Do the work, do the work, do the work?

If you were to ask me if I've read the U.S. Constitution, I'd say, "Well, not word for word, but sure I know what its about". Well, same thing holds for The E Myth. I have heard so much about the concept of this book that I assumed I "knew the book".

Well, I think I'd better go back and read the Constitution because when I finally did read every page of The E Myth Revisted, cover to cover I could only think that I wish I'd read it 4 years ago when I founded Marigold. I did not "know the book".

Who should read this book?
She who currently owns a business or is self-employed.
She who feels vulnerable to an oncoming Entrepreneurial Seizure (that moment when you decide to work for yourself or start a small business).

I will be blogging on the blessings of this book for the next several weeks, focusing on one concept at a time. Lets get started!


From the E Myth-
"It is critical that you understand the point I'm about to make. For if you do, neither your business nor your life will ever be the same. The point is: your business is not your life. Your business and your life are two totally separate things... An organism, you might say, that will live or die according to how well it performs its sole function: to find and keep customers". Michael Gerber, The E Myth

A sustainable business has the ability to function without you because you have designed and implemented systems and procedures that do not include YOU! Of course your business will include a lot of YOU at the beginning, but there should be a clear and definable time period after which YOU are not needed. You will be the owner of the business, not the business.

If you have a non-transferable skill or talent that you sell to others, you do not have a business, you work for yourself. Big difference. If you stop doing that work, the customers go away and so does their money. You will have lost your job. If you have taught your team how to do the work of the business and you have put systems and job descriptions in place with the right employees, your business survives and the revenues continue to flow regardless of your health. The business can be sold, transferred, etc... There is nothing wrong with working for yourself. Just don't fool yourself into thinking you have created something other that a different way to earn a paycheck. There is no equity from the relationships you have established with clients or customers. You have to keep doing the work, doing the work, doing the work.

Are you your business? Do you want the added responsibility of early stage business ownership? Can you see the business being attractive to a potential buyer? Do you want to learn a new way to approach your work?

The E Myth Revisited spells out how to achieve separateness from your business. It is not too late or too early. Lets get started.

Update your game plan!

So we are a little more than half way through 2009. Where did THOSE six months go?

For many of us January 1 looked pretty scary and few were setting high goals for business or career growth. But most of us at least had a game plan with the goal of keeping our heads above water. How is the game plan working for you? July is the time to revisit the plan and the goals. If you never created any (shame on you, but I'm not your mother) then this is a good time to plan the remainder of the year.

As you review your goals and your plan, ask yourself:

• Have I been successful in taking steps forward?
• Am I holding back my vision out of fear or common sense?
• Have I learned new disciplines that will help me in the future?
• Have I discovered my true business allies and loyal customers?
• Have I found that my new frugality should be the new "normal"?
• Did I underestimate my ability to take on the challenge?

Maybe you can be a bit more optimistic in planning 2009 Part 2. At the very least, you can pat youself on the back for what you've survived and learned from the experience.

The economy may feel like a ball and chain as you try to get ahead, so consider it weight training. Once your leg is free, you will have become accustomed to the hard work, persistence and dogged determination to move forward. You will soar!

Lesson Learned on the 3rd of July

With the nation's birthday falling on a Saturday this year, many of us were given Friday as a paid holiday. This was an inspiration to me. The 3-day weekend is a most glorious gift during a northern Michigan summer. Was it the glorious weather? Was it that the kids still had camp, making it a grown-up holiday? Whatever the source of the magic, I'm sold!

Instead of taking two week long vacations, I'm rearranging my schedule to take several summer Fridays off. I live here for the summers, so why not maximize the time spent enjoying it. Think about it!

Here are some options to 3 day weekends:

• If you are the boss, well, just do it!
• If you HAVE a boss, ask if you can squeeze an extra 8 hours into the first four days of the week. Just for 6 weeks of summer.
• Request a special project that you do off the clock in exchange for Fridays off.
• Offer to work 5 or 6 Saturdays or Sundays in the fall/winter.
  
• Take a week of vacation and make it 5 Fridays between now and Labor Day.
• Start complaining of mysterious symptoms of ill health around 3pm on Thursday afternoons. I think you get the idea. With any luck your co-workers will not recognize a pattern. Maybe space it out every 2 weeks.
• With fewer of us getting raises in this economy, negotiate summer Fridays off as compensation for your work.

