Navigating the Accounting Maze: Common Mistakes & How to Avoid Them for Small Businesses

Running a small business can feel very out of control at times, especially when it comes to accounting. It's a complex language that many business owners struggle to decipher. But don't worry, I’m here to help.

Discover the top 5 small business accounting mistakes that entrepreneurs make and the practical solutions to bypass them. Get equipped with the knowledge to drive sustainable growth and financial independence.

Mistake 1: Mixing Personal and Business Finances

Many small business owners, especially in the early stages, mix their personal and business finances. It may seem convenient at first, but it leads to a jumbled mess that complicates tax preparation and financial management.

Solution: Open separate accounts for your business and stick to using them for their intended purposes. It's a simple step towards financial freedom and efficient business processes.

Mistake 2: Neglecting to Track Expenses

When you're juggling multiple tasks, tracking every expense can feel like a chore. However, failing to do so can lead to inaccurate financial reports and missed tax deductions.

Solution: Use business software for accounting to automate expense tracking. This will not only save time but also provide a clearer picture of your business's financial health.

Mistake 3: Poor Cash Flow Management

Cash flow is the lifeblood of any small business. Mismanaging it can lead to serious business challenges - like not having enough money to cover expenses or invest in growth opportunities.

Solution: Implement a strategic business system for cash flow management. Regularly review your income and expenses, and plan ahead for big expenditures.

Mistake 4: Not Planning for Taxes

Taxes can be daunting, but ignoring them until the last minute can lead to penalties and added stress.

Solution: Make tax planning part of your business strategy and planning. Set money aside regularly and stay updated on tax laws relevant to your business.

Mistake 5: Trying to Do It All Yourself

As an entrepreneur, you may feel the need to wear all hats in your business. But handling accounting without proper knowledge can lead to costly mistakes.

Solution: Consider hiring a professional consultant or knowledgeable business coach. They can provide personalized expert business advice, helping you understand your finances and make informed decisions.

Avoiding these common small business accounting mistakes can save you time, money, and stress. Remember, managing your finances effectively is key to achieving business growth and long term success.

Are you ready to take control of your business's finances? Start by downloading the 2024 Tax Planning Guide and then scroll down further to Schedule an Appointment with me for a Consultation. Let’s get you on the right track and humming along for the new year!

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

If you would like to have a CFO level review of your business financial data in a VERY safe and supportive space - now is the time. I’m here to help. I love nothing more than empowering clients with knowledge and helping them to turn confusion and hesitation into confidence and power.

If you would like to explore the option of doing this work with me, I invite you to schedule a Discovery Call. 👇

Tax Season Terrors? The 2024 Tax Planning Guide for Small Business Owners is Here!

It's that time of year again when tax deadlines start to loom large and the thought of sorting through a year's worth of financials can leave you feeling... well, let's just say a little less than excited. Sound familiar?

But what if this time next year, you could face tax season without breaking a sweat? What if you could wave goodbye to last-minute scrambles, confusion, and stress? Ladies, it's time to introduce you to your new best friend: the 2024 Tax Planning Guide.

Why Early Planning is Crucial

I get it - as a busy entrepreneur, you've got a million things on your plate. But trust me on this one; early tax planning and preparation can make a world of difference. By starting now, you'll have plenty of time to gather necessary documents, understand your deductions, and strategize your moves. No more panicked calls to your accountant in April!

Spend Time on Tax Preparation

Time constraints are real, especially for small business owners. But skimping on tax preparation will end up costing you in the long run. The 2024 Tax Planning Guide helps you understand the important facts and figures that matter most and assist you in minimizing your tax liability.

Keep Records Like a Pro

Ever found yourself scrambling to find an important receipt from 10 months ago? We've all been there. But good record-keeping is a game-changer come tax season. The guide provides practical advice on how to maintain your records effectively, saving you time, stress, and potential fines.

Maximize Your Deductions

You work hard for your money, so why not keep as much of it as possible? The guide offers strategic tax planning strategies to maximize your deductions. From home office expenses to travel costs, you'll learn how to make the most of your business expenses.

The Bottom Line

Ladies, this time next year, imagine looking at tax season as an opportunity rather than a burden. The 2024 Tax Planning Guide is more than just a manual; it's your roadmap to stress-free tax planning year-end, and beyond. It's about empowering you, the incredible women entrepreneurs and small business owners, to take control of your finances and grow your business with confidence.

So, are you ready to conquer tax season? Let's turn those tax season terrors into triumphs together!

The 2024 Tax Planning Guide for Small Business Owners is here. And it's about to change everything. Are you ready?

Remember, this time next year, you'll wish you had started today. So, download your 2024 Tax Planning Guide for Small Business Owners today!

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

If you would like to have a CFO level review of your business financial data in a VERY safe and supportive space - now is the time. I’m here to help. I love nothing more than empowering clients with knowledge and helping them to turn confusion and hesitation into confidence and power.

