How To Pay Yourself More | Tips From Craig Dacy

Hey Small Business Owner… Pay Yourself More!

Most struggling small business owners are working more and making less than at the job they left to start their business.

When it comes to entrepreneurship, the financial aspect often appears as the most daunting sea to sail. In a world where cash flow is king, maintaining a firm grasp on the financial rudder is essential for the survival and growth of any small business. Financial guru Craig Dacey, a financial coach, joins host Michael Morrison to tackle these topics, offering a lifeline to entrepreneurs fumbling with finances or deciphering the secrets of sustainable cash flow.

Listen to this episode below, find Small Business Pivots here, or keep reading about this episode below the graphic…

Strategic Planning

Craig's transition from education to financial coaching is a testament to the power of strategic planning and the passion for guiding others. His ability to demystify money management by emphasizing behavioral change rather than just numerical understanding provides a refreshing perspective on financial well-being. For small business owners, this shift in focus can mean the difference between mere survival and true financial prosperity.

Profit First System

Throughout the episode, the discussion delves into the profit-first system, a transformative approach to managing business finances. The simplicity of the system lies in its alignment with human behavior, utilizing dedicated bank accounts for income, profit, owner's pay, taxes, and operating expenses to provide a clear snapshot of financial health. By doing so, it offers business owners a straightforward method to handle their finances without the complexity of traditional accounting practices.

Financial Coach

A common pitfall for entrepreneurs is undervaluing their own salary. Craig and Michael address this issue head-on, debunking the myth that higher earnings will automatically translate to increased personal income. They highlight the crucial role of a financial coach, not just in scrutinizing numbers but in overhauling pricing, refining sales strategies, and propelling entrepreneurs towards financial triumph.

Scaling A Business

The conversation also covers the art of delegation and scaling a business, emphasizing the importance of weekly, monthly, and quarterly financial check-ins. Such structured rhythms are key to preventing burnout and promoting growth, ensuring a strong financial pulse for the enterprise. Craig's insights into the emotional and financial metrics that determine business health are invaluable, especially when confronting the anxiety associated with high-churn business models.

Conclusion On How To Pay Yourself More As A Business Owner

In conclusion, the podcast episode serves as a treasure trove of strategies and encouragement for small business owners at any stage. The journey of entrepreneurship is a shared adventure, and having a guide like Craig Dacey can help navigate through every financial twist and turn. It's a powerful message that resonates deeply—entrepreneurs are not alone, and success is a story they have the power to write.

By fostering a strong support network and relentlessly pursuing excellence, business owners can keep their entrepreneurial spirit fueled and chase their dreams with confidence. This episode not only provides the insights but also extends an invitation to stay connected, engage, and reach out when guidance is needed to create a self-sustaining business. The shared wisdom and strategies outlined are not just for immediate application but for long-term growth and success in the ever-challenging financial seas of entrepreneurship.

The podcast episode is on Apple, Spotify, or other popular platforms.

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ARE YOU READY TO TAKE YOUR COMPANY TO THE NEXT LEVEL?

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Unlock the Secret to Success: 15 Time Management Tips for Small Business Owners

Small business owners wear multiple hats and often juggle various daily tasks. Running a business can be overwhelming and time-consuming, from managing employees to tracking finances. In today's competitive business landscape, time management and productivity have become critical factors for the success of any business. This blog post will discuss practical tips to help small business owners manage their time effectively and increase productivity.

For best results, implement one tip per week, and within a few months, you will be as productive as a successful multi-million dollar business owner.

1. Prioritize Your Tasks 

As a small business owner, it's essential to prioritize your tasks based on their importance and urgency. Start your day by listing all the tasks you need to complete and then categorize them as 'high priority', 'medium priority', and 'low priority.' 

Focus on completing the high-priority tasks first, as they have the most significant impact on your business. This approach ensures that you are using your time efficiently and productively.

2. Use A Planner

A planner or calendar can help you stay organized and manage your time effectively. Create a schedule and allocate time for each task on your to-do list. 

Include buffer time between tasks to handle unexpected events or interruptions. 

A planner also helps you plan and prepare for upcoming deadlines and meetings.

3. Eliminate Distractions 

Distractions can significantly impact productivity and prevent you from completing tasks on time. For example, social media notifications, emails, and phone calls are common distractions that can waste time. 

