When it comes to Accounting 101 for most entrepreneurs like myself, who are focused on product development, marketing, customer support and a million other essential parts of their business, one of the first lessons they learn is to out-task the bookkeeping.

Sure, some business owners will prefer to handle the books to avoid extra costs or questions of trust. But often, the accounting is one of the first tasks that gets contracted out.

How do you choose an accountant? When I brought in someone to handle the business finances, I looked for someone with a reputation for trust and competence. But I also look for a specialist or firm that can handle the work as the business grows. Transitioning between bookkeepers or accountants can potentially lead to continuity issues.

By hiring a firm or in-house specialist who understands your business from the beginning, there are more opportunities for this expert to not just balance the books, but provide proactive solutions for saving or making money.

Experience, hard work and talent are not enough to succeed in today’s workplace. You need to also focus on building a network that will bring you the success you want. Your career will likely span multiple jobs and fields and the best and fastest way to get where you want to be is having a network of people you can call on. Building an effective network takes time, planning and intention. Here are 5 rules that will help you out:

1. Talk to strangers. You never know who is standing behind you at Starbucks.
2. Build a network with intention; create a plan of the types of people you want to meet and work the plan.
3. Give as much as you get; don’t be stingy about looking for ways to help others out. This will repay itself many times over when you need a helping hand.
4. Reach out to people long before you need anything; do not be that person who only ever calls when they need something. That is not networking – that is using people and you will not be appreciated for it. Stay in touch regularly with the people in your network.
5. Ask for what you want, not what you think you can get. The simple act of asking will get you a lot more than you can ever imagine.

Remember: success does not come to those with a low tolerance for risk or those who are led by fear. Start talking to people – you will be surprised what you learn!

Fiona Walsh, CEO, FM Walsh & Associates Inc., WWW.FMWALSH.COM

Successful businesses I’ve worked with have implemented procedures to reduce the clutter problem that can eat into your time by an hour a day or more.

When it comes to paper and information management, you need to divide your hard-copies into three categories:

1. Active Information. Action is required. Active information can be placed into a priority action plan, like a Tickler File or BF – Bring Forward File.

2. Reference materials have no action required but may be part of your “reference library.” Your reference materials may be moved away from your immediate work surface into a dedicated filing system for ease of access.

3. Archival resources may need to be kept, based on legislation requirements. If space is limited, archives may need to be moved out of office or even off-site.

The companies that implemented these types of procedures were mostly viable enterprises to begin with – decluttering might not be the difference between paying suppliers or closing up shop – but they definitely all saw a productivity boost that helped the bottom line.

Time is money, after all. And think of what you’re paying for the square footage of your leased office space – being able to get rid of filing cabinets increases the amount of space you have to add an employee space or essential equipment.

Linda Chu
CEO – Out of Chaos, Professional Organizing Solutions
www.outofchaos.ca

1. There are some things you’ll learn by trial and error and there are some things you can learn from other people’s mistakes. This is good, it saves you time and heartache.
2. Knowledge comes in many different learning formats and flavours. Fantastic, variety is the spice of life.
3. The more you know about your subject matter, the better decisions you’ll be able to make. Excellent, we want to make good decisions, see item 1 above.

Yes, you’ll need to learn stuff. But it may surprise you to know that it doesn’t have to be painful. Here’s how you can make your “lessons” a lot more fun than your high school English teacher ever thought possible:

1. Choose to have a positive attitude and embrace that you don’t know. If you can let go of your (completely illogical) need for perfection and immediate competence, you might be able to lighten up and actually enjoy the process. Take a lesson from the way kids naturally learn when adults don’t get in the way. They explore, immerse themselves, and absorb knowledge while they play.
2. Embrace your inner Curious George. Remember him? The monkey that got into trouble all the time? Well, note to self: he always managed just fine in the end. Take another lesson from kids and embrace your sense of wonder, no matter what the subject matter. Keep asking Why?, Why?, Why? and How come? and watch your innate sense of curiosity begin to wake up and embrace the joy of learning.
3. Embrace the world as your classroom. In fact, get out of the classroom, your office, and the coffee shop altogether. For me, trips to my local farmers markets, artisan craft fairs, and cultural festivals are a great way to learn about consumer trends and see things from a new angle. I am always amazed,  delighted, and inspired by the unending creativity I find there. Plus, I get to shop at “school”.
4. Tap into ideas and perspectives that challenge your usual way of thinking. It’s easy to get stuck doing the same old, same old. But there’s more than one way to do anything. Seek out alternatives that offer you a fresh outlook and a broader perspective. Find a website, a blog, or an alternative magazine and be open to acknowledging if not fully accepting others’ points of view. (TED Talks are a great place to start.)

You can ignore or fight the need to learn but it’s you and your business that’ll suffer. Instead, embrace learning but do it your way, in the kind of classroom that works for you.

