Posts Tagged ‘Success’

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The Power of Stating your Intentions Out loud

May 11, 2011
Amgen Tour 2009© waynepowellphoto.com

Amgen Tour 2009© waynepowellphoto.com

Tomorrow I leave on a 330-mile, 4-day cycling adventure: the NorCal AIDS Cycle. I’m a little impressed with myself. “Athletic” is not a word frequently used to describe me. As a kid, I wasn’t picked last for team sports, but I was never picked first. And until three months ago, I had never cycled more than 10 miles at a stretch. My last training ride was an easy, fun, quick 30 miles. I have good reason to be self-impressed.

Do you have a big financial goal? Something that feels unattainable, that you can’t see yourself ever reaching? Would you like to be self-impressed?

Say it out loud.

When I first uttered that I was considering the ride, it wasn’t a fully formed thought. But I’d said it out loud, first to a friend that serves on the Ride’s Board of Directors, and then to my daughter, and then to a best friend. It snowballed from there. My daughter wanted to do the ride with me, and then her godmother, and then a best friend, and then a client.

Ask for support.

One of my life’s intentions is to be physically fit. That’s not my sole reason for doing this ride; a long-time passion of mine is raising desperately needed funds for HIV/AIDS. But the ride was a goal that I could speak out loud, ask for support from my family, friends and colleagues, and be lovingly held accountable to completing my goal. The first $100 donation I received sealed the deal; there was no going back. Someone gave money in support of me. I was accountable.

Read the rest of this entry ?

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How Crayons Create Financial Peace

April 22, 2011

Crayons Create Financial PeaceMy biggest revelation about how to help others with their financial issues came when I began working on my own financial issues. In Telling the Truth, I point out the rather obvious fact why so many Americans with money problems can’t seem to get beyond them: we don’t talk about money so we have no opportunity to tell the truth about it.

We are a financially illiterate society. There are few places that you can go to work on your money, talk about your money, make your money better. I lay awake at night sometimes dreaming up solutions to this societal problem. And bit by bit, I create answers. That’s how we came to start Financial Boot Camps, and that’s how I tripped upon creating this exercise for a Boot Camp: draw your financial life with crayons.

The accountant in me questioned the exercise that the right side of my brain had created. “Um, that’s silly.” But the right side of my brain, the creative side that has been fed and nurtured by studying a lot of research into the psychological and emotional aspects of our relationship with our money said: “Forge on!”

The exercise was simple. The boot campers were to draw their financial life in a crayon pie chart, Read the rest of this entry ?

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My Dad: Lessons In How NOT to Own A Small Business

March 3, 2011

My Dad: Small Business Owner Mickey PowellToday is the anniversary of my dad’s passing. I learned a lot from him, many lessons to share with all of you about small business ownership. In summary: do not do it the way my Dad did!

First, to alleviate any perception that I am speaking ill of him, I want to share what a fine man he was. My love of community service comes from him. His dedication to making this world a better place is clear in this tribute:

http://www.fedflyfishers.org/Default.aspx?tabid=4520

Even his business ownership was, in a way, community service. He was ‘saving the family business.’ http://www.davidlnelson.md/FFF_FlyTyingGroup/Buszeks/BuszekHistory.htm

Now, on to telling the truth. As a child I watched my father work, work, work, and then work some more. He came home late for dinner, went back to work at night, and worked most weekends. Even our few vacations were often spent at work-related fly fishing conclaves or networking conferences. Both of my parents worked, hard, yet we never seemed to have any money. We weren’t destitute; dinner was always on the table. But money was always an uncomfortable issue. Always having a keen sense of numbers and business, even at a young age it was apparent to me that something wasn’t right. I often wondered, weren’t business owners supposed to be rich?

As a teenager, I became the bookkeeper for my dad’s business, and my childhood observations were clarified. The business was barely profitable. My dad either trusted me enough to let me see his truth, or he thought I was so inexperienced I wouldn’t get it. It wasn’t my place to ask.

