Who asked for advice?

I had a particularly frustrating discussion with my business advisor/mentor yesterday. Frustrating because I wasn't prepared for the questions he was asking about a new business I'm formulating. Why didn't I have the answers? Because the idea is still so new you virtually can see its umbilical cord, and I'm not sure I'm ready to set it off into the big wide world on its own.
It's something every small business owner feels when they're about to step into a new venture or product line. New business always comes with expectations, worries and dreams. Facing them can be daunting.
So a word of advice about advice: to make it work, you have to be clear from the word go about your expectations. I run through this Question 7 of The Small Business Success Guide ("Where do I look for advice and how much will it cost?"), so you'd think I would know!
Be clear on the outcomes you want, and the time frame you want these to happen in. And go into any discussion about your business armed with all your information.
It'll save you a stack of frustration.
Margie

Can Small Business Owners Go On Holidays?

Having just been on holidays, the first real one in about a year, it was interesting to see how many people were sitting around the resort's pool taking work calls.
One of the hardest things, as a small business owner, is to switch off. But for this recent holiday, my family made me promise that I would not take work calls or check emails.
It was probably the toughest week in terms of feeling I was missing something professionally, but the most rewarding personally because I really did get a break from my business, and spend some long overdue family time with my husband and kids.
How did I do it?
I simply followed the advice I'd discovered when writing Chapter 48 of The Small Business Success Guide:
* Advise customers well in advance that you're going to take time away form the office. That way you can both plan to get things done before you go on holidays.
* Let people know that you won't be contactable because you really do need a break (they will understand), and who they can contact while you're away.
* Set up your voicemail and email so people get a professional out-of-office reply, with your return date and a contact number or email in case of emergency.
* Get your family and friends to jump on your work phone if it rings and run!
Everyone needs to take a break and have some down time.
You owe it to yourself.

Margie

Think like a bank

There's been a fair bit in the media in the last few days about Australia's major banks getting tough with small business. But if you, as the small business owner, can start to think like a bank, you'll have a better chance of riding out this storm.

Just business
The banking business is actually the risk management business. At the end of the day they’re lending money to you based on a risk calculation: a) can you repay the loan; b) do you have the security if you can’t repay the loan; and c) where will the money be coming from on an ongoing basis.

Increase your value
To increase your value in the bank’s eyes (so that if you do need them one day, they might listen), you can bundle a whole range of your business’ payment services, such as payroll, super, insurance and personal loans, through the one bank or lender. “If you do this, make sure you also get quotes on what you’ll pay for unbundling these services, in case you want to or have to in the future,” says Graham Godbee of the Macquarie Graduate School of Management in The Small Business Success Guide. “And get rid of any covenants: personal security and guarantees don’t do your small business any favours.”

Protect your business by thinking like a bank. It's not hard.

Margie