FLASHPOINTS: Turn Your Weakness Into a Motivator!

BAG Screen shot 052714Our weakness can improve our strengths, if we use it in the right way.

Ah, the shellacking we give ourselves for procrastination. Those times when we give in to weakness and wasted precious time. It’s Facebook, Twitter, or the latest gaming forums or business blogs … whatever thief we allow to steal our time. How can we actually take advantage of this weakness? By turning it into a reward system! We can treat ourselves to engaging in this activity when we’ve completed a certain portion of our to-do list. Take an unpleasant task that cannot be deferred, give it your full attention for a solid hour, then reward yourself with the guilty pleasure of 15 minutes of procrastination! Giving ourselves permission to indulge can work to our advantage if we use it judiciously. How can you turn your weakness into a motivator?

 

FLASHPOINTS: What The Antidote?

BAG Screen shot 041514

It ain’t obstacles that stand in our way; it simply comes down to you and me.

Yes, the only thing standing between us and our goals is us, and it comes down to action. Sadly, knowing this and feeling inspired to take determined action can be miles apart. We can, however, start to bridge that gap by working a little smarter and contributing a little more to get things done. But sometimes, the extra pressure can bog us down, like we’ve been bitten by the paralysis bug. So, what’s the antidote? Flexibility. Reflect, reassess, and ask: Does it really need to be done now? What are the odds of actually getting it done now? What will the consequence or reward be as a result? And how can planning be improved next time? Which of your goals truly need more of you, and which just need revising?

FLASHPOINTS: Stuff Greater Results Into Your Tomorrow

Time.
It’s what we long for most, but leverage the least.

At the core of so many discussions is this familiar refrain: “I wish I had more time!” Really? Do you really think you’d have a better grasp on your life if you had a longer day, or would you simply stuff those bonus hours full of more mundane to-dos? Perhaps more hours in the day isn’t the right way to look at it. How about setting more realistic time-frames, and deploying the appropriate resources to reach the goals to begin with? Smarter still, surround yourself with higher-functioning teammates to help get more done (with less). Or consider an overhaul of your systems; maybe there are ways to save time, talent & resources. How can you stuff greater results into your tomorrow?

Advantages to Buying an Existing Business vs. Starting from Scratch

Many entrepreneurs and business owners start from ground zero and build their own business.  However, buying an existing business (or business model – in the case of a franchise) can be a good alternative.  Here are some of the issues to consider when evaluating buying an existing business vs. starting from scratch:

  1. Built-in Client Base and Systems: When buying an existing business, two of the largest built-in advantages are an existing client base and existing systems.  It takes most new start-ups 2-3 years to build a viable client/customer base; an existing business can solve this issue.  A business with good existing systems can also be very beneficial, since you won’t have to re-invent the wheel.  It’s important to make sure that the systems are well documented and the client/customer base is verifiable.
  2. Don’t Necessarily Focus on Struggling Businesses: Many potential business buyers gravitate towards struggling businesses when looking for businesses to buy.  While this can be a good strategy IF you know how to properly evaluate a business, a first-time owner is probably better off buying an existing business in good shape.  Remember, business owners sell for all type of reasons and you’re better off buying a healthy business on the way up than an unhealthy business that is having major problems.
  3. Get Professional Help: If you aren’t very well-versed at evaluating business financials, get help from a competent business CPA or CFO-for-Hire to evaluate the business financials before you buy.  We’ve seen way to many “newbie” entrepreneurs get “taken” by someone trying to unload a failing business in a hurry.  Don’t be in a rush to buy someone else’s problem…the fees you’ll pay for professional evaluation help pale in comparison to what you’ll pay if you buy the wrong business.  As a general rule, the more desperate a seller is to sell, the more underlying problems a business is likely to have.
  4. Stick with What You Know: The biggest singe mistake people make when buying a new business?  They buy a business in an industry they know nothing about.  We see this frequently in the restaurant/bar/nightclub space and it’s a HUGE mistake.  If you (or your business partner(s)) don’t have at least 18-24 months of experience in a particular industry, don’t buy it – unless you can afford to hire a highly experienced manager to run the business for you.

For more information on effective time management when you LOVE your business, be sure to listen to the August 2012 Virtual Jam Session replay: