Have you ever wondered how those really successful people do it? Although there is no formula to follow (if there was we would all be doing it!), there does seem to be some sage advice from those success stories that we can pay heed to:

1. 1. Stay two steps ahead: never be complacent and always look for new opportunities. A common mistake is to wait for obstacles or challenges to arise before you look for other opportunities. If you wait, you will be on the ‘back foot’ rather than leading the way.
   2. Surround yourself with experts: many business people think that they have to be the smartest person in their business and have the most knowledge about every aspect of your business. This is not only impossible, it drains your energy away from the areas where your strengths lie, and leads to burnout.
   3. Be prepared to build relationships: you cannot always expect to hear ‘yes’ the first time you sell an idea to someone. Ensure that you speak to the ‘right’ people (that is, go to the decision maker wherever possible) and work on finding the angle that resonates with them.
   4. Embrace the unknown: as business owners, many of us feel we need to have all the answers before we can move ahead. But who can really predict the future? Make sure you have done your research, bring on board people who can best assist you and then commit to making the best decision you can with the information you have. The best learning and the best results come from ‘leaping out in faith’ and using the gut instinct that you should learn to listen to.

Michelle Grice writes a weekly column for business women in The Western Weekender

Many women embark on business ventures with friends, family members or other women they have come to know through business networks. At the beginning of a partnership, it is exciting and you are both determined to make it work. But how do you know if it is time to end a partnership? Here are some signs:

1. 1. The passion is gone. One of the main reasons you started a business was (or should be) because you were passionate about the goals you set or what your business could offer. If that passion is gone, or you and your business partner can’t agree on direction, you need to consider whether going separate ways is the better option
   2. You resent the financial split. Most business partnerships begin with a 50/50 split. But often, roles change, priorities change and you realise that you get annoyed because you seem to be doing most of the work. If you can communicate well with your partner, this may be an opportunity to re-negotiate the split (they may be happy to work less and therefore be paid less). But this process can be fraught with difficulties and may be best resolved by ending the partnership.
   3. You no longer trust your partner. If you cannot trust your partner with their area of responsibility, or do not trust the manner in which they represent your business, then it is definitely time to refer to your partnership agreement (I hope you have one!) and start the process of selling your stake or buying your partners stake. The longer you leave this, the more impact there will be on all areas of your business, and the value of your business will decrease.

Michelle Grice writes a weekly column for business women in The Western Weekender

“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, ‘Who am I to be brilliant, gorgeous, talented, fabulous?’ Actually, who are you not to be? … And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.” (Marianne Williamson).

What a powerful statement! Do you think it is true? Do you think that your fears are not about failing but about succeeding? Do you listen to often to self doubt and let it dictate your actions?

Many business coaches would agree wholeheartedly with this statement, particularly in relation to female business owners. The vast majority of women (in business and other areas of life) struggle with giving themselves permission to succeed or be ‘the best’. Many have been conditioned to promote the interests of other people before their own.

This is not to say that we should not care for others. But Marianne Williamson’s quote can be aligned with the practical example of oxygen masks in a plane crash. Parents are instructed to place their oxygen masks on first before their children. Otherwise, if the parent passes out from lack of oxygen, they will be of no help to their children.

Likewise, if we, as female business owners ‘let our own light shine’, Marianne Williamson asserts that we will give others the same opportunities. So by fulfilling our potential, we not only help ourselves, we become role models to those around us.

Michelle Grice writes a weekly column for business women in The Western Weekender

Capitalism has both strong opponents and proponents. Both agree, that it is a powerful force. But whether that force is good or bad is where the disagreement lies.

Bill Gates is visiting Australia this week and has said that he is “a true believer in the power of capitalism to improve lives ... It can ... play a central role in increasing living standards”. But he has also realised that “While the private sector does a phenomenal job meeting human needs among those who can pay, there are billions of people who ... go without”. So in other words, if there’s no perceived monetary profit to be made, the private sector is rarely interested.

