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Category: Business Tips

5 Reasons Taking Notes Will Make You a Better Small Business Owner & Entrepreneur

You probably thought that taking notes was something that only happened in college, and high school if you’re were the studious type. But who knew that it would not only spread into the business world but help set apart high achievers and successful entrepreneurs? The research did. Many studies have shown that taking notes helps us to understand, remember, and retrieve essential facts when we need them most; but those same skills can be incredibly meaningful in the world of business as well. Here are 5 ways note-taking can set you apart as a successful entrepreneur and help your ideas blossom.

Note-takers are many things, but they definitely:

Are Avid Learners

There’s no needed for taped spectacles and pocket protectors here. Avid learners come in all shapes, sizes and a variety of fashions – but the one thing they have in common is that they are constantly asking questions. They’re tracking information, formulating questions, digging for answers and drawing conclusions, which in turn will lead to more questions. Those nerdy types in high school soaked up information like a sponge and often spouted out corrected answers whenever possible. Research shows that writing information down helps us pull out essential facts and starts the process of understanding – connections come once the notes are reviewed and ideas are consolidated.

Application: Successful entrepreneurs of today have put the skill of avid learner to use. They ask questions, make connections and apply their findings in real time. Their propensity to learn new things makes their brains and their processes malleable – making change and progress all that much easier to implement. To put this skill to use, think of areas of your business that may be antiquated or need a refresh. Start asking questions of yourself, employees, and maybe even your customers. You may be surprised at how easy the changes are to implement and how much they might effect your bottomline.

Know That Remembering Information is Important

It may bring on a cold sweat as you remember cramming for exams and trying to memorize countless facts so you could pass a class. Odds are that a professor or friend might have mentioned that a good way to remember something is to write it down. What seemed like a good suggestion has actually been proven as fact. Research has shown that a person has a better chance of remembering the facts if they’ve taken the time to write them down. In fact, students who had been taking notes in a class ,were 7 times more likely to remember the facts a week later than those who had not.

Application: This idea pairs perfectly with avid learning. Constantly learning isn’t enough – we have to be able to retain and then draw on information when needed. As a business owner you have many hats, you’re probably nodding in agreement that keeping track of all the details all the time is nearly impossible. If you aren’t already taking notes, consider starting a log of some sort where you jot down information that might be useful in the future. (i.e. websites that provide useful business tips, that new software your business friend mentioned, an idea that your daughter shared with you that she learned in her business class, etc. ) Even if you can’t recall the specifics you’ll have an easier time finding solutions if you have a place to start looking, and odds are you’ll recall a lot more than you thought you might just by looking at your notes.

Know How to Spot Cues

It may seem like being observant is a gift, but it actually is a skill that can be finely honed. Note takers have a lot going on during a meeting or presentation. They’re listening, writing/typing, and concentrating on what’s being said so they don’t miss a beat. Efficient note-takers seem to develop a sixth sense for spotting verbal and non-verbal cues. For example, during presentations speakers often pause or repeat a main idea, change their tone or inflection while trying to get a key point across. Non-verbal cues might include a deck of slides shared during the presentation, writing on a whiteboard, or when a speaker seems animated while speaking because they’re using their arms and hands to make a point.

Application: Knowing how to spot cues puts any entrepreneur ahead of the game. They seem to intuitively know that Jane was passionate about the project, or that Larry’s knowledge about an aspect of the project is unsurpassed. Odds are they weren’t told this information, but that they picked it up from spotting verbal and non-verbal cues. Even if you’re not expertly skilled in this area you can always start now and hone the craft as you go. A good place to start, both to practice your skill and mine some useful information, is an informal employee interview. Sitting down one-on-one provides you a chance to ask if there are concerns or ideas that they have for their job – you’ll be able to get some useful stuff, and practice looking for non-verbal cues that you’ll jot down as well to use in the future.

Are Efficient Readers/Leaders

Remember the kid that always seemed to have the right answer and raised his hand first in class? They seemed to know the assigned text by heart, and remembered countless details in addition to the answer the professor was looking for. It may have seemed annoying at the time, but that skill, when applied, can make a pretty amazing leader. Note-taking while reading is a great way to maintain focus and helps you practice summarizing key points. When it comes to running a business this skill helps you pinpoint problem areas, lead out in finding a solution, and summarize needs and how to fill them quickly – that makes for efficient processes which in turn bring success.

Application: It seems like just another to-do but adding some useful reading to your daily tasks might not be a bad idea. Some of the world’s best entrepreneurs and leaders have been noted to be well-read and they seem to be applying the ideas they’re gleaning to real life so they must be taking notes of some kind as well as just reading about them. If you dig around the internet for a minute you’ll find several subscription offerings that have curated great reads for aspiring businesspeople and leaders (just to prove a point, we’ve linked this sentence to a popular one.) Even if you don’t cough up the funds for the subscription, you might want to make note of some of the more popular business reads and set aside 20-30 minutes each day to take their information in.

Ready For New Ideas

Odds are that you’ve either doodled in the side margins while taking notes for a class or knew someone who did. Would it surprise you that some of the most successful entrepreneurs are avid note takers who not only jot down key points from the topics being discussed, but may have jotted down ideas, notes, or thoughts in the margins (along with their doodles of course)? We’d venture to say that some of the best business ideas and greatest entrepreneurial successes started out in the side margins of a notebook. Consider it brainstorming by 1 person instead of a group. Where do these ideas come from? They’re often the questions that come to mind while a person is learning something new, jotting down information that is important so they can make connections, etc.

