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What To Do When Things Aren’t Working Out!

By on October 1, 2009 in Mindset

What do you do when you feel stuck or completely discouraged in your business?

Do you reach out to others or do you slide into a quiet place and feel sorry for yourself?

Denial castle is a favourite place for people, BUT no one was ever successful from there.

  • Find some people who you can talk to.
  • Find some people who can offer you helpful suggestions.
  • Find some people who have successfully got out of where you are.

Give up the temptation to withdraw and get on the front foot with the help of others.

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Fear – the great paralyser in business

By on August 14, 2009 in Mindset

I have an ingenious way of working out whether you might have a fear issue around money.

Picture yourself standing in front of an ATM machine.

You have deposited money into your account and are certain that you have funds to withdraw.

However the bank has made an error and your account has been frozen. You go to make a withdrawal of $100 cash and the machine comes back and says “Insufficient funds.”

What goes through your head?

What emotions are running in your body?

When I went through this role play FEAR was the overriding emotion!

When FEAR is strong it can have a paralysing effect as well.

I would probably have stood there not believing it was true and unable to do something about it immediately.

Although this is an exaggerated exercise everyone at times has fear enter their world through uncertain circumstances.

Maybe it’s about putting up prices?
Maybe it’s about losing a contract?
Maybe it’s about losing a valued employee?

At the bottom of these situations is often a negative financial situation and as a result the lack of money can bring fear into your world.

The antidote to this is realising that the world isn’t coming to an end as a result; even if it feels like it.

Having an overall sense of your business health and how the financial part works will bring a higher degree of certainty to your situation and with that you can be more future confident.

These situations then become mere bumps on the road to success.

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A NEW LANGUAGE

By on March 16, 2009 in Management

I was down at a client yesterday talking to the Chief Financial Officer about The Financial Fence and why we report things the way we do.

It occurred to me that the fence is moving away from being a financial tool to being a management driven tool which just happens to include the key financial figures for a business. It’s driven by management language rather than financial language when thinking how numbers relate to one another.

So many financial numbers are subject to the thinking of the accounting profession which often doesn’t make sense to operational business people.

As an accountant I sometimes struggle to forget the way I think and get into the world where most people think.

Blank looks from people are not new to accountants. I’m sure we’re almost numb to them because for so long the numbers have remained a mystery to many business owners.

If we could become more relatable, oozing with understandable information and open to trying things a new way then we’d probably add more value to businesses.

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