One of the hardest challenges I faced when starting my own consulting business was getting back into it after a break. When you own your own business, it takes a different motivation to get back into a routine. Working for a global or private shareholders, there are set deadlines, compliance requirements and projects coming up and down the chain. So while, you might struggle to get out of bed after lazy days on the beach, you know you need to get done what needs to and well, it helps that the pay check in the middle of the month is required to settle those summer purchases. However, for when you work for yourself, how do you work out when to start back as you’re the boss and well, part of why you went out on your own is so you could do what you wanted, when you wanted. How do you get motivated?
Here are some pointers that helped me:
1. Review your expenses to date
It’s like splashing your face with ice cold water! I always recommend to my clients, no matter how small you are, always ensure you keep your accounts up to date. Yes, it’s boring and administrative, but keeping your accounts up to date lets you know how you are doing, and you only know where you can go by knowing what your position is now. Part of this process will allow you to see the state of your expenses (both business and personal) and therefore, give you the jump start you need to get back into the routine! Even if you are a good net position, my recommendation of reviewing your accounts means not just preparation, but review against your budget. By reviewing your budget and where you need to go propels you to start thinking about next 2 months and reminds you of the plans you have, which can’t begin to happen until you start.
2. Look at your strategic plan
Reviewing your strategic plan is a continuum from the budget review process. I define a strategic plan as the evolving living document that sets out the “what/why/who/when and how” of the business. It’s normally a 3-year view but can go up to 5years. The budget is a section of this document and sets the financial foundation. However, the strategic plan contains the vision, mission, SWOT analysis – essentially, to me, it’s why you went into this business. Review of the plan gives you an opportunity to reassess the plan, serves to remind you of why you did this and allows you to break down the next 1 year, in particular, into manageable portions. This will then lead onto ideas generation, customer focus, areas of risk/reward and frankly, gets you in front of your laptop/notebook and gets you the “business-thinking” mode.
3. Get in contact with your mentor
As I’ve mentioned in previous blogs, having a mentor can be a real support, advocate and more so, a mentor forces you to do something! A good step as you start the new year is to book a meeting – in fact, I’d actually suggest that at your last meeting for the year, you ensure your mentor and you book the first meeting in the new year – this gives you a target date! Meeting with your mentor gets you into ‘business mode’ and focusses you on key goals/tasks with a set timeframe. Finally, this first meeting gets you into the natural business rhythm so get on the phone/email now!
At the end of the day, you started to get into your own business because you had this passion and determination to do something different – something you knew that working within the confines of working for someone else prevented you from achieving. With any road we choose in life – personal or professional, there are always challenges – most of which we wouldn’t know until we take the plunge and do it. However, as they say, the first step is always the hardest but if we have the courage to take it, the next steps become easier! And you know the best part, after reading this blog, you’ve actually already taken that first step so well done! – the rest of the way should be easier.
Prenelle is a fully qualified CA and lawyer. She has held senior finance roles with global and local companies over the last 15 years. She is currently a Director of BizSync Limited, a consulting company that strives to start businesses on the right foundations.