7 Frequently Asked Questions About Small Business and Life
The 7 Big Questions we all face from time to time in business
To Build a Beautiful Business and Life and build a business that stands the test of time, these are the 7 Frequently Asked Questions all business owners face from time to time.
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7 Frequently Asked Questions about Building a Beautiful Business and Life:
- How can I grow my business? The 11 most important business growth strategies.
- How can I make more money in my business? The 7 rules for making more money and profit in your business.
- How can I feel happier and less overwhelmed in my business? The 6 questions to help you get unstuck and escape the whirlpool of business.
- How can I find better work-life-balance in my business? The 5 secrets of finding greater Work-Life-Balance in your business.
- How can I become a better business owner and leader? The 3 pieces of good news about becoming a great leader in your business.
- How can we make our family business work better? The 9 challenges (and their solutions) to making a family business work
- How can I find the right support, advice and guidance in my business? The 7 types of support to help you build a beautiful business.
Each of the Big Questions has a dedicated page on this website, with links to many relevant resources both within my website as well as throughout the internet. Scroll down to read summaries of each of those pages or click on each of the Big Questions above to go that question’s full FAQ page. You may also like to have a look at my Fun In Business program page that explains in more depth how I help business owners build their own beautiful businesses and lives
1. How can I grow my business?
The 11 most important business growth strategies. Summary: To build a Beautiful Business and Life, we need growth. Seth Godin made a great statement some years ago on his blog. He said: To build a great business you only have to do two things: first you have to do great work or deliver a great product and second you have to make sure lots of people know about it.
And that’s exactly how simple it is to build a Beautiful Business that Stands the Test of time. But, as with so many things in life, it’s easier said than done.
Business growth is about research and product and systems and quality assurance and innovation and inventory management and people management and everything in between and then when you get that right, it’s about customers, and marketing and sales and communications and PR and SEO and content marketing and advertising and design and branding and of course leadership and you might well argue that before all of that comes Visioning, Mission, Purpose, Goal setting and Strategic planning. In short Business growth touches all aspects of business.
Explore all 11 strategies to help you grow your business
2. How can I make more money in my business?
The 7 rules for making more money and profit in your business. Summary: To build a Beautiful Business and Life, we need to make profit. A business that doesn’t make profit and that doesn’t generate cash flow isn’t a business, it’s a hobby. Profit is not the Purpose of business, and nor is generating Cash the reason the business exists, but without profit and cash it is not possible for the business to deliver on it’s Purpose.
Business growth will have an impact on the flow of profit and money in the business,
both positively and negatively, but many other aspects of business have an impact as well. There’s pricing, discounting, inventory management, costing, trade terms , collection policies and procedures, expense management, cost control and many other aspects of business will determine the profitability and sustainability of your business.
And on the other hand there is financial management. The management, reporting and analysing of the flow of profit and money through the business. Having your fingers on the pulse of all of the key indicators of the health of your business every day, week, month and year. Management of the numbers in other words.
Explore all 7 Rules for making more money and profit in your business.
3. How can I feel happier and less overwhelmed in my business?
The 6 questions to help you get unstuck and escape the whirlpool of business. Summary: To build a Beautiful Business and Life, we need to get unstuck. In my experience, business owners operate in a state of overwhelm many days of the week. They’re often first in the door in the morning, last out the door at night and have to catch up on their admin and email after dinner. They run around from crisis to crisis most days, extinguishing brush fires along the way.
Staff don’t seem able to tie their own shoe laces without input and supervision from the boss. Customers expect the business owner personally to solve all their problems, immediately, rather than the perfectly qualified and expensive staff that are employed by the business for that purpose.
As a result, the critical business development projects are constantly pushed back and the business gets stuck in the mud. The way out of this overwhelm is to learn to focus on three letters FUN. Fun in Business is the opposite of overwhelm. Developing a discipline on making Business Fun again works, because when business is Fun it means everything is working.
Explore all 6 questions to help you get unstuck and escape the whirlpool of business.
4. How can I find work-life-balance in my business?
The 5 secrets to finding greater Work-Life-Balance in your business. Summary: To build a Beautiful Business and Life, we need to create a balance between the demands of the business and those of the rest of our lives.