Enjoy!

Think before you join

I was just asked by a woman business owner what groups/organizations she should join for networking. I'll pass along to you what I suggested to her:

Ask yourself 2 questions:

1. What do my current and potential customers have in common?
2. What organizations are they involved in?

If you want to sell to female senior managers and business owners, I would of course recommend attending Marigold events.

If most of your best customers are in the medical field, ask them which organizations THEY belong to. Most professional associations offer memberships to companies outside of their industry as "supporting members". Then promote your membership to the current membership. Use their logo (with permission) in all of your targeted advertising.You might even create a separate supply of business cards that include specializing in the medical field, or add a title of Medical Industry Specialist.

Taking this another step, what geographical are are you hoping to prospect in?
If you feel that another region, state or city has greater potential, join an organization THERE. Perhaps even in the state you hope to retire or semi-retire to. Make contacts in that area.

Consider what your customers would find appealing in your list of memberships. These associations create a sense of acceptance, credibility and can speed up relationship building.

When I owned a travel agency, I joined the Detroit Producers Association and marketed through their publications and events the idea that we understood their needs for last minute first class travel arrangements for difficult clients. All staff had a set of business cards with Production Industry Specialist. I volunteered many hours at their events and became known as THE travel agent for production companies. This was our most profitable revenue source. How many clients did we have when we started..... one.

Try it out and let us know what happens!

Chick in Charge of Time

Time is money.
Time is money!
Time is money?

However you approach the phrase, it may help you to think of the value of your time as, well... actual cash. I'm not thinking of billable hours or the income you can produce in an hour, but the satisfaction of being alive for that day, hour or minute.

We all have the same time budget, 24 hours each day, 7 days each week, and so on. How do you spend your time? Does your spending align with your values and priorities? Like anything else, our priorities shift with. Have you adjusted your time spending as well?

Routines are hard to change and can become written in stone simply because we are creatures of habit.

Here are two examples:

On the professional side: Sarah has always done the bookkeeping for her pottery supply business. She was told early on that this was a simple task with QuickBooks and that it was extremely important to have a complete understanding and awareness of the business finances. As much as Sarah hates bookkeeping, she accepted that it simply must be done. Over the years, the business has grown and now she finds that 40% of her time goes to managing the books, payroll, accounts receivables.

At home: Sarah has always felt that girlfriend time is sacred. Her work is very draining and she has been committed to keeping up with her monthly book club. She always comes prepared, having read the book selection if she wanted to or not. With the business growing, her girlfriend time is more limited, and the reading time is keeping her up nights, furiously trying to finish each book. Sarah considers dropping out, but she adores the time with her friends.

What to do: If time gobblers are causing you stress, give the situation some perspective. Why are you doing things this way? What do I gain from this? How could I change things and still get what I want? Sometimes, just explaining the situation to a friend, thinking out loud, can bring clarity you were missing.

Poor Sarah! Clearly she needs to either hire a bookkeeper or outsource the work. Every business owner goes through this growing pain and the bookkeeping is the first thing to unload from the owner's list of responsibilities. For many in her shoes, NOT hiring a bookkeeper has stunted the growth of the business because the owner was too busy sweating the drudgery.

As for the book club, she may be surprised to find that her friends feel the same way she does. She needs to try converting the book club into something that works for her. Maybe the restaurant of the month dining club? A wine tasting group? Her club isn't the problem, the BOOK is.

Finding time. Take a moment to consider your weekly or monthly obligations. Are they truly a good use of your time or fruitless routines? Is the annual vacation with your old college roommates really where you want to be each year, or is it one of those, "But we ALWAYS go to Vegas the 3rd week of whatever!"?

What about the morning sales meeting? Could it be 3 times a week? Does it really need to be EVERY day. Are you missing out on your kid's bedtime because of a silly TV show that you USED to like. Old habits die hard. Clean up your calendar!

Chick in Charge of her Nerves!

Ok, ok, I know I was supposed to write this week about time management, BUT...... the Indigo Girls just taught me a lesson.

