terminating an employee and teach you how to hire in order to get the best candidate for the job; Marketing Consultants can help you launch a product. Business Consultants offer strength in business strategy and an overall picture. Without a doubt, professional Business Consultants help clients by utilizing at least some form of these 3 analytical assessment tools: SWOT, SLEPT, and Value Chain. Below, we discuss what these are, and how YOU can start streamlining your business for success today!

SWOT (Inside your company: Strengths, Weaknesses; Inside Your Industry: Opportunities, Threats)

This analysis is often the hardest for an owner/manager to do on their own company as we are either our company’s harshest critic, or biggest fan. This analysis asks what are your company is good at and what could your company improve upon. It also asks what opportunities industry has to offer, and what threats do working inside that industry entail?

Challenge: Always remember strengths, especially when you are feeling like you just can’t get ahead. Never forget that weaknesses can become strengths when you identify and fix them. Take advantage of the opportunities in the industry you are in. Turn your threats into opportunities by doing what it takes to become first to market or research to fix the mistakes other companies have made launching their product ahead of yours.

SLEPT (Inside your Industry-Social, Legal, Environmental/Economic, Political, and Technological factors)

This tool helps to analyze the industry within which you are competing, in order to find Opportunities and Threats in the areas listed above. For example social trends play a huge role in opportunities available in an industry just based on what large percentage of purchasing target markets are wanting to pay for. Legal generally has to do with threats due to regulations of the area or industry. Environment and Economy play a huge role in whether a product or service is sustainable or affordable and if that happens to be an opportunity or a threat to the position your company is in. Politics plays a large role in what is available as tax rates either skyrocket or are given a break to business owners. Technology is either a disruption or offers an opportunity base on what industry, skills, and commitments are needed.

Challenge: Taking 5-10 mins per day for a week to read a few top articles/posts on what is going on in the world that affects your industry. This can be immensely important to staying ahead of competitors.

Value Chain-(inside your company)

This one goes a little more in-depth than the others do. It focuses on the Support Activities (what helps the business run: Infrastructure, HR, Technology, Inventory) and what’s called Primary Activities (minutia, details of how the business runs: what happens when stuff comes in and out of the company, how the product is created, what marketing and sales pieces are applied, how customers are served).

Challenge: When you are able to analyze what you are doing well and what you are struggling with in each of those areas, the next step is to take a look at the rest of your industry and even other industries. Do they have ways they have fixed those issues you have? Is there another way to perform business or support the company that will lead to lower costs and higher return on investment? Once you have made these considerations, take a look at 1-3 items your company can improve on. Open up ideas to the members of the company and get some cross functional answers. Implement changes in a steady and consistent manner.

These tools should be performed biannually, scheduled just before the annual company meeting and the 6-month check in meeting. It’s also a good idea to follow up on progress of the changes at quarterly meetings. As with any business strategy, it’s best to get a professional outside opinion, and have courage to follow through consistently on your specific goals.

How to Get a Tax ID for Your Small Business

What is a Tax Identification Number?

A Tax Identification number is the same as an Employer Identification Number (EIN). The IRS uses this number to identify your business entity, just like they use your Social Security Number to identify you for your personal taxes. Applying for a Tax ID is simple and can be done online. Don’t be fooled by companies offering to file for a Tax ID for you – it’s a simple process you can accomplish on the IRS website for free and most people don’t need any help to complete the application.

Do You Need a Tax Identification Number?

Figuring out if you need a Tax ID is just about as simple as applying for one. The IRS says that you need a Tax ID if:

your business operates as a corporation or or partnership
you have employees
you without taxes on income others than wages paid to a non-resident alien
you have a Keogh Plan (tax-deferred pension plan); or
you’re involved with organizations including:
- trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
- estates
- real estate mortgage investment conduits
- non-profit organizations
- farmers’ cooperatives
- plan administrators

In addition to filing taxes you may also need an EIN to open a bank account or apply for a credit card in the name of your business. Even if you’re business entity is currently a sole proprietorship you can still get an EIN and use it the same way, although it’s only required for those businesses that fall under the details listed above.

