It's hard to know what you don't know...

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This is a statement I overheard in conversation recently, and it made me laugh (whilst also giving pause for thought).  It IS hard to know what you don't know, especially when you're trying to keep all the "plates spinning" at the same time (as many micro business and SME owners know only too well).

The reality is: the plate spinning exercise requires adjustment, review and focus... which requires time.  That's the only way you can truly understand what it is you don't know and need to know.  Often, I hear the complaint of: "I can't spare the time"... my question is this: is your business, project or endeavour not worth creating the time?

Why time IS of the essence...

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This is one of those proverbs that I fear many of us despise.  It's usually rolled out at moments when time hasn't been 'of the essence' and for exactly that reason... we haven't had enough time.

I must confess to being an obsessive when it comes to allowing enough time, project managing timelines and so-on.  However that was not a skill I came to easily... I was in fact, time 'carefree' for many years until suddenly, I realised things just didn't happen without giving them the right time.

Why does it matter? Why is time 'of the essence'? Without it, the right people, resources or actions don't materialise... the measurables don't exist, and the outcomes, objectives and key deliverables don't happen.

Had a light-bulb moment? Write it down...

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I can't tell you how many times I've been at meetings, seminars, training sessions or simply in conversation - and heard the famous line - "oh, I thought of that too... exact same idea actually!".

The fact is - that person probably did have the exact same idea... however, the reality is, just as you're thinking of something, you can be guaranteed many others are too.  When you have a light-bulb moment [as so many of us do] - act.  Write it down, assess it briefly, and decide what to do with it.  Don't leave it in the archive of your brain, a hostage to someone else's action!

The difference between positivity and realism... and why you need both in business...

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We're all too aware of the necessity for a positive outlook in times of challenge and strain, however it's also important to be equally aware of when positivity must be tempered by realism.  You do need both!

Positivity: the power of positive thinking, the backdrop to potential, and often the route-map to success.  What about realism? it is the arbitrator,  the risk-evaluator and the clarity between positivity and possibility.

Why do you need both? Positivity acts as buoy, a support and a ballast - it's there to help you ride out the challenges and keep focused on solutions.  Realism, on the other hand, is the sensible 'head' that asks the questions that positivity often ignores.  Things like: how likely is it we'll win this project? Can we really scale this new product on our own or do we need help?  Positivity says yes to both - realism says: let's go for it, but let's also evaluate our risks and be more measured, what's our strategy and how will we do this?

Inspire yourself to action...

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Every day, we have an option - to feel motivated, to feel despondent, to feel disappointed... or to get ourselves in the right frame of mind to take action and achieve.

The entrepreneurial mindset can sometimes be compromised by incoming objections, irritations or obstacles...  It's par-for-the-course! The only way to manage these challenges is by continually developing renewed focus and inspiring yourself to action... Go to it!

Looking Back & Learning: The Lessons of Start-Up

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Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in them!], I can say, undoubtedly, there are lessons to be learned from the experience of starting up.  Some are simple things - the 'shoulda, woulda, coulda' actions that would have saved time or resources.  Other lessons might have made more defining impacts on the trajectory, focus or growth of the business...

Much of the posts written about business development, planning and strategy, focus on looking forward [which is a good thing!] however a lot can be learned from what has or hasn't worked, and why that might be the case.  I'm a big fan of Eric Ries' "StartUp Lessons Learned", and find his views on innovation in start-up development laudable and forward-thinking.  Ultimately, learning from what hasn't panned out as we'd planned or hoped can provide us with rock-solid foundations for growth.

Based on many of the conversations I've had with SME clients, here are the top five "if I had my time over again" reflections, which, hopefully some of you might recognise [and act on!] or for those of you starting out,  utilise as a starting point for your business plan/ R&D:

Spent time on carving out a tactical research project [without becoming obsessive]
Typically, there are four areas start-ups simply despise at the outset: research, financial planning, marketing and business planning.  Research is normally #1 on this list.  Why? Because it involves subjecting yourself to an uncomfortable set of objectives – asking the questions of your target audience you may not want to know the answer to… doing surveys… desk research… and analysing competitors.  The reality with research? It is a VERY necessary evil.  Why? Because what you don’t know will always hurt you.  Often start-ups head in one of two directions: either into an abyss of obsessive research [which has no start or end], or the ‘head-in-the-sand’ stance [my business doesn’t need research, it’s just that amazing].
My advice? Don’t become a research obsessive; do carve out a simple, strategic plan to conduct research which is relevant, targeted and clearly identifies the defining answers you need to determine your market scope, size and long-term potential.

