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Three Essential Business Roles for Success and Balance

Three Essential Business Roles for Success and Balance

In his book, The Rebel Rules: Daring to Be Yourself in Business, author Chip Conley describes what investors look for in a management team when considering providing startup money to new businesses. He says your management team should consist of a “brain trust that includes a passionate visionary, a ‘get-your-hands-dirty’ operator, and a responsible, finance-minded executive.”

Even if you’re never going to seek venture capital money to fund your business, this tidbit of advice makes a great strategy question to consider for your business, especially if you are an entrepreneur. Do you have these three roles in your company?

Passionate Visionary

The passionate visionary is a creative idea person. She has the technical knowledge that supports the service or product that will be created and offered. She sees the market need and just how to sell and position the product so that clients or consumers will want the offering.

The visionary often has more ideas than budget. The finance role can evaluate the profitability of the visionary’s ideas and prioritize the projects. The operator can execute the visionary’s ideas.

The visionary provides strategic direction for the company and keeps the market offerings fresh.
If your business is missing a visionary, you might also struggle to keep your practice full as often (but not always), the sales function could fall to the visionary. You might also find yourself getting stagnant with your service offerings and falling behind the marketplace.

The fix for a missing visionary is to develop a sales and marketing team and/or a research and development team that can serve these functions.

“Roll-up-your-sleeves” Operator

The operator is an action person who can execute. She gets things done. She can find and hire the right team. She is a systems builder who can develop the systems, job descriptions, procedures, and processes that make the company unique.

The operator takes the visionary’s ideas and makes them happen. She needs the visionary’s ideas because she would rather take someone else’s ideas and work with them than create her own. She also needs the support of the finance executive to stay on budget and to focus on one project at a time or avoid hiring too many people.

A business without a good operator never gets the product to market and may also be constantly short of team members.

Responsible, Finance-minded Executive

The finance expert helps to make the dollars work for the company. She can tell us how much we need to sell and how much we can spend. She can also provide capital sources for the company via investors or loans.

The finance executive loves numbers and can help to make sure the company’s operations are profitable. She’ll work closely with the operator to make sure that the right number of people are hired at the right salary levels. She’ll work with the visionary to plan and budget for new sources of revenue and new product lines.

Without a finance executive, a company often spends more than they bring in and may not have a viable profit plan. They may also run out of cash which can cause problems with creditors and investors.

This is the role we can not only help you fill, but also help you build your financial literacy to the level that you need for the stage your company is in now and for the future.

Your Business Success Trinity

As you were reading, which role are you? Which role jumped out at you that might need shoring up in your business? You might be strong in one area and need to outsource another while keeping a strategic eye on things overall.

Take a look at each of these roles and objectively assess your business. How are all three roles being served in your company? Which ones need more development in order for your business to grow?

Getting clear on your company’s roles can very well take you to the next level of success.
Which trends impact your business the most? Which ones speak to you? Feel free to reach out to discuss any of these ideas with us.

10 Hot Business Trends for 2020

10 Hot Business Trends for 2020

As we welcome in a new year (and maybe a new decade depending on how you count them), it’s a perfect time to reflect on the trends that will impact us and our businesses. Here’s a list for your consideration and reflection.

Trend #1: Sustainability

Concern for the environment has made the list of many companies’ core values. The way businesses are run can have a huge impact on the environment. While we hear a lot of stories about large companies impacting sustainability, we can also do our part as small businesses.  In the accounting profession, many firms have gone paperless, transitioning from staplers, paper clips, and filing cabinets to digital storage which greatly reduces their footprint. You can do the same and also consider the cleaning products you use in your facility. There are many great NEWER options out there that do a GREAT job and are environmentally friendly.

Trend #2: The Gig Economy

Young workers often have multiple jobs instead of the 9 to 5 jobs of their parents. This means there is more flexibility than ever before when it comes to hiring and retaining young workers. They can be employees, contractors, outsourced solutions, remote, local, part-time, full time, temporary, or permanent.  Sub-trends in this area include more virtual workers and many more opportunities for veterans.  

Trend #3: AI – Artificial Intelligence

This trend is impacting the fitness profession in a big way with the ability to find trainers around the world not only at a local facility or upcoming technology that lets The Mirror tell a client how to modify to get the best work out possible. Marketing has also been impacted in a big way through online ads, customer service solutions, and marketing technology. In email, Google is finishing our sentences for us, and chat and other technologies are having fairly effective conversations via bots. 

Trend #4: Stories

Storytelling is huge everywhere. People want to know:

  • The story behind your business and why you do what you do
  • The stories about your customers and the experience they have with you and your services
  • The stories from your employees and how it is to work at your organization

Digital communication has moved from text to graphics to video as bandwidth improves. Video makes stories even easier to share. Smart companies will leverage both stories and video going forward to get their message out.

