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Category: Entrepreneur

Do You Have What it Takes to Be an Entrepreneur?

We work with a lot of entrepreneurs. Online sellers, professional bloggers, traditional mom n’ pop shops, rapidly growing brick and mortar specialty stores, and a host of professionals that provide a variety of services (everything from window cleaning to marketing and graphic design) to their customers, just to name a few.

Despite the vast differences in their business types, strategies, and personalities, we’ve found that there are quite a few things they have in common – we’re calling them entrepreneur traits.

And they seem to be the cause of much of our client’s success.

If you’re looking to be an entrepreneur, and are wondering if you have what it takes… read on. if you’re excited about what you’re reading then entrepreneurship is probably for you.

You maybe an entrepreneur if…

You dream big.

You have no hesitation when it comes to coming up with an idea and creating it into a full-fledged corporation overnight. You’ve got ideas that are scalable and your dreams of achievement and success include growing a business that will not only help your bottom line but will help your customers, and the world, as well.

You’re a problem solver.

Some people shy away from problems, you seem to run towards them. In fact, there’s nothing more exciting to you than a problem that you can wrestle with and come out on top. You’re constantly looking for new ways to do things, are interested in efficiency and processes. Most importantly, you’re looking at the world around you and finding real life problems that you can create feasible solutions to.

You don’t mind failure.

Being ok with failure doesn’t mean that you wallow in defeat. Instead you’re quicker than most to jump up and try again. You take notes of your failures and you’re almost systematic in how you fail – making adjustments and trying again and again in order to improve your process.

You’re a mover.

As a kid you more than likely had a hard time sitting still. As an adult, you’re constantly looking to learn new things. Movers and shakers are often entrepreneurs because they’re comfortable with keeping busy and they thrive on trying new things and executing new ideas. They’ve got a running list of things to do and they’re energized by it.

You’re hungry.

Every day you’re waking up hungry to get to work on your most recent project or idea. Instead of losing energy thinking and working on your big ideas you seem to be energized by it.

You’re all about the little things.

You never seem to be short on consistency to do the little things. In fact, you’re 100% sure that it’s the little things that make up the big successes (and just for the record… you’re completely right!)

You’re confident.

You’ve never lacked confidence in your ability to accomplish something. You’ve got plenty of skills, but you know that you’ll figure out and foster whatever skills you may be lacking if they’re needed to accomplish your goal.

You’re insecure.

With every bit of confidence you have, you have equal parts insecurity. You know that you have to be constantly learning new things and using your skills or you’ll find yourself behind the power curve. There might even be a little voice that tells you if you don’t keep learning and moving, you’ll never reach success and it’s that thought that spurs you on.

What other traits do you think entrepreneurs should have? How do you work to build these skills? Tell us in the comments.

How to Find the Right Business Licenses and Permits for Your New Business

Starting a business takes a lot of work. No matter which direction you turn, there seems to be a hundred different things to do with a million little details to figure out. Getting your business set up correctly from the start means you’ll be off on the right foot and not have to back track to do things right after you’re business starts to grow. But what do you need to start a business? It might not seem so simple if this is your first time launching a new venture, so we’ll start by covering the basics of licenses and permits.

Finding the Right License or Permit for Your Business

It’s true that one of the main reasons for licenses and permits is so that the government can track your revenue for tax purposes. However, it’s not the only reason you’ll want to make sure you have the right business license or permit. Licenses and permits also help protect the public (and that includes you when you’re acting as a consumer of products and services from the businesses around you).

Every type of business has varied requirements for the type of business permits and licensing that it requires. A lot of it depends on the type of industry and the location you’re operating in. The best thing you can do is figure out the type of business you fall under and then work from there.

What Type of Business Do You Have?

There are a variety of business types, but we’ll go through the most common ones and you’re sure to find that you fall into at least one category. Grab a piece of paper and a pencil so you can jot down notes and make a to do list so you hit the ground running.