Refined the USP
Here’s one most businesses battle with at start-up, and during growth.  What is it, exactly, that makes us unique, different and what’s the value-add for my customers…? Well, the answer is: if you don’t know, how do you expect your customers to know?
Frequently businesses define, redefine and refine their USP – which can also change with time, depending on new offerings, products or services – revising your business model can also change your USP.
Where should I start? Think about ‘NOSE’ – customer needs and outcomes, and your solutions and evidence – what is compelling about your offering? Start with ten words and whittle it down.  Remember: your USP should be succinct and impactful.

Done the number-crunching [and sought the right financing]
A tough one, and certainly a topical issue these days.  However, not digging deep and ensuring your business has enough financial fuel in the tank could stress it beyond recovery.  Many businesses at start-up spend time on ornate, fancy spread-sheets [sometimes not developed by the people involved… tsk, tsk] which bear little or no relationship to the business’s actual finances – its projected income and outgoings.
You don’t need to be an accountant… suffice to say, you should be conservative in your projected income [based on research and planning] and somewhat more generous with your projected outgoings.  Do get help, like all other areas of start-up, if you don’t know how – ask for help from a mentor / consultant.  It’ll be worth it!

Thought bigger
This sentiment often comes with experience – and the realisation that your goals may have been set a little lower than was justified…
Get yourself some audacious aims… if your long-term vision doesn’t make you feel a little jittery, it’s probably not big enough!

Built a growth plan / strategy
Often the idea of ‘growth’ at start-up is considered too “far off” – it really isn’t considered… wrong.  Growth is the very essence of business development, and you need a plan / strategy to achieve it.
Even when you’re just getting going, know what growth looks like... and build a plan to guide you along the way.

… and finally, remember the key for any business: plan, do, review.

A Prescription of Positive Economics for Personal Financial Freedom

I first met Susan Hayes just over two years’ ago, when she was a guest speaker for the network I was running at the time.  To say Susan provides a hefty intravenous shot of positivity through everything she does, is an understatement.  However, as we all know, positivity is a vastly abused and misunderstood word these days – so it’s important to contextualise Susan’s version of it.  It’s an attitude of reality tempered by change and possibility – of newness and active engagement in making a difference in ones’ own economy.  In essence, Susan – the Positive Economist – is just the sort of person a lot of us should and could do with listening to a lot more right now.

So, when I received my copy of “The Savvy Woman’s Guide to Financial Freedom” around Christmas time, I was delighted to muse through its pages and learn more about the behemoth so many of us struggle to attain: financial freedom. 

The reality of personal finance is: we all have different objectives [as with every element of our lives] and this is something Susan clarifies right at the outset.  Hankering after what you think is financial freedom is worthless if you don’t know what your financial ‘temperature’ is.  Tackling the blockages, personal obstacles and individual fears is your next key step and from there – it’s a straightforward case of identifying the best strategy for you, the individual, to attain your personal financial freedom goals. 

Ultimately, Susan’s clear, focused and straightforward methodology is the winning foundation for this book.  Whilst you can just as easily come across Susan in the Sunday Business Post or on Vincent Browne discussing current economic issues, she is equally at home equipping women with the techniques necessary to decide what their financial aims are, and how they best go about achieving them. 

Working in a related discipline to Susan, in enterprise and economic development, I am a major advocate of strategy – in delivering projects, objectives and outcomes - and the same rationale can be taken in achieving personal goals.  “The Savvy Women’s Guide…” offers its readers a real opportunity to take their financial temperature, understand their goals and values, manage their personal ‘limiting beliefs’ and identify the best strategy for financial freedom.

When Susan appeared on TV3 shortly after the launch of the book – she was asked why she had chosen to write the book just for women – her answer was simple: that she knew their challenges best, and felt she could offer them the help they needed to achieve their financial goals.  I have to say, I think the opposite sex are missing out… but also reckon this isn’t the last book Susan will write!

I’m very fond of a quote [which has a multiple of variations] of Henry Ford’s – “whether you think that you can, or that you cannot – you’re right”.  This is true of many decisions we make in life – to start or grow a business, learn a language… or improve our financial outlook.  If you think you can’t, the chances are – you won’t.  If you think you can – you’ll identify a way in which you can.  If financial freedom is a goal of yours? Get this book.