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Systems & How-Tos

Profit First – Book Review

By | General Biz, Systems & How-Tos | No Comments

Let me give you a cliff notes version of my FAVORITE biz book of 2014… a must read if you want to keep your money.

This book, by far, is my most favorite business book of all time.

It’s called Profit First and it was written by Mike Michalowicz.

You might not know this about me, but I love numbers. In fact, after I got my business degree (20 years ago!), I thought I might become an accountant (after a tax class, I realized it wasn’t for me!).

The truth is I geek out on numbers and I’m pretty in tune with the money coming in and the money going out in my business. However, after reading this book I realized how this book makes managing business numbers and money incredibly easy.

Most business owners and entrepreneurs struggle with numbers. In fact, I did a survey recently and asked the members of my community to share their biggest business challenges and frustrations. One of the biggest challenges shared was “I am not able to pay myself, from my business, what I believe I am worth”.

If you’re living this right now, I can’t help but ask you, if you’re not getting paid what you’re worth by your own business, then what the heck are you doing it all for?

You see, most of us in business follow this general business accounting principle “Sales – Expenses = Profit”. This equation clearly shows why business owners are not paying themselves enough – because there is usually no (or little) money left over after the expenses are paid.

Here’s what I love most about the book Profit First — it turns the old “Sales – Expenses = Profit” principle around to “Sales – Profit = Expenses”. This means, when money comes in the business door, the first thing to get paid is PROFIT, then YOU. Everything else (including expenses) comes after that. Imagine that! YOU get paid before your expenses!

If you’re wondering “How much should I put aside to pay my expenses – i.e. my team members etc.”- check out page 38 of the Profit First book –it tells you exactly what to do with your business revenue. I encourage you to follow this exactly as it’s shared in the book.

A word of warning – following these guidelines may mean you need to make significant changes in the way you manage your business numbers. However, once you get started, you’ll never look back.

In the video above, I share the single piece that I implemented that made the most impact for me and my business. Click play above to hear about it.

Whether you’re new to business or have been at it for a while, this book is REQUIRED reading! Don’t fall into the trap of working your butt off and not having anything to show for it.

Stop the chaos in your business and double your profits in the next 90 days!  Check out my ‘From Solopreneur to CEO’ Profit Kit.  Click Here to Get Immediate Access

3 Simple Steps to Start Documenting Your Processes

By | Systems & How-Tos | 7 Comments

Originally published on July 11, 2013

First, I want to acknowledge that creating an SOP (Standard Operating & Procedures) guide is not the most exciting thing in the world, which is exactly why many businesses don’t have one (or only have part of one). It isn’t my ideal way to spend a day either, but it definitely needs to be done.

It’s like exercise – at first it’s not fun. You have to drag yourself out of bed early to make it to the gym when you really don’t want to. But you do it anyway because you know the payoff is worth it. Although you may never love working out, you get to the point at which it becomes part of your day and it’s no longer such a drag.

Documenting your processes to create your SOP guide are part of a healthy workout for your business. So here are 3 simple steps to get you on your way:

  1. Decide who needs to document the process. Whoever is doing the work is the best person to document the process. If you have been doing most of the work yourself to date, then it’s you. If you have a VA (or two) who has been doing the work, get them to help (and yes, you pay them for this time). This requires a measure of discipline on both sides – you need to demand that they do it as part of their role, and they need to set aside the time to actually do it.
  2. When should you start? Now! The best way to create your SOP guide is “as you go.” You and/or your team can start documenting things as they come up. Don’t try to do it all at once and make it a big project. That’s too stressful and it’s not necessary. Aim for each person to complete at least a few each week.
  3. Decide on the best format. Your SOP guide needs to live online in a place that is accessible to everyone on the team so it’s easy to update. We use the “wiki” feature in Central Desktop to manage our SOP guide. It can be written, audio, video, or a combination thereof. If you do choose audio or video, I do recommend having someone create a written checklist for easy referral (vs. always having to rewatch the video).

If you start today, in a few short weeks you will be well on your way to having an effective SOP guide in place and living happily in your virtual office for all to see.