Home based businesses or sole proprietorships typically need a permit from their local government to operate legally. If you operate under your name, you may not need a DBA, but if you’re using a business name and still filing as a sole proprietor, you’ll need to find out the specifics of filing for a DBA.
If you’re selling goods or services, you’ll more than likely need to get a sales tax license or a permit.
Professional licenses, signify the expertise level that an employee or business owner has – veterinarians, doctors, hair dressers, etc. – they all have professional licenses that need to be kept up to date.
Federally regulated industries, such as aviation, alcohol, agriculture also require specific federal licenses or permits.

Once you know what type of business you fall under, you’ll need to check your local state government page to see the specifics of what’s required for your state. You can access license and permit info for your state here.

Making Sure You Keep Up With Licensing and Permit Renewals

Once you’ve filed for and obtained the proper licensing and permits, you’ll need to be a responsible business owner and make sure to maintain them. These expenses can be counted as the cost of doing business and can be used as tax write-offs come tax time. Here’s what we recommend to manage the paperwork that comes with our business license and permits:

keep track fo renewal dates – set an appointment a week or two in advance in your phone so you make sure you don’t miss the deadline. It’s also smart to keep the links to the appropriate paperwork and web pages you might need so that you don’t have to waste a lot of time searching.
keep a copy of the paperwork you submitted for your current license/permit. That way you have it on record and if you have to reapply as part of the renewal process the majority of the information can be easily transferred over from your last application.
Make sure to display your licenses and permits in an easy to view location and that they’re properly protected. Some states actually require that you display them in a prominent location so customers can see them.
Pay attention to what’s needed if you expand your business. You may need to apply for additional permits or reapply or a different type of business license if you’re growing quickly.
Tax permits are different than the normal business license or permit, but you will need to also check out what types of things you’ll need to do to register for the appropriate tax permits and whether or not you need an EIN.

Operating a Home-Based Business – Make Sure You’re in Compliance

Out of all the business types, home-based businesses are often those that are found not in compliance when it comes to business licenses, permits, and keeping up on taxes. Our guess, is that often, the owners consider their business a hobby, aren’t looking to grow it to a substantial size or even think of what they’re doing as a business. We get that, but as accountants, we’d recommend filing for and maintaining the proper licenses so that your business can flourish.

So what type of business do you have or are thinking about starting? Have you started working to obtain the proper licenses and permits? How can we help?

Frequently Asked Questions

1. What licenses and permits are needed to start a business?

To start a business, you’ll need various licenses and permits depending on your industry and location. Common ones include a local business license, sales tax permit, and professional licenses. Check with your local and state government for specific requirements.

2. How do I determine which type of business license I need?

Identify your business type (e.g., home-based, professional service, federally regulated) and check your local state government website for specific licensing requirements. This will help you determine the appropriate licenses for your business.

3. How can I ensure my business stays compliant with licensing requirements?

Maintain compliance by tracking renewal dates, setting reminders, keeping copies of submitted paperwork, and displaying licenses prominently. Ensure you update licenses if your business expands or changes its operations.

4. What happens if I don’t obtain the necessary business licenses and permits?

Operating without the required licenses and permits can result in fines, penalties, and potential closure of your business. It can also damage your business’s reputation and legal standing.

5. Do home-based businesses need licenses and permits?

Yes, home-based businesses typically require local government permits to operate legally. Even if it’s a small venture, obtaining the proper licenses ensures compliance and can benefit your business’s growth and legitimacy.

How to Write a Killer Business Plan in 5 Easy Steps!

Whether you are braving the pitch world to find a financer on Shark Tank, or you are striving to get your team organized, you need a KILLER business plan. What exactly does that mean? Is it just an outline? Is it a letter to a bank? Is it a report? I’m sure it has trendy business graphs!!…What else do you need? What EXACTLY are the “powers that be” looking for in a confident and solvent business?

There are 5 main parts business professionals (financial tycoons) are looking for and they really aren’t that hard!