If you would like to explore the option of doing this work with me, I invite you to schedule a Discovery Call. 👇

Why You Need Big Picture Perspective in Business – and how to get it in 4 Simple Steps

If you have ever felt the struggle to keep your head above water in the day-to-day of your business, you are certainly not alone. This is where so many creative entrepreneurs and owners of purpose driven businesses find themselves. It’s easy to get caught up in the minutia (aka ‘the weeds’) while you’re busy creating and making a difference - while also being consumed with the daily operations of running a business. Networking, finding clients, making sales, keeping up on bookkeeping, etc etc. Often these two sides of your brain are at odds while they compete for attention. This can create blocks in every aspect of your business.

The problem with being caught in ‘the weeds’ is the lack of objectivity it creates and how easily you lose site of the ‘big picture’. You know, the picture of why you started your business and the clarity of what you do, who you do it for, and what your ultimate goals are. Sure… you’re busy ‘doing the thing’ but are you still connected to the WHY? Do you keep in mind the creativity and flexibility that you started with?

Being out of touch with the big picture in your business can be costly. So many things can go wrong if you don’t regularly revisit this higher perspective. You may be thinking, ‘maybe so, but how in the world could I find the time or energy to do ONE MORE THING right now’. Completely understandable and I can totally relate. Often, big-picture perspective is accepted as important but dismissed as not necessarily urgent. I caution you though; don’t make the mistake of thinking this work can wait.

Stinky things you can expect on your journey if you stay the course as-is:

Here is what you deal with if you choose to continue on your current path not making time to do the important work of creating space for the big picture perspective that is missing in your business:

-        Anxiety
-        Loss of focus
- Loss of direction
-        Spinning out
-        Missed opportunities
-        Loss of productivity
-        Running in circles
-        Difficulty making decisions
-        Bad / impulsive decisions
-        Stress
-        Stunted forward momentum
-        Stagnation
-        Failure

It’s a big list of downsides and it looks ominous, I know. And it can be… because without a shift in perspective, you will either stay stuck hustling and grinding it out forever without significant progress forward OR until you burn out and fold. You may make small gains, or even a bound or two, but you won’t get where you truly want to be without the clarity of the big picture perspective.

Don’t despair. I have an easy-to-follow process that is only 4 steps. Well, 3 really… the 4th is just repeat steps 1-3. Simple, right? Too good to be true? Not at all. Most often, the best processes are the simplest. As you get to know me, you will learn I am all about simplicity. Simple is always best.

I will detail out the steps for you in a bit but if you want to jump straight to it… you can download a printable copy of the process in detail. Click HERE (link) to get it now and get to work!

Who has come before me on this journey:

Have you ever looked to other successful entrepreneurs for inspiration? I am always saying… never re-create the wheel. Look at those that came before you and all the intelligence, information, and resources they’ve left with us. Don’t be afraid to emulate some of their greatness that you admire or that WORKS. There is zero glory in ‘creating a wheel’ at this point… it’s been done. The most amazing people in the world want to inspire others. They aren’t selfish with their greatness. They’re humble for their gifts and want nothing more than to make a difference. You emulating the points of their greatness that inspires you if a gift back to them. (Don’t mistake this as my blessing for plagiarism… of course not.)

Consider Walt Disney. How about Einstein. Picasso? Bill Gates? Name your own great…
These people are/were not restrained by the minutia of the day-to-day business… they are big picture, creative, thinkers… as evidenced by the amazing things they created.

You don’t need to be a Disney, Einstein, or anyone else, to do great things. You have the power to accomplish everything you dream of just by being able to step into your own creative mind and see the big picture of your goals. It takes work to lay the foundation and a habit of revisiting it, but it’s not hard and you can do it.

Here are the steps to develop your own Big Picture Perspective:

1)     Schedule time without distractions to sit down and revisit the WHO, WHAT, & WHY of your business.

2)     Write down your big GOALS (both long term as well as short term) and keep them somewhere you will see them every single day.

3)     Evaluate what is happening in every aspect of your business and decide what is, and is not, directly aligned with your goals. 

4)     Rinse & Repeat

I know from experience that while these steps seem simple, they are very powerful. Don’t underestimate the change this exercise can bring you if you have been struggling to get a handle on your business and grow it the way you envision.

I have created a detailed process for you to follow with further explanation and direction. Here is a link for you to download the guide:

CLICK HERE FOR THE GUIDE (link to my webpage where you can download the guide).

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

I find working with someone that I can bounce ideas off of and who will support me in making important shifts in my business and my mindset is the key to lasting change. There is power in working with a neutral expert. It really helps me see things from a fresh perspective and consider ideas that may not have come to me on my own. Despite our best efforts to be objective, the input of another qualified person is often the missing link. This realization is actually the reason I became a coach!

If you would like to explore the option of doing this work with me, I invite you to schedule a Discovery Call. 👇

Keywords: Female entrepreneurs, small business, business growth, goal setting, business alignment, business coaching, big-picture perspective, business evolution, overcoming overwhelm, business planning, strategic decisions, business evaluation

12 Reasons You Need A Business Coach

The purpose of having a business coach is to gain tactics, skills, and insight to achieve professional, financial, and personal success.

This is just the tip of the iceberg though. Having a coach on your team goes WAY beyond the nuts and bolts in ways you never knew how much you needed.

Imagine no longer having to blaze the trails alone. How much of a relief would it be no longer feeling out of your depth and overwhelmed. What if you no longer felt like you’re recreating the wheel… thinking there must be a better way. How comforting would it be not having to struggle and carry the weight alone? Wouldn’t it be amazing to be supported in the parts of your business that zap your energy and squelch your creativity??