Application: While you’re sitting by the pool taking on your next business read, or attending a work meeting or industry conference, make it a point to have paper and pen handy. Then instead of just jotting down the important points that are being covered, take time to jot down the ideas and questions that come to mind while you’re listening. When you review your notes, see if you can’t draw connections or brainstorm ideas for the questions you posed in the margins. What you’ll find might be the next big thing for your business, or even answer a question you’ve had regarding growing or managing your business.

So how will you step up your note taking game? What things do you already implement in your day to day and which might help you and your business grow? We’d love to hear in the comments.

FAQs:

1. Why is note-taking important for entrepreneurs?

Note-taking helps entrepreneurs understand, retain, and retrieve crucial information, fostering continuous learning and problem-solving skills.

2. How does note-taking help entrepreneurs become avid learners?

Avid learners constantly ask questions, track information, and draw conclusions, enhancing their adaptability and fostering progress in their businesses.

3. What role does note-taking play in remembering information?

Research shows that writing down information significantly improves retention, helping entrepreneurs recall essential facts and make informed decisions.

4. How does note-taking help entrepreneurs spot cues during meetings or presentations?

Efficient note-takers develop the skill to spot verbal and non-verbal cues, enhancing their ability to understand nuances and make insightful observations in business settings.

5. How does note-taking contribute to fostering new ideas and innovation?

Note-taking encourages entrepreneurs to capture ideas, questions, and thoughts, sparking creativity and potentially leading to groundbreaking innovations in their businesses.

How to Build an Authentic Social Media Presence – Part I

How A Social Media Presence Is Like Dating

How would you like it if someone you didn’t know, walks right up to you and asks you to marry them? What?! That’s a HUGE commitment! In a dating relationship, we get to know a person, spend time with them in many settings, and even consider how they treat others (family, friends, the cashier at the supermarket, etc.) before we consider the big question. The same goes for social media. We’re not proposing marriage to our clients; however, it’s a similar feel when people are on social media and we ask them to buy something. Let me explain…

Social media is everywhere. It is less and less of an “extra” and more and more of a necessity as far as advertising goes. Some business owners think of social media should yield an “immediate return” or something that brings many customers to their door right away. Most likely, that thought process comes from the amount of time and resources required to put out the right messages. Your company works hard, you want to see your money “paying off” right away.

Take a look at it from the customer’s perspective: How would you like it if someone came up to you when you were talking to your friends and family and started telling you about all their deals on igloo huts or lava beds? Chances are you might not be interested because you are in the middle of your “down time” and haven’t ever thought about igloo huts or lava beds. The topic doesn’t interest you and all you are getting from this person is a sales pitch. This is similar to a salesperson ringing your doorbell or getting a sales call from a private number to sell you something during dinner time.

But your product/service is great! How can you get people to be interested? Aren’t hard-nosed sales tactics the only way to get great return? NO. There’s a better way.

Case Study- Social Media Presence

Problem:

I’ve had very professional clients that refuse to get personal, even refuse to let their followers know that they have a social media page, thinking “If I’m on social media, people will find me there.” A few months later, they wonder why they aren’t getting any engagement or new clients. They’ve done the work. They’ve spent the time and money to be “on social media.” They’ve posted messages on all of their platforms that tell people what their product does and where to find it. Why haven’t the numbers gone up? Why hasn’t anyone signed up to be their next customer? Where’s the return on investment?

The analysis is simple:

The company hasn’t taken the time to get to know people first. To run with our dating/marriage analogy, there has been no introduction, no questions about past relationships, no getting to know them, no first, second or third dates. There will be no one lining up to “date” this company because all they know is that they sell things. Committing to a product or a company requires knowing something about them beyond their sales pitch.

No one knows the company exists, and for the few people that happen to stumble upon their page, the services/product was not something they were interested in and the page held no additional contribution to their life. That would be the end of the experience they would have with that company. The company needs to get a little personal and seek to understand their audience.

Recommended Solution: Focus on a variety of post types. Sales-type posts are needed but it’s a different strategy than it use to be. According Social Media Marketing World (SMMW), your company should:

50% of the time-post curated content (from other places, or generic type posts that don’t have to do with your product/service)
30% of the time-post original content (about your product/service-still not selling, just educating)
20% of the time-post promotional material (selling, finally) of the time.

Why is this the case? Well, as people are finding that your content helps them in their lives, they will continue to turn to you. Calls to Action (CTAs) are fine, but you really are just sharing information about your company, the industry, and useful ways that it can fit into their lives. In reality those are soft sales already and will help build relationships with potential customers.

Take a look at your current social media platforms? Are you like the clients mentioned in the case study? If you’re posting frequently, how do your post types match up to the recommended percentages above? We’ll talk more about building an authentic social media presence soon.

How to Stay Inspired About Building Your Business & Setting Goals

Running a small business requires hard work, but it also requires setting goals. Without goals, you’ll be hard pressed to turn those entrepreneurial dreams into reality. So how do you create stamina to pursue your goals when the thrill of the entrepreneurial chase is gettin you down? Here are a few of our favorite tactics to bringing life back to chasing our business goals and refueling our inspiration to make big things happen.

Monthly Reviews

It seems redundant, but just like a monthly review of your books, setting aside time to review your business goals and the stats that go with them can help build up your momentum to get great things done. Plus, reviewing what went right and wrong in regards to a goal’s progress can help you fine tune your efforts and push you further ahead – there’s no need to keep doing things that aren’t helping you accomplish what you set out to achieve. Plus, being able to step away from the day to day and see where you started and how far you’ve come can provide some pretty good power towards getting it done.

