Category: Business strategy

Definitely not a vanity move!

Posted on March 6, 2023 by - Business strategy, Future dreams, Networking

Recently I was talking to a business contact about his move into a business unit. I have known this particular contact for over 20 years after meeting him at a networking event (where else!). At the time he was working from his front room, with his lovely mum as his only member of staff. Over the years his business has grown and yet he has remained in his home office, now an actual office rather than his front room, staff have changed and he and his business have survived even the devastating loss of his mother at an early age. He has worked hard, been amazing at marketing and seen the resultant success.

While talking, I said that no-one could say he was making a vanity decision and we began to talk about how tempting these vanity decisions are. What are ‘vanity’ decisions, often involving vanity purchases? They are using money either from your business (or investing it from your own money) to buy ‘things’ and these ‘things’ are often not needed but give the business owner’s vanity a stroke. The nice new desk to replace a perfectly good desk. (Of course, always get a great chair to sit in, or stand at, because you may spend a lot of time at your desk and you don’t want to undermine your spine etc.) You see people with large shiny offices, staff, every piece of equipment you can imagine…and no customers!

Now the conversation I was having with my contact was definitely, from my part at least, not based on a history of “Well I’ve never done that” because I have stroked my vanity many times by buying stuff that was lovely and shiny and I didn’t need! When I set up my first business, I bought lots of stuff that I had occasionally used when I had worked in the corporate world but didn’t actually need for my small office at home, or, if I did, I didn’t need the super deluxe version. The same was true when I started my catering business. I had a storage unit which was full of stuff, and, unsurprisingly, because I am sometimes a slow learner, the unit got larger as I bought more stuff, and then reduced in size as I learnt that I didn’t need to own all the stuff I had. In the process I wasted a lot of money. But I did learn.

Obviously, my contact, being wiser than I, didn’t need to be taught this. He has seemed to know instinctively to only spend money you must spend. Save the money, don’t buy, buy the less shiny one, buy second hand, you get the picture. This last part is what I have learnt. I also realised that by saving money in this way I had more money, at the end of the year, to have more money to spend on shiny things for my home, for holidays and as soon as I realised this the vanity decisions became less and easier.

So I wish my contact all the success he deserves as he moves into his lovely shiny, and absolutely necessary, new business unit.

If you are not sure about spending money on networking let me help with a gift to you: my Top 20 networking tips. Just follow this link: ebn.uk.com and complete the form to receive your copy.

Have fun,

Glenys

Thanks for your opinion

Posted on March 21, 2022 by - Business opinions, Business strategy, Networking

Recently I was on a Zoom meeting with people I’d never met before. We had a lovely conversation about business and life and we laughed a lot. I said that I was spending some time that day reviewing my business strategy and immediately one of the people told me what my strategy should be. Not might include or, in their opinion, might be, but this is what my strategy should be.

I was surprised because:

  • they were very certain how I should grow my business, and  
  • they seemed to think I would just do what I had been told

This got me thinking.

I think it is true to say that any strategy needs to include certain things: a goal, a plan of implementation (this can be fluid), a timescale and a review process. This is my opinion. My business strategy follows that scheme and in my case, the fluid part needs to be very fluid as opportunities come my way. The issue is that whilst business strategies may be similar, we as business owners are all different. What works for you may not work for me for various reasons, our business may be at different stages of development, we may have been in business for different times, our background, and our experiences will almost certainly be different. We may have difference in the amount of risk we find acceptable and our personal business needs, and our work/life balance may be different. Which brings me to my next point.

Doing what other people tell us to do.

When I became self-employed, I didn’t know what I was going to do, so I set myself three rules. The second was “I never do anything I don’t want to do, with anyone I don’t want to do it with” or to put it another way and to quote my beloved “You don’t do bosses well” I like that all my business decisions are mine, be they good, bad or indifferent I own them. So I listen to opinions and then I decide what I take from them, and, when I give my opinion, I expect others to do the same. If they want my further input they’ll ask, and sometimes they do.

So thank you for your opinion, I may consider it further. As a thank you, here is my gift to you: my Top 20 networking tips just follow this link: ebn.uk.com and complete the form to receive your copy.

Have fun,

Glenys