The answer is NOT “go back to work for someone else” or “suck it up buttercup – this is the life of an entrepreneur”.

The answer IS – find a great business coach! Someone with loads of experience and whose personality and style feels comfortable and approachable to you.

Whether your business is facing challenges, or you want to take it to the next level, a business coach is an asset you absolutely need.

Still need convincing?

Here are 12 reasons why every business needs a great coach:

Accountability

A business coach helps you see your potential and teaches you how to leverage your talents and abilities and reach higher levels of success. They hold you accountable. Let’s face it - we all do better when we know we’ll be meeting with someone to discuss our progress. The coach you need is part sounding board, part advisor, and part cheerleader. Someone who fosters a safe, comfortable, no-shame environment, so you’ll actually get excited to talk about and work on your business. Doesn’t that sound amazing?? Knowing you’re in capable hands, you’ll be inspired to reach higher and stretch further in pursuit of your goals. You’ll feel safe because if you get sidetracked, your coach will help you get back on track and keep moving forward. Accountability is huge.

Clarity

The first thing you’ll do with an experienced business coach is have a strategy session to talk about where you currently are, where you see yourself in the future, and what you intend to accomplish in your business along the way. This is the foundation of your work together. Think about travelling; you need to know where you’re starting from and your intended destination so you can find the best route to get there. A business coach will help you find this level of clarity by looking at your business in a holistic manner, and then help you untangle all the thoughts, ideas, and plans you have for the future. Together you will create a clear roadmap to get you from here to there. It’s a collaborative process that will make you feel empowered and excited about your business again. Sounds great, right? The fact is most entrepreneurs aren’t as clear as they need to be and wander along trying to find their way which results in lost time, energy, money, and opportunities along the way. It’s absolutely common. If this feels like you, you’re not alone. It’s hard to figure it all out on your own. You really do need a sounding board and an expert who will ask the right questions, give you the right advice, and help you navigate around the otherwise inevitable costly and painful pitfalls.

[Important side note - If you interview a coach and they do not start with an in-depth 1-on-1 meeting – be very wary. Many coaches only offer ‘prepackaged generic coaching programs’ or ‘group coaching programs’ and they try to stuff you into them. Think ‘round peg – square hole’. This is NOT what you need at this stage. You need 1 on 1 business coaching that is personalized specifically for you. Group coaching programs have their place, but are generally suited best for people who have ‘graduated’ from 1:1 coaching and need or want the accountability piece and a community of similar business owners that comes with groups.]

Confidence

Once you have clarity, you will begin building confidence. This can be a tricky time in your growth though. When you’re actively working toward your objectives and goals, it’s common to feel that you're making less progress than you expected. It’s not unusual to feel like you’re taking one step forward and two steps back. This can be a confidence killer and cause you to spiral downward. This is the reason having a business coach continues to be necessary along your journey. They will help you see the bigger picture. Help you keep your eye on the prize, so to speak. They will encourage you and help you to stay in a positive frame of mind. Your coach will be able to show you how far you've come and what you've achieved at every turn. They'll provide the support you need to proceed and lead confidently even in the face of challenges. Having an expert in your corner reassuring and supporting you is vital to developing and maintaining confidence which will greatly increase your chances of success. Ask yourself - how much more could you accomplish if you had the confidence to stretch and reach, with the safety net of an expert business advisor to catch you if you start to fall? Trust me – It’s a game changer.

Goals Setting & Metrics to Reach Them

In addition to clarity and confidence, your business coach will help you set goals that are smart, specific, attainable, and measurable. They will also show you steps to take so you’re working methodically to achieve your goals. It’s not enough to have clarity and confidence. You also need a formula and a method to follow that leads directly to your vision of success. Specific methods and data driven objectives are critical to reaching your goals.  

Efficiency

Everything from the large elements of your business such as evaluating the function of your entire operation, to the finer details of how you manage your time & prioritize tasks, can be assessed for the purpose of discovering and removing barriers, creating smarter and simpler systems, and developing strategies that will greatly improve the efficiency of everything you do. We all know time is money, and time is also your most precious resource, so becoming as efficient as possible in everything you do is vital. It reduces stress and frees up time you can use to continue growing your business, or to spend doing things you love most outside of work. Working at maximum efficiency also has the direct result of making your business more profitable. We all want that. This is where the decision to invest in a great business coach literally starts to pay for itself and make your business more profitable. 

Organization

As a business owner, it's easy to get overwhelmed by day-to-day tasks and find yourself disorganized and running in circles. You find yourself VERY busy but not accomplishing anything significant. It’s beyond frustrating! A business coach with attention to detail will help you create the structure and organization needed to organize and run your business like a well-oiled machine. They will help you create, implement, and maintain systems and processes that radically improve organization. When your business operations and workflow are organized, there is room to tackle bigger, more important things that are all-too-often on the back burner for lack of time and energy.