In the many years I’ve worked with business owners, I’ve come to believe that business owners are the most “guilt driven” people on the planet, “worse than Catholics” I sometimes joke. Business owners generally go through life believing they are not up to the job in some way.
They tell themselves (and me), that to compensate for their perceived failures, they’ve got to work harder than anyone else in their business or else how could they ever ask their people to put in the hard yards when required? (see also what I wrote above about overwhelm). But in the mean time they’re missing out on the important stuff in life. Their health and well-being suffers, as are their families.
For business owners to create a greater balance between work and life, the first step is to acknowledge that owning a business is never a 9-to-5 job, you probably won’t ever be able to close the door behind you on the way home entirely. The business is your baby, you’ve put your heart and soul into it and it’s part of who you are as a person.
Once you acknowledge that fact, the immediate next step is to recognise that your own time, your health and your general well-being are the most valuable and important assets of your business and as the business owner it is your prime responsibility to look after your assets. In other words, not looking after yourself and ensuring you are in a great physical and mental state means you are not taking your responsibilities as the owner of the business seriously. Once you’ve learnt to accept the realities of those two principles (contradictory as they might seem from time to time), you’re on the path to create the business and life you dream off.
Explore the 5 secrets to finding greater work life balance.
5. How can I become a better business owner and leader?
The 3 pieces of good news about becoming a great leader in your business. Summary: To build a Beautiful Business and Life, we have to become better business owners. As I’ve said above in the “work – life – balance” summary, most business owners feel they’re not quite cutting it as entrepreneurs. Oftentimes, business owners start their business on the back of their profession, trade or skill they have learnt (plumber, architect, accountant, chef) and they feel confident in that particular skill. But when they start a
business based on that profession, they suddenly realise that it takes a lot more than being a great plumber to build a great plumbing business.
Few business owners have studied to be a business owner, and even those who have attained an MBA or similar qualification, find that they’re not prepared for the realities of life as a small business owner. Suddenly everything is down to you, the big decisions about whether or not to bid for that contract, or hire that expensive employee, or sign the lease for the new office, as well as making sure the toilets are stocked with toilet paper and that there’s ink for the printer.
To top it off, your people look to you for having Vision (with a capital “V”), having the answers and being the leader. It’s a frightening place to stand in the middle of, but there are three pieces of good news: (1) You got this far and you’re still breathing so you must be doing something right. (2) Your people actually want you to be the leader and they’re ready to forgive you just about any balls up you’re going to make along the way. (3) Leadership is something you can learn, practice and get better at.
Explore the three pieces of good news about becoming a great leader in your business.
6. How can we make our family business work better?
The 9 challenges (and their solutions) to making your family business work. Summary: To build a Beautiful Family Business and Life, we need to get good both at working with our spouses as well as living with them. As I’ve said above in the “better business owner” summary, many businesses are founded on the profession of the business owner. The plumber starts a plumbing business and the lawyer starts a law practice. A little way into the life of the business,
the founder of the business, along with the spouse of the founder, starts to appreciate that it takes more than being a great lawyer to build a great lawyer business and the business flounders.
Often, it is at this point that the spouse decides to enter the business as well, to sort out the chaos, in no small measure, to protect the interests of the family, and the family business is born. 70% of all businesses in Australia are family businesses and a large percentage of those can be classed as husband and wife family businesses.
In my experience there is wonderful opportunity in being in business with your spouse. It holds the possibility of providing for your family very well and there is a great opportunity to grow as a couple. But waking up beside your business partner in bed every morning also comes with a bunch of unique challenges.
Explore the 9 challenges (and their solutions) to making your family business work.
7. How can I find the right support, advice and guidance in my business?
The 7 types of support to help you build a beautiful business. Summary: To build a Beautiful Business and Life, we need support. One of the most consistent complaints I hear from business owners is that it’s all down to them. They feel alone and unsure of themselves. They need to have a sounding board. The people around them don’t get it. The staff are affected by the decisions the business owner needs to make, and so are their spouses and family.
Human beings work well with external accountability and advice. Independent external support is invaluable to any business owner who wants to build a Beautiful Business that Stands the Test of Time. External support can take many forms: A mentor, a business or life coach, management consultant, a virtual board, an executive coaching group, a regular get together with a group of fellow business owner buddies or all of the above.
