Building a Better Foundation for Your Business

June 10, 2021December 1, 2020 by Michelle Mitchell

Building your business on a strong foundation from the beginning saves so much time and energy as you grow. I help my clients start building a better foundation using several simple habits and principles. Here are a few of my favorites:

Cast your vision. As adults, we don’t spend enough time dreaming about our futures. Creating a vision for your business helps you develop the future you’re trying to create. Most business owners I work with are afraid to clearly state what they really want for their business down the line. Your vision statement should be so clear that it leaves no room for fear!

Set goals. Once you have a clear vision, you can make it tangible by breaking it down into bite-sized steps. These are your goals. Assign these to each quarter and then break those down even further for weekly action steps. Track what you’re doing to make sure you’re progressing toward your vision each week.

Schedule CFO days. As a business owner, you aren’t just the CEO of your business, you are also the Chief Financial Officer, or CFO. It’s important to set time aside regularly to stay on top of the finances of your business, even if you have someone helping you. You can use the financial data you collect during this time to make better decisions for your business.

Price your services for profit. Pricing is such a struggle for many business owners I talk to. Usually when a business owner feels they are not making enough money or they are having cash flow issues their issues actually stem from their pricing. You may be under-charging for your services if you don’t understand all the costs of actually delivering the service to your client, if you don’t understand the value your client places on the service, or if you are comparing yourself to others and undervaluing your own skills and experience.

These are just a few principles for a better business foundation. I love working with entrepreneurs to develop these and create a solid foundation that easily allows for growth.

We talk about all of these things and more in my coaching programs, but right now I’m offering a mini-course on Pricing for Profit. For just $27, you can learn better pricing strategies, how to implement them, how to up-level your pricing without affecting your current clients, and more! Sign up now before the offer expires!

You Don’t Know What You Don’t Know

August 2, 2019August 1, 2019 by Michelle Mitchell

Are you trying to do all the things needed in your business in an effort to save money?

Let’s face it, it can be hard to admit you need help. Especially as a small business owner. But honestly, if you continue to try to be everything to everyone, you will start to feel burned out, and possibly come to resent your business.

There is a lot of discussion online right now about the importance of finding your business niche instead of saying “I want to serve EVERYBODY.” Sure you want clients, you want to make money; but too often business owners tell themselves it’s better to appeal to a wide variety of prospective clients rather than a select few.

But here’s a question for you:

Do you want to be known as Walmart? Or do you want to be known as Neiman Marcus?

Think about their respective business models for a moment. Walmart appeals to everyone due their prices and variety of inventory, but their business model depends on the sheer number of customers to make their profit. Where Neiman Marcus, on the other hand, appeals to a very specific demographic. That specific demographic has the disposable income and does not shirk at Neiman Marcus’ retail prices.

The result? Neiman Marcus can make the same (if not more!) profit as Walmart by serving a more specific and selective customer base.

So, what does this have to do with what you don’t know about your business?

Simple.

Business owners can’t possibly know EVERYTHING there is to know about business, as well as knowing EVERYTHING about their chosen niche.

And this is where business coaches shine! Business owners should be more focused on their business niche, providing relevant services and products; whereas business coaches have a greater understanding of best business practices and work with businesses in a multitude of niches.

For example, if you’re trying to learn everything you can about efficient back-end processes, you’re taking time away from your revenue-generating marketing efforts to your niche customers. A business coach can give you advice about efficient back-end processes, plus help you implement them while you continue with your marketing efforts.

Think about the makeup of a large corporation. Does the CEO or president know EVERYTHING there is to know about the day-to-day operations or process of the company? Doubtful. That’s why they hire CFOs and department heads, to focus on their own specialties and make recommendations to the CEO/president.

Consider the same for YOUR business. YOU are the CEO/president of your business. And hiring a business coach will give advice, strategies, and steps to help you yield the most profits from your business.

In short, a coach can give you clarity, and help you see the “forest for the trees”.

If you’re ready to look into how a business coach can help you, reach out to me. You can direct message me on my Facebook page, you can send a message via Messenger, or you can schedule a consultation at Passion to Profit. I will be happy to help walk you through what’s holding you back.

Is Fear Holding You Back?

July 22, 2019July 18, 2019 by Michelle Mitchell

FEAR

Four little letters. One little word.

Has fear been holding you back?