And when it comes down to basics, the reality is that for businesses to survive, they need paying customers. However, this does not ‘excuse’ businesses from using capitalism to benefit those who ‘can’t pay’. You can improve your local and/or global community via your business by:

• Developing a strategy around giving. What issues does your business want to address? How does that fit into your business’s core values?
• Getting alongside local charities and non-profit groups to find out what their needs are. You may find that your time and expertise is more valuable than ‘throwing money’ at them.
• Evaluating non-cash options. Are there products or services you can donate? Can you volunteer your staff based on your company’s unique skill set?
• Investigating grant matching programs. For example, matching employee donations at $100 per employee.
• Build in a percentage for cash contributions. A standard amount is between 1 and 2 percent of the gross profit.

Michelle Grice writes a weekly column for business women in The Western Weekender

We all have different ways of organising our work and have varying degrees of efficiency. Although it may go against the grain for some of us, effective efficiency requires consistency, and requires setting up great habits (both for yourself and your staff).

Here are some ideas you can implement to improve your business systems and productivity:

• Be tidy, orderly and neat. It gives customers a good impression of your business and helps staff to be more efficient (instead of losing time looking for misplaced items and so on).
• Keep your financial accounts up to date. Whether you do this yourself or contract someone else to do it, this is essential for keeping on top of your ‘numbers’. You cannot make good business decisions if you are unclear about your current financial situation.
• Create a checklist of daily and regular tasks. This enables you and/or your staff to know exactly what needs to be done each day so that time is not wasted trying to remember (or decide) what tasks are urgent or essential. It also provides a flow on effect to your customers: you can better serve them when you are efficient and organised.
• Train your staff well. There is no point having a great written policy or memo to your staff about being more efficient. You firstly have to model efficiency in the way you as the business owner conduct yourself. And secondly, you need to train staff from the beginning of their employment, and manage their progress carefully, to ensure that the right habits are formed. Setting good habits from the start is immensely easier (and more efficient) than breaking bad ones.

Michelle Grice writes a weekly column for business women in The Western Weekender

What does your work space look like? Is it governed by the latest trends or by practical considerations? Have you ever conducted a physical space audit to determine if it’s providing the most benefits for your staff and business?

Whether you realise it or not, work surroundings make an enormous difference to productivity and creativity. There are obvious physical things that should be in place, such as air flow, adequate desk space, appropriate heating/cooling, equipment in good working order and so on. But if your idea of a well functioning workplace is limited to those aspects, then you have some more work to do!

One of the latest trends in office based companies is for low (or no) walls and clustered cubicles which encourages collaboration and fosters creativity. Combined with ‘refuges’ in the form of smaller conference rooms, workplaces such as this provides flexibility to cater for various work and learning styles. Other health-related considerations, such as ergonomic chairs and spaces for employees to work while standing, bolster overall well being which in turn boosts productivity.

Companies who provide opportunities for more staff interaction generally find that more impromptu meetings and brainstorming occurs. Staff camaraderie is improved and a sense of community is created.

You don’t have to offer the extravagant flexible workplaces that some larger companies do in order to foster positive work environments (such as gyms, games rooms and more). Simple initiatives such as a great coffee machine or flexibility to personalise work spaces, may be all it takes to boost staff morale and productivity.

Michelle Grice writes a weekly column for business women in The Western Weekender

Many of you reading this column have been running a business for many years. And many of you will be feeling like your business has stagnated. There are a number of reasons this can occur, including burnout, changing industry environments, economic downturn and so on. But sometimes a few simple changes can improve your outlook and begin a process of change.

Here are some tips to help you kick start your business growth:

1. Grow your current customers. It can cost up to ten times more to find new customers than it does to retain your current ones. Find ways to exceed the expectations of your customers and they’ll do a great deal of word of mouth marketing for you.
2. Market yourself with multimedia. Videos are the fastest growing mediums for promoting your business (and YouTube is the 2nd most popular search engine after Google). With the quality of camera phones, there is no reason why you can’t do it too. Offer tips for clients, show potential customers how your product works or introduce your staff in a fun way. Post the videos on your website, social media and on YouTube and start experimenting with better ways to create a popular video.
3. Protect your reputation. Be honest in all your business dealings, handle complaints in a timely manner, and post regularly on social media (watch for any comments about your business – set up a Google Alerts account). Doing these things will circumvent a great deal of potential problems. Monitoring online conversations may also provide you with valuable feedback. ”

