Just Drinking My Tea

I’m sitting here on a Wednesday morning, just drinking my tea and contemplating. It’s the morning after The State of the Union Address. Did you watch it? I did. I thought it was well-done.

However, one political speech is not the answer to all that ails us in America, today. And, all the standing ovations aside, we expect our President, regardless of party, to have his finger on the pulse of the country – which I believe our current president does.

Checking our pulse is not going to change the economy or improve small businesses’ profits, however. As I sip my tea, I’m wondering how many of us – women in small business or new entrepreneurs – are spending too much time taking our pulse, when we should be in a sprint to the finish line?

It’s one thing to research and be aware of what’s happening around you. If you’re opening an ice cream shop, you might want to make sure you’re in a location that draws people on sunny days. If you’re opening an accounting firm, you’ll want to research everything about the local economy and make a clear determination on what clients you’ll pursue – consumers or business professionals? If you’re planning to start a scrap-booking business, you’ll need to figure out how to bring in those eager glas (and guys) who are passionate about scrap-boooking.

Bookmark and Share

Take Control of Your Calendar!

by Sherri McArdle

How many times have we heard ourselves say, “I’m too busy for that…,” or “Sorry I’m late, I got tied up?” I know I have my share of those moments, and have been stepping up my approaches to the issue. I’ve discovered that my organization’s strategy has a role in my own solutions.

I know there’s a lot of “help” out there for us. We can choose from paper-based day planners to Outlook calendars and phones that signal us for our next appointment. I use a combination of a very effective assistant named Jen Beldue, my Droid X phone and my PC to help me manage my decisions.

Those let me know what’s on my calendar, but what about the decisions that fill it?

To help me manage my professional time, I first go to our organization’s strategy and consider my role in leading and executing it. McArdle Ramerman’s strategy has been deployed using the Balanced Scorecard, a combination of a one-page map with key objectives, and measures. We chose this strategic methodology because it’s behavior based.

I know which objectives I’m accountable for, so I can estimate how much time I’ll need to commit to in order to meet those goals. I align my top five priorities with the strategy and begin to allocate percentages of my time accordingly. I continue to check this allocation throughout the year and to make adjustments, which are inevitable. I try to delegate work, as much as possible, for those activities I shouldn’t be doing and give other people a chance to grow by doing them.

For 2011, I’m eliminating as many internal meetings as I can and turning the meetings we have into work sessions that advance the strategy. For example, our weekly internal Monday morning meetings are now focused on clients and managing capacity to deliver client needs. They used to be more administrative in nature.

In a professional consulting firm like ours, coach/consultants’ time is especially precious in two areas: working with clients and thinking innovatively to advance our clients’ goals. We now schedule more innovative thinking and collaboration time. We’re also more careful that meetings begin and end on time, and early of possible. It’s a sign of respect to all parties.

On a personal level, my approach is a little more straightforward. Keeping myself healthy and fit took a back seat for a number of years. It’s become a priority again. I work out with a trainer regularly and schedule it for an early morning a week and one weekend day. It’s keeping my energy level where it needs to be through the day.

Despite the workouts, I recognize that I’m a morning person, and try to schedule most of my critical and difficult appointments before noon. Most days, that works. I also understand that giving up sleep is not a long-term solution.

My husband and I work at the firm together. Our children are grown, but we still have three dogs at home and commitments in the community. We’re busy in our personal life together, so we stay in touch through the day and schedule personal time together when we can. When we do get together as a couple, both of us try to keep the conversations personal whenever possible. We also make time for friends, who are their own reward. It’s an effort, and sometimes we say “no” when we realize it’s time to spend some quiet time at home.

So, instead of letting my calendar manage me, I’m taking charge. The rewards are proving to be worth the effort.

Bookmark and Share

Resolution 2: The power of people!

by Kristin Boyd

The next resolution we’ll take a look at for 2011 is talent management. As a business owner, you’re probably aware of how important your employees are to the success of your business, so it’s extremely important to continuously assess your talent.

If you are a new business, you might not have established a formal review process, either because there’s always so much going on, or because your employees are dedicated to your business and you haven’t thought a review process was necessary.  It’s critical to manage your talent in order to ensure that your employees are satisfied, engaged, feeling challenged and given opportunities to develop.  If they feel stagnant, they may choose to leave.

If you don’t have a formal review process, 2011 is a good time to start one.   Establishing a review process will also help you define responsibilities and expectations for the employees that you have, and may even help you identify talent needs, or situations where employees are at capacity in a current role.

It’s also important to gauge how your team is, as well as if they feel engaged and connected to your company.  These types of measures can also tell you a lot about your management style and your effectiveness as a leader, which is a very important part of talent management.

As the leader of your company, you should always be evaluating yourself, and have a trusted advisor or mentor to help you develop and grow in your leadership role.

Bookmark and Share

Great News for Women Entrepreneurs

by Kristin Boyd

I wanted to share an encouraging article that I read on Forbes.com.  The future is bright for current and aspiring women entrepreneurs, and it’s expected that women will contribute more and more to our nation’s economy!  Check it out here.

Bookmark and Share

New Years Resolutions: Fabulous Financials in 2011

by Kristin Boyd

Start off the new year by taking a look at your financial results; these are thefoundation of your business.  If your business isn’t making enough money to continue, then none of the other resolutions you might make matters.

Did you set revenue goals for 2010?  If not, this is the first thing you need to do for 2011.  If you did set financial goals, did you meet these goals 2010?  If so, was it easy, or was it a struggle?

If you didn’t meet your goals, identify what factors caused you to miss your goals.  Use this information to set your 2011 goals; if it was easy, then it’s possible that you can set higher goals for 2011.  If it was a struggle, maybe you weren’t realistic with the goals that you set and you need to be more realistic in 2011.

When setting your goals, remember to take your business environment into consideration when setting your goals, including your talent base, industry conditions, competitors, regulatory changes and so on.  When you look at your financial results, make sure to examine all of your costs to see if there are any that can be decreased.

For example, if you have a growing business, it’s likely that you’re buying more from your vendors and suppliers than when you began your relationship with them, so you might be able to get additional volume discounts as your business with these companies grows.  Likewise, maybe you started with a low pricing strategy in order to enter the market and establish market need for your product.

The beginning of the new year is a good time to evaluate how established your product is and if it might be time to make up some of the margins that you gave up when entering the market with a low price.

Most importantly, make sure to regularly look at your goals and your actual revenues to see how close you are to your target, and determine what you can do to make up for any gaps you might be seeing.

Bookmark and Share