Great start for the Canucks! Do you have one for your business?

It’s the run for the Stanley Cup and the Vancouver Canucks are off to a great start winning their first game over the Bruins. All of Canada seem to be backing them for success. As every new Business Owner knows- you need a strong team and a strong support team to help you get to your goals.

Did you know that today on the Toilet Paper Entrepreneur- hiring a Business Coach was number 5 on the list of “The Best Money We Spend in our Business?”  Mandy Schumaker of Higher Performing People said this about hiring a business coach:
“No one should “go it alone”. It’s too easy to get caught up in the day to day of running your business. Having a coach to hold you accountable to reach your goals, stay the course and become wildly profitable, is essential to any entrepreneur.”

That’s the best Advice I’ve ever heard- here’s a link to read it for yourself!  http://tinyurl.com/3q3nh5y

So what are you waiting for? Want to get to your goals? Consider coming to our newest ActionCOACH Mel Ruttan’s FREE 6 Steps to a Better Business Seminar- June 21st in Edmonton- and we’ll show you how to make a difference in your business immediately! No strings attached!!

Call Toll Free (888) 478-0790 and sign up today!!

Time and Management: Saving a Wage Could Cost You a Fortune!

Is time management a hot topic for you? Whenever I talk to business owners they have two main concerns, making more money and attempting to work less hours in a week.

In other words getting from 80-100 hrs a week to something like 60-70 hrs/wk. As a business owner, the idea of a 40 hr work week or a business that works without me the owner is someone’s idea of a joke.

In one of our surveys we did with business owners we asked the question, How long would your business last if you were not there (eg. You were hit by a bus and in a coma in the hospital). Everyone laughs at the question.

Many times the owner of a small business ends up doing everything. So they end up working IN the business instead of ON the business. So how do we get business owners working hard on smart things insteading of working hard or thinking about how to work smart?

My #1 time management priority everyday in my business– if it doesn’t add money to the bottom line, I don’t work on it.  No money coming in, no point in making a pretty spreadsheet or spending countless hours in a meeting with an undefined purpose.

The The key time management tool for an owner is to figure out what he is worth an hour. That will determine what a business owner should be working on.

For example:

Let’s say your business brings in annual revenue of $750,000. Now you have to figure out what you are worth an hour. Since you are the owner you are the rainmaker, the person who makes things happen. The buck stops with you.

So, if you were working a normal week, and I know you aren’t. Let’s say it’s 40 hrs and you work 49 weeks. Your total hours per year are 49 x 40 = 1,960 hrs. So $750,000/1960 = $383/hr (rounded up).

That means you as the owner is worth $383/hr. So if what you are working on isn’t worth $383/hr; stop it!

Real life example — you are working late each night catching up on paperwork and doing the book keeping and you spend 30% of the week doing it. So that means it is costing you and your business over $18,000/m because you are doing those admin tasks. If you hired someone to do it and pay them $20/hr that means the cost of the person is $960. So if you hired the person and then spent that 30% generating an additional $18,000 less their $960 you are making $17,040. So stop saving a wage it could be costing you a fortune!

To your success and the success of our communities in Canada,

Greg K.

Turn up the heat on your Business while Your Competition is on Vacation

Image by Storm Crypt via Flickr

I saw this great story in the Globe and Mail the other day:

article1632646– about slowing down work in the summer.
The author makes many good points, but I would go even further. Summer is THE time to hustle & make that extra effort.

Of course, that’s easy to say. When the temperature climbs past 30, & the humidex is closer to 40…who wants to work? But I’m am not saying you shouldn’t take a vacation. Far from it.

I am saying that a lot of companies, small, medium & large, get lazy at this time of year. NOW is the time to win the business of those customers who are less than blown away by the service they are getting right now.

A friend of mine, as I write, is trying to pay a well known national courier company to pick up a package for him. Nothing doing. He’s been on hold for a week & a half. Ok, I exaggerate a little to make a point, but NOW is the time he needs to hear from other courier companies that want his business.

My point?

I tell all my clients: Work Even Harder. Go after all those customers in the past who have passed you by because they use another company. Chances are, at this time of year, they will be all ears!