Michelle Grice writes a weekly column for business women in The Western Weekender

Do you value your staff? There would be few business owners who would answer ‘no’, but their actions don’t always match their words. Although it may sound like an overused ‘sentiment’, the key to high performance and high retention rates is to make your staff feel valued and trusted. This means supporting their development, creating an environment that enables them to get the job done effectively, and providing opportunities for staff to use their talents. Without those factors in place, your staff are likely to burnout quickly, which ultimately affects your profits and overall business performance. But the good news is, it may not take much effort on your part to change your workplace culture. A major aspect of valuing your staff involves taking the time to find out what your staff think and showing that you are willing to communicate. And without intending to be patronising, we can also learn from some basic parenting strategies! I know that my children’s behaviour improves greatly when I take the time to give them positive feedback in a very intentional way. By looking them in the eye, recognising a ‘job well done’ and giving them specific recognition, my children feel better about themselves. They also understand what they’ve done well and they learn from the experience. This applies for your staff as well. When they feel competent and valued, their motivation increases. Find personal, specific ways to thank your staff for their work and let them know what an asset they are to your team. The benefits will be returned to you ten-fold.

Michelle Grice writes a weekly column for business women in The Western Weekender

When was the last time you took a break from your business - a break longer than two days? For many business owners, the answer is often at least one year ago, and for too many, the last ‘real’ holiday they had was before they started their business. In an online forum recently, one business owner said ‘but if you are passionate about what you do then it’s not really work anyway’ as a way of explaining why she doesn’t take holidays. I think this business owner is deluding herself. It doesn’t matter how passionate you are, everyone needs a break from the ‘everyday tasks’.

For those of you who do take regular breaks, I’m sure you have noticed that a number of things happen:

• Problems that seemed insurmountable often seem possible to solve
• Long term goals and priorities (both business and personal) become clearer
• Productivity is increased when you return to work
• Your general outlook and attitude towards your business improves

Women in business are particularly prone to burnout, because we are generally balancing many different roles and multi-tasking. But our brains and bodies need a break. We are not designed to work relentlessly every day of the year.

If your business is set up so that it can’t run without you, then you need to seriously look at ways that it can. A successful long term business is one that CAN continue to run without you, either via outsourcing parts of the business or employing managers. Aside from the need for a break, if your business can’t run without you, then it’s not going to survive in the event of an accident or another emergency that results in you not being able to work.

Start small. Schedule a 2 day break and put things in place so that you are not “checking up” on it. Gradually increase the number of days each time until you are taking at least 2 weeks off at a time. You owe it to yourself, your family and your business.

Michelle Grice writes a weekly column for business women in The Western Weekender

I was reading an article recently about the mindsets and beliefs of ‘serious entrepreneurs’. While I agreed with most of them, there were two that were quite controversial:

• Business comes first, family second: The article sees this statement as a recognition that ‘family well-being is dependent on the success of the business, not the other way around’ and ‘should you forego closing a million dollar deal to attend a ball game with your son?’. While I understand the concept, I think it’s dangerous to give yourself ‘permission’ to do this. I guarantee that a life spent putting success and business first will result in damaged relationships with the very people you are supposed to be providing for. I am a big believer that if the ‘million dollar deal’ is meant to happen, it will happen without needing to damage relationships.
  
  
• Following your passion is bogus: Although the writer of the article is correct as far as making sure that your ‘passion’ makes good business sense, you still need to be passionate about what you are doing. Why would you spend the hours you do, put in the effort you do and make the sacrifices you do, if it’s ‘just for the money’? Every job and business has aspects that are less enjoyable or unpleasant. But it doesn’t mean that you cannot find a way to do something that makes your heart sing. If you are in business ‘just for the money’, close up shop now and get a job working for someone else. A life focused on making money for money’s sake will ultimately be an unsuccessful one, no matter how many dollars are in the bank.

Michelle Grice writes a weekly column for business women in The Western Weekender

If you are a business owner who started or bought into your business in the pursuit of greater happiness, are you actually happier? Or has your happiness been dampened and you feel tense, anxious and unhappy?