Keep Motivated

Vision boards are all the rage, but it’s true that having a visual representation of what we’re aiming for helps us in achieving it. A vision board might not be the right fit, but you can definitely find other ways to provide motivation. We like inspiring words, like this free printable – they help us remember why we’re doing what we’re doing in the first place.

You can download your free digital copy of one of our favorite quotes by clicking here.

Delegate & Celebrate

Big business goals often go better when you’ve got more people invested in the outcome – that’s where delegating actually becomes a superpower. Not only do you divide up the work, but you can rely on the inspiration of others to help contribute to the end goal you have in mind. You’ll also be able to draw on them when you feel your own inspiration lacking and vice versa.

Make sure to consider those that might be most interested in seeing you succeed – employees,business partners or even family members! Pull them into your goal setting process and ask where they’d like to contribute or where they see their skillsets making the most impact. Then don’t forget to celebrate your accomplishments once you achieve them!

Make it Manageable & Streamline

Achieving a large goal or dream becomes easier when you break it into manageable pieces. It becomes easier still when you streamline those pieces and make them tasks that you can either automate completely or at the very least, make them routine. Take a look at what your overall goal is. What pieces do you have that have to happen more than once? Can you see a process that you could implement to make it easier to manage and part of your routine? These light bulb moments help fuel your success.

What great goals are you taking on in your business right now? What are you doing to help make them reality? We’d love to hear about them in the comments.

FAQ

Why is setting goals important for running a small business?

Setting goals is crucial for running a small business because it provides direction and purpose. Goals help you measure progress, stay motivated, and maintain focus on what you want to achieve. Without clear goals, it’s challenging to turn entrepreneurial dreams into reality.

How can monthly reviews help in achieving business goals?

Monthly reviews help by allowing you to evaluate your progress, identify what’s working and what’s not, and make necessary adjustments. They also provide a chance to celebrate successes and learn from mistakes, which can boost momentum and motivation.

What are some effective ways to stay motivated when pursuing business goals?

Effective ways to stay motivated include creating vision boards, using inspiring words or quotes, and regularly reminding yourself of your “why.” Keeping a visual or written representation of your goals can help maintain focus and enthusiasm.

How can delegation contribute to achieving business goals?

Delegation helps by distributing the workload and incorporating diverse perspectives and skills into the process. Involving others who are invested in your success can provide additional motivation and support, making it easier to achieve large business goals.

What strategies can make large business goals more manageable?

Breaking large goals into smaller, manageable tasks and streamlining processes can make them more attainable. Identifying repetitive tasks that can be automated or made routine helps create a structured approach, increasing efficiency and reducing overwhelm.

How-To Streamline Your Small Business: Time Vs. Money Savers

Streamlining can feel like a dream-something lofty you need to do, but can’t afford the time or money. You may feel at a loss due to lack of knowledge on where to start, lack of funds, lack of time. All of these could lead to not wanting to take a necessary step toward helping your business succeed, and becoming more efficient. All small business owners need is JUST ONE MORE ASAP PROJECT.

Case study: Applying Time Vs. Money to Your Business Operations

Problem: A client I’ve worked with in the past had an old cash register and an old punch card (clock in and out) system. Their cash register broke and they wanted to save money by not buying a new up to date system because the other one “got the job done,” and was cheaper. Separately, running the punch card system “the cheap way” required family members to take one night a month, with an “all hands on deck” approach to help them manually count and add up the time. They would utilize as many as 6 family members, calculators, pencils, paper, and work until all of the employees’ hours were tabulated. The next day the owners would have the checks ready for the employees.

Solution: I encouraged them to make the necessary time and monetary commitment by recommending a new electronic register system with an app that would allow their employees to clock in, out, and automatically tabulate, etc. It did take initial time to set up and cost money upfront, but it ended up saving countless hours, money, headache, and family issues in the long run.

When you are truly committed to moving your business to the next level of success, there are a few areas to strategize your resources, Time & Money Savers, Work Flow Automation, and Financial Analysis. We’ve listed the best places to start in each of those areas. It’s important to not become overwhelmed, but remember that an organized plan, taking into accountability, available resources, time and money available for these projects is going to give the largest amount of success without a huge amount of headaches. “Going For The Gold” only works if you have a steady, plan on getting there.

Top 5 Time & Money Savers for Small Businesses

Timecard/Invoicing systems
Calendar/appointment programs
Electronic shared documents/files
Customer Resource Management Systems
Automated Social Media Schedulers

Workflow Automation – many times we get busy in the thick of the business that we don’t take time to step back and see how things can be improved. Consultants are great because they have an outside perspective, have experience in seeing successes and failures with other businesses, and can see processes in a different way than the business owner who is too busy to change things.

Redundant tasks-why do we do it that way? Because it always has been done that way.–not good enough. Anytime the task is done over and over, there could be a techno-injected or new process invented to make them more efficient.
Underperforming Employees-Uncle Joe needs a job but he also needs to follow the process manually in order to keep his job
Team meetings– The well-honed team needs to continuously hear about the issues of the company, the Mission, Vision, Values, and Goals of the company, hear about changes in policy/procedure, and voice new ideas that can innovate.

Financial Analysis-keeping thorough books seems ridiculous on top of everything else a business owner needs to do to keep up. The best way to maintain your edge is to:

Create realistic budgets for Marketing, Technology, and Product-and then revisit progress monthly
Perform Financial Forecasts in Nov/Dec
Perform Financial Performance review yearly Dec-Analyze where funds went and how effectively they were utilized

A business that is able to look at Time & Money savers, Workflow Automation, and Financial Analysis yearly will be able to catch many of the issues before they become large issues. They will also be able to save time and money while having time for what they love. Switching to fitting this type of strategy into what your business is already doing is painful at first, but when your business utilizes consultants, financial planners, and technology experts, the work can be done relatively fast. Slow going piece-meal on a few of these projects as the company has time and money is a great way to build a strong company a little more affordable, which is where a coach is handy.