Is fear keeping you stuck?

Is fear hurting your business?

I know it’s been holding me back!

So let’s chat about fear.

I’m going LIVE on Facebook.

I’ve been wanting to do this for months.

It’s been on my calendar for months.

But every single week, fear has been holding me back.

Watch the video below!

Is FEAR holding you back?

Posted by Mitchell Consulting on Thursday, May 16, 2019

And I don’t understand why. I love challenges but in my business I take pride with what I share with the world.

So I’m sharing with you today because I’m vulnerable in this area and I’m betting you are too!

Fear can hold us back from becoming the powerful business owners that we can be. The fear of me going live on Facebook has actually kept me from meeting the people who I am meant to work with.

And I don’t want to do that anymore!! I want to be able to share my message and to help people who need assistance and who I can serve with my gifts.

My gifts are based on business and highlighting financial stability in business. And there may be people out there who that’s just not what they’re good at.

Each of us have unique gifts. You’re good at the things you do, and I’m good at helping people break through their financial issues, setting up financial systems in their business, and talking with them to help them move past mental blocks they may have in their business.

The fear of going live on Facebook is one of MY mental blocks, and I’m so thankful for my business coach who has been pushing me to step outside my comfort zone and do something that’s unexpected from me, but will actually help my business grow!

Ready to conquering that fear that’s holding you back?

That fear you’re facing? It’s actually stagnating you and causing you not to do things in your business that you should be doing, because you are encapsulated with fear.

You CAN move past this fear!

One of the things that is helping me step through my fear is the support of a community that is encouraging me to step outside my fear, and push through it anyway. Because they know there is triumph at the other end of that fear!

And I know there is too!

So I am committing to going live on Facebook every Wednesday at noon. (Those of you who know me, you can hold me accountable. I’d really appreciate that!) I have something to share and I know it can help someone, somewhere.

Steps to Conquering Fear

The first step to conquering your fear is facing it.

Acknowledge it.

It’s there.

It’s a human response to something that in your mind is that’s holding you back.

The second step is to build a support community.

Get support from the people who you know love and trust you. They can help you stay accountable to what YOU say your goal is and to move you forward and beyond that.

Your support community can help you at the beginning, where you may be now, through the process, and even on the other side of it.

Once you get beyond fear, there is success on the other side!

I know there is because I’ve been there. I’ve done it. Just in starting my own business, I didn’t know if I knew enough information to start a business. But because I was a professional, I did know something. Having the support of family and friends helped me step out of my comfort zone and start my own business. I am so grateful for that.

It’s been 8 years now, and I am so grateful that they helped me through that process. And now on the other side of success, they help me celebrate in that success.

The third step to conquering your fear is reviewing your results.

Once you do it, once you step out in faith and you do something, ask yourself how it went.

What worked?

What could you do better?

What did you learn from it?

Your results will help support you to do it over and over again.

Let’s recap:

Fear can stagnate you and hold you back.
You CAN move past your fear.

Steps to Conquering Fear:

First, acknowledge it. You’re human and fear is a human reaction to something that is holding you back
Second, get support. Your support community will help you through the process, keep you accountable to your goals, and celebrate your triumph on the other side!
Third, review your results. Once you do it, once you step out in faith, your results will help support you to do it again and again.

There is someone waiting for you on the other side of that fear. And I know someone is waiting for my specific help to help them in their business and to help them grow.

So I committed to going live on Facebook.

And I did it.

The first one was short & sweet, but I did it! And I’m going to keep doing it.

Is fear something you struggle with in your business? What is it? Leave a comment below and let’s support each other.

If this is something you’re struggling with, reach out to me. You can direct message me on my Facebook page, you can send a message via Messenger, or you can schedule a consultation at Passion to Profit. I will be happy to help walk you through what’s holding you back.

Are You Making These 5 Profit Killing Mistakes in Your Business?

July 18, 2019June 21, 2019 by Michelle Mitchell

Having been in business for nearly 9 years, I have found that this quote from Benjamin Franklin holds true today:

“If you fail to plan, you plan to fail.”

Let’s face it, as an entrepreneur and a business owner, it can be hard to stay focused on what will move your business forward. But by not planning, things will fall through the cracks, affecting both your business growth and profits.

So what are some of the common profit killing mistakes you may be making in your business? And how can you avoid them? Let’s take a look.