The success you are seeking (in business and life) won’t come if you are not happy. Your level of happiness has a direct correlation to your confidence, energy and goal achievement. So how do you become a happier business owner? Try these tips:

1. Don’t be scared to fail: you learn infinitely more from failure than you do when everything is smooth sailing. Write down the worst case scenario and most often you will realise that the worst case is not as bad as you might expect.
2. Most business owners and entrepreneurs are perfectionists, which if left ‘untamed’ can result in missed opportunities. Change occurs quickly in business and in reality, perfection is not achievable. ‘Good enough’ is often the best goal in order to move your business forward.
3. You most likely became a business owner because you are passionate about what you do. Which means that it is hard to deal with negative feedback or set backs. But you need to train yourself not to dwell on it or focus on the negatives when more often than not, they are outweighed by positives. Find a way to learn from negative feedback and use it to your advantage.

Michelle Grice writes a weekly column for business women in The Western Weekender

I am a visualiser. In order to prepare myself to undertake something new or unfamiliar, I visualise the steps and imagine the scenarios involved. However I recently discovered that sometimes visualising is not enough. Regular readers of this column may remember that I had registered for an open water swim in January (something I have never done before). A few days before the race, the waves were choppy, the swell was big and looking out at the water, I decided not to compete. Although the day of the race ended up being perfect conditions (and I felt some regret at not racing!), it ended up being a good decision. I realised that while I had visualised it fairly well, I learnt a great deal from just watching the race this year. I was able to see the course (instead of just imagining it), check out the other competitors and feel some of the energy and atmosphere of the race. Next year I will be so much more prepared. In business, while there are times when you do need to step into something new without knowing all the details, there are other times when more research and planning will provide a better outcome. You may be able to imagine some aspects and prepare yourself mentally, but some of the following strategies may also help: talk to someone who has done something similar; get some professional advice; undertake a ‘practice run’; test your product of service a couple more times. By all means motivate yourself in whatever way works for you. But make sure you do what you can to minimise your risk of failure.

Michelle Grice writes a weekly column for business women in The Western Weekender

I have to be honest: this is a ‘do as I say, not as I do’ article this week! This time of year is always insanely busy for me (as it is for most of you I am sure!). As a result, I end up working late at night and consequently, I am not getting anywhere near enough sleep. Aside from the obvious negative effects of a lack of sleep (being tired and cranky!), did you know there are also some quite serious health problems that can result, such as heart disease/heart attack, high blood pressure, stroke and diabetes? There are also serious consequences for your business. Sleep plays a critical role in thinking and learning. Lack of sleep affects attention, alertness, concentration, reasoning and problem solving. So if you are attempting to make decisions, either for the short term or longer term, lack of sleep will impact on the effectiveness of those decisions. Lack of sleep affects your ability to remember what you’ve learnt and generally makes you forgetful. Memory storage occurs mostly when we sleep. Importantly, lack of sleep can affect our interpretation of events and impacts on our ability to make good judgments. You may unwittingly be making decisions that are not the best choices for your business. You are likely to waste time because you are not alert and you also increase the likelihood of mistakes and accidents. It seems that we can convince ourselves that we need to stay up late to meet a deadline and that it won’t have consequences beyond a grouchy demeanour the next day. But looking at the evidence above, it is a great deal more serious to have a regular pattern of sleep deprivation. So hit the pillow!

Michelle Grice writes a weekly column for business women in The Western Weekender

Research shows that generally, women tend to worry more and have more intense worries than men. And while there are many theories as to why that is, the more important issue, particularly for women in business, is to realise that it’s pointless.

The Bible gives us a great reason as to why it’s pointless (whether you are religious or not). It says: “So never worry about tomorrow, because tomorrow will worry about itself. Each day has enough trouble of its own." (Matthew 6:34). Meaning: what’s the point of worrying about what hasn’t happened? Focus on what is happening now.

We all know that in business we need to consider risks and plan for unexpected situations, and that is good business sense. But many of us worry about many things that we can’t change or have no control over. Do what you can to prepare for those things and then stop worrying about them!