What does the playing field look like in comparison with your business/product? There are 2 high-level ways to do this: SWOT and Porter’s 5 Analysis of your business. This basically is the business world’s way of asking: What is your business good at?, bad at?, what is the rest of the industry good at?, and how can your business create opportunities in the industry?
What is your company’s Mission, Vision, and Strategy? This seems simple, but the business world is looking for how your company messaging, purpose, organization, and plan of action are intertwined with the plan that you have to move forward. This shows your business will be able to follow through with the plan, make changes along the way, and work hard to achieve the plan you are proposing. They feel that if you are committed to something, it will show through the lifeblood and purpose of the company.
What does it mean to them? The mentality of a 5 year old definitely applies here, in a good way! When preparing to fund a business venture you need to think selflessly about your dream business. It’s hard. This is a time that is easy to become offended, brings up emotional memories, and takes strides of courage. Just remember, they need to know why it’s important to them and why people should care about your best invention ever.
What’s the Plan? You’ve buttered them up, explained the business, explained why they should care, now you need to bring the organizing PIZZAZZ! (Not JOKING) When investing in a company/idea, people need to see that your business has thought through contingencies and clearly and concisely can get from point 1 to point 10 and all you need is a little boost from them. This should have general steps that show you know your weaknesses and how to overcome them, test groups, adjusting and re-adjusting the plan, specific dates and milestones, prep prior to and post product launch.
Where’s the After Party? Why would they want more? They didn’t ask for more…but you need to show them you are prepared. Give them pre-launch survey results, a chart outlining the key milestones with dates assigned, and another simple chart that shows and how long it will take until the business is profitable and then what the profit will look like after breakeven and on into the next quarter/year. Sample flyers and mock ups of what they can expect and that show what success looks like are never overboard but just help to build the vision you are hoping they’ll catch.

That’s pretty easy! Make sure to go through your data and get it right, practice what you’ll say, their names and titles, etc. If you are just doing this for your company, it is a GREAT place to build team vision for the future. Rally your group around you, share the plan, hand it out to everyone that needs one, and say a few inspirational words, a GO TEAM, and then get to work with the follow through! I know your business will be successful as you are prepared. Don’t be afraid to make a bold move. You have amazing ideas and the world needs more amazing ideas these days!

Why You Should Create Passive Income Streams & How to Do It

Financial security is something everyone is working towards. Whether you know it or not, the mere fact that you have a job means that you’re interested in being able to put food on the table and keep that roof over your head. But what would happen if you lost your job and weren’t able to find another fairly quickly? How long would it take before there was no cash to pay the bills and you’d have to start drastically changing your lifestyle. For those that have multiple income streams, the threat of losing a job isn’t as terrible as those who rely on one source of income. Yes, they may have to make some adjustments in their spending habits, but they could easily rely on the other income streams to cover the bills while they look for another job. That sounds a lot more pleasant than frantically looking to find a job so you can keep a roof over your head.

If juggling multiple jobs seems over the top to you, don’t worry. Having more than one job isn’t the only way to create multiple income streams. Multiple income streams aren’t just for the hustlers, the online biz guys, or those that don’t like working for the man (big business or the typical 9-5 job). Multiple income streams are becoming more and more popular and are a great way to provide financial stability for anyone.

Ideas for Passive Income Streams

Interest from the bank ( look for high interest savings accounts, i.e. if you’re not getting at least 1% interest from your savings account, it’s time to start shopping around)
rental income on an investment properties
freelance income
extra shifts at a local store during the holidays
a side business
services you render to neighbors ( dog sitting, house sitting, yard services, etc)
dividends from stocks
something related to a hobby or passion – umpire for city league games, or teaching a pottery or gardening class at the rec center
marketing your skills – fixing computers, bikes, cars or massage therapy, hair cuts, etc.
participate in surveys and paid studies
flea markets (sell your stuff, or collect other’s people stuff and sell that)

How to get started

It really depends on what type of income stream you’re lookin to add to your setup, but these general rules ought to get you thinking on how to add a side business or even get you started investing.