Business Plan / Playbook

No matter what stage of business you're in, a technically skilled coach will assist you in crafting the perfect plan for your unique business starting from where you are and ending where you intend to be in some period of time (like a 3-year or a 5-year plan, for example). Some might say creating a business plan is unnecessary or obsolete. I’ve had people tell me they created a business plan at the beginning of their business and never looked at it again. That isn’t the type of business plan you want. A good business coach understands that a business plan needs to be a functional working document. A playbook of sorts. It’s the ‘what, why, and how’ of your business. While those things are likely to evolve over time, having a playbook for your business helps keep you focused and on track. From clear and specific objectives, goals, and metrics to strategic action steps to make; a working business plan is your guide.

Marketing Strategy & Branding

Marketing is an important function in every business. And yet, a marketing strategy is often lacking entirely, isn’t fully developed, isn’t cohesive, or it isn’t designed to work for you and your unique business. Whether you don't have the time to develop and implement an effective marketing plan or you're not sure how to, a savvy business coach will help you create a personalized, sustainable, easy-to-implement marketing strategy that works for your business and is (of course) effective. ‘Effective’ is the result of a winning marketing strategy but there is no one size fits all. Most coaches will recommend strategies that work effectively for other businesses – but it could be perfectly wrong for you and your business. If a marketing strategy is too complicated, too costly, too time consuming, is soul sucking, miserable or stressful… you won’t exercise it consistently or at all. An insightful coach understands this and will help you create an effective strategy based on what works FOR YOU. And if it works for you – it will be effective.

Unbiased Insight & Advice

A coach will give you unbiased, unemotional, constructive insights. Friends, family, partners, and employees naturally have biased opinions so listening to them and taking their advice won’t lead you to the place you envision. Even listening to or working with other entrepreneurs can mislead you because everyone has their own version of success and how to achieve it. When other peoples’ ideas intermingle with your own, your sense of clarity can become a real mess. This is another place where you can have a major spiral and spin out on your journey to success. The truth is, only YOU know what is best for you. When you work with an experienced business coach, your ideas are heard, understood, and supported. You’ll get unbiased expert insight and advice that supports your vision and moves you closer to your goals. You won’t be led astray.

Fresh Perspective

When you're deep in the weeds of your day-to-day, it’s easy to overlook the obvious. The fresh perspective a business coach brings is like a new set of eyes that helps you identify problems and create solutions that you wouldn’t have seen or thought of on your own. A coach will increase your self-awareness and illuminate blind spots, so every area of your business becomes clear. From this fresh perspective you can make better decisions and see what is REALLY going on. Think about that pile of papers that lives on your counter. It’s been there so long you don’t even notice it anymore. Your business is the same way. If you see and do the same things everyday you stop noticing things. It’s how our brains work. You need someone to help you see what you’re missing.

Business Growth

You may be just getting your business off the ground, or perhaps your income isn’t growing as quickly as you’d like. You might be established and trying to take your business to new levels, but you’re bumping your head on a ceiling. A growth focused business coach will see the things that need to be changed to eliminate the barriers and help you create a smart, strategic, business-boosting plan.

Balance

A holistic business coach will teach you how to balance your professional and personal life. It’s easy and very common to develop the habit of spending all your energy and time on work. This can really take a toll on your personal life and your loved ones. The right coach for you gets to know and understand you. They learn your personality, habits, and priorities. By knowing you they help you find ways to create harmony between the two halves of your life. They may even help you find time for a break to indulge in a much-needed vacation. Doesn’t that sound amazing?

In short, finding and hiring the right business coach who will meet you where you are and support you while helping you improve your mindset, your business operations, your profitability, and your LIFE so it all comes together with ease rather than with struggle is an absolute must-have. You can’t put a price on your sanity, but you will be able to measure the value your coach brings by watching your business growth and profit over time.

You’ll know you found the right business coach when they naturally become your most trusted advisor. They’ll feel like a parachute, a security blanket, and they’ll fit like an old shoe. You’ll feel comfortable and safe to show up as you are. You’ll be motivated to dig deep and enjoy the work that will make your business and your life a success. Success as YOU define it. They’ll become an invaluable partner to you, and in the long run, their presence in your world will more than pay for itself. You’ll always come away feeling empowered and motivated… every single time. Don’t be surprised if you find yourself wondering why you didn’t find them sooner!

Trust me - whether you're just starting out, are feeling stuck or overwhelmed, or are looking to scale your business, investing in a truly great business coach is one of the best decisions you will ever make.

If you are ready to meet a truly experienced, intuitive, growth focused, rockstar of a coach (if I do say so myself 😉) - Click the link below to schedule a consultation. This could very well be the first step of the most wise decision you’ve ever made.

👉 Book a free consultation call

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~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Are you ready to make real progress in your business?

Working with an expert when making important decisions in your business is a powerful tool to create significant growth and lasting change. It really helps to see things from a fresh perspective and consider ideas and concepts that may not come to you on your own.

If you would like to explore working with me, I invite you to schedule a Discovery Call. 👇 Don’t wait. I only take a very limited number of clients at a time.

Preparing for your tax return got you stressed and overwhelmed? How do you want to feel this time next year??

If you want to feel differently this time next year - NOW is the time to make some changes. Let me tell you why & how (and how this article came to be).

During an afternoon rest period, sweet Sadie was using me as her personal 'rest nest'... I was reflecting on the last few weeks and it occurred to me just how very tired I am right now so I decided to share my thoughts on a better way for us to do things this year.