Additionally, many of us spend too much time worrying about ‘what could be’, which can halt our progress and stunt our business growth. Spend less time thinking and worrying about the ‘unknown’ aspects of your business’ future, and more time taking steps to improve your future.

Do what has to be done today. Do not worry about what you cannot control. This will un-clutter your mind to focus on the things that will get you where you want to be. Worrying about something will get you nowhere fast.

Michelle Grice writes a weekly column for business women in The Western Weekender

Men still dominate the top of the corporate ladder because many women take time out of their careers to raise children. But in most other areas, women are beginning to lead the way – in fact a US study has shown that twelve out of the fifteen fastest-growing professions are dominated by women.

Why is that so? Some theories suggest that in order to succeed, you need a good attention span, be emotionally sensitive and be able to communicate well. This is often a difficult task for boys and our current education system is perhaps more suited to girls.

However, there is another theory being bandied about: that is, perhaps women are more adaptable to change? US author Hanna Rosin argues that women are like immigrants who have moved to a new country – they flexibly adapt to new circumstances. Conversely, she says that men are like immigrants who have physically moved, but have kept their minds in the old country. They speak the old language and follow the old way of doing things.

From the point of view of a female business owner who is also the parent of two young boys, I would add that the experience of being a primary caregiver also develops great skills in adaptability, multi-tasking and switching frequently between tasks. I’ve learnt to be less of a perfectionist (in a positive sense!) and to grab opportunities when they come my way. This is not to say men cannot possess these skills (many do!) but as research is showing, women are adapting to change and perhaps becoming more resilient than men when it comes to surviving in a changing economy.

So next time you are switching between making lunches, helping with homework, putting on a load of washing, and organising appointments, be assured that it’s assisting you to become a successful business owner!

Michelle Grice writes a weekly column for business women in The Western Weekender

Last Sunday, my 7 yr old and I were cheering on my brother in the half marathon at the Sydney Running Festival. While we were waiting for him to run past us, someone nearby was yelling encouragement to all the competitors. I was unsure whether he was an event official or just an enthusiastic spectator, but I was fascinated by the effect he had on me, let alone the competitors!

What I noticed about this person is that he wasn’t just clapping and cheering, he was very specific in his encouragement and praise. We were standing about 500 metres from the finish line and I could hear him saying “You’re almost there – push through the pain”, “You’ve made it this far – finish well”, “Amazing effort – give your all right to the finish”, and so on.

He was also consistent and made sure he could be heard by all the competitors as they ran by him. I was getting inspired and I was just watching the race! So I can only imagine what it meant to the competitors.

What a great message for women in business. Despite any thoughts you may have to the contrary, you cannot succeed in business without a cheer squad.

You need people around you who know what they’re talking about, who can give you specific encouragement and advice, and who are committed to championing you. You need people at every step of the way who can tell you what you need to hear (not just what you want to hear!). Your motivation will increase immeasurably and you will be amazed at how much more productive you can be.

Michelle Grice writes a weekly column for business women in The Western Weekender

Richard Glover recently wrote a fantastic article in the Sydney Morning Herald titled ‘I’d rather be a second-class citizen’. The premise of the article was that while coming first is fantastic, it essentially requires you to be obsessed and to sacrifice many things for your goal. He wrote it in response to the focus on winning a gold medal at the Olympics and how “suddenly everyone has a problem with people who come second. It has to be gold or nothing”. His personal preference is for coming second in everything because it signifies a much more balanced and therefore happier life.

Does this also apply to running a successful business? At the risk of sounding like I’m suggesting that you aim low, I think it does apply. In a previous article, I wrote about someone who said that she is “a slave to her business”. Although she appeared to be talking about her business in a positive light, I was horrified at the thought of being trapped by my business. My aim is for my business to work for me, not the other way around.

So in business, if achieving ‘gold’ means sacrificing time with my family then it is silver I choose. If it means I have no interests outside of running my business, then silver seem like a much better option.

I’m not suggesting you shouldn’t aim high and achieve the best you can. But ‘the best’ should mean that you are not forsaking everything else in order to reach your goals. Are you really successful if in the process you’ve lost everything else?

