Entrepreneur Mom
with Aliza Sherman
If you own a business - home-based or otherwise - this is the blog where you'll find practical tips and smart ideas about entrepreneurship. I've started and run 4 different businesses so "been there, done that." I'll also invite successful entrepreneurs to share their best advice with you.
To learn more about Aliza, check out her profile on Work It, Mom! and her website, www.mediaegg.com.
This morning, I couldn’t get the theme song of the movie Ghostbusters out of my head. Then it occurred to me that any business - and especially any startup business - could really use a Ghostbuster now and then. In the case of startups, it can actually be more often than not!
Here are some of the things you may be encountering with some tips and suggestions on what type of “ghostbuster” to get.
1. Cash Flow Crunch
Finding that there isn’t always enough cash before the next bit of money comes in? That’s a very common issue for any startup business, but if you aren’t a startup, you may not have someone properly watching the influx of cash or managing the outflow.
Who you gonna call? A strategic CPA can take a look at your numbers, identify patterns - both good and bad - and make recommendations that could help unstick the stuck parts of your cash that isn’t flowing properly.
2. Personnel Issue
“Lots of entrepreneurs are hesitant to add employees to the payroll,” says Adelaide Lancaster, co-founder, in good company workplaces. “Often employees seem to cost more time and money than they are worth.”
However since your company’s success is dependent on you focusing on what you do best and finding other people to fill in the gaps, says Lancaster, it may be in your best interest to bite the bullet and bring on some help.
“The right resources can make all the difference for you as boss, so make sure you do it right!”
Who you gonna call?
According to Lancaster, a reputable and reliable Payroll Company can make sure everyone gets paid – including the government plus an HR consultant or outsourced HR company who will make sure you are in compliance with the most recent laws and regulations and who can help you provide better health care coverage by pooling your firm with their other clients. If you are dealing with a personnel issue specifically, contact a Leadership and Management Coach - especially if managing people is something that you haven’t enjoyed in the past - to help manage a situation and hone you leadership style, a crucial part of any company culture.
3. Growing Pains
“Growing is important and necessary for any business, (but) if you’re growing too fast or too slowly, your business needs a strategy,” says Tery Spataro, veteran Digital Strategist.
Who you gonna call?
A Business Consultant can help you evaluate your overall business strategy and help you determine your company’s direction, says Spataro.
4. Legal Dispute
Someone else is infringing on your trademark. Or somebody has breached a contract with you, but you’re not sure what to do next. Whatever the legal issues, remember that there are legal ramifications that you as a business owner might not be able to anticipate.
Who you gonna call?
You need a good lawyer, particularly one who knows your industry well so they can help you anticipate potential pitfalls and set up your legal paperwork in a way to nip legal problems in the bud. They can also be there for you when you’re faced with a legal snafu that is over your head. Choose a legal advisor you can genuinely trust.
5. Work Burnout
Work burnout is prevalent especially when economy is bad, says Spataro. “Longer hours means less enthusiasm and motivation for what was once loved.”
Lancaster attributes some burnout to not being sure what road to take in your business (and life).
Says Lancaster, “Every business has multiple possible outcomes; the difficult part is knowing which option is right for you, based on your goals and motivations. Once you are clear which option best meets your needs you need to find the most financial strategic way to achieve that plan.”
Who you gonna call?
Both Lancaster and Spataro suggest calling a Business or Career Coach who will help retool and inspire you to a new direction in your life and career. She also adds a Yoga Master to help you work out the kinks and get you moving around and breathing. Oxygen is key when your brain is losing focus!
No matter what you are experiencing in business today, there is someone out there who can be YOUR ghostbuster.
Who is one of your top ghostbusters who has helped your company at a critical time? Share your stories here!
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Great advice,
Entrepreneurs by their very nature have to wear multiple hats and cover a wide range of responsibilities. Yet it’s important to know when to call in an expert for help. Enlisting the right ghostbuster can prevent larger issues and greater expense down the road, and lets you focus your efforts on the activities that drive your business. So it’s also the most productive decision.
My own favorite issue, and ghostbuster to solve it, comes from the problem we all face, with never-ending work and not enough time to address it all. And the ghostbuster… online communities and college interns. We always think about passing off only the lowest grunt work to a temp employee type of worker. Yet in the current economy, it’s easy to find top talent to help… make your ghostbuster call to an online community or student workforce. They offer a talent-rich, smart and motivated group of workers, who are seeking to prove their abilities. Offer a chance to let them shine, and they often out-perform the salaried employee you can’t affort to hire for the job.
M_Schultz | December 15th, 2009 at 9:03 pm
“This morning, I couldn’t get the theme song of the movie Ghostbusters out of my head.”
….I have to confess that I have the Ghostbusters theme tune on my iPod. And I was listening to it once on the train, when I realised I was attracting a fair few looks, amused, annoyed, pitying, the whole spectrum. To my absolute horror, not only was I being one of those obnoxious people who was forcing everyone else to listen to their music, I was actually forcing them to listen to the Ghostbusters theme tune, of all things.
But anyway, it wasn’t a severe Ghostbusters moment but when the company I work for started to expand, we started to attract a few clients from Europe. There were a few language barrier issues so we had to find reliable translation services as a matter of urgency, preferably one that could help us at short notice.
We have grown quite quickly but as I see it (And I do have to admit that I see it from the perspective of someone who has a very poor business brain) the growth was in proportion. Things got busier, new policies and procedures were put in place, spreadsheets weren’t cutting it any more and SAP Business One had to be installed, and, possible the most important, the introduction of the water cooler and the pool table.
Growth is good, but only if it doesn’t threaten to burst out of control.
Jodie | July 21st, 2011 at 11:43 am