Monthly Archives: March 2020

Talk with Tom: Episode #72 | 5 Cash Flow Goals Every Small Business Should Have

 

business cash flow

On today’s episode of Talk with Tom, we continue with our January theme of goal setting but this time we turn it from personal goals to business goals…from Growing Your Life to Building Your Business. Today’s topic is the 5 Cash Flow Goals Every Small Business Should Have:

  1. Pay attention to margins
  2. Pay yourself a salary
  3. Have finances in reserve
  4. Avoid debt
  5. Save for growth

Be realistic about your goals. Aiming for super high margins, an unrealistic salary, or endless cash reserves can be detrimental to your business. Think about each of the above steps and prioritize each based on what’s realistic and achievable for your industry, fiscal state, and wider business goals. Start by revisiting your business plan, talking to your accountant, and then go from there.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.

TOMORROW: National Small Business Town Hall re: Covid Stimulus Package

 

Just a heads-up to my many small business and entrepreneur clients of a valuable invitation:

TOMORROW the US Chamber of Commerce and Inc. magazine are hosting a FREE virtual Town Hall to explain the many small business facets to the Covid Stimulus Package. Sign up [here].

Congress just passed a historic economic stimulus package benefiting America’s small businesses. What does this Bill mean for your small business? What do you need to know to help your business thrive, reassure your employees, and give you some of the certainty needed to lead? Sign up to receive the answer to these and many other questions regarding the $2 trillion stimulus package.

Click [here] to register and then pass this email on to your entrepreneur friends.

Stay healthy! Remember, we’re in this together!

 


Please share this blog post with your family and friends.

My mission is to inspire people and organizations to live their highest vision.

I am a Success Strategist and Master Coach. I provide transformational coaching and training for individuals and organizations to help you Grow Your Life and Build Your Business by getting clear and focused on what you want, why you want it, and how to create it. Learn more about me at SuccessSeriesLLC.com.

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Not Everyone Can Be Coached

 

Not Everyone Can Be Coached

 

#GrowYourLife  #BuildYourBusiness

Life Area: Professional  
Topic: Executive Coaching


Not Everyone Can Be Coached

 

Whether you’re a top executive or a recent grad, coaching could be a huge boost to your career. But it could also be a waste of money.

As a business and life coach, I’m thrilled that so many people are hiring professional coaches like me. However, like any trend, some people rush into hiring a coach who maybe shouldn’t. Here are a few questions I ask people who approach me about coaching and questions I suggest you ask yourself before you hire a coach.

  1. How self-aware are you?

While this is a difficult question to ask yourself, it’s key to the coaching process. If you’re not willing, or able, to objectively look at your own thinking, behavior, and actions, then coaching may have limited impact. Those who get a lot out of coaching are highly aware of how their behaviors impact others and situations.

Check the language in your thinking. When something bad happens, do you immediately start blaming other people and finding excuses of why the external world conspired against you and put you in a bad situation? If so, you might want to first work on seeing how you contributed to the outcomes, too.

  1. Are you ambitious?

Coaches can help develop great strategies and paths to success, but they can’t do the work for you. If you’re not driven to make changes and not willing to put in the hard work to implement the action plans, you might not get much out of coaching. You need to want the outcomes enough to do the hard work. If not, you might be wasting your money.

 


Coaches can help develop great strategies and paths to success, but they can’t do the work for you.


 

  1. Do you hold yourself accountable?

Many people come to me looking to be held accountable and for me to drive the process. I have to explain to them that I can’t make them do anything. I can only help them get clarity on what they want, why they want it, and how they are going to get it. But they need to be in charge of doing the work.

If you’re not willing or able to take personal accountability for your commitments, then even the best coach in the world will not be able to help you succeed. That doesn’t mean you need to be perfect; failure is part of the process. But you need to “own it” and be willing to be self-critical. Don’t blame your coach for not making you do your work.

  1. Do you have a growth or fixed mindset?

A lot of research has been done in the last decade regarding how your thinking can impact your ability to create change. Carol Dweck’s book Mindset presents this as the concept of fixed vs growth mindset. Which one you have will impact the effectiveness of your coaching considerably.

Put simply, a fixed mindset is one that believes your skills and abilities are innate and determined at birth. A growth mindset believes that while you have many natural gifts, you also have the ability to learn and grow through persistence and focused effort.

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Talk with Tom: Episode #71 | TwT Motivational Minute: Focus on Your Focus

 

What are you focusing on in your life? Are you focusing on what you want, with gratitude for what you have? Your focus is a magnet; it is attracting more of what is focused upon into your life.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.

Career Advice from Tom Hanks

 

Career Advice from Tom Hanks

 

#GrowYourLife  #BuildYourBusiness

Life Area: Professional  
Topic: Career Success


Career Advice from Tom Hanks

 

Toward the end of Tom Hank’s 2020 Golden Globe acceptance speech, Hanks shared a 3-step formula for success that he learned decades ago. It’s simple and brilliant–and could completely change the way we work.

 

He’s widely regarded as one of the greatest actors of all time. So, when Tom Hanks shares career advice, we all do well to listen. In his acceptance speech, Hanks repeatedly got choked up as he thanked his family, co-workers, and several notable actors and directors. After all, Hanks said, “you’re a dope if you don’t steal from everybody you have ever worked with.”

 

But it was toward the end of Hanks’ seven-minute speech when the famous actor dropped the real golden nugget.

 

Hanks shared a story of when he worked in his first professional job, as an intern at the Great Lakes Shakespeare Festival. Hanks said he and his fellow interns showed up to rehearsals after doing a little too much partying the previous night. The director wasn’t having it.

 

“He screamed at us,” said Hanks. “You know what your job is?” the director asked. “You have got to show up on time, and you have to know the text, and you have to have a head full of ideas. Otherwise I can’t do my job.”

 

And there it is, a simple, brilliant, three step-formula for success:

 

Show up on time, know the text, and have a head full of ideas.

 

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