Don’t quit your full time job or whatever you’re currently doing…just yet. You may want to cut back on your hours at your current job if you’re starting a side hustle or taking on ana additional part time job. You may even want to cut back the amount you’re investing in yoru current stock choices or funds, but whatever you do, the first step requires that you don’t move all your eggs to one basket (especially the new one).
Take advantage of your hobbies and skills. This is incredibly important if you’re looking to start a small business, sell online, or offer some type of service to friends, family, and potential customers. We recommend making al list of all the skills you have that might be of use to others. Do a little research online to see if there are licenses or advanced training you need to be able to offer these skills legally. Check out the going rates and pricing structures that others offering these services are using. If you’ve already got a side hustle, consider what products or additional services you could offer to increase your income. You might also want to consider what locations, events, or places you could market and sell your products and promote your business.
Set a plan on how you’ll start and grow your income stream. It seems simple enough, but we find that all too many people start something and don’t ever get far enough into the process to really see the fruits of their labor. Once you know how you want to get a income stream going, outline a plan for growing your income stream. Plans for growing your own business are vital to your success, but they also come in handy as you set out to start investing in rental properties or even the stock market. Knowing how much you’re going to invest, or how you’re going to build your customer base are necessary to make sure your additional income stream will be a success.
Integrating online casino winnings can be an additional passive income stream. By playing at safe and reliable online casinos like Ignition Casino or Neospin, players can potentially earn consistent returns. These casinos offer secure payment methods and regulated environments, ensuring a safe gambling experience.

What type of income streams do you currently have or are considering? We’d love to hear about them in the comments.

How to Spend Less & Still Run a Profitable Business

When it comes to finances, it always seem like the goal is to spend less and do more; and when it comes to running a profitable business, you want to spend less but still earn more. It sounds easy enough, but the trouble with business is, it takes money to make money and if you’re trying to increase your gross, it usually takes more effort, not less. That said, it’s still completely doable you just have to know how to slim down on your expenditures without sacrificing the processes you have in place. The best place to start… your books.

As accountants, we always recommend keeping a close eye on costs and managing the books on a regular basis, but we often get questions on what business owners can do if they’re specifically looking to cut costs. If this is your goal, there’s no better time to figure out how to save a penny or two, than when you’re sitting down to go over your books. Take a look at the money going out, highlight recurring expenditures and any large sums. Then take a list of our top tips (they’re easy to implement) and see if you can’t work them into your overall business strategy.

These tips might not be new, but they’re perfect for any small business owner or entrepreneur. Apply one, or apply them all and you’re bound to see an increase in green while your overall expenditures decline.

Check out the top tips for spending less while still running a profitable business here….

The Most Common Inventory Tracking Mistakes for Small Business & How to Fix Them

Running a business is no easy task. There’s marketing, production, managing your sale point (either online or brick n’ mortar), social media, sourcing raw materials, managing employees, and so on. One of the most important and overlooked, areas of your business is the product, or inventory, that you sell. It’s what drives customers to your business and is the bread and butter of your business. Without your product, your business would sink. But who has time to keep track of inventory, let alone fix the problems that seem to crop up constantly when you do try to track your materials, stock, and sales.

Today we’re sharing some of the most common mistakes we see when it comes to small businesses managing their inventory, and providing you with some simple ideas on how to fix them and why they might be occurring in the first place. We believe that finding out the cause of the problem is almost as important as solving it (and it usually makes it a lot easier to solve, when you understand why). Now lets start talking inventory systems.

Common Mistakes on Managing Inventory

Problem: Too Much Inventory

Reason: Small business owners work to hard to just a let a potential sale pass them by. That said, it happens most when they don’t have the products in stock. To make sure that missed opportunities aren’t the usual, entrepreneurs and small business owners alike usually error on carrying more product rather than less. So why exactly is this a problem? Well, holding product actually costs a business money – rent for the storage space, the chance that a product on a shelf may become damaged, etc. It’s great to be prepared for a potential sell, but not if having the product on hand is going to end up costing you more than you’d make.