To avoid distractions, turn off notifications and allocate specific times to check your emails and social media accounts. You can also use productivity tools to block websites that are not work-related.

4. Outsource non-core tasks 

As a small business owner, you may handle tasks not part of your core business operations, such as accounting or social media management.

Outsourcing these tasks to a professional can help you save time and focus on growing your business. Consider hiring a virtual assistant or outsourcing tasks to a freelancer to free up your time.

5. Set Realistic Goals 

Setting realistic goals can help you stay motivated and on track. 

Ensure your goals are specific, measurable, achievable, relevant, and time-bound (SMART). Then, break down your goals into smaller, actionable steps and celebrate each milestone you achieve. 

This approach helps you stay focused and motivated, leading to increased productivity.

6. Take Breaks 

Regular breaks throughout the day help you stay focused and avoid burnout. However, working long hours without breaks can decrease productivity and increase stress levels. Instead, take short breaks to stretch, walk around, or have a snack. 

You can also try the Pomodoro technique, where you work for 25 minutes and take a five-minute break.

7. Seek Business Coaching 

Business coaching can help you identify your strengths and weaknesses, set achievable goals, and create an action plan to increase productivity.

In addition, a business coach can provide valuable insights and guidance to help you overcome obstacles and achieve your business goals.

INTERMISSION:

By prioritizing tasks, using a planner, eliminating distractions, outsourcing non-core tasks, setting realistic goals, taking breaks, and seeking business coaching, you can increase productivity and achieve your business objectives. 

Remember, small changes in your daily routine can significantly improve your overall productivity and business success.

Let's keep going!

8. Use Productivity Tools 

There are many productivity tools available that can help small business owners streamline their work processes and increase their efficiency. 

For example, project management tools like Trello and Asana can help you track and manage tasks, while time-tracking apps like RescueTime and Toggl can help you monitor how you're spending your time. 

You can also use automation tools like Zapier or IFTTT to automate repetitive tasks and save time.

9. Delegate Tasks 

Delegating tasks to your employees can help you free up your time and focus on the most critical aspects of your business. Identify the tasks that your team members can do and delegate them accordingly. 

Delegation helps you save time, empowers your employees, and fosters a culture of trust and collaboration within your organization.

10. Invest In Training And Development 

Investing in training and development for yourself and your employees can help you stay up-to-date with industry trends, acquire new skills, and improve productivity. 

Attend workshops and conferences, enroll in online courses, or offer training programs for your team members. 

This investment can lead to improved job satisfaction, higher employee retention rates, and increased productivity and profitability for your business.

11. Practice Self-Care 

Taking care of yourself is critical to maintaining your productivity and well-being. Make sure to get enough sleep, exercise regularly, eat a healthy diet, and take breaks to recharge. 

Consider practicing mindfulness or meditation to reduce stress and improve your focus. Remember, caring for yourself is not selfish; you must be your best self for your business and loved ones.

12. Review And Optimize Your Processes 

Regularly reviewing and optimizing your small business systems and processes can help you identify inefficiencies and areas for improvement.

Analyze your workflows, track your results, and ask for feedback from your team members and customers. 

Use this information to refine your processes and make them more efficient and effective. This continuous improvement approach can help you stay ahead of the competition and achieve long-term success.

13. Stay Organized 

Staying organized can significantly impact your productivity and reduce stress levels. Keep your workspace clean and clutter-free, and use tools like file cabinets, shelves, and storage containers to organize your documents and materials. 

Use digital tools like cloud storage and note-taking apps to organize your digital files and notes.

14. Learn To Say 'No' 

As a small business owner, you may find yourself saying 'yes' to every opportunity that comes your way. 

While it's essential to be open-minded and seize opportunities, learning to say 'no' when necessary is crucial. 

Saying 'no' to non-essential tasks or projects can help you focus on the most critical aspects of your business and avoid over-committing.

15. Celebrate Your Successes 

Finally, remember to celebrate your successes, no matter how small they may seem. 

Celebrating your achievements can help you stay motivated and cheerful and create a culture of gratitude and appreciation within your organization. 

Recognize your team members' contributions and celebrate your milestones with them. This approach can help you build a more engaged and motivated team and achieve tremendous success in the long run.