But the questions I kept to myself then are the exact kinds of questions I ask clients now. And they are questions I want you to ask yourself if you own a business, no matter how large or small. Yes, even a side Tupperware business, or a little consulting gig, or do a bit of wedding photography. These are all businesses, and they do impact your family!

Here are 12 questions to ask yourself.

  • Do you spend less time with your children, spouse, or friends as a result of your business?
  • Have you ever paid an employee late?
  • Are there months that your business doesn’t pay you?
  • Do you ever put off buying basic things your family needs because your business needs the money more?
  • Have you ever lied (or avoided the truth) about your business’ finances to your spouse?
  • When was the last time you took a real vacation?
  • Do you avoid asking for professional advice about your business’ health?
  • Do you truly know how profitable your business is?
  • Is your business contributing to a retirement fund?
  • Do you have partnership agreements that aren’t in writing?
  • How much have you borrowed against your family’s home, retirement, savings, children’s college fund or inheritance?
  • Does your spouse’s income support your business?

If you don’t like your answer to more than a couple of these questions, it’s time to find a trusted advisor, a business coach, an external CFO, or a mastermind group and tell the truth. Print this blog out and put it in the front of a binder titled “Making My Business Better.” Make an action plan. Make it better. In six months, ask yourself the questions again. Then repeat.

What would my dad’s answers to these questions have been? 100% not good. In the 32 years I watched him run his business, I only saw his business run him. I’ve taken these lessons and have been committed to reverse engineer his mistakes into a balanced plan for running my business. I haven’t always been successful, but one of my life’s quests is to be just like my dad when it comes to community service, and exactly opposite my dad when it comes to small business ownership.

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Creative Brain vs. Business Brain

January 21, 2011

I love working with creatives: artists, actors, healing professionals, writers, photographers, all of them. Our society has created a “right brain vs. left brain” mentality. If you’re creative, you aren’t a strong business person. If you’re a strong business person, you aren’t creative. But we know black and white statements aren’t true. Creatives can make great business people, especially when they provide themselves with structure. Creatives have the ideas, the willingness and the passion to throw themselves full force into their work. And that is what it takes to be successful in business.

One of my inspiring clients decided, as a strategic business decision, that 2010 was going to be her year of “living as an artist.” She had long worked hard on her business; she had tethered herself to do the work, bring in the clients and earn a living. She had been successful enough, but by the time she got to me she wasn’t enjoying it much. Something needed to change.

“Creatives have the ideas, the willingness and the passion to throw themselves full force into their work. And that is what it takes to be successful in business.”

So 2010 was her year of living as an artist. Her mission was to fully embrace her creativity and joy of being an artist. Her goals, strategies and actions all supported that mission. There was still some structure: billable work, marketing, financial coaching and professional development. But the focus was on enjoying her creative talents, not on meeting her monthly revenue goals.

And what were the results? November and December were two of the most profitable months she’s ever had. And, she’s happy. It was a year of transformation and expansion for her. She’s well positioned to focus on revenue growth in 2011. Most important of all, she was well cared for, and she is, after all, the most valuable asset in her business.

Why would I, an accountant, support that kind of strategy? Because I’ve seen its effectiveness and profitability, over and over and over. If it’s done with intention and structure, it can be a very effective business decision for both creatives and for any other kind of business owner.

What’s your mission for 2011? Does it include creativity? Art? Health? If not, weave it in, and then write down what kind of return on investment you expect from giving yourself that gift.

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2011: Is your plan in place?

December 10, 2010

Winter is a time of reflection, both personally and for our businesses. How did this past year go? Did I meet my goals? Um, did I have goals? What do I want next year to look like? What do I have to do to get there?

At Creating Answers, it is the time of year we are busy working with all of our clients on 2011 goals and budgets. It is one of my favorite times of the year because you get to do two really fun things: analyze how last year went, and draw the financial road map to follow next year. It’s financial art at its most fun.

If you think of this work as a chore, I invite you to reframe your beliefs about planning and numbers. I invite you to think of it as a game, or a puzzle. Make it a date with yourself. Go to your favorite coffee house, or pour yourself a bottle of fine wine. And then…start asking yourself questions.