How to fix it: Start with some basic forecasting. Start, by just figuring out the average sales per month. Then, plan to hold at least that number in inventory (maybe adding a few to provide you with a buffer). Next, look at your sales for the last year, taking note of when spikes occur. Trending like this is called seasonality (i.e. accountants always see a huge spike in demand around tax time, greenhouses and plant nurseries see a spike in sells during the spring, etc). You can also look for month end spikes or those that seem not to be seasonal and see if they occur during certain promotions you’ve run ( this is a great way to also figure out which marketing promotions work best for your company and product).

Problem: Inaccurate Tracking

Reason: It happens to every business owner. You get busy, things fall behind, and in you efforts to make the sale, you find that your books aren’t up to date and your inventory tracking might not be as accurate as you thought. To be honest, the chance of miscounting can happen at almost any spot in the process – during receiving, order fulfillment, and if you’re in manufacturing, you’re bound to lose some during bad runs and scrap production.

How to fix it: It used to be that bar codes and SKUs were only for big business. But now, even mom & pop shops and online storefronts such as Etsy, Shopify, and Ebay provide the functionality for some form of inventory tracking. Putting a system in place if you don’t have one is the first step to fixing it. However, if you’re already using barcodes or SKUs it might be time to up your tracking game. Implement “cycle counting” – choose a few items each day or week (depending on how quickly you move inventory) to count. Then compare your number to your inventory record. Your shop’s best sellers should be counted more often. How does cycle counting help? After awhile you’ll have a pretty good idea the difference between the actual and recorded numbers, making it easy to estimate your actual product holdings so you’re sure not to oversell or overstock. You’ll also be able to have a better idea of what products are actually turning over quickly – which is a big help when you’re deciding on new product offerings.

Problem: Using Spreadsheets

Reason: Programs like Excel, Google Sheets, and other spreadsheet software programs are fairly well understood amongst the work force. Plus, they’re usually something most businesses already have access to. Just because it’s common and free doesn’t mean it’s a great tool to use for tracking inventory – here’s why. Spreadsheets are easily deleted and information can be inputed incorrectly. If you’re sharing a spreadsheet amongst several employees, the odds of incorrect information, input errors, or not saving information multiplies. Not to mention, the fact that a spreadsheet isn’t the best way to show information in real-time.

How to fix it: Invest in a software program that actually has features that can eliminate the problem – Quickbooks or Peachtree are just two that are fairly common and easy to use. These programs are definitely well known for their accounting packages, but they also include features that will make it easier to see your inventory numbers and the dollar values of your stock. Not to mention that having a central database (both of these programs offer this feature) allows anyone that may need access to see things in real time because multiple people can be working in the files at once.

Problem: Lack of Priorities

Reason: It takes time to track inventory. There’s no easy way to get around it or technology that can completely eliminate the work that’s required to count and manage stock. If you’re a solopreneur or a small company that has dozens of product offerings, you’ve just multiplied your workload by well… a lot.

How to fix it: Pick a place to start and get moving. Our rule of thumb is to take a look at the products that seem to matter most. Most of the time, 80% of demand will be generated by 20% of your items. These are your A list items and should be your main focus. All of your products are important, but prioritizing your products by sales will help you make sure you’re tracking the most popular items (which makes you the most profit) first and then you’ll have more time to spend on the B and C list items that are still making you money, but that might not be driving the bulk of your sales.

3 Podcasts for Small Business Owners

As business owners we spend a lot of time working on building the business and growing it to match our dreams. Entrepreneurs and small business owners are made of different stuff than they typical corporate employee. They make something out of nothing and combine their creativity with their business acumen. Here at Vyde we applaud the small business owner – because the stuff of small businesses is tough stuff. Today we’re sharing 3 podcasts for the small business owner – they cover business topics and always share useful tips and plenty of inspiration, but they also provide a tribe of sorts for small business owners and solopreneurs.

In no particular order, here are 3 of our favorite podcasts for small business owners:

How I Built This

Host: Guy Raz

Average Length: 50 Minutes

Website: https://www.npr.org/podcasts/510313/how-i-built-this

Ever wonder how some of the world’s most successful entrepreneurial ventures get started? Guy Raz interviews some of the most notable entrepreneurs about their amazing successes. You’ll be able to glean ideas on how to get big dreams done and get inspired to keep working on your own small business.