One thing is for sure: Don’t think you can do it on your own. But how do you go about finding the right support for you?
Explore the 7 different types of support for you and your business
Further reading on The BIG Questions:
- What is Business-Life Coaching anyway and why would anybody care?
- “The Five Steps to discovery”
- The 10 foundations for building a Great Business
- More about me, Roland Hanekroot
- Forbes: How to build your business around your life
- We can build a beautiful business
- LinkedIn: How to build more beautiful businesses
- Hubspot: 54 beautiful small business ideas
- Bo Burlingham: How to build a business that will be around in 2115
- Free books, resources, webinars and other downloads
Alternatively, download my Free Guide to help you find the perfect coach
The Big Questions we all face from time to time in business
To Build a Beautiful Business and Life and build a business that stands the test of time, these are the Frequently Asked Questions all business owners face from time to time.
Business growth is about research and product and systems and quality assurance and innovation and inventory management and people management and everything in between and then when you get that right, it’s about customers, and marketing and sales and communications and PR and SEO and content marketing and advertising and design and branding and of course leadership and you might well argue that before all of that comes Visioning, Mission, Purpose, Goal setting and Strategic planning. In short Business growth touches all 11 main aspects of business.
Explore all 11 strategies to help you grow your business
Most 11 aspects of business mentioned above have an impact on profit and making money. There’s pricing, discounting, inventory management, costing, trade terms , collection policies and procedures, expense management, cost control and many other aspects of business will determine the profitability and sustainability of your business.
And on the other hand there is financial management. The management, reporting and analysing of the flow of profit and money through the business. Having your fingers on the pulse of all of the key indicators of the health of your business every day, week, month and year. Management of the numbers in other words.
Explore all 7 Rules for making more money and profit in your business.
In my experience, business owners operate in a state of overwhelm many days of the week. As a result, the critical business development projects are constantly pushed back and the business gets stuck in the mud.
The way out of this overwhelm is to learn to focus on three letters FUN. Fun in Business is the opposite of overwhelm. Developing a discipline on making Business Fun again works, because when business is Fun it means everything is working.
Explore all 6 questions to help you get unstuck in your business
For business owners to create a greater balance between work and life, the first step is to acknowledge that owning a business is never a 9-to-5 job, you probably won’t ever be able to close the door behind you on the way home entirely. The business is your baby, you’ve put your heart and soul into it and it’s part of who you are as a person.
Once you acknowledge that fact, the immediate next step is to recognise that your own time, your health and your general well-being are the most valuable and important assets of your business and as the business owner it is your prime responsibility to look after your assets. In other words, not looking after yourself and ensuring you are in a great physical and mental state means you are not taking your responsibilities as the owner of the business seriously. Once you’ve learnt to accept the realities of those two principles (contradictory as they might seem from time to time), you’re on the path to create the business and life you dream off.
Explore the 5 secrets to finding greater work life balance.
Few business owners have studied to be a business owner, and even those who have attained an MBA or similar qualification, find that they’re not prepared for the realities of life as a small business owner.
To top it off, your people expect you have a Vision (with a capital “V”), and to have the answers and be the the leader. It’s a frightening place to stand in the middle of, but there are three pieces of good news:
1. You got this far and you’re still breathing so you must be doing something right.
2. Your people actually want you to be the leader and they’re ready to forgive you just about any balls up you’re going to make along the way.
3. Leadership is something you can learn, practice and get better at.
Explore the three pieces of good news about becoming a great leader in your business.
In my experience there is wonderful opportunity in being in business with your spouse. It holds the possibility of providing for your family very well and there is a great opportunity to grow as a couple. But waking up beside your business partner in bed every morning also comes with a bunch of unique challenges.
Explore the 9 challenges (and their solutions) to making your family business work.
Human beings work well with external accountability and advice. Independent external support is invaluable to any business owner who wants to build a Beautiful Business that Stands the Test of Time. External support can take many forms: A mentor, a business or life coach, management consultant, a virtual board, an executive coaching group, a regular get together with a group of fellow business owner buddies or all of the above. One thing is for sure: Don’t think you can do it on your own. But how do you go about finding the right support for you?
Explore the 7 different types of support for you and your business