5 Tips for Starting a Side Business

So you’ve got a great idea and you’re working on starting a side business. We hear you. Owning and growing a small business is something that provides a lot of satisfaction, not to mention all the benefits that come with being your own boss. However, running a side business, or even a full-time business for that matter, is never as easy as it appears. So if you’re trying to decide the best way to go about making your good idea or hobby into a side business we’ve got 5 simple steps that will make your side business dreams into a reality.

Start out Simply

It all comes down to one simple question. Can you sell this to one person? If the answer is yes and you actually have – congratulations! Now it’s time to get moving on to the next step of making your side business idea a reality. If you haven’t asked yourself this question yet, it’s time get real. Instead of jumping ahead and investing cash into website, organizing an LLC, and marketing your products try selling your goods and services to one person, like a family member or friend. If you’re really looking to see if this venture will work, ask them for feedback on what caught their eye or how you could improve your product.

Once you’ve sold it, it’s time to set up shop. Still keep it simple. Starting a corporation or even an LLC takes more time and money that it may be worth at this point. Keep things easy by moving forward with your business as a sole proprietorship. Sell online. Operating at a smaller cost not only saves you money but gives you time to make the much needed cash you’ll be investing back into your business to make it grow.

Name Your Side Business and Check on Trademarks

Start thinking of names for your business. Make sure that your name makes sense and makes it clear to prospective customers what your business is or does. If you’re choosing a name that doesn’t clearly state what you do, consider adding a tagline, icon, or strategy that will help make it clear. Before you fall in love with your business name, do some research. Check out your business name against the Trademark Database at the US Patent and Trademark Office. Every state also has a government web page and most provide a business entity search. It will take a little research, but you’ll want to check both locations to make sure you’re name doesn’t infringe on an already existing business.

Make it Legal – State Filings and Business Licenses

No matter what your side hustle is, you’ll want to be sure you’re following the rules set by your state and county. You’ve probably already come across it, while researching for your business name and trademarks, but make sure to find out what’s required and complete the paperwork. Many new businesses start out as sole proprietorships, but now is a great time to consider the other business formation types, check what is required in your area, and decide if that’s the best fit for your venture.

Get Set up for Taxes

No business is successful if there isn’t some type of tracking system in place. At the very least you’ll need to set up some financials so you can rest assured that you’re ready to pay taxes on your earnings. Simple spreadsheets will do – simply track your business income and expenses, keep receipts, and check on the process of filing quarterly estimated taxes. You might even want to get an EIN from the IRS.

Make sure to put enough away for your taxes – we suggest between 15-25% of your net earnings.

Open an Business Account

This goes hand in hand with keeping financial records and being prepared for taxes. Although it’s not necessary for some business types, it keeps things simple and easy to follow. Business expenses and earnings always stay in one account while your personal finances are separate in a different account. That way when you’re filing taxes it will be easy to sort and provide proper paperwork to the IRS or the accountant you’ve hired to file your taxes. Not sure what makes a business banking account different than personal account? Do a little bit of research online and you’ll be able to compare different business account offerings and find one that fits your needs.

Once you’ve completed these steps, you’re a bona fide side business owner.

What is the first step to starting a side business?

Answer: The first step is to test your idea by selling to one person, such as a family member or friend. This helps validate your concept and gather feedback before making further investments.

How should I choose a name for my side business?

Answer: Choose a name that clearly reflects what your business does. Research the name in the Trademark Database at the US Patent and Trademark Office and your state’s business entity search to avoid any legal issues.

What legal requirements should I consider when starting a side business?

Answer: Ensure you’re complying with state and county regulations. This includes registering your business name, obtaining necessary licenses, and considering the appropriate business structure, such as a sole proprietorship or LLC.

How can I prepare my side business for tax purposes?

Set up a system to track your income and expenses, keep receipts, and understand the process for filing quarterly estimated taxes. Consider obtaining an Employer Identification Number (EIN) from the IRS and save 15-25% of your net earnings for taxes.

Why should I open a separate business account?

A separate business account simplifies financial tracking and tax preparation by keeping business expenses and earnings distinct from personal finances. This organization helps ensure accurate and efficient tax filing.

How to Micromanage Without Being “That Boss”

Everyone has probably had an experience with a boss or co-worker that micromanages. They’re the ones that are constantly checking over your shoulder, re-doing tasks you’ve already done, or taking over projects that they had previously delegated. The negative vibes that go along with this management style are vast, so why does it keep appearing in the workforce?

Our guess is that either micromanagers haven’t explored alternative approaches to getting things done, or that they’re so personally invested in their business (i.e. small business owners who have everything on the line and who are incredibly passionate about the product and/or services they provide) that its hard to step back and appropriately direct that energy.

So how do you flip micromanagement approaches on their head and come out with a win/win? We’ve got a few ideas.

Micromanage Information Not People

It’s true, that as the business owner or boss you need to be on top of things. You’re incredibly invested in the success of your business, which means that you need to understand what’s going on at every level. But being in the thick of things on a daily basis, not only aggravates employees, it also goes against the reason you hired additional employees in the first place – so that you could focus on other aspects of the business.

Instead of constantly being in the day-to-day workings, try checking in with managers more frequently. Ask for timelines and projections rather than the nitty gritty details and then ask for project statuses on a consistent basis. If there’s a need for those details make sure you’re asking “for understanding” rather than questioning their abilities. Being consistent in asking for information shows your managers that you’re invested in the outcomes and that you trust them to be invested as well, whereas infrequent checks implies that you’re only going to look in when you think something is going wrong.