Marketing School

Hosts: Neil Patel & Eric Siu

Average Length : 5-10 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

If you don’t have a lot of time to spend on marketing, this podcast might be a good fit. Neil and Eric bring actionable marketing tips every single day and each episode is only 5-10 minutes and are masters at marketing online and SEO. Even if you have a brick and mortar business, you’ll want to listen to these guys when it comes to building your online presence – and the tips they share are easily modified and applied to brick and mortar marketing tactics as well.

Online Marketing Made Easy

Host: Amy Porterfield

Average Length: 30-45 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

Working on your online presence? Or have a business that’s exclusively online? Online Marketing Made covers everything this type of business entails. Amy breaks down how to monetize your online business and her advice is great for bloggers and those that are looking to run an commerce business. This is a great pick for fempreneurs and anyone that’s looking to build out drip campaigns and leveraging Facebook ads.

We’re always looking for new ones to add to our must listen list – what podcasts are you listening to? We’d love to hear about them in the comments.

FAQs about Podcasts for Small Business Owners:

What makes podcasts a valuable resource for small business owners?

Podcasts offer valuable insights, tips, and inspiration tailored to the unique challenges and aspirations of small business owners, fostering a sense of community and providing practical advice.

Why is “How I Built This” recommended for small business owners?

“How I Built This” features interviews with successful entrepreneurs, offering firsthand accounts of their journeys and strategies for building thriving businesses, inspiring listeners and providing actionable ideas.

What sets “Marketing School” apart as a podcast for small business owners?

“Marketing School” delivers concise, actionable marketing tips in short episodes, making it ideal for busy entrepreneurs. Hosted by Neil Patel and Eric Siu, it covers online marketing and SEO strategies applicable to various business models.

What makes “Online Marketing Made Easy” suitable for small business owners with an online presence?

Hosted by Amy Porterfield, “Online Marketing Made Easy” focuses on monetizing online businesses, offering insights into effective strategies like drip campaigns and Facebook ads. It’s particularly beneficial for bloggers and e-commerce entrepreneurs.

How can small business owners benefit from engaging with podcasts?

Listening to podcasts allows small business owners to stay informed about industry trends, learn from successful entrepreneurs, and discover innovative strategies to grow their businesses. It also provides a sense of community and support among like-minded individuals.

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 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.

7 Daily Habits for Success that Entrepreneurs can Learn from the World’s Most Influential Business People

If you talk to the most successful business owners, you’ll find that they have a few habits in common. We’ve listened to these people and have compiled a list of seven habits for success that are used by some of the top business men and women in the world.

Meditation

Meditation is no longer just used by yogis and monks. It’s one of the top tools CEOs and other successful people, use meditation to manage stress. The goal of meditation is to bring peace, joy and happiness to your life.

There are a lot of different types of meditation and there isn’t one right way to meditate. You need to do what works for you, even if that just means sitting quietly for a few minutes. As long as you find peace and aren’t thinking about how much you have to do, then you’re doing it right!

Here are a few types of meditation you can try:

As you’re cultivating your habit for success try using meditation. It’s a great way to clear your head and relax when you have a lot of pressure on your shoulders.

Schedule Your Day

Time management is one of the best habits for success! It’s a great tool for achieving business goals and still having a personal life.

Living by a schedule can help you stay focused and accomplish your to-do list, which is another habit successful people use. You don’t have to schedule out your day by the minute, but it’s good to have an idea of what you’re doing every hour. Time blocking is a great method for keeping a loose schedule that allows for flexibility when you need it. You can learn about time blocking, to-do lists and other helpful habits in our previous post, 5 Organizational Habits for Small Business owners.

Another way to really utilitize your time is to multi-task. A lot of successful people try to combine less important tasks. Mark Cuban, a businessman and owner of the Dallas Mavericks, reads his email while exercising.

Combining tasks like that is a great way to get the most done in a day. Just make sure you aren’t multi-tasking everything. Some tasks need your full attention in order to produce quality work.

