Tag: decisions

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.I have personally fought the deep fear that I was going to make a wrong decision. I have lived with “analysis paralysis” and turning the same question over and over in my head while trying to figure out every possible outcome. It was exhausting and my business was also stuck. I finally realized that not making a decision IS a decision. I was choosing to keep spinning my wheels. 

 

What If You Couldn’t Make A Wrong Decision

 

Perhaps you have a decision to make that you just can’t. And it is keeping you stuck. Perhaps you have been holding off finding a VA or new software or marketing support. Maybe it’s a financial decision. Maybe it’s the decision to enter a new market or offer a new service.  I want to give you a quick and easy process you can use to help you make the decision. What if you couldn’t make a wrong decision?

 

The Cost-Benefit analysis for this is a simple tool. It shows you if the benefit of something in your business will outweigh the actual cost of having it.  I am a HUGE proponent of the cost/benefit analysis. But the cost/ benefit is a tool that shouldn’t keep you up at night.  I made the biggest mistake with this process by not committing to implementing the best course of action that the tool revealed.

 

 

 

 

I feared that even if I picked the “best” one, it may be wrong for the business. But what if I couldn’t choose “wrong?” What if you couldn’t? Your mindset has to be that you will go with the decision. The decision based on the knowledge that you have when you use the tool.

 

The easiest way to work a cost/ benefit tool is to sit down and handwrite all of the costs and benefits of the decision you are trying to make.  And you use this tool for each decision point. You can handwrite it on a piece of paper, or use a computer program. I am personally a pen and paper and coffee and relaxed environment kind of girl, but you do whatever will allow you to think clearly.

 

 

 

 

Be specific. For example, a Virtual Assistant will save you time that can be better available for money-making activities. Email Automation can make sure nobody who opts in for your newsletter falls through the cracks. And continue to list the benefits that you will personally receive in your business.  Then look at all the costs, financially or otherwise, of implementing the thing.  

 

Many times, when you write it all out, an investment is a “no brainer” and your business will benefit so much you need to add whatever it is, now.  On the flip side, if you are wondering whether to keep something in your business, you can use the same approach. If the benefits (be honest) are not enough to justify the cost, you don’t keep it.

 

 

 

 

Author’s Note:

 

But here is the key, you cannot get it wrong. When you use this tool with the best information you have, your decision is the best you can make at the time. Period. Not making any decision and spinning your wheels is a decision and one that isn’t moving you forward.  Try this tool the next time you have a business decision to make and commit to implementing what comes out on the paper. You will be amazed at how much stress is gone because a decision is made, a course of action is taken, and you can now focus on the next thing.  On one last note, rarely is any decision permanent, so move confidently on the best one that reveals itself to you the next time you feel stuck.

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Ah, setting the plans for things and questioning whether you are spending the right amount, in the right order for your business, is a problem we all face. I haven’t yet met an entrepreneur who hasn’t second guessed the decisions to spend money. The cost of the additional team member, marketing plan, or ad spend in her business.  We want to be mindful of our resources, especially when we are starting to make money consistently, because we fear that one misstep will set us back again. Time to evaluate the return on our investment (ROI).

 

The good news, because it is a universal thing, we don’t have to lose sleep over our budget decisions. In fact, when we make a money decision, we need to stick to it until we decide to change. It is easier to say than do, I know, because money is involved. And most of us measure our successes on the amount of income we are making. Why that’s not always the best idea is for another blog post.  Once you’ve made your decision, you can make decisions based on whether your Return on Investment (ROI) is satisfactory.

 

Evaluating Return on Investment

 

I’ve been guilty of evaluating my return on investment in pure dollars and percentages. The fact is, any investment has effects on time and energy as well. I budget for and hire different people on a project basis because they are doing the things that zap my time and energy. Things that may not be in my zone of genius, have a steep learning curve, and honestly wear me out to do. When you have a written plan for your business, you can more easily put expert help where it is needed.