In conclusion:

In conclusion, time management and productivity are critical factors for small business owners' success. By using productivity tools, delegating tasks, investing in training and development, practicing self-care, reviewing and optimizing your processes, staying organized, learning to say 'no,' and celebrating your successes, you can increase your productivity, achieve your business goals, and lead a fulfilling and successful life as a small business owner. Remember, productivity is not just about doing more; it's about doing the right things, in the right way, at the right time.

ARE YOU READY TO MAKE CHANGES IN YOUR SMALL BUSINESS?

Contact us today at 405-919-9990 or schedule a free consultation by clicking here!

5 Practical Steps to Elevate Your Company Culture and Improve Retention

It should shock no one that we’re in the midst of a "Great Resignation." Across the country, businesses are struggling to keep their doors open due to a lack of an available workforce. 

While there are many reasons behind the number of individuals leaving their jobs post-pandemic, one aspect is clear: A company’s culture defines its personality and sets the tone for how employees interact with one another and customers. It’s a significant factor in attracting and retaining top talent and an important contributor to any company's success. 

Good company culture will offer clear direction, flexibility in work hours, autonomy over projects, personal growth opportunities, and more. Without a healthy company culture, you can all but guarantee that your team members will jump ship for another role – even one that doesn't pay as well!

So, what can you do as a business leader to fight the tide and emerge on the other side stronger? It all begins with understanding and implementing a solid company culture.

What is Company Culture?

Company culture can be defined as the behavior of people within a company. It encompasses many things, including how employees view and treat each other, their feelings towards their employer, and the overall mood within the organization. 

As well as defining an organization's personality, company culture also determines behaviors in line with its values. Culture is so influential that it can be the deciding factor between whether an employee stays or leaves. Individuals will weigh up several factors, including salary and benefits when deciding on their career path. 

But company culture isn’t just about the employees; it also determines how customers perceive your brand. When business leaders begin to realize the importance of culture to the success of their company, they set about defining and building it. As well as reflecting the personality and values of the organization, a strong corporate culture can also reflect positive brand attributes in customers’ minds.

However, while companies are largely concerned with recruiting new employees, many are overlooking one critical aspect-retaining existing ones. 

Why Is Company Culture Important?

Thriving company culture is vital to a successful business, attracting new talent, and retaining its current employees. Here are some reasons why this is the case: 

1. Company culture attracts and retains top talent.

People want to feel comfortable and safe when they come to work every day. A positive company culture is essential to creating a work environment where everyone feels valued, included, and considered. Attracting top talent is possible when your employees are happy in their position. 

A strong corporate culture can also help with recruitment by boosting your brand's appeal to prospective job candidates. Think of it this way: people want to work for companies that feel progressive, trendy, and fulfilling. 

2. Company culture encourages employee engagement.

This is a challenging subject for many business leaders who often struggle to increase employee engagement. A company culture of inclusion and respect can encourage employees to be more engaged in their work by fully investing in what they're doing. By working together collaboratively and creatively, employees are more likely to develop innovative solutions and ideas.

When an employee is working within an environment where their input is valued and heard by others in the company, it motivates them to put in extra effort for their employer. A review of studies conducted on engagement levels found that only 15% of workers were actively engaged in their jobs. The engagement rate was much lower for companies with poor company culture.

3. Company culture strengthens employee retention.

It's no secret that employee turnover can be costly to any company, costing an average of over 20% of an employee’s yearly salary in recruitment and training fees. But the actual cost to a business is not just in the money wasted on hiring new employees.

The loss of productivity, creativity, and innovation that can occur when an employee leaves a company affects the organization’s overall performance as a whole. Establishing a strong company culture will help you retain your current employees by encouraging them to be more involved and invested in their jobs. 

How Can a Company's Culture Be Considered Good?

Good company culture is one that employees want to be a part of. It rewards creativity, promotes innovation, and allows employees the freedom to express themselves without fear of being judged by colleagues or superiors. Being encouraged to voice your opinions and collaborate with others on projects will increase engagement and foster a healthy team dynamic. The following are a few ways that employees can gauge the strength of their company culture: 

Does the company seem engaged with its employees? 

Consider your own experience as an employee and think about how much appreciation you feel for your employer. Does the organization show some love by being involved with employees’ personal and professional lives? Or does it just seem like “business as usual?"