Mistake #1 – Haphazard Marketing

One of the most common profit killing mistakes is haphazard marketing. When it comes to marketing and social media, consistency is KEY. Publishing one Facebook post or a couple of tweets once in awhile isn’t enough.

Being inconsistent in your marketing, ignoring your email list (and I would like to apologize to my list right now as I am very guilty of this too!) and letting your social media go stale are all detrimental to your business.

Photo by Dominika Roseclay from Pexels

The old adage, “out of site, out of mind”, is so true and possibly more so in today’s fast-paced, social media driven environment. Consistent marketing, with a recognized consistent brand, images and content schedule, helps maintain that consistency by building awareness and trust of your business.

If you don’t set up and keep with a consistent marketing plan, people will forget your name, your business, why they are on your email list, or why they follow you on social media. And just like personal relationships, these forgotten people will need to be wooed and won over again and again.

Mistake #2 – Lack of Automation

Some businesses make the mistake of staying stuck in old ways of doing business. Are you still making phone calls to confirm appointments? Are you playing phone tag back and forth with clients? Still scheduling your social media posts one at a time?

Photo by rawpixel.com from Pexels

In today’s business world, there is a wide variety of tools that can help you automate your business.

Tools like automated calendar systems (Acuity or Calendly) can alleviate all the back-and-forth phone calls with clients to set up a discovery call, or confirm appointments. These tools can also allow your client to schedule a time that best fits their schedule with the click of a button. Talk about a time saver!

Your social media marketing can also be automated with platforms like Hootsuite and MeetEdgar. Planning out a few weeks of content and using an automated scheduler can help ensure your content is consistently published.

Utilizing these tools will help prevent inconsistent marketing and free up valuable time in your business. While some of these automation tools can cost money (there are a lot of free tools to look at as well), compared to the cost of your time (or an employee’s) to complete these tasks manually, the ROI is well worth it.

Mistake # 3 – Poor Branding or Messaging

Branding is more than just your logo and business colors. Branding is your overall image. Branding includes your company’s mission, your vision statement, and your unique selling point.

Jeff Bezos, founder of Amazon.com, defines brand simply as

“Your brand is what other people say about you when you’re not in the room.”

Your brand is your ambassador for your business.

As mentioned in Mistake #1 above, consistency is KEY. Consistency in branding is critical to your business. Being consistent in your branding builds awareness and trust.

Customers are significantly more likely (71% more likely according to Global Banking and Finance) to purchase from a brand they trust. Additionally, customers are more likely to purchase from a brand recognized for their consistent image, message, and content schedule.

One important way to guarantee brand consistency is to develop and implement a set of brand guidelines. These guidelines should include things such as a your company mission statement, a description of your company tone and voice, your logo and brand colors (including hex codes), and social media examples. The more specific your guidelines are, the more consistent your brand marketing will be, which will help generate more revenue for your business.

Mistake #4 – Poor Money Management

Ok, you all know this topic is my jam!

How would you answer these questions?

Do you have specific processes in place for paying your monthly invoices?
What about systems for your bookkeeping?
Do you know what your monthly income vs expenses looks like?
Are you confident when tax time comes around with how much profit you made last quarter or last year?

If you answered “no” to any of these questions, NOW is the time to start thinking about them. Poor money management will also lead to other profit killing mistakes if not addressed.

Businesses that are positioned for growth have good money management solutions in place. From creating a budget to solid processes for handling your monthly expenses, to knowing your numbers before tax time comes. Let’s face it, if you are a small business owner or entrepreneur, how you manage your business finances can (and often does) affect your personal finances.

Mistake #5 – Resisting Reinvesting in Your Business

Reinvesting in your business is necessary for growth.

An easy way to start reinvesting in your business is keeping extra profits in your business and using them to invest in new software, technology or training, or hire a virtual assistant to help with marketing and administrative tasks.

Each of these reinvestments can help your business run more efficiently, more consistently, and give you more time to focus on serving your customers, growing your business, and doing what you got into business to do!

Another great way to invest in your business is to hire a business coach. A business coach can help in various ways:

offer solutions and ideas to make your marketing more consistent and effective
being knowledgeable about the latest technology that can help you automate while sticking within your budget
ask the right questions that help you drill down to those core principles that drive your business thus strengthening your brand
help you create a budget for your business along with solid processes for handling your monthly expenses