Michelle Grice writes a weekly column for business women in The Western Weekender

Ita Buttrose is a bit of a hero of mine. She’s tenacious, successful and a woman who seems to ‘know herself’ well. Watching a re-run of the ABC TV show Australian Story recently, Ita talked about being a tough boss and what that means. For Ita it means she ‘won’t suffer fools lightly’ and wants her staff to ‘give her the absolute best they can’. She stated that “being tough doesn’t make you mean” and “doesn’t make you a difficult person to work for. It just means that within your makeup there is a certain resilience”. How fantastic is that? Ita is a great example of someone who knows how to ‘be tough’ but hasn’t lost the ability to care or ‘be nice’. It seems that many women in business struggle with that tension. They think they need to be one or the other, without understanding that to be an effective manager of people, both are required. This is not to say that men don’t struggle with similar tensions related to gender expectations (for example, not wanting to be seen as too ‘soft’). But for entrepreneurial women, there does seem to be mixed messages about what it takes to be successful. What expectations do you encounter as a female boss? Do you let those expectations shape how you operate your business and relate to staff and customers? If other people have an opinion about how women should ‘be’, you need to ignore those assumptions. It’s vital to learn to deal effectively with people (and by that I mean women often do have to learn to be ‘tougher’) but it’s also important not to be swayed by how others think you should behave.

Michelle Grice writes a weekly column for business women in The Western Weekender

So you’ve been running your business by the old saying ‘the customer is always right’. This might be appropriate in the realm of customer service – although even then, there are limitations to this. But in the area of future planning, your business will benefit greatly from NOT listening to your customers.

Many business owners consult a range of stakeholders when making decisions about the future of their business. While this may elicit some useful information, this is where another old saying comes into play: ‘they don’t know what they don’t know’.

For example, if you surveyed your customers asking them what improvements could be made to your business, their responses are going to be limited to their experience of your business (or industry). If they are happy with your level of service, they are likely to say ‘no improvements required, we love XYZ business just the way it is’. This doesn’t help you to grow and improve, and it gives your competitors a much greater opportunity to move ahead in leaps and bounds.

Imagine if, instead of asking your customers what they wanted, you had a vision for ways that your business could be done differently (and better). Even at this point, if you consulted your customers about these new ideas, they are unlikely to see the value or need: they don’t know what they don’t know.

Ultra successful businesses are those who lead their industries and invest resources and brainpower into innovative and new ways of doing things. Continue to ask your customers to let you know when something isn’t working and what will make them happy. But don’t rely on them to dictate your future goals and direction.

Michelle Grice writes a weekly column for business women in The Western Weekender

Everyone is familiar with the phrase: ‘you get what you pay for’. This isn’t true in all situations, but there are many for which it definitely is. For example: • Nappies – buy the cheapest nappies and you generally make up the cost in washing wet clothes, bed sheets and anything else your child comes in to contact with • Tea Bags – if you are buying no name tea bags, you need to seriously consider if you are actually a tea lover or just someone who might as well drink dish water. The same applies in business. There are some aspects of running a business that you may be able to do ‘on the cheap’ (marketing is a great example: if you can find cheap or free ways to advertise your business, that doesn’t impact negatively on your business brand, then go for it!). But there are some areas you shouldn’t skimp on: • Domain Registration – you would choose the cheapest, right? Wrong. When you need to make changes to your domain you are likely to find out that the ‘cheap’ registration didn’t include access to all the areas it should. You either end up paying more than the ‘expensive’ option OR you can’t access your domain registration at all. • Graphic design – your neighbour’s cousin’s girlfriend loves drawing and has completed a 6 wk introduction to graphic design course. She’s only charging $100 for a logo – bargain! And yes, you may be lucky and get a great product. But more likely, you will find that you don’t get what you asked for and/or don’t receive the professional branding your business really needs. • Insurance – this is not something for which we like paying any more than necessary. However, finding the cheapest possible business insurance (or ‘cutting corners’) is a dangerous game to play. Make sure you are fully insured for all areas relevant to your business (including loss of income).

Michelle Grice writes a weekly column for business women in The Western Weekender