Tag: delegate

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If you are running a business, you are a business CEO and it can be hard to see it at first and hard to grow into.

Actually, I recently coached a client who was still doing everything in her business. Just like we all do when we start, because she wanted to make “more” before she delegated some tasks.

These days you can get recommendations for temporary support for almost any business related task, and you can look for project contractors and freelancers who are on Fiverr and Upwork.

The fact is, there is a mindset shift when you see yourself running a business, and not just as a self-employed person. 

As the CEO you will do the research and set a financial goal to get that new team member or contractor in place. As the CEO you have a vision for your company that goes beyond paying yourself a comfortable living. To bring that vision to life, you must step into the role of the company leader.

So, how did we address my clients need to step into the CEO role? First, I asked her to please define “make more” before you begin to hire out certain tasks that are not in your zone of genius.

“More” is an ambiguous term and an amount you will continue to raise because you can. You can never reach it because you didn’t put a line in the sand.

“When I make $2500.00 every month, I will add…” is much better than, “I will add a… once I make some more.”

Next, we made a list. What do you want to get off your plate first? Her answers were bookkeeping (a top fave for most entrepreneurs!) and social media. Awesome! How can we get this done as fast as possible? Here are a few things to think about:

1. You can start small.

You don’t have to hand off everything all at once. For example, hire someone just to schedule your social media content. The hour it takes to schedule a month of posts is an hour you can be making sales, creating items, generating leads or just being in your zone of genius.

You can get something off your plate NOW. Think about it and start small. What can you hire out this month?

2. You are your best brand ambassador.

A key to letting go a bit and getting started with a team is to understand that you are the best person to make the sales, to promote your company, to generate the leads, to build the brand.

You are sold out to your vision or, if you aren’t, let’s get that way. If you are scheduling posts, writing newsletters, bookkeeping, creating graphics, etc., you aren’t doing the major things that grow the company. Like making the sales.

Let someone else do the things that aren’t directly related to your making money for your vision.

3. If you are nervous about the money, what is a comfortable budget?

It is always nerve wracking to take on a new expense in your business. Many times, we allow fear to stop us from boldly stepping into the CEO role because we may not “make enough next month.”

If someone quotes you a number that gives you hives right now, what is your comfortable budget? Have you ever given it a thought? And back to number one, if your budget is truly small, start with just one thing.

You are the visionary, and you have the vision for the company. Where are you going? You cannot get there if you are bogged down doing everything for your business by yourself, particularly as things start to take off.

Make the decision today to step into your CEO role and make the plan for the next stage of your business.

By the way, the Profit Accelerator closes in a few days! Our signature program will get your business making more money and keeping more profit in just 6 weeks. https://entremoneycoach.com/accelerator for details.

Remember, you can switch from self-employed to business CEO. It just takes analysis and good prioritization.

 

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I am a multi-passionate entrepreneur. Across the businesses I am a teacher, coach, and cheerleader, but my businesses are very different and have very different audiences. I teach and coach entrepreneurs with their money and strategy, I tutor and coach non-traditional law students through school and the bar, and I teach ballet, tap , and jazz one day a week. And I am passionate about each one of my ventures. I know there are some of you out there who are just like me. I wanted to take a minute and support you by providing a few tips and tricks for balancing the finances across entrepreneurial pursuits. We will start with the “rules.”

 

Rule number 1: Every venture is different; you must separate your finances. Period. I have accounts for each business. I have check books for each business. I go so far as to have Stripe for one and PayPal for another to process payments. The money is earned in different businesses. By using PayPal, I can also “park” the money until I need to transfer it. No co-mingling. I keep everything absolutely separate. So should you.

 

Rule number 2: Expenses are different and should be tracked for each venture separately. This is as easy as putting all the receipts in a different folder, one for each business. Make sure that you pay the right expenses from the right account. Another benefit of PayPal is I can send money directly from the business account to pay expenses. You can set up the same for your businesses. Keep them separate.

 

Rule number 3: Taxes are separate in each business. You must pay the self-employment taxes on each venture. If you are a sole proprietor in the US, you will have one EIN if you are operating with your own social security number. You can make a single tax deposit online to cover the taxes for all three, but you must keep withholding separate in your tracking. You must file a “Schedule C” every year for each business that you own as a sole proprietor on your taxes.  If you are an LLC, Limited, Corp or any other structure you must absolutely deposit your own taxes but let your accountant do the K-1 filings at the end of the year.

 

It doesn’t have to be complicated for the multi-passionate entrepreneur. I sit down and handle each business separately and in turn. I have a written spending plan for each, and the B-number that goes with them. I spend less than 1 hour a month on the financial planning and management of the companies.

 

How to do it:

 

  1. Have Your B-Number. Know your B-Number for each business separately and have a written spending plan for each. I’ll say it again, know your breakthrough numbers and have a plan for the money in each business. If you need to calculate your breakthrough number get the free workbook at entremoneycoach.com. This step will save a ton of stress and crazy. You know what you need to make, what you need to pay, and where your money is going.

 

  1. Use color coding. I have different colored folders for each business. I mark receipts as I have them and place them in the correct folder by color. To avoid payment errors, I have checks in different colors with a little icon in the corner. Color coding keeps everything easy and organized. You can find different colored folders at any office supply store.

 

  1. Delegate what you aren’t good at, or don’t like to do. Stay organized with a virtual assistant, bookkeeper, accountant, etc. The actual bookkeeping for my businesses is very straightforward, and I don’t do it, and it takes less than 3 hours a month for all the businesses. I only manage the income and planning.

 

  1. Always have a plan for your money. Don’t let your money run off and spend itself. Know what each business’s income is for. Your money every month needs to have a purpose. You may decide to take a salary from one business, with the intent to use the money to grow a different one. Have a plan, withhold your taxes, and use your money strategically.

 

I celebrate multi-passionate entrepreneurs like me and understand that being organized can sometimes be a challenge. But take these few steps above to make managing the finances across multiple businesses easier. Happy entrepreneruing!