If you don't feel totally great (like nothing stressful happened whatsoever) in preparing to file your taxes this year, you are going to be SO glad you hung with me on this. 

I am going to save you so much work, worry & stress this time next year... and more importantly, I am going to help you learn about your finances and be in MUCH better shape the entire year ahead.

[Would you rather listen to a recording of this post?
Click here to take you to the audio version 👉 VOICE RECORDING ]

I am going to let you in on a little secret.

I generally absolutely love helping people get their business finances in order. Get their system set up and running, get it organized. I absolutely thrive on teaching people how to use their systems, how to interpret the reports they get out of them, how to understand their finances, so they know whether they're profitable or not, so they can understand where their money is coming from and where it's going. I mean, I really, really love that because it's the foundation. I mean, if you're not in business to make money, what are you doing?

So, here's my little secret.

I am tired. I am SO so tired because I have been so busy these last few weeks helping people get their finances in order so that they can file their tax returns. And it is honestly as miserable for me as it is for you at this point because it gets so backlogged and becomes a huge project and it's just something that “has to be done” because the government says we have to file a tax return, right?

So the process is painful. We're digging back into receipts to find out what it is that we spent money on at Walmart in March of last year, and stuff like that. Digging back through our emails to find receipts and I mean, it's painful. It's just so painful.

And you know what?? That is NOT what your business finances are supposed to be about. I get why this just sucks because quite frankly, it sucks for me too. I'm in this to help you… that's my job but it is not fun when you wait until the last minute and you only are doing it because you have to file a tax return. That is not the purpose of your business finances.

The purpose of keeping track of your finances throughout the year is:

• - to make sure you understand where your money is coming from

• - how much money you're making & spending

• - what the trends there are (are there months you make more and months you make less, for example, or months your costs are significantly higher)

• - are you charging enough 

• - is your business' net income enough to pay yourself the salary you intend to generate for your household and personal financial goals

…you cannot know all of these things if you're not keeping track and if you don't understand your financial reports.

I WILL HELP YOU! I am not a bookkeeper. I am a systems expert and a small business finance expert. I will teach you (and your staff, if appropriate) what you need to know and I will support you as needed to make sure this doesn't fall to the wayside.

If you've worked with me at all on this already, you're already in a better place but it is something that people enjoy so little that oftentimes it just gets pushed to the backburner.

And, not only is the process of getting caught up at the end of the year painful but what is also painful sometimes - oftentimes – is when you haven't been keeping up is to look at what you actually made and say “holy crap”. I can't believe that I worked as hard as I did all year and I only made _______. (Or worse, I made nothing at all after expenses!)

I just can't tell you how often I have people come to me making little to no profit… their businesses might be making hundreds of 1000’s of dollars a year, but their profitability is little to nothing, and sometimes they're not even taking a salary. The biggest reason for this - right out of the gate is they don't know what's going on with their finances.

Once you know better - you do better. Until then you are operating in the dark.

So anyway, a little bit of a tire rant here today.

But the point of all of this is just to say if you're one of those people who waited until the last minute and you managed to get everything pulled together so you could file your tax return, and it was as miserable as you expected it to be, stop the madness. Just stop the madness!

Make an appointment with me. Let's get you set up & get you organized. Let’s get you educated about what's happening with your finances right now.

We will take a first quarter look back so you know where you are and get you ready for a whole different way of doing things this year. Let's just do it.

You're going to be so glad you did.

And you know what? I'm going to be glad you did too, because you and I will not be the ones banging our heads together this time next year just trying to get caught up.

• - You'll be making money (profit!)

• - You'll be setting money aside to pay your taxes

• - You'll have no surprises

• - You're going to be doing so much better financially

• - You're going to feel in control

It's just a win all the way around. So set up an appointment.

Let's get this thing rockin' once and for all. Let's do it.

Let's not feel this way again this time next year!

Here’s a link to schedule a call so we can make a plan for you –

👉 Book a free consultation call

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If you enjoyed this post and would like to keep in touch…

👉 Please join my community using the button below -
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How to Get Sh*t Done: 10 Productivity Hacks to supercharge the way you work

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Could you use a little help?

Working with an expert when making important decisions in your business is a powerful tool to create significant growth and lasting change. It really helps to see things from a fresh perspective and consider ideas and concepts that may not come to you on your own.

It’s not necessary or important for you to know how to do ‘all the things’ in your business. What’s important is who you have on your team and what THEY know that you can use to your advantage.

If you would like to explore working with me, I invite you to schedule a Discovery Call. 👇

Why the Cloud is the best place for your business documents & data

Let me tell you a story  ~

About 15 years ago, I had a computer catch fire right on my desk! (faulty internal fan😳) Fortunately I was right there to deal with it but I lost ALL my precious photos and tons of important documents and information. Everything.

I learned a very painful lesson and began searching for better ways to protect my data. At the time, the best and most accessible solution was external hard drives and manual backups. Before long though, I had an external drive die (again with all my data on it) Fortunately that time, I still had most of it on my computer as well.

Yet again, I learned the hard way there had to be a better way.

If this has never happened to you, you're lucky, and I totally understand if the thought of keeping your important, confidential, and proprietary information 'out there in the Cloud' strikes fear in your heart. Honestly, at the time I originally started using the Cloud it may have been less secure, but things have totally changed. Nowadays it's far safer than keeping data in any physical form (drives, disks, etc).