Make Time for Fitness

Most business owners devote 80% of their time to their business and 20% to the family or social lives. Which means they don’t leave time for themselves.

As we discussed, practicing meditation is good for your mind and implementing that habit can help your mental health. However, you really should take time for your physical health as well.

Exercise is one of the habits for success that you can’t leave out.

You don’t have to become a body builder or a cross fit junkie in order to be fit. (Although, if you can do those, good for you!) Just spend 20-30 minutes a day exercising.

There are so many benefits of exercise, all of which can help you build your business. We’ll just list a few of these benefits.

Increases endorphins
Improves mood
Lowers your risk of heart disease and diabetes
Gives you more energy
Teaches goal setting (and accomplishment)
Improves memory

Pick a time during your day when you can fit in exercise and stick to it. Use the time blocking method that we talked about before so that you can dedicate a time to your fitness.

Meal Plan & Prep

Along with fitness, eating healthy is an important habit for success. It goes hand in hand with exercise, you really have to use both to be healthy.

There are a lot of benefits to eating healthy. As an entrepreneur these will benefit you directly:

Increases productivity
Keeps you alert
Helps you sleep better
Relieves stress
Makes you smarter
Boots your immune system
Spikes energy levels

As a busy entrepreneur, you don’t have a lot of time to create healthy and delicious meals every day. It’s hard enough to grab fast food when you’re in the middle of work.

Meal planning and prepping can help you stay on track with your health. In order for meal planning and prepping to work you have to devote time each week to plan and prepare your meals. Experts recommend starting with the meal you have the most trouble with. For instance, if you’re always running out for lunch, start by planning a week’s worth of healthy lunches. On Sunday spend an hour putting them together so that throughout the week you can grab one out of the fridge and be ready to go. Once you’ve tackled one meal, move on to another one.

In the age of quick information, reading is becoming a lost art; however, successful people still cling to reading as one of the most important habits tor success.

Reading can give you a leg up in the business world. It doesn’t necessarily matter what you read, but you should cover the three main categories: read the news, read for pleasure and read to learn.

First, reading the newspaper is an excellent habit to get into. Staying up to date on current events has many benefits. First, you can keep track of the market and make smarter business decisions. Second, knowing what is going on in the world makes you more intelligent, which builds trust. Finally, you will be able to hold a conversation with anyone because you know what is going on and can form an opinion on it.

Reading for pleasure is important as well. It’s a great stress reliever. When you take the time to read something you want to read, reading becomes a form of self care. Which can improve your health. Reading for pleasure can even help you become a better analytical thinker!

Reading for knowledge is one of the habits for success that the best business leaders sear by. People such as Warren Buffet, Mark Cuban and Malcom X all attribute their success to reading and learning. They’ll all tell you that you need to keep educating yourself beyond your formal schooling.

Keep Learning

We alluded to this in the previous habit for success, but it’s so important that it deserves it’s own subject!

If you want to be successful in business and in life you can’t stop learning just because you have a diploma. Learning is critical to becoming a successful entrepreneur. Especially, where technology is constantly changing how businesses run.

There are a lot of ways that entrepreneurs can continue their informal educations. Like we said before, reading is the best way. Try to read as much as you can. If you want to learn about a specific topic, look for an online course. Podcasts are another great option for entrepreneurs. You can listen to tips from experts in your field and while doing other things.

Don’t forget that your experiences are great ways to continue learning. Anytime you have a new experience take time to analyze it and see what you can learn from the situation.

Be Thankful

Being thankful might seem like an odd habit for success, but it’s the most important one.

Being an entrepreneur doesn’t mean you’re going to be successful overnight. In most cases, it’s going to take a long time for you to reach your dreams.

It doesn’t matter what stage of success you’re in, remember to be thankful for what you have and to the people who have helped you along the way.

Do more than just think about what you’re thankful for. Show people how thankful you are for their support. This could mean donating to charity, or giving your supporters gifts.

You’ll find that your life is happier when you focus on the good and let the rest roll off your back.

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.