 

The simple fact is that we have to be honest with ourselves first about what is important to us. We can monetize our time and compare how much we are spending versus how much your time is worth. I hired a cleaner once a week in March to help me tackle the house.  Honestly, Andrea has been a Godsend. I made that decision by monetizing how many hours I spent cleaning, vs. how much it really cost to have someone come in and support.

 

Another recent decision of mine was made, NOT through monetizing my time, but rather through evaluating how much time and energy I was spending outside my zone of genius. The hours it took me to perform these tasks, and the energy drain was brutal. I was able to regain some productive time and have much better the results now that I outsourced the project.

 

You Can Always Change If it Isn’t Working

 

My coach has a great expression that, “You aren’t getting a tattoo on your face.”  And, unless you really are, you can change anything once it starts. As your business matures and grows you may find some processes or team members don’t fit your current ROI evaluation. You shouldn’t feel bad about that. I have seen some business owners who hold onto a business decision a little too long.  Typically  because they don’t want to “upset the apple cart” and hurt someone’s feelings. You can change suppliers. And you can change social media managers. You can do all the things you need to as you are staying true to your vision. You should re-evaluate ROI regularly as you are making the next set of decisions to move forward.

 

If you are struggling to make these types of business decisions or are wondering if it is time to make a change in your company, you don’t have to do it alone. Grab a spot on my calendar for a free 30-minute support call, and let me support you in making the changes you must to move your business to the next level! Use this link https://dawnkennedy.as.me/support to book your call.

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I don’t like the word, “budget.” I think it seems restrictive, and many people agree. Prefer to use, “the spending plan,” because you are truly free to decide how to spend. I find, however, the monthly spending plan causes some real stress for people. Sometimes it is the idea of planning out the money (particularly before it’s made) and sometimes it’s the feeling that your plan must be perfectly executed to be any good. BUNK. Having an idea of what you will spend, and when, makes it easier to make decisions. Because you have set a limit. A written limit. Your spending plans. And the plan is designed to be dynamic. As dynamic as your business.

 

Having an idea of what you want to spend every month in different areas of your business is smart. It’s way too easy to just hand over the debit or credit card without counting how the amount you spend reflects on your overall business income and expenses. You are in business to make money and earn a profit. You have to have a plan for your spending.

 

Know what You Will Spend and Write it Down.

 

Think of you spending plan as a helpful guide. Beyond the expenses in your breakthrough number (the four walls), you should consider your spending in other areas, such as your marketing, projects, supporting persons (not employees), and business processes. Creating a marketing budget, creating a budget for contractors, and a budget for things like accountants and payroll allows you to make decisions throughout the month on where to maybe spend more, or where to cut back.

 

How much you can afford to spend will be something you need to work out based on your business’s goals and income but have numbers down. I’ve seen one too many businesses hire people or launch a campaign and then run out of money before things could be completed. Because they bought into what sounded awesome, not what was really affordable at that moment in their business.

 

Plan to Make Changes Throughout the Month

 

Guess what? My spending plans RARELY go unchanged throughout the month. Typically, at least one thing changes. Maybe I made a small investment into a resource or course that became available. Or I decided to move a project forward sooner than planned because of an opportunity that I wasn’t expecting. The thing is, having a written plan allows me to make those decisions.

 

Unexpected changes are, well, to be expected. When you have your plan in front of you have a baseline. Then consider what comes up. You can ask yourself, “Can I afford this? Is it moving us towards the vision? Does this work better now or later?” Your answers will then guide whether you want to spend now or not. But with a good written plan you will already know what money has been allocated, what’s left, and how much extra has come in the door to guide you.

If you need some guidance in creating your spending plan, and getting your business money stuff straight and stress-free, join me in the live Profit 101 course starting July 1st 2020. For more information on what we cover in the course, including the six pillars of your business money, visit https://entremoneycoach.com/profit-101 . Doors close on June 30th.