Skeptical? I get it. Here's the facts.... 

WHY USE THE CLOUD?

The Cloud is reliable, affordable, secure, and more flexible than physical drives when it comes to managing data. That's because internal and external hard drives can easily be damaged, lost, or stolen. Using the Cloud protects and gives quick access to your data wherever you are and whenever you need it. Best of all, the Cloud always stays current and never needs to be replaced or updated. Computers and other devices come and go. Your data remains safe and easily accessible. 

WHY THE CLOUD IS MORE SECURE

The Cloud provides the highest level of security. Just as clouds in the sky shade you from the sun, Cloud computing protects you from the many digital security concerns you face. It's a lot more likely data on a local drive will become corrupted, be hacked, or accidently erased. Not to mention natural disasters like flood, fire, or just a cup of coffee spilled, will irrevocably damage your hard drives, but when your data is in the Cloud you can rest assured, your data is safe and sound.

WHY THE CLOUD IS MORE CONVENIENT?

The Cloud is available anywhere you are. Whether you’re updating your social media with new photos, sending an email from your mobile device, or streaming your favorite movies, it's all happening in the Cloud. It's everything and everywhere. You're already using it. If you aren't taking full advantage of the technology to make your business run more smoothly and efficiently... it's time.

WHY THE CLOUD IS A SAFER PLACE FOR YOUR DATA

Today, the Cloud is a part of everyday life. If you're not using the Cloud — your data is at risk unnecessarily. The Cloud provides great data backup for unexpected events and it's an integral part of a data security plan. Information stored in the Cloud is far more likely to be secure than local files unless you happen to have a robust IT security company and/or on-staff experts working constantly to keep your data safe. Why? Because Cloud companies rely on far more robust cybersecurity measures to protect your sensitive data than most small businesses could ever have. It's just built in. So unless you are an IT company or already have massive IT security protocol in place... you're likely at much greater risk by continuing to keep things local.

SO WHAT’S THE SOLUTION?

There are many Cloud based file services available now. Which one will work best for you depends on what your individual needs are (how much storage space you need, what features are most important to you, how you use it, etc) and cost, of course.

Popular options include Microsoft OneDrive, Google Drive. Another is Dropbox.

In essence they all work in a similar way. I've used them all. I prefer Dropbox for my business because it integrates in a more functional way with my computer and the programs I use. It lives right in my file directory so it looks, and acts, just like the local files. It's super easy to use. It's accessible from all my devices. And the app is PHENOMINAL.

If you would like help choosing and setting up the right Cloud based file service for your needs, please schedule a call with me to talk about it.

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~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

Working with an expert when making important decisions in your business is a powerful tool to create significant growth and lasting change. It really helps to see things from a fresh perspective and consider ideas and concepts that may not come to you on your own.

It’s not necessary or important for you to know how to do ‘all the things’ in your business. What’s important is who you have on your team and what THEY know that you can use to your advantage.

If you would like to explore working with me, I invite you to schedule a Discovery Call. 👇

Is it time to increase your fees?: Two things to consider in your decision

This is the time of year when you may be thinking about increasing your fees. I know pricing is a tricky subject with a lot of factors to consider and we won’t go into all of them here - but I want to give you a couple things to think about.

1) Costs

I know I don’t have to tell you about how much costs have gone up. Have you taken a look at your profit and loss statement lately? Look at your YTD Net Profit. Are you happy with it? Are you surprised by it?? Chances are, it’s a little more slim than you’d like if you haven’t raised your fees lately.

📌(side note - if you’re not actively using your financial reports to make decisions, I strongly recommend that you do. How much cash you have flowing in and out of your bank account is not a good indicator of your financial situation. If you’re not sure how to interpret your reports or your finances are not in order, let me know. I can help.)

2) The psychology of pricing from the client perspective

Where is your pricing compared to others in your market? If you are too low, current clients (and potential new ones) may view you as less experienced or credible. Clients may not take the work as seriously as they need to or they may even stop using you altogether. If you are too high, you may experience a challenge in landing and keeping clients due to price tolerance. There is a whole science around price tolerance and we don’t have to go down that rabbit hole now - just consider where you are in your market and what amount of industrywide ‘wiggle room’ you may have.

No, I am absolutely not saying you should base pricing on competitors, but it is something to consider in your overall pricing strategy. The client perception is very important in the psychology and success of the relationship. They need to perceive you as an expert.

Raising your fees may be necessary, if not inevitable, for the health and sustainability of your business as well as your personal financial success.

Basically, when raising prices, the goal is to keep most (no, I did not say ‘all’) of the clients you have, and still be marketable to new clients at a higher rate so you can remain profitable. Finding the sweet spot is key.

There are many ways to look at pricing and lots of things to consider. These are only two of them. You need to have a strategy and it should be revisited at least yearly, if not more often.

Make sure you are earning enough to be profitable. Have clear goals and understand your numbers so you’re not chasing profitability.

If you are not sure, or would like some help, let me know. Let’s get together and talk about it.