Tip: Make sure that you use proper communication channels when checking in with employees. Going over managers’ heads never builds morale. Instead, teach the people in charge, ask to be invited to team meetings if necessary, and instill confidence in their abilities while expressing your desire to “stay in the loop” – no one ever seems to be offended if you’re “there to learn” or are “looking for more information”. And remember, asking for information too often is still micromanaging in a passive way, so consistency is key.

Micromanage Processes Rather Than Employees

Employees who say they are micromanaged often report that they feel like the boss doesn’t trust them to do his or her job. It’s a valid feeling and probably one you can relate to – you started your own business because you had a great idea and wanted to do your thing, rather than work for someone else. Encourage that same mindset among the employees you hire by micromanaging processes rather than your employees in two steps.

Step 1 – Identify core processes. These are the processes that need to run a certain way because they effect the overall outcome of the business. Shipping and production methods, how you manage finances, HR practices, how often certain key meetings are held, and overall strategy fall into the core processes category. Other processes, like communication styles, how team meetings are run, and tasks you’ve delegated off to employees are not core processes. Sure they need to be done in a timely manner, and done correctly, but you hired your employees because you trusted them and their skillset.

Step 2 – Delegate. Instilling trust is easily done in this area. When there are times when new processes need to be figured out consider asking a manager to oversee it and keep you in the loop. Provide plenty of opportunities to collaborate and acknowledge skills that each employee brings to the table as you assign tasks. Also ask employees to review core processes that are under their management and ask for their input – you’d be surprised how much trust this builds with an employee and how much good you can gain by getting a new perspective.

Tip: Instead of hovering over employees, communicate an open door policy by encouraging questions and being available to advise. Make sure to address something positive so that those who work for you feel like you’re seeing the good as well as things that may need improvement. Even mentioning that you’re “seeing a lot of progress” in a certain area is a positive in many cases.

Micromanage Growth Not Goals

One of the biggest complaints about micromanaging bosses is that they require employees to handle things the same way they would, or they come in and take over altogether. There’s more than one way to do things and as a leader, you should focus on overall growth not the personal goals of employees or how they accomplish them.

The best managers and bosses can see that an employee’s achievement of goals adds to the overall growth of the business. Encourage goal setting as a company (i.e. we’re hoping to gross a certain amount in Q4, etc.) and also as an individual (i.e. Sara’s looking to expand her skill set and wants to take a course; Adam wanted to work on his communication with co-workers, etc). As a boss, your job is to ask about their plans to accomplish their goals, provide ideas if needed, and then check in on their progress from time to time.

Tip: Don’t sweat the small stuff. As a leader and owner of your business, spend your time focusing on big picture items. Let your employees handle the small stuff in any way that brings results. Meet with employees quarterly or as needed to address growth – this will allow you to see new skill sets and also help you know who might be ready for a new task or opportunity.

What other ideas do you have to keep the negative side of micromanagement at bay? What ideas will you implement?

Frequently Asked Questions (FAQs)

1. What is micromanagement and why is it problematic?

Micromanagement involves excessive oversight of employees’ work, such as redoing tasks or constantly checking progress. It’s problematic because it can undermine trust, decrease morale, and limit employees’ autonomy, leading to reduced productivity and job satisfaction.

2. How can I avoid micromanaging my employees?

To avoid micromanagement, focus on managing processes rather than people. Set clear expectations for outcomes, check in periodically, and delegate tasks effectively. Encourage employees to handle tasks in their own way while providing support and feedback as needed.

3. What are some strategies for managing information without micromanaging?

Manage information by requesting regular updates and progress reports from managers rather than detailed daily check-ins. Use these updates to stay informed about key metrics and project statuses, while trusting your team to handle the details.

4. How can I effectively delegate tasks without losing control?

Identify core processes that are critical to business outcomes and delegate tasks related to these processes. Provide clear guidelines and support, and encourage employees to review and suggest improvements. Maintain an open-door policy for questions and guidance.

5. Why is it important to focus on growth rather than micromanaging how goals are achieved?

Focusing on growth rather than micromanaging goal achievement allows employees the freedom to find their own methods and solutions. This approach fosters innovation, boosts morale, and helps employees develop their skills, ultimately contributing to overall business success.

Salon Accounting: Top 5 Accounting Tips for Hair Stylists & Salon Owners

As a stylist, you’re the expert when it comes to knowing what tools to use when and whether or not bangs works for your client. However, when it comes to salon accounting and taxes - like for hair stylists, barber shops and salons - we’ve got the expert status covered.

To make things simple, we’ve pulled together some of our best advice for keeping things organized and keeping your accounting on point.

Top 5 Tips for Setting up the Record-keeping Side of Your Biz:

Get your books set up before you open up shop. There’s no need to worry if you’ve already booked a slew of clients or have a thriving business – just start now if you haven’t already. You can always take care of past tracking at a later point, but for now, just start. Our best advice is to keep it simple, and have it be something that’s fairly easy to complete on a routine basis.

Create a ledger. It doesn’t have to be expensive accounting software, or even a fancy spreadsheet. It could be as simple as a small notebook where you jot down all the financial stuff for your business. Pick whatever works best for you. Just remember that some kind of record keeping is better than none at all.

Keep track of receipts. Especially when you pay cash! Purchase a expandable file folder, grab an envelope or go digital (some clients scan receipts, or snap pictures of them with their phone and store them in a digital folder). If you have a credit card/bank account for your business (you should!) you can even annotate the monthly bank statements and keep them in the same place as your receipts. Just make sure to keep that paper trail!