Liz Gaige
Market Navigators Consulting

Those who grow have a clear vision and goals and just roll up their sleeves and get the work done. They know where they need to make improvements and they take steps to get stuff happening. They’re the clients who have all their coaching homework done by week 2 in the month and come back looking for more!

The ones who are struggling get themselves bogged down by worrying about how to do something perfectly, about what will happen if it doesn’t work, or they go into a state of paralysis, hoping that things will improve on their own.

Success in business is not about being perfect or correct all the time. It is about taking action and learning from your mistakes, and most importantly, always believing that you will achieve success, especially when the going gets tough.

Fiona Walsh, CEO, FM Walsh & Associates Inc., WWW.FMWALSH.COM

“A couple walks by, obviously on their way to bed, having pushed the idea of vacation a little too hard. The woman looks over to me and in a harsh whisper a little quieter than a yell, says to her friend, “Isn’t that sad? That guy comes here on vacation and he’s stuck checking his e-mail. He can’t even enjoy his two weeks off.

“I think the real question – the one they probably wouldn’t want to answer – was, “Isn’t it sad that we have a job where we spend two weeks avoiding the stuff we have to do fifty weeks a year?”

Godin wasn’t just being a snob. His point was that since he was passionate about his work and his life, he was happy to be checking emails at 4 am. He’s not alienated from his work. He actually enjoys it. So if he wasn’t sleeping, it was natural for him to take care of business – and enjoy it.

When you’re spending your time doing the work you love and leading change instead of adapting to the system, you’ve actually got more time to enjoy life – and earn what you deserve.

Linda Chu
CEO – Out of Chaos, Professional Organizing Solutions
www.outofchaos.ca

I don’t like when people who’ve only just met me make presumptions. They learn something about me and decide they know all about me. Doesn’t that just bug you?

One of my favourite stories happened when I was in my early 20’s and at a new job. A few weeks in, the gal training me said (word for word), “Wow, you’re blonde and you’re not even dumb!” As it was a new job and I wasn’t past my probation period yet, I refrained from stating the obvious comeback.

The presumptions that woman made were way off the mark, though at least she had the decency to ‘fess up and adjust her views.  I am sometimes reminded of that incident when I ask myself what presumptions I’m making about a situation or when I’m looking for a solution that is not immediately obvious.

Don’t make assumptions about your customers! Even if you used to know what they wanted, when was the last time you really nosed around to confirm what your customers need and want NOW? And how could knowing more, NOT help you in making better business and marketing decisions?

The more you  know about your customer, the more you can meet their specific needs. And people are willing to pay for solutions.

Liz Gaige
Market Navigators Consulting

Here’s what you need to do to create a compelling client success story:

1. Describe what problem the client had that made them approach you – this is the situation part of your story.
2. Describe the solution you provided to them – how did your service or product solve the problem. This is where you highlight your expertise (tastefully!).
3. Describe the outcome – what results did they get from your solution? Try to make this as numbers-oriented as possible; use percentages or dollar amounts to show how the client was better off after working with you.
4. If you are using this story on a sales sheet, add a testimonial from the client.

And it goes without saying that these stories need to be true. Don’t make something up out of thin air. The power of success stories comes from the fact they highlight your expertise and build your credibility.

Fiona Walsh, CEO, FM Walsh & Associates Inc., WWW.FMWALSH.COM

Give your books a thorough audit to look for efficiencies.

• Develop a sales plan to launch for when the season is likely to pick up.
• Purchase new or replacement equipment and train yourself and your staff to use the new tools.
• Engage in team-building exercises with your staff or partners.
• Develop and test new products and services.
• Update your business plan (You should be doing this at least once a year).

Even before you start out, you may be able to predict when these downtimes are likely to occur if you’ve done your proper business planning and market research. For these quieter periods, instead of ramping up your efforts two-or-threefold to capture declining opportunities, attend to more strategic tasks in preparation for the upturn.

Linda Chu
CEO – Out of Chaos, Professional Organizing Solutions
www.outofchaos.ca

Learning more might be learning more about your customers, what they like, why they buy, and where they buy. (This is also known as market research.)

Learning more might be brushing up on your marketing knowledge and skills. (See other posts here on SheTeam and at the Market Navigators blog.)

Learning more might be connecting to a group of like-minded business people who are willing to meet on a regular basis and share knowledge, resources and ideas. Creating a strong network of people you trust enough to refer to your friends, family and colleagues is also valuable as a resource to learn from and share with.

Learning more might mean taking a yoga or meditation class that allows you to stay more focused and be more effective at the office. It’ll reduce your stress level too, so those little bumps in your day stay molehills rather than becoming mountains.

Learning more is NOT about sitting in a classroom and having flashbacks to high school math or physics class. News flash: Learning can be fun! Expand your definition and embrace ongoing learning as a way of life that will have positive ripples into your business.

Liz Gaige
Market Navigators Consulting