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If you enjoyed this post and would like to keep in touch…

👉 Please join my email community using this link:

https://mailchi.mp/s-b-services/becky-oneill-business-services

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

Working with an expert when making important decisions in your business is a powerful tool to create significant growth and lasting change. It really helps to see things from a fresh perspective and consider ideas and concepts that may not come to you on your own.

It’s not necessary or important for you to know how to do ‘all the things’ in your business. What’s important is who you have on your team and what THEY know that you can use to your advantage.

If you would like to explore working with me, I invite you to schedule a Discovery Call. 👇

NO'vember is a great time to create boundaries

If you find saying ‘No’ difficult, you are not alone.

Women, in particular, are prone to feeling the urge to say yes to just about everything. Learning to say ‘no’ can be challenging but it is VERY necessary to preserve your sanity, your energy, and to create more joy in your life.

If you are a chronic people pleaser, overachiever, or if you find yourself with more to do than time to do it… THIS is for you!

Now that we’re past Halloween most of us feel compelled to throw ourselves into holiday mode, and that can feel great but also very stressful and overwhelming.

If you love every second of all of the activity, shopping, and goings on, then, by all means indulge!

Always do what your heart desires.

If, however, you tend to become tired, stressed, or overwhelmed this time of year then now is the perfect time to consider and PLAN what you’re going to say ‘yes’ to… and what you will say ‘no’ to in order to moderate and fully enjoy the holiday season ahead.

PLANNING EXERCISE:

It may help to settle down with a comforting beverage and a piece of paper and write down all the things that you are responsible for and events that you attend over the holiday season. Then take a look at the items on your list and ask yourself if you want to say ‘yes’ this year or if you prefer to opt-out. Try to avoid the dreaded ‘should’ as a decision maker. My personal litmus to these decisions is ‘if it’s not a ‘hell yes’ then it’s a ‘no’. Feel free to apply this technique to your process!

This simple exercise will give you perspective and allow you to consider your options in advance so that when it comes up, you’ll be ready to flex your ‘no’ muscle if that is the right choice for you this year.

If you would like to download & print a worksheet to use for this exercise, click here 👉 WORKSHEET

REMEMBER:

You don’t have to over explain your decisions. You are fully entitled to them. People understand. And if they don’t, too bad. I know this sounds a little harsh but you will find that once you establish boundaries around your time and efforts, most people will quickly observe and respect them.

‘No’….is a complete sentence. It is a game changer… a life saver… a freeing expression… PRACTICE EXERCISING YOUR ‘No’ MUSCLES and enjoy your holiday season more this year!

If you enjoyed this post and would like to keep in touch…

👉 Please join my email community using this link:

https://mailchi.mp/s-b-services/becky-oneill-business-services

~ Becky O’Neill, Author
Founder of Specialized Business Services LLC

Would you like help?

I find working with someone that I can bounce ideas off of and who will support me in making important shifts in my business and my mindset is the key to lasting change. There is power in working with a neutral expert. It really helps me see things from a fresh perspective and consider ideas that may not have come to me on my own. Despite our best efforts to be objective, the input of another qualified person is often the missing link. This realization is actually the reason I became a coach!

If you would like to explore the option of doing this work with me, I invite you to schedule a Discovery Call. 👇

4 Important Questions About Money

When you are working to develop a truly successful Business Mindset, one of the first things you need to assess is your comfort with MONEY. Why? Because in business, money changes hands regularly and your relationship with money is a key player in the decisions you make every day. You can literally win or lose as the direct result of how you think and feel about money.

Everyone initially thinks…. oh, I don’t have a problem with money. I love money (or the things that money can buy). But is that really true?? When you scratch below the surface you’ll see it is a rather complicated subject.

Most people have underlying ‘money issues’ that they have unsuspectingly brought with them from childhood and early development. In fact, I believe EVERYONE brings a certain bias to the subject of money and accumulating wealth and they are not even aware of it.

When I was a child, we did not have much but I never felt “poor”. I know now, that we were and that my parents struggled to keep food on the table and a roof over our heads for much of my young life. My mother worked very hard to gain degrees in higher education all the years I was growing up while simultaneously working two jobs. Needless to say… I didn’t see a lot of her. I respect her totally though for the hard work she gave and the example she set for me.

The thing I remember most about money, or money issues, was actually from when I was a teenager and my family had risen out of poverty and were what you might consider ‘middle class’. Not well off, not poor. Stuck in the middle where most people find themselves.

There was a strange feast or famine type of relationship with money in the household. Often times I would hear it said “we can’t afford that” but then my mother would go to the wholesale club store and come home with massive quantities of supplies and food. She would spend hundreds of dollars stocking our home with things we didn’t need 20 of…. but not allow herself to buy a new outfit… and certainly not a new car or piece of furniture EVER. It was an odd paradox and it did not go unnoticed by me.

This began my interest in understanding money and why you make the choices you do with it… where the motivation comes from to make those choices… and how those choices ultimately affect your success or failure in acquiring financial freedom or wealth.

If you want to explore your own relationship with money… I’ve included 4 simple prompts to contemplate. Consider the way you feel in your body as you respond to the prompts and ask yourself if you are being totally honest with yourself as you answer them. Dig deep for a few minutes and consider each one. You may be surprised to find you have some underlying tension in your body or outright discomfort that comes up surrounding the subject of money. It’s a very interesting thing that happens.