Keep your business & personal accounts separate. We mentioned this briefly in #3, but it goes without saying that keeping things separate, keeps things simple. By having your personal and business assets (and expenditures) in different places you make paying taxes, paying yourself, and putting money back into the business so much easier.

Set a plan and stick to it. There’s a reason that we’ve mentioned making things simple from the start. That’s because running the business-side of any business takes consistent effort and when it’s confusing or technical, it’s all the less appealing to sit down and stay on top of it. We suggest keeping track of things monthly or even bi-monthly if your client base is fairly large. When things are kept up to date, it takes a lot less time to manage the money.

TIP: Wondering what all goes into that ledger we mentioned in #2? We thought you might ask, so here’s what we tell our clients:

Start with recording the current balance of your business account (make sure to add a date to this line and every line you insert into your ledger)
Keep track of the revenue ($$ coming in) – cash or card payments for services or products. Don’t forget tips, especially those paid in cash!
Make a list of expenses ($$ going out) – purchasing products for your clients, rental fees for your booth or building, tools of the trade, etc.
Put a star next to any expenses that are recurring – rent, utilities, insurance and product purchases. This way you’ll be able to keep tabs on the average you spend each month and get a better idea of what it takes to run your business.

Have more questions? Want the nitty gritty details from a professional? Looking to find a great accounting service that can take care of the bookkeeping side of your salon so you can get back to what you do best? Contact us at https://vyde.io/get-started/ We’d love to chat!

FAQs about Setting Up Accounting for Hair Stylists and Salons:

1. Do I need to set up accounting before opening my salon?

Yes, it’s essential to have your books set up before opening your salon. Start now if you haven’t already. Keeping it simple and consistent is key.

2. What’s the simplest way to keep track of finances for my salon?

Create a ledger. It can be a basic notebook or a digital folder. Any form of record-keeping is better than none at all.

3. How should I manage receipts for my salon expenses?

Keep track of receipts, especially cash purchases, using an expandable file folder, envelopes, or digitally. Annotate monthly bank statements for credit card transactions.

4. Why is it important to keep personal and business accounts separate?

Separating personal and business accounts simplifies tax filing, paying yourself, and reinvesting in your salon. It also helps maintain financial clarity.

5. How often should I update my salon’s financial records?

Aim to track finances monthly or bi-monthly, especially if your client base is large. Consistent updates make managing money much easier and less time-consuming.

Interested in Learning More?

Schedule a free consultation with our team!

Prepare for Holiday Sales Now So You Can Avoid Stress Later

You may be wondering why we’re talking about holiday sales before November, but we believe you can never prepare too early. The holiday shopping season will arrive before you know it and without a concrete plan, your business could miss out on the biggest shopping time of the year.

Obviously, the first step in preparing for holiday sales is determining what you will be offering your customers. In order to this, you should look at your sales goals for the year and what kind of discount you can realistically afford to offer. Once you’ve determined that, you’ll want start making other preparations. Here are a few things to make sure you plan out for your holiday sales.

Prepare Your Website for Increased Holiday Sales Traffic

If you own a business, then you probably have a website (or online platform) where you direct customers to make purchases. The website traffic during your holiday sale could lead to slower loading times or even a possible website crash. Last year, 39% of e-retailers claimed they lost money due to website performance or stability problems. Instead of settling for what could happen, you need to take action to prevent these situations.

The first step is to talk with your website host. Make sure that your website can handle an increase in traffic. You should also make sure that you have enough bandwidth to handle a lot of people visiting your website at the same time. Most users will give up within a couple of seconds, so you should aim for two seconds or less. The faster the better.

Next, make sure your site is mobile-friendly. Over 50% of emails are opened on phones. So, 50% of the people who read your email will view your website on his or her phone. If it doesn’t load or is hard to use, then you’ll lose those customers. Optimize your website for mobile so you don’t lose out on these interested customers. Again, you’ll need to keep your load time low; however, it can be slightly slower than a computer load time, but just slightly.

Next, make sure your site is mobile-friendly. Over 50% of emails are opened on phones. So, 50% of the people who read your email will view your website on his or her phone. If it doesn’t load or is hard to use, then you’ll lose those customers. Optimizing your website for mobile should be a top priority. Again, you’ll need to keep your load time low.

Plan a Strategy for Reaching Your Ideal Customer

A marketing plan is an important part of any sale, but the most important part of the marketing plan is reaching the right people. Small business owners should take advantage of marketing techniques that don’t cost a lot but, reach a lot of people. We have found that email and social media marketing are best for small businesses.

Email marketing is a great way to reach people who are actively interested in your business. These people gave you their emails because they want to hear from you. The best way to increase your reach is to keep building your email list. You can use your deals and sales to get people to sign up for your list. Once you have a great list of interested people, you can create an email marketing campaign that drives sales.

Business owners know that social media is a great marketing tool, but it can be hard to implement. A lot of the time businesses focus too much on marketing and not enough of the social aspect of things. First and foremost, social media marketing needs to be social. You need to respond and interact with your followers so that you can build trust and build community.

Once you have that down, you can move onto targeting your ideal customer. Hashtags are the perfect tool to zero in and reach your ideal client. Some platforms even let you target your posts to a certain group of people. Just last week, we used Facebook’s targeting feature and had 854 organic impressions on a single post. We didn’t pay a dime to reach those people. We just targeted people who would be interested in the post. It was a simple way to reach our ideal customer.