Trend #5: Diversity Expanded

The conversation is no longer about race, gender, and even sexual preference. It’s now about authenticity and being the same person at work and at home. No one is “normal.” But it takes courage to reveal our differences, especially if they are outside the “standard.” Your courage is more likely to be honored in 2020 than it has in prior years.  

Trend #6: A WOW Customer Experience

We’ve moved way past the time of “infotainment,” yet the concept is parallel. As businesses, the challenge is how we can deliver an entertaining, positive, and memorable experience while producing the outcomes the client desires.  

Trends #7:  Drones

So far, drones have made appearances in photography, special effects at conferences, as toys, in movies, and of course, in war. I see them in use for safety reasons, going where people shouldn’t or can’t. They will become more pervasive in 2020 and there will be more rules, protocols, and court cases on their use.  

Trend #8: User Interface

The move from desktop to mobile is nearly complete, with only the laggard portion of the population remaining. The move to voice is still a work in progress, and it will steadily continue to gain traction in 2020.

Trend #9: Actionable Analytics

Capturing information digitally gives businesses a huge amount of data to utilize but small businesses have barely scratched the surface of this profitable information. It’s time they started catching up, and that’s something our firm can help you with.

Trend #10: Pace of Transformation

New business models in companies like Tesla, Uber, Google, and Facebook will continue to show up at a rapid rate. The business that’s most nimble will be the one that changes the game or at least stays in it without folding.

Which trends impact your business the most? Which ones speak to you? Feel free to reach out to discuss any of these ideas with us.

Upleveling

Upleveling

When talking with prospects or current clients who we help with profit coaching, one comment I hear a lot is “I really like my…… bookkeeper, tax preparer, coach, mentor etc.” but you feel something is missing. They seem stuck!

This happened to me just over a year ago. I was working with a mindset coach (that I LOVE…and still LOVE) and started feeling stuck but found she wasn’t the right person anymore. I learned SO MUCH but it was time to find someone new, with a new perspective.

Once I found a new person, I made sure that my original coach understood that it had been valuable but I needed more, and I hoped we could remain in touch. Of course she said yes! In fact, I reached out to her recently and she pointed me to some helpful information that was just what I needed.

With my new coach, I have found that I am growing so much in the first 6 months of working together that I know I made the right decision.

My needs had grown to a point where I needed next level help.

I have found this with all types of professionals, whether it is doctors, massage therapists or physical therapists etc. Each one has an area of expertise and sometimes we just need to find someone who can help with the specific situation we are in.

I had a conversation with Mike Michalowicz from Profit First about this. He asked me, “how many coaches do you think I have had?” He didn’t say how many exactly, but he has certainly had more than one.

Do you think the coach that he had at 13 was the same one that got him into College? No! The needs he had at the beginning are not the needs he had along the way or the needs he has now! He is successful, so it seemed good to model this approach myself.

I bring this to you because we hear it all the time from our client’s that they have a bookkeeper that they love or that they get a really good deal from their tax preparer. It is great that you love them as a person…but there may be a reason that you are getting a great deal. Are they guiding and encouraging you to reach further? Or are they simply doing a good job for you.

You want to surround yourself with people who stretch you and encourage you to do more!

What is holding you back from stepping out and getting the help you need to move your business further? I will be honest, we have clients that are outgrowing us here at Netbooks Accounting and we celebrate this! Our goal is to see you be successful, wherever that may be.

I encourage you to take an inventory of those you work with as you move into 2020. Are there areas where you need to uplevel? If you would like to have a conversation about this, we would be happy to do so!

It’s Time for Profit Distributions!

It’s Time for Profit Distributions!

Can you believe it is the end of the 4th Quarter of 2019? If you’ve implemented the Profit Account into your business, it’s time to take a distribution! 50% of the balance of the Profit account is yours to celebrate the profitability of your business. Think about a dinner with friends, buy that special item you have been wanting all year or take your family on vacation to escape the winter. What creative ideas do you have? Share them on our Facebook page so we can celebrate together!
 

If you still have debt in your business, we recommend 45% of the Profit balance be used as an extra payment towards your debt and 5% be used for some celebration.

Please let us know how you choose to celebrate! It’s fun to share ideas. Who knows? Maybe your idea will make our next post. The remaining 50% will stay in the Profit Account to build a rainy day fund for your business.

 
If we can help with any questions, please contact us at any time.

Ready to MAXIMIZE Your Profits?

 Learn how with a FREE Download of the first five chapters of Mike Michalowicz’s book, “Profit First”. 

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