Actually, I had to RE-learn a lesson and thought I'd pass it along in case you need a tune-up, like I did. Here's what happened, my producer on Mary in the Morning informs me that I'll be interviewing the Indigo Girls. Just like that. Its true that we interview very famous important people, and I should be behaving like a professional at this point in my broadcasting career (Ha!). Truth is, I still feel like I've been plunked down into a dream and when these big interviews pop up, they tend to happen very fast, maybe an hour ahead of time you get an e-mail that the celebrity is available and you either take it or lose it.

Understand, I am a huge fan of the Indigo Girls, their music got me through a rough patch in another life. But I know NOTHING about interviewing musicians. I'm comfy discussing marketing efforts and municipal budgets, not gigs and riffs.

Here's the lesson I RE-learned. Prepare as best you can and confess your nerves. Emily Saliers (the blond) calls my studio and casually says, "Hi Mary, this is Emily. You ready?". Keep in mind that I am still learning all the knobs and buttons over here and now I have an idol on the phone with me ready for her interview.

I wanted so badly to present myself as a seasoned pro. As soon as I heard her voice I bailed on that. "Hi Emily, I have to let you know that I don't get many chances to speak with rock stars and I'm more than a bit nervous. So, I'm going to do my best here, but anything you can do to help me out would be greatly appreciated..."

... Long pause of beastly silence.

"Hey, no problem, I've done thousands of interviews, we'll be fine", Emily graciously says with a casual tone. We chatted for a few moments and got to work. She was great and in the end said some very nice things to me off air. Whew!

The lesson is that I don't always need to be the Chick in Charge. If I'm going to learn new things, grow, expand, I need to accept the possibility that I might look completely inexperienced, because guess what???? We all are when we are learning.

Check out Indigo Girls at Interlochen on June 23rd!

Chick in Charge of Money

A Chick in Charge of her money. Let that sit with you for a moment and try to visualize her... from her hair to her shoes... her home, her income, her investments. My first question for you is this: Do you like her? Are you envious? Inspired?

If you are picturing a wealthy well-dressed Jane meeting with her broker in a corner office, I now feel completely inadequate. But, if you are seeing Linda, sitting at her kitchen table surrounded by bills and checkbooks, a woman who is having to make hard choices about her spending, now we are in a reality we can all appreciate.

My idea of a chick in charge of her money has a very clear understanding of her priorities and her budget reflects those. She knows that she never wants to rely upon her kids in old age, so she fully invests in her 401k. The tough part is that Linda cannot do that and save for her kids college expenses. She might feel completely lousy as a parent for this, but she has a reason to stick to her plan. If she were completely focused on making more money for the college fund she would be working longer hours and not be able to actually BE with her kids while they are growing up. She also funds a family vacation each year. That money could go to the college fund, but then her kids would never have seen the Grand Canyon or gone to Washington D.C.

She is OK with the plan because it is a plan, not a failure to plan.

For those without the kid factor, the tough choice might be to go on a weekend trips or to fancy restaurants with "better funded friends" instead of sticking to a debt payment plan. The point is this: If you haven't come to terms with what is really important to you, you find yourself making bad in-the-moment emotional decisions about money.

Think about your home. Are you in a big house with big maintenance bills just because you grew up in a house like that and think it is the proof of your success? Is travel more important to you but now out of reach because of your house obligations? Maybe, just maybe, a far less expensive apartment could give you the freedom to travel? Would you be embarrassed to say that you don't own a big home on a nice street?

Do you continue to invest in a business that has become a complete drain on your bank account and spirit but can't stomach the idea of throwing in the towel?

Let me say that I don't have my finances all tied up in a pretty bow, not by any means. I struggle with impulsive behavior all the time. But I am working on being less emotional about my money.

I was interviewing a master gardener for the show and he contrasted American and Japenese home gardens. In America, we plant our most beautiful flowers right up against the front of our houses. A Japanese woman would find this to be crazy, she can't see them from her kitchen window. She plants her most prized flowers AWAY from the house so that SHE can enjoy them best, not her neighbors or strangers driving by. Hmmm... Are you making financial decisions to impress or please others, or are you creating a life picture that you prize?

That is a Chick in Charge of her money.