Prepare for the Post-Holiday Sales Madness

Everyone knows that holiday sales can create mania, whether online or in a retail space. However, we tend to forget about the post-holiday madness. This time is spent with people returning or exchanging items, taking advantage of the super sales as retailers try to get rid of the rest of the holiday stock and so much more. You need to prepare your team to handle all of this.

One way to make things a little easier on your customers and your team is to refine your returns process. Train your employees to follow a system that makes returns easy on them and your customers. You should also make sure that everyone is aware what your returns policy is. Post it at your register so that customers can see it and they don’t try to fight with your cashiers over it.

When you’re setting up your returns policy you should encourage people to keep spending his or her money at your store. You can do this through two ways. First, you can try to get people to exchange their items rather than just return them. Perhaps, you can hire a personal shopper who can assist customers and help them find an item that works better for them. Your second option is to adjust your return policy to have customers receive in-store credit or gift cards for their returns. That way, you don’t lose out of the revenue, just because of a return.

What other things do you do to prepare for holiday sales? Leave a comment and let us know.

FAQs for Preparing for Holiday Sales

Why is it important to prepare for holiday sales early?

Early preparation ensures that your business is ready to handle the increased traffic and demand, helping you maximize revenue and avoid potential issues during the busiest shopping time of the year.

How can I ensure my website can handle increased holiday traffic?

Speak with your website host to confirm that your site can handle a traffic surge. Ensure you have sufficient bandwidth and optimize your site for fast loading times and mobile compatibility.

What are some effective marketing strategies for reaching my ideal customer?

Email marketing and social media marketing are cost-effective strategies. Build and utilize your email list and engage with your social media followers using targeted content and hashtags to reach your ideal customers.

How can I optimize my returns process for post-holiday sales?

Train your employees on a streamlined returns process and clearly display your return policy. Encourage exchanges or offer in-store credit to retain revenue from returned items.

What steps can I take to make my website mobile-friendly for holiday shoppers?

Optimize your website for mobile use by ensuring fast loading times and easy navigation on smartphones. This helps capture the significant portion of customers who shop via mobile devices.

5 Organizational Habits for Small Business Owners

When you run a small business, the title, owner, translates to: head of marketing, inventory manager, customer service rep, etc. It’s impossible to stay on top of everything unless you develop organizational habits.

Learning to be more organized is essential to living a balance and happy life. However, there are a few direct benefits to becoming organized. First, being organized helps to lower stress. We don’t have to tell you what relieving a little stress can do for your health. Second, by developing organizational habits you can become more effective. Which means you can do more with your business and improve your life.

Conquering these 5 organizational habits can help you stay on top of all the tasks pulling at you and help you grow a successful business.

Organizational Habit 1: Prioritize Your To-Do List

The first organizational habit you should develop is utilizing to-do lists. A simple to-do list on your phone can free up so much space in your head.

A to-do list is a great place to start but in order to be more organized you’ll have to go beyond just listing things out. Learning how to prioritize your to-do list is going to simplify your life.

When you don’t know how to prioritize, you end up being overwhelmed by a long list of things to do and you don’t accomplish anything, at least not fully. You must be able to pick out the most important items on your list and do them first. Not only is a prioritized to-do list going to give you more direction, it can also free up some of your time.

Once you prioritize what you need to do, you can delegate any tasks that don’t require your attention to your team. Learning to delegate is a life saver as a small business owner.

Organizational Habit 2: Prepare for Tomorrow

Everyone wants to be able to leave their work behind and relax at the end of the day, even small business owners. However, there is always a list of things that need to be done. This organizational habit will help you leave work behind so that you aren’t constantly thinking about it.

Before you leave work for the day, take a couple of minutes to jot down any tasks that need to be done the next day. This will help you in two ways. First, a good brain dump will free up your mind. So, instead of spending all night remembering tasks that need to be done, you can spend five or ten minutes at work to think and jot them down. Now you can relax for the rest of the evening. Second, when you come into work the next day you won’t waste time trying to figure out what you need to do. You’ll already have a list of tasks to complete and you can prioritize those and get going.

Organizational Habit 3: Keep Things Tidy

There is a huge correlation between a cluttered space and a cluttered mind. In order to focus on your work you need to minimize other distractions, including clutter!

The first step in becoming tidy is having a place for everything. Look around your desk or office and determine what you can store away. What do you need within arms reach? Find a place for everything so that when you’re finished with it you know where it should go. Also, take this time to declutter. The less you have the better!

Once you have a place for everything you must be diligent in keeping things in order. Don’t procrastinate putting things away. It’s also a great to get in the habit of cleaning up your space for a couple minutes every day. Cleaning at the end of the day is a great way to decompress from a day’s work and set yourself up for success tomorrow.

Organizational Habit 4: Scan Important Documents

Being tidy can be relatively easy, until we get hit with a stack of paper. Paper tends to be the biggest contributor to clutter. The simplest way to clear your space and your mind is to get rid of the papers.

Instead of hanging on to every piece of paper learn to toss them. If you think it might be important later, scan it and save it on your computer. If you want to know how long to keep something you can use our guide, How Long to Keep Important Financial Documents.

Organizing Receipts

Receipts are a whole other mess to be tackled. You need to keep track of important receipts, especially anything you plan to use as a business deduction. Anything that isn’t going to be used for tax purposes can be tossed.

The IRS accepts digital copies of receipts, so any important receipts can be scanned and saved for future reference.

It’s good to get in the habit of scanning your receipts and organizing them within files on your computer. You can also add notes along with your receipt so that you know what the expense was for. This will come in handy if you’re audited and have to prove why that lunch was a business expense.