What percentage of your total income goal did you reach this year? 120%? Great! 85%? Not so great. What do you need to do differently in 2011? What amount of marketing dollars would have closed that 15% gap? Do you need to increase your networking time? Upsell existing clients? Raise your prices?

“If you think of this work as a chore, I invite you to reframe your beliefs about planning and numbers.”

Take a look at your discretionary areas of spending? How much did you spend on marketing and advertising? What were the financial results? Professional development? Results? Equipment? Results?

How much did you spend on staffing and/or outside consultants? Did they work at capacity? Did you generate revenue from your staff? How much? A great rule of thumb to start with is three times their cost.

While it is difficult to assign numbers to each of those questions, the exercise of trying will create answers. What if you spent nothing in each of those areas? What if you spent three times as much?

Most importantly, don’t overdo the process. It’s more effective to do a really thorough look at your 15 most critical spending areas consistently than it is to look at all 60 of the expense accounts you have in Quickbooks. (And if you have 60 expense accounts in Quickbooks, you should give us a call!)

Find out more about what we do at http://CreatingAnswers.com.

Here’s to a prosperous new year full of financial clarity!

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Changing the World

June 19, 2010

Cape: yes | Tiara: looking

“I’m fairly certain that, given a Cape and a nice tiara, I could save the world.” ~www.curlygirldesign.com

I have a cape, and I’m trying to find a tiara. Some of you know that I have this crazy wonderful inspiration, and with this inspiration, and a tiara, I could change the world. Not save it, but change it.

I heard some great advice last night, as I do on the 3rd Friday of every month. “Read about people who have changed the world.” So I’m wondering, who would you read about? Who is one of your heroes or heroines?

And if you want to experience some of my crazy wonderful inspiration, save the date: July 10th, 6-9pm.

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Community Service, Leadership and Small Business

June 14, 2010

Tina Reynolds, Phyllis Lyon and Armistead Maupin

My best friend Tina Reynolds, owner of Uptown Studios, was honored today by the California Legislative LGBT Caucus for her extraordinary inability to stand by and watch even one person be treated as less than equal. I’ve know Tina for 15 years. We met when she was doing volunteer work for CARES, and through the years I can not begin to recall how many organizations, actions and activities she has led or been a part of. And not just LGBT issues; she’s an equal opportunity activist. I’m proud to be her friend, and I’m proud that she’s a role model for my daughter.

What does this have to do with small business? For those of us that own small business, we all know that we have less time, not more, to spend on our passions. How in the world does Tina have time to do all that she does? Well, there are 50 different ways to market your business in the ActionCOACH model. By doing what she loves, she has become a successful business owner. She could have spent all of her time going to endless networking events, but instead she has used the less direct path of following her passions and making a difference. You don’t get clients as quickly, but over time you get them just the same because we all want to do business with good people.

I’ve learned a lot from Tina about what it takes to be a business owner. She taught me that if you are going to own a business, you must connect with others. We  joke when one of us gets a new client, “did they come from the Yellow Pages?” Well the Yellow Pages hardly even exists now. She has inspired me, a bit of an introvert, to become a connector, and to even enjoy it.

A Cherished Friendship

I’ve also learned from Tina about how to be a better human being. We go walking in the early mornings around our fabulous midtown neighborhood. She says hi to everyone, and I mean everyone. Not just the people that are going to say hi back, and not just the people who look like they might. No matter who it is we pass, there is a cheery hello. It’s reminded me that that simple act of kindness can lift someone else’s spirit, even if just for 5 minutes.

Almost all of us that own a business began because we wanted to lift someone else’s spirit. And that’s what makes Tina Reynolds not simply a tireless activist for equal rights for all, but an amazing business owner as well.

p.s. She was honored amongst some amazing people. Today, I got to shake Phyllis Lyon’s hand and thank her for all she has done for us, for me. I also got to tell Armistead Maupin how incredibly funny his books are. If you don’t know who those two are, look them up on Wikipedia!