What You’ll Need to Apply & What to Do With Your EIN

Now that we’ve established what an EIN is and if you need one, lets talk about the nuts and bolts of securing your EIN from the IRS. You can apply for an EIN by fax, phone or email but the quickest way, and the way the IRS prefers, is online. The process will take only a few minutes, but you’ll need to have the answers to a few questions beforehand:

the type of EIN are you applying for – sole proprietorship, corporation, LLC, partnership or estate
the reason why you are applying for an EIN – it can be as simple as starting a new business or banking purposes or any number of other reasons
your legal name and Social Security Number

With the online application you’ll have access to your newly generated EIN as soon as you submit your application. The IRS provides an official document that you’ll download to your computer – make sure to save this digitally as well as print a paper copy to save with your other business records.

How to Offer Health Insurance as a Small Business Owner

When it comes to running your own business – the sky is the limit. You’re in charge of your hours, the size of your business, how much you bring in as profit and whether or not you bring on employees. But even though the list of perks is long, there are parts to running your own small business that seem difficult , time consuming, and complex. Offering health insurance to your employees or even making sure you have your own health insurance because you self-employed can seem daunting. Even though it takes some time to complete, offering health insurance as a small business owner brings benefits in many ways and is well worth the effort.

Do You Need to Provide Health Insurance as a Small Business Owner?

When it comes right down to it, offering health insurance to your employees is required by law if the size of your company meets the laws specifications. At the point of this writing, whether you feel like you’re a big company or not, you are required to provide health insurance to your employees if you have 50 or more full-time employees or the equivalent. You can search for a company to provide health insurance for your small business on your own or work with a broker. Using a broker can save you time and they can help you complete the paperwork required and provide you with all the ins and outs of the plans you’re considering. however, brokers earn their living by making a commission and you’ll be footing that bill – it’s well worth it if you’re looking to make the process as easy and painless as possible but worth considering going it alone if you’re working on a budget.

Finding insurance for your business will take some money in addition to time and effort but there are benefits that come by offering health insurance to your employees.

What You’ll Need to Apply for Health Insurance Coverage Plans

Apply for a health insurance plan for your small business is similar to applying for a business loan -the company requires documents and paperwork to complete the process. Gathering these items up in advance will make the application process easier, so here’s what we suggest you gather to get started:

employer name
business address (needs to be a physical street address, not a PO Box)
list of employees to be covered (if you’re covering one full-time employee, you’re required to cover them all)
Tax ID or Employer Identification Number (EIN)
Business start date
Payroll records (this will prove that you pay out salaries over $50,000 as stated in the law and also will help come tax time)
Industry Code (SIC)

You’ll also want to pull together information on your employees because you’re looking for group coverage. The health insurance company uses this information to decide on premiums and other costs to match your employee risk levels. Information to include here are:

names
ages
number of dependents
zip codes

How to Figure Out How Much Coverage You Need

Once you’ve decided if you need to legally offer health insurance, whether or not to use a broker, and have gathered up the necessary documents and information, you’ll also want to spend a few minutes looking at your financials to be sure you know how much you can spend. Now is a great time to check in with your accountant or bookkeeper if you’re not sure how much money you’ve got available for this. If you’re going it alone, you’ll need to consider the number of employees you have, how much you pay them, and how much you can afford to pay per employee each month for health insurance. The answer varies based on company but if you’ve got more questions, we’re more than happy to answer them.

How Offering Health Insurance Coverage Benefits You as a Small Business Owner

We’ve given you the details of why and how and now it’s time to let you know how offering health insurance as a small business owner can bring you big benefits. Here’s our list:

you can qualify for a tax credit(up to 50% of your contributions based on the specifics of your business) – to do so you need:
- fewer than 25 full-time employees or the equivalent based on working hours ( this is where paying attention to those that work part-time comes into play
- pay salaries of less than $50,000 per full-time employee, on average, each year
- front at least 50% of the premium cost of the small business health insurance
you can write-off health insurance premiums you pay as tax deductions – saving even more money
with a little bit more paperwork, you can set up your small business health insurance so that your employee can pay their portions of the premium with pre-tax money – that means they save cash and are more satisfied making it a win-win!
employees that have health insurance are more likely to go to the doctor when they’re sick and get yearly checkups – they’re healthier and that means less sick days and more productive employees

Now it’s time to start shopping for health insurance plans!

Resources

Category: Build a Better Business