Try these prompts on for size at a time when you have about 10 minutes, things are quiet, and you are relatively relaxed. Write down your responses and the feelings associated with them so you can look at them later. For now - just do the exercise and be careful not to judge yourself for what comes out.

1) I want to be rich!

(Say this one out loud with some gusto! I think you’ll find this one is tricky because everyone says ‘yes’ but pay close attention to how you FEEL when you say it. Are you too embarrassed to even say it out loud? What else comes up for you?)

2) The first significant memory I have of money, or lack of, when I was growing up is _____ and how that affects me now as an adult is _____.

(Initially you might think your exposure to money, or lack thereof, has no effect on you now as an adult… but if you think and feel on it for a while… your eyes may be opened to the fact that there is absolutely a direct correlation between your childhood experiences and your relationship with money now. I call this ‘programming’ and it is a very powerful motivator and/or block to accumulating wealth.)

3) I want to be more financially successful than my parents are/were.
(There is a very interesting thing that happens when you think directly about surpassing your parents, or other important family role models, and becoming significantly more financially successful than them. There is often an underlying shame associated with it. Notice this as you consider this and see what your level of confort is with it.)

4) If I were rich, I would (a) want everyone to know, or (b) not live in a way that made it obvious to others.

(This offers an interesting view into your comfort level with wealth. Do you want people to know you’re very wealthy? Would you feel conspicuous or even embarrassed if people knew? There’s no right or wrong here… but it can be enlightening to consider because it tells you about the ‘story’ you have in your head about whether it’s ‘ok’ to be wealthy or if there is shame attached to it.)

These are just a few quick things you can play with some time when you are alone. Knowing where you stand in your relationship with money is important to developing a Business Mindset that allows you to receive success. Often times we have no idea - but we are actually standing in our own way and even sabotaging ourselves with our ingrained programming and habits simply being unaware.

Unlocking it can be as simple as understanding where certain ideas and ‘stories’ come from… and that they are not our own. They are the product of our programming. And you can choose to change your mind about it if you wish to.

Focus on One Thing At a Time

You CAN Have It All. You can achieve most anything in life, as long as you focus on achieving one thing at a time. It’s a proven-successful strategy that is used and recommended by many successful people. Gary Keller and Jay Papasan wrote a whole book about this simple idea called The ONE Thing. 

Don’t be fooled by the simplicity of this concept though. It’s one of the hardest things to implement in your life and it takes ongoing focus combined with discipline to maintain it. 

So the question is not whether focusing on one thing at a time is a good strategy (just look at the graphic at the top... it makes total sense, right?); the question is HOW can we accomplish this and then stick to it?

We, as humans are ambitious and easily distracted. Our desires are constantly changing. We pursue new objectives before we reach our old goals. We start new projects before we finish the ones we already have going on. Heck, we don’t always even finish our current train of thought before something new pops in. Am I right!?

Instead of focusing on one thing at a time,  we allow ourselves to be distracted and just float aimlessly -or- worse yet, we set multiple unrelated goals while thinking we can multitask our way to achieving them. (Revisit the graphic again and let that sink in!) 

Let’s talk for a minute about how this keeps us from Having It All. 

It would be very difficult to successfully build a highly profitable business, get in top physical shape, compete in a marathon, write a book, raise children, and travel the world... all at the same time... right? It is unlikely any one human can, or should, attempt to obtain these enormous goals simultaneously. It would be frustrating, exhausting, and highly unlikely to produce true success in all areas AT THE SAME TIME. 

This is the trap we fall into without realizing. The ‘everything at once’ vision of Having It All only leads to mediocrity, frustration, and never actually reaching your goals and objectives. 

BUT - don’t be dismayed. There is a way! Think about it. You could do all those things in a lifetime, right? Possibly even within the span of a decade if you plan and are diligent about sticking to one thing at a time with your end goals in mind. So Having It All is often a matter of prioritizing what you want, planning out how you intend to achieve those things, and fully immersing yourself in life and work with your current singular objective in mind! 

Sure. This is easier said than done, but it can be done and there is a process to follow. 

I have found that if I stick to one major priority per area of my life at a time I make HUGE gains and it is VERY fulfilling. I categorize my life into five main areas: Business, Health, Me Time/Self Development, Recreation, and Relationships. My children are grown now so having that behind me has freed up significant space in my life to peruse more of what I love but even if you are currently in the throws of child-rearing... there IS time and space (if you intentionally choose to create and maintain it) so fear not. 

The categories I’ve chosen are based on my own perspective on life. You can categorize your life the way you want. What matters is that you create structure and boundaries based on how you categorize your life. Otherwise, there’s no road-map. And when there’s no structure or road-map, there’s chaos. And when there’s chaos, there’s no ‘one thing’: There’s everything. That’s a recipe for NOT getting what you want or need now or in the future... in other words... NOT Having It All. 

I am in the process right now of developing a course series to help you learn my process to clear and ‘make’ TIME, free up ENERGY, REDUCE the STRESS that comes from being pulled in all directions, ELIMINATE the FRUSTRATION of not actually winning at anything, and charting a course for freedom to HAVE IT ALL. 

Contact me today to talk about your business and how we can work together to get you growing!

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