Want to learn about the systems and tools I use to make my business work without me? Get My Systems Toolkit and Checklists!
Click here to sign up and get immediate access

4 Questions to Ask in Your Weekly Team Check-in

By | Systems & How-Tos, Team & Outsourcing | No Comments

 Originally published July 18, 2013

Whether it is just you and a VA or you have a team of many – it is a good biz management practice to do a check-in with the team at least once a week.

Here is a list of the 4 questions that each person on the team needs to answer (including you!). I recommend having everyone post their answers to a team discussion board (like the one in Central Desktop) at the end of each week.

  1. What did I accomplish this week? – easy peasy, just share what you got done this week.
  2. What did I not accomplish and why? – if there was something on your plate that didn’t get done, let the team know why (shifting priorities, didn’t get what you needed from someone else, etc.).
  3. What do I want to accomplish next week? – share what is on your plate for the coming week.
  4. What I need to do so is… – you may have a question, or perhaps you need something from someone else before you can do your part.

Bam! Just that easy – and so very important for 3 reasons:

  • You and the team get to celebrate! – it is easy to get so caught up in the craziness of our day and everything that we still have to do that sometimes we forget to celebrate what was accomplished. Doing this exercise allows you and the team to see how much was actually done each week.
  • Keeping each other accountable – having each person on the team make a public declaration as to what they want to accomplish each week can really lend the extra “ooomph” that is needed to get stuff done. This goes for you too as the leader of your biz. 😉
  • Peace of mind for YOU – this is a biggie, and is especially important as your business grows. You need to be able to keep your finger on the pulse of what is going on each week in the business, and this weekly check-in provides a consistent update in that regard without your having to chase people down.

And it’s worth noting that this can be used as a daily check-in as well if you run a super busy crew and/or if you are in the middle of a busy launch.

Enjoy!

Want to learn about the systems and tools I use to make my business work without me? Get My Systems Toolkit and Checklists!
Click here to sign up and get immediate access

Why WordPress Should Be The Backbone of Your Websites – an Interview with Sandra DeFreitas

By | General Biz, Systems & How-Tos | No Comments

I’m asked all the time about what tools I’ve used to build my business online.

WordPress is one of my top 3 and it’s the backbone of ALL of my websites.

So how do you use it? Enter in my amazing friend Sandra DeFreitas who has just released the third version of her book “Does This  Blogsite Make My Wallet Look Fat?“… a step-by-step guide to setup your own website so that it makes you money. (cha-ching!!)

Check out this video interview with Sandra and hear why you too should be using WordPress for all of your websites.  
(warning – Sandra & I get a bit silly in this video… but I’m sure you won’t mind 😉

*NOTE* Be sure to enter your contact info below and be entered into a draw for a free copy of Sandra’s book “Does This Blogsite Make My Wallet Look Fat?


a Rafflecopter giveaway

5 Steps to Clear Your Inbox Today

By | Systems & How-Tos | 3 Comments

Buried in your inbox? You aren’t alone… here are 5 simple steps to clean your inbox once and for all.

 >> Grab your copy of my Escape from Email Hell System right here (no charge)

Personal Daily Habits

By | Systems & How-Tos | One Comment

Ever got to the end of a really busy day and felt like you didn’t get anything done? Yep, I have too… this will fix that.

Where I’m NOT practicing what I preach…

By | Systems & How-Tos | 6 Comments

In the spirit of authenticity, I’m coming clean re: two areas of my business where I really haven’t been practicing what I teach others to do. 

Want to see my Org Chart?

By | Systems & How-Tos, Team & Outsourcing | 3 Comments

Why do you need an org chart for your business? There are 2 very good reasons as shared in today’s video – and I show you our org chart too.

How I get it all done so quickly

By | Systems & How-Tos | 2 Comments

(An “oldie but goodie” video from September 2012)

People always ask me how I am able to do so much in so little time – without working 24/7. Here are my fav tips.

Would love to hear your thoughts – be sure to post them here, k?

Automate Your Marketing Part 3 – Four Areas to Automate Asap

By | Systems & How-Tos | One Comment

There are four key areas of your biz that you will want to automate so that you no longer have to struggle to find clients and can instead enjoy a steady flow of hot-leads and eager buyers.

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