Ian Sets the Scene

Usually, as a business advisor, I find that I have to assist clients to mentally prepare for the challenging road ahead.  Often there can be many mental and financial challenges in starting a business, especially after being retrenched.

Recently a younger fellow was referred to me as someone who wanted to start his own business. Let’s call him Tony.  Tony had taken a redundancy package from his existing employer and believed this was the perfect time to ‘go out on his own’.  Although he had perceived the retrenchment as positive I could see that there were some residual issues associated with self-esteem which lingered. The last 12 months had not been easy.  Tony has never been in business for himself. He sought my advice about his start-up.

Clarification of the business model

Initially I clarified his thinking using the Business Model Canvas (www.businessmodelgeneration.com ) and narrowed down the nature of the customer segments he was focussing on.  As well we worked through his value proposition and how he would telegraph this to the customer segments.  He began some serious networking to bring in customers.

But his wife was nervous! She was used to the security of two salaries and this was her first pregnancy. She needed substantial reassurance at a time when he was mentally stretched getting the start-up underway.

Developing a cash flow scenario

There is a need to bring all stakeholders on board and ensure that they understand the challenging pathway ahead – for both the entrepreneur and the partner!

With Tony’s assistance I developed a cash flow scenario for him and his partner.  This involved taking stock of the Tony’s cash and borrowing resources and matching it against their living commitments. We were wishing to gauge how long Tony has to realistically generate income from the new venture.

It appeared that the couple could sustain themselves for nearly 12 months. This was reassuring to both parties and gave them some mental space.

Developing mental resilience

Having a good idea about the financial challenges is one thing however it is also critical to bolster the mental resilience of the entrepreneur.  Mostly business advisors have no training in this highly important area.

Tony definitely needs mental support and some practical techniques to assist him traverse the challenges of the situation he finds himself in.  I have spoken to him about getting his mind in order for the pathway ahead and to seek Vesna’s assistance.

If you are like Tony, starting your own business, below are some tips from Vesna to assist you on your journey.

Shift Your Thinking

Having being through the journey of transitioning from employment to self employment myself, I understand the significant change in thinking that is required to succeed in your own business.

The biggest risk in business is not backing yourself enough, not having enough self belief, not taking action that will lead to your success.  It is only fear and self doubt that increases the risk because then we second guess our decisions, question everything and delay action – this is where the real risk to sabotaging our success lies.

Retrenchment can add additional emotional and mental issues to the journey.  Any ill feelings (eg. anger, resentment, rejection, betrayal, grief, hurt, etc) around retrenchment need to be addressed and fully let go so that they stop hindering the mental resilience that is required to be a successful business owner.

In addition, to truly mould yourself into a successful business owner you need to align your values and beliefs to those of being a successful business owner.   Ensure that you identify and address your fears, self doubts, negative self talk and sabotaging behaviours (eg. procrastination) around being in your business.

Acquire People & Promotion Skills

In addition to shifting your thinking you will also need to acquire people skills to succeed in your own business.  Regardless of the industry you are in, when people like each other, they do business together.  As a business owner, you will need to know what makes other people tick, how to successfully interact with prospects, convert them into customers and nurture that relationship.   People skills are also important when leading, motivating and inspiring your employees, suppliers, business partners, referrers, alliance partners and investors.

Many business owners are poor at promoting themselves and their business, so they keep themselves busy in their office working on plans, administration, systems, etc rather than getting out and talking to prospects and customers.   One of the major reasons why only around 5% of new businesses succeed after 5 years in business is lack of enough cash flow ie. lack of enough sales and enough customers.  If you fear rejection or getting a “no”, it is critical that you address these fears as this is the major reason preventing business owners from turning leads and prospects into clients.

Surround Yourself with Fans

If other people are negative about your business, check if you have any doubts about yourself and your ability to succeed.  Other people, especially those closest to you, will pick up on any doubts you have.  If you question yourself, others will question you more.  When you have the mental resilience and a strong self belief, other people will question you less; and if they do, you will be more easily able to deflect their negativity because of your strong self belief.  Are you your biggest fan?

Creating Certainty 

Create a 5 year business vision and make it so compelling that it drives you to succeed.  This will keep you focused and will help you overcome any worry and obstacles that arise.  Also have a business, cash flow and a marketing plan.  These will give you certainty, focus and also ensure that you have done your homework to increase your chances of success.  Ensure you seek good financial and business advice from Ian so that he can assist you to develop financial peace of mind.  This is critical to cutting the mustard in the market place.

Imagine how quickly you could have your own successful business by actioning the above steps!