Are you paid fairly? It’s important that the salary you earn is in line with your industry and field of expertise. Not only should you be appropriately compensated for your work, but your employer should also recognize and reward your hard work and commitment to the company. A good employer should value everything you bring to the table: work ethic, creativity, unique skills-everything. 

Does a sense of community exist among employees? 

Many companies implement social programs to boost employee engagement levels and create a sense of community in the workplace. An essential part of any successful program is that it’s consistent. Participation in such initiatives should be ongoing and effortless for employees to participate.

When an employee shows their work colleagues that they truly value them, even just by saying “thank you" or offering a quick smile and nod of the head, other coworkers become more engaged in their jobs. It’s this level of appreciation that fosters a strong sense of community within an office.

Is your company’s culture unique? 

A good company culture encourages and rewards employees for taking risks, making mistakes, and realizing their potential. These types of cultures usually result in unusually high levels of employee satisfaction. 

A great example from the retail industry is that of an employee-owned company, where every worker is part owner. These companies, including Publix Super Markets and Quik Trip Inc., have ranked among the best places to work for many years because of their unique focus on providing great benefits to their employees.

Practical Steps for Boosting Company Culture

In order to create a healthy corporate culture that attracts the top talent, you need three things:  Trust, Transparency, and Authenticity. These foundational aspects of any successful organization should be at the forefront of your thinking when it comes to crafting your own high-functioning workplace environment. 

Here are five steps for fostering these elements within your business model:

1. Be open to change and welcome innovation.

Innovation (or lack of it) is usually what separates a good company from a great one. To foster a culture where employees are constantly growing and learning, you have to be open to change and ready for new ideas.

Because we all do things in our own way, different approaches to tasks can make all the difference in the world. Encourage all employees to approach their work with an open mind and a willingness to learn.

2. Create transparency between bosses and employees.

Open communication goes a long way towards creating trust in the workplace. If your company values honesty and integrity, then it has to practice what it preaches. When you tell your employees that they are free to ask you questions and speak freely about any concerns they have, this helps build rapport and trust.

But it doesn’t stop at the C-level executives. Managers, department heads, and administrative personnel all need to be on the same page as their employees when it comes to transparency of information in the office.

3. Promote adaptability within the workplace.

For a company culture to be as productive as possible, employees have to adapt quickly. When you allow your workers to learn from their mistakes and try new things without fear of reprisal, they’ll feel empowered and motivated to take on more critical challenges.

4. Empower your employees in their jobs.

Tasks are listed, discussed, and delegated. Employees are empowered to complete their assignments as they see fit. However you choose to go about it, empower your employees with the tools and knowledge they need to succeed at doing what they do best for your company. 

5. Make it a family-like environment.

Positivity breeds positivity. When your employees feel safe and loved, they’ll be motivated to continue doing good work for your company. When an employee shows their work colleagues that they truly value them, even just by saying “thank you" or offering a quick smile and nod of the head, other coworkers become more engaged in their jobs. It’s this level of appreciation that fosters a strong sense of community within an office.

Unlock the Techniques of Company Culture with Business Coaching

Whether you are a brand new startup or an existing company, company culture is critical – and it can change on a dime. If you find your organization's culture becoming stagnant or suffering from internal conflict, the problem may be on the verge of spinning out of control. One key to boosting your company culture effectively is to work with a business coach who has expertise in company culture.

Why should you hire a business coach?

A business coach can provide a third-party perspective on your company culture and help you identify blind spots that are hindering your employee retention. The past few years have revealed to many business leaders how vital company culture has become and why millennials are now conditioned to seek out employers who practice transparency. 

Business coaches can provide the expertise that will help you restructure your organization for success and give you the tools to build a strong business foundation that can support growth.

Are you ready to take your company culture to a healthy, thriving level? 

If so, schedule a call to discuss how you can improve and elevate your company culture, retain your best workers, and attract new hires that align with your values and vision. We’re ready to help you put in place the habits today that will unlock a lifetime of success tomorrow. 

Contact MDM Enterprises today at 405-919-9990. Michael Morrison and our team of experts are dedicated to helping business owners increase their sales, reduce their costs, and save their marriage by reducing the hours they work "in" their business.