Or should we say a winter-related slow down? Many businesses have a slow season in winter, not just landscaping or retail, but also contractors and other types of businesses. If you expect your business to slow down over the winter, here are a few great ideas for using your time wisely to help you grow your business the rest of the year.
• Get caught up on your sleep — Always my first response! Arranging your business to start an hour later or close up an hour earlier to spend time with your family can help restore your energy and focus later in the year.
My favorite time to review my financial plan has always been right after Christmas and into the New Year. When I was a corporate employee, employers encouraged us to take off that week. As a small business owner, those clients who want to meet also suggest year-end as a good time for financial assessment. Take a little breather from the business pace to reflect what you’ve accomplished this year and want to accomplish next year for your family’s financial wellbeing.
You set out to build a business, not a 70-hour a week job. You love your customers and work really hard for them. But, do you find you are working for employee wages, not business owner profits? Here are the items you can review and improve upon every year in striving to grow your profits and your life. No kidding. I know you’re busy, but if you want to pursue the life you have dreamed of, set up a system to build on these key areas every year. There is a good chance your main competitor is!
As a CFP® (Certified Financial Planner™ Professional), much of my time is spent helping people pursue a very comfortable retirement as well as addressing their other lifetime goals. A comfortable retirement means having enough money to pay all your bills sustainably plus money for the fun things once you no longer need, want or are able to work. Goals along the way typically include paying for college and getting rid of all debts and sometimes second homes, gifting or other personal desires.
By now, your summer vacations have faded away into fond memories. You’re seeing the leaves start to change and probably realizing that the year is quickly marching on. With several months left in the year to work on achieving our goals, now is a great time to launch renewed efforts to finish the year strong. Since we’re all in business to build our own financial well-being, let’s use the rest of the year to help ourselves and our businesses. Here are some financial goals you still would have time to achieve before the end of the year.
Even though I was a tech genius in the ‘90s, I no longer pay attention to any technology trend unless it really makes my life easier, less stressful and better able to serve my clients. In serving my passion of helping small entrepreneurs have an amazing life way beyond merely making a living, I want to share a few productivity tools. While I hate technology that slows me down, I constantly search for tools that just plain work. Here are a few worth mentioning, if you have not already discovered for yourself. Not free, but will pay for themselves many times over.
Patrick and I have been married 25 years. In that time, I have started four businesses and my husband started two. Each time we tried to keep one predictable paycheck while allowing the other to grow a business. If you’re an entrepreneur, thank your wage-earning spouse today for providing a steady baseline income.
Business owners are some of the busiest people I know. They often start early and work late, juggling phone calls, emails, employees, projects and finances. Sometimes the only time that business owners get to sit and look at our personal big picture is when we finally go on vacation. During vacation, we sit down, enjoy the sunshine, spend time with our family, and see sites we want to experience. Whether it’s the mountains, the beach, or sightseeing; we get to enjoy the life we’re aspiring to build.
Most parents planning for college are familiar with the mainstream ways of saving and paying for college. These include 529 plans, savings accounts and life insurance among other common methods. Awesomely, business owners have a few additional tools in their arsenal. Here are a few ways savvy business owners can save and pay more easily for college.
Spring is in the air. Warm weather is approaching. Time to clean out any sluggish parts of your business so you can create growth and possibly more profits. Here are some items you should review and improve upon every year if you want to grow your profits and your life. I know you’re busy, but if you want the life you dreamed, set up a system to build on these key areas every year. You’ll be happy you cleaned up!
Since age 17, I’ve read every Money Magazine, Wall Street Journal and every other sensible financial publication and book I could handle. My parents were so poor they had to sell a cow to pay each car insurance or college bill. By the time I had my first child at age 32, I was no longer struggling. I had saved 10 percent of every paycheck since my first year after college. I raised my two boys with every bit of wisdom I could muster with intentions of imparting the awesomeness of savings and compound interest to my children.
Having not yet been kicked out of any Young Professionals’ clubs, there’s a couple more decades of experience under my belt than the next generation of young professionals. As a personal investor and financial planner with over 30 years of experience, here’s some ageless wisdom for young professionals in your 20’s and 30’s.
If you are in your early 50s and just buying a home, you may be paying that mortgage in your 80s. Most financial planners believe this could lead to disaster down the road because seniors don’t usually have the income to support debt repayment in addition to monthly expenses, so they may run out of money way too soon. Yikes! You need a better plan other than being a Wal-mart greeter to pay for it. Here’s a few ways this may not destroy your retirement:
We deserve it. Everyone else gets one, why not us? My husband, who works a ‘straight’ job gets three weeks of vacation a year. My boss (me!) told myself for several years, “no vacation.” We’re too busy. We can’t afford it. Who will help our clients?
So I sat down with my boss (me!) and set her straight. I want four weeks of vacation a year. My company name is Good Life Financial and I should practice what I preach. So there!
My husband and I have started, owned, and grown four businesses in our 24 years of marriage and are starting a fifth. In that time, we have owned four homes. Although the majority of our business has been conducted outside the home, most were started at home or involved the use of our home in numerous ways. If you are a business owner or ever think you’ll be one, below are questions to think about when buying a home.
If we want next year to be better than this year (and who doesn’t), we need to develop a plan to make that happen. As business owner, business coach and financial planner I use the following wrap up/ramp up process to build my own progress and recommend these steps to my business-owner clients as well.