The Authors

Ian Harris is a chartered accountant and director of B+I Lockwood Accountants Pty Ltd (see www.bila.com.au ) with over 35 years’ experience advising small businesses. He is particularly interested in start-ups and eCommerce. Ian is a devotee of the Business Model Canvas ( www.businessmodelgeneration.com ) and has recently started a Melbourne Business Model User Group (http://www.meetup.com/Melbourne-Business-Model-User-Group/) to facilitate entrepreneurs developing robust business models. He is also interested in, and respectful of, the inner challenges faced by business owners.

Dr. Vesna Grubacevic is the Founding Director and Performance Transformation Expert™ with award-winning company, Q^t.  She is the creator of breakthrough behavioural change techniques, holds a PhD, a BEc and has over 30 years’ business experience, including working directly with CEOs, senior executives and their teams to assist them to create exceptional results.  For more techniques on starting your own business and for your FREE gifts, visit www.qttransformation.com today.

Ian Harris & Qt, 2013.

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Watch the CPA Australia Series HERE

This was a mighty gutsy and creative initiative and I hear you saying—-“What has landing a man on the moon got to do with accounting?”

Well, firstly, beavering away in the background at NASA were the accountants——recording costs, preparing management reports and assisting with information to help run the organisation that put the man on the moon.

And , secondly, as you listen to Armstrong when he runs through the landing of the lunar module with you there will be a realisation that flying one of those things is not an exact science.

It requires judgement, experience and courage.

The same goes for accountants who want to make a contribution to mankind.

As an accountant you are producing information that helps decision-making——HOPEFULLY!

I urge all accountants to pull themselves out of their comfort zones and genuinely reflect as to whether people find what they do useful.

One useful question to ask each day is:

WHAT CAN I DO TODAY TO ADD VALUE TO MY ORGANISATION OR A CLIENT?

Image: Spaceports

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“The only valuable thing is intuition. The intellect has little to do with the road to discovery. There comes a leap in consciousness, call it intuition or what you will, and the solution comes to you and you don’t know why or how”

So what is intuition?

Some say that it is the ability to see and to know the truth, beyond reason—- and even logic!

My interest has been in attempting to use my intuition for decision-making and assisting clients.

As I become more of a ‘white-hair’ I realised that all the analysis in the world did not ensure a good answer.

Sometimes the best insights and answers just come to you!

Getting out of the shower maybe. In the moments before you go to sleep. Day dreaming over lunch! Over coffee!

So I have been thinking about this and experimenting. Putting my toe in the water —-so to speak!

And it just so happens that I know a number of psychics, mediums or intuitives—–call them what you will.

Recently we met with a lady who is well-known to us and is one of the UK’s top mediums.

We presented her (in a confidential manner) with a range of information about a particular client and the situation they were facing. We had been considering how we might best advance the interests of this client within the context of their family business. We saw it as a succession planning issue.

The objective was to open up our thinking as to how we could approach this client with some new avenues for him to consider.

We wanted to add value to the client and we have been struggling to get traction.

Anyway it seemed to work like a dream.

It took some effort. And persistence! But we got there.

Part of the skill was in facilitating the discussion. My knowledge of how far I could push the medium to get responses was critical.

But we ended up with a page of notes and effectively a new action plan as to how to develop a new dialogue with the client about his issues.

So in our Unique Services section on our website you will see a new service called ‘Opening up your Thinking”.

We believe that this service might be used, by those who are open, for a range of business and decision-making purposes. These might include:

• Ideas for winning business
• New ways to market products
• Assessing new businesses, mergers etc
• Making successful hiring decisions
• Motivating employees
• Understanding the nature of the problem better
• Gaining greater clarity about a decision you have tentatively made.

Frankly the possibilities are only limited by our imaginations.

If you would like to explore the possibility of accessing an intuitive for the purpose of opening up your thinking in respect to a business issue or decision you are invited to contact us.

I will move to understand the nature of the situation you are seeking inputs into and clarify what your expectations are and how I would propose to utilise the intuitive’s skills.

My role would be that of a facilitator to ensure that you get value for money.

Interestingly it appears that you don’t have to be physically present to access the intuitive’s capacities. This means that if you are unable to be present in our office then we can organise a Skype meeting.

Naturally there will be a fee involved and some express terms of doing business in this manner. I will advise you of these after I understand your needs.

Related articles

• 7 Intuitive Mind Exercises to Crank Up Your Creativity (sensualblissvoyager.wordpress.com)
• Intuition and Decision-Making (bopdesigner.com)
• 5 Top Tips to Build Your Business…With Intuition (mjtvgirl.com)
• Keys to Unlocking your Sixth Sense (aquariuschannelings.com)

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