Leading yourself first

It's not an accident that "leadership" is our Abundance newsletter topic more often than any other. But we don't often discuss that "leading yourself first" can make the difference between a life of abundance... and not. In fact, we estimate that 95% of our clients list personal goals - ways they'd like to lead themselves better - when they're considering the futures of their businesses.

From eating more healthily to spending quality time with loved ones, it seems that leading yourself first isn't part of business school curricula or a requirement of funding pitches. It's multi-faceted, and some things are likely to come more easily to you than others. We divide it into a few arenas, and for the sake of brevity, we'll list just a few items under each:

Oh, man. Go to sleep.

Your bedrock tools

1. Define your values
2. Recognize and reduce your negative self-talk
3. Prepare a personal mission statement

Your physical self

1. Get plenty of rest
2. Exercise regularly
3. Get regular check-ups

Your personal finances

1. Put insurance policies in place
2. Complete estate planning
3. Create plan for retirement (financial and otherwise)

Your mind

1. Prioritize your activities to maximize your time
2. Spend quality time with loved ones
3. Spend time on a hobby

As with any changes, it's best not to do too much at once. If you've been working hard to lead yourself and you're not gaining traction, try to do a little less. And contact us for assistance.

5 Areas to Improve Your Profit Margins

It's important to remember that "profit" is just a result of a well-executed plan involving many actions in your business to gain more resources than you have invested.

Most business owners and executives with profit/loss responsibilities have the desire to improve their profit margins. Some have mastered the process and others struggle to know what to do. While there are many things to consider, here are five areas to review and consider to take action.

1. Listen to your customers.
2. Look to create value.
3. Do the math.
4. Perform expert technical work.
5. Lead your team.

(1) Listen to your customers.

Your customers are talking. Are you listening?

While it may sound like simple advice, business today changes rapidly. Keeping the pulse of your customers, with their use of faster communication, is harder than it used to be. Process changes that impact how business is conducted are critically important to your profit margins. We recommend surveying your customers frequently to ensure you understand their perspectives and make adjustments to improve your performance in their eyes.

It's surprising how many leaders somehow forget this important step.

(2) Look to create value.

Increasing your value in the eyes of your customer may involve how you deliver and serve them, beyond the technical aspects of your produce or service.

Is there something you can do to help them be more successful that's in your wheelhouse? Would it create additional revenue for them? And would it increase YOUR value, your sales revenue or the volume of business you do with them? Is it a new product/service you could offer to gain more revenue?

(3) Do the math.

If you haven't done the math...

Are you developing realistic forecasts of your revenue, expenses and cash flow? This is the first step to understanding your current state, which can then be followed by "what if?" models. When you've gathered your numbers, you can ask questions like:

• What if we offered more products or services?
• What if we expanded our coverage?
• What if we dropped a service or product line?
• What if we focused differently?
• What if we enhanced our sales department?

Asking questions and modeling the "what ifs," prior to a strong execution of the model, can have a tremendous impact on your profit margins.

(4) Perform expert technical work.

Really be good at your technical work! All the forecasting and planning will only do so much to deliver increased profit. You must deliver on your promise to your customers technically as well.

Invest in your team and continually help them enhance their skills in delivery for your customers. Are you getting great testimonials and referrals? If not, your work needs to be analyzed for needed improvements to ensure you're all working together to deliver great results.

(5) Lead your team.

It's good to share your vision and inspire your team members to follow your lead. Part of the vision is the desired levels of revenue and performance required by your customers.

Don't hesitate to try new ways to enhance your company's offerings, measure your results and adjust.

If you'd like to learn and discuss more about ways to improve your profit margin, just contact us.

Marketing Messaging Whitepaper

Creating your marketing messing is the most important, most overlooked step you can take to improve your business marketing. Our worksheet can help.

Am I leading or managing my business? WHAT'S THE DIFFERENCE?

John and Wendy discuss the difference between leadership and management.

Am I ready to hire my first employee?

So I have a company and I'm thinking about hiring an employee. Are there best practices I should follow?

Although the hiring process may be complex, ThistleSea outlines 10 specific steps to make it more clear.

We suggest you follow these 10 steps:

1. Design the position.
2. Prepare a revenue forecast.
3. Prepare the job description, performance standards and performance evaluation.
4. Seek candidates.
5. Select the top 5-10 candidates for phone interviews.
6. Disqualify candidates who do not meet the job requirements.
7. Schedule and conduct first face-to-face interviews.
8. Conduct employment checks.
9. Schedule and conduct second face-to-face interviews, during which the performance standards are reviewed in detail. (At this time it may be appropriate to conduct behavioral assessments.)
10. Make your decision and prepare the offer letter!

Would you like to hire with confidence? Contact ThistleSea to make it happen!

"Because your business should lead to abundance."