Organizational Habit 5: Keep Track of Your Time

We’re not talking about clocking in and out. You’re the boss. Your paycheck isn’t based on the hours you put in. What we’re talking about here is keeping track of how you spend your time.

There are a lot of different time organizational habits you can choose from. However, the most important thing is to learn how to focus on one task at a time. Whether you time block or use the Pomodoro method, or some other trick, you have to be able to stick to one thing if you want to organize your time.

An important aspect of time management is learning to minimize distractions. This means turning your phone on silent, closing Facebook and shutting your office door. If you allow too many distractions in your workspace then you won’t be able to focus on your tasks. You’ll spend more time doing simple tasks and you wont’ be able to accomplish nearly as much.

We hope these 5 organizational habits will help you improve your business. Let us know what works for you!

FAQs on Organizational Habits for Small Business Owners:

Why are organizational habits crucial for small business owners?

Small business owners juggle various roles, and being organized helps manage tasks effectively, reducing stress and increasing productivity.

How can I prioritize tasks effectively using to-do lists?

Prioritize tasks based on urgency and importance to streamline workflow and ensure crucial tasks are completed first, enhancing productivity.

Why is preparing for tomorrow important for small business owners?

Preparing tasks in advance allows for a clear mind and efficient workflow, minimizing wasted time and maximizing productivity the following day.

How can I effectively manage paper clutter and important documents?

Scan and digitize important documents to reduce paper clutter, ensuring easy access and organization. Utilize digital receipts and categorize them for efficient record-keeping.

What is the significance of tracking time for small business owners?

Tracking time aids in optimizing productivity by focusing on one task at a time and minimizing distractions. Implementing time management techniques enhances efficiency and task completion.

The Power of Customer Surveys

Customer surveys aren’t a priority to a lot of businesses. Business owners wonder if it’s really worth the effort, and sometimes money, to survey customers. We’re here to tell you it’s definitely worth it!

Customer surveys hold a lot of power. They give your happy and unhappy customers a chance to let you know what you’re doing right and what you’re doing wrong. Plus, it gives unhappy customers an productive outlet to express their frustrations. Did you know, that a dissatisfied customer will tell 9-15 people about their experience, according to a study by the White House Office of Consumer Affairs. Instead of having them tell other potential customers about their experience you can have them tell you directly, which gives you a chance to fix it!

These four tips will help you craft a great customer survey!

Include Your Branding

The first thing you want to do when you’re creating your customer survey is add your branding to it. You want your customers to know that they’re interacting with your business.

Going above a basic template and including your brand’s images and colors will help keep your customer focused on you during the survey. This is also a great chance to use your voice. Remember, this is another interaction between your business and your customers, so treat it just like any other interaction. Make it a great experience.

Ask the Right Questions

Great customer surveys are short and to the point. At most there should be 10 questions. Most of these questions should be multiple choice, or on a rating scale, but you have to include space for people to give feedback in their own words.

Here are a few things you should consider when you’re generating questions for your survey.

The interactions between the customer and your business
How your team’s performance has been. Include back office staff as well!
Overall satisfaction
Value of your products or services

One thing you should avoid when crafting your questions is asking leading questions. If your questions are worded so that it makes you sound amazing, then it really turns people off to your business. Customers want to know that you’re humble and open to criticism, whether it is good or bad.

Allow for Open Feedback

Allowing open feedback is how you can get real opinions and suggestions on how to improve your business, or learn if what you’re doing is really working.

You can add a spot for feedback after each question with a rating, so that people can expand on why they gave you the rating they did. Or you can ask open ended questions so that your customer can respond with their opinion. However, you don’t want to make too many questions open ended because it may turn people off to your survey. Remember, this shouldn’t take up too much of your customer’s time.

Follow up

Here’s where you take a customer survey and use it to blow every other business out of the water. It’s great to send out a generic thank you email after taking a survey, but when you follow up with something of value to someone who has taken the time to finish the survey that’s what really counts.

If someone has complimented your business, take the opportunity to show them how much you appreciate their business. Sending a note or even a gift card can show them how much you appreciate them.

Now, if someone has given you bad feedback, it’s critical that you follow up. This is where you can turn their experience around. First, apologize that their interaction wasn’t anything but satisfactory. If they gave you any specifics on how you could improve, tell them that you’ve read their suggestions and are going to try implementing them into your business. If there is anything else you can do to change their opinion, do it. There are so many people who hate a company but their opinions are completely changed by good customer service! It’s worth the effort.

Frequently Asked Questions

Why are customer surveys important for businesses?

Customer surveys are vital because they provide insights into what your business is doing right and wrong. They offer unhappy customers a productive outlet to express their frustrations, which can help prevent negative word-of-mouth and allow you to address issues directly.

What are the key elements of a good customer survey?

A good customer survey should include your branding, be concise with a maximum of 10 questions, mostly multiple choice or rating scale, and allow for open feedback. This structure ensures the survey is engaging, focused, and provides valuable insights.

How should businesses handle negative feedback from customer surveys?

Businesses should follow up with dissatisfied customers promptly. Apologize for their unsatisfactory experience, acknowledge their feedback, and inform them of any actions you plan to take based on their suggestions. This can help turn a negative experience into a positive one and show that you value their input.

What type of questions should be included in customer surveys?

Include questions about customer interactions with your business, team performance (including back office staff), overall satisfaction, and the value of your products or services. Avoid leading questions to ensure honest and useful feedback.

How can businesses maximize the effectiveness of customer surveys?

To maximize effectiveness, follow up with customers after they complete the survey, especially those who provided negative feedback. Show appreciation to those who gave positive feedback through personalized notes or small gifts. Use the survey results to make tangible improvements in your business operations.

Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.