BUSINESS REVIEW: AUGUST 2016
During August I heard a lot of first time entrepreneurs saying that business was really quiet, and they were ‘hearing crickets.’ Business is traditionally quieter in August, especially here in the UK when it’s a popular time for summer holidays. But instead of seeing the quietness as a problem, I like to see it as an opportunity. Here’s why.
First of all, London is at its quietest as so many people have gone away. This means that I have the city all to myself. Well not quite! But it’s a lot less crowded and busy compared to the rest of the year. There are fewer attendees at networking events but I take this as an opportunity to strike up deeper conversations.
I find the calm and quiet helps me to focus as I turn inwards to reflect on the direction of my business. This meant I spent a very productive month working on my own business plan, and deciding exactly where I want to take it over the next few months. I mapped out my Built To Succeed™ methodology, and sketched the outline for the book I will be writing with that title.
I conducted a lot of research into my market to understand why so few entrepreneurs, especially women, make the jump from running a micro-business. The results of that research have informed the content of a short book I’m writing this month that will set out a pathway for new entrepreneurs who want to create what I call a Built To Succeed™ business.
And I spent a couple of weeks down on the Sussex coast, working from one of my favourite cafes. I love The Perch On Lancing Beach because of its panoramic views of the aquamarine sea. There I wrote ‘Take Financial Control Of Your Business … And Get Off The Cash Flow Roller Coaster’ whilst the staff kept me supplied with lemongrass and ginger tea. And the occasional slice of Eton Mess cake – which is like Victoria Sandwich, only better!
The reason that I published this e-book is that I know – from both research and experience – that those business owners who have a firm grip on the financials get exponentially better results than those who don’t. In my post ‘Are You Ready To Get Off The Cash Flow Roller Coaster,’ I shared the examples of Isabel and Mike. It was no coincidence that they both doubled their turnover over 12 months when they started to take the financial stewardship of their business seriously. It’s because they were determined to avoid the most common business problems, and as a result started to develop an essential quality called ‘business focus.’
==>You can download your free copy of ‘Take Financial Control Of Your Business … And Get Off The Cash Flow Roller Coaster’ HERE.
One of the many cool features of the website theme I use is that it allows me to create a short ‘announcement’ and share articles I think will be of interest to my readers. As I come across interesting articles and resources about the business implications of Brexit, I create a series of short ‘announcements’ which you’ll find HERE. I will be adding to these ‘announcements’ over time.
This Month I’m Loving
My absolute favourite tool, above all others, is Evernote. In case you’re not familiar with it, Evernote is a cloud-based, information organisation app. The system enjoys over 100 million subscribers. Why? Because it’s the one of the few apps almost no one can outgrow. And even better, it’s super easy to use.
I store EVERYTHING in Evernote. All my notes. My business plan. My ‘to do’ lists. My project plans. Content for my blog posts. Because Evernote functions as my digital brain, meaning that as long as I’ve tagged ‘a note’ correctly, I can always find it again. Which is more than I could say when I kept notes on paper!
I especially love the Chrome Extension which allows me to save articles I want to read later into a specific folder for this purpose. That way I don’t get side-lined reading interesting articles when I should be focused on an important activity. I also like that I can share notes with my VA for her to action.
Personal Highlights From August
A key driver for me starting my own business was to have the flexibility to run my business from locations of my choosing. Tools like Evernote enable us to do just this. I love being able to work in peace and quiet from my favourite café whilst still being able to communicate with my clients and my team.
I also want to give a shout out to Stu McLaren who delivered a brilliant set of resources for people looking to build a membership programme. I love the membership programme business model - think ITunes and Netflix through to Michael Hyatt’s Platform University and Kim Garst’s Boom! Social Inner Circle – because it provides regular recurring revenue.
Every business needs a set of products or services that drive its ‘economic engine.’ By this I mean products and/ or services that are guaranteed to deliver revenue into the business. No business model does this more effectively than a membership programme that delivers ongoing recurring revenue – usually monthly. I’ve taken some of Stu’s ideas and am using these to help two clients create stable revenue streams (and avoid the cash flow roller coaster I referred to earlier). And I’m in the process of building out my own membership site.
I’m looking forward to enjoying the last of the summer sunshine when I visit the Sussex coast again. (You can see my photos over on Instagram).
And I’m really looking forward to Red Smart Women Week where I’m attending lunches with Chrissy Rucker of The White Company and Jo Malone of Jo Loves.
Plus I’ve got that book to write and publish on Amazon and a YouTube channel to create.
If you’re worried that you’ve lost momentum over the summer, check out this article about how you can get my friend ‘Big Mo’ back on your side. And head over to my (free) Business Champions Facebook group where I share business tips on a daily basis.
[callout]Are you on the cash flow roller coaster and wanting to get off? If so, my short e-book How To Take Financial Control Of Your Business sets out the first steps to getting off the cash flow roller coaster. You can download a copy HERE.[/callout]
Join The Conversation
Question: How was your August? Did you get away, or perhaps use the time to work on your business? I love getting your feedback. Please do let me know how you got on in the comments box below.
Explore These Additional Resources
Did you miss?
- 9 Common Business Problems We All Experience
- Business Focus: The Truth About Business Success
- The Secret To Cash Flow Success: Lessons From ‘It’s A Wonderful Life’
- Take Financial Control Of Your Business … And Get Off The Cash Flow Roller Coaster