Posts Tagged ‘entrepreneur’

Does Your Business Have A State Of The Union?

business state of the unionStarting in 2009, I took it upon myself to develop a Business State of the Union.Our company had been growing since its inception in 1997, and with the way technology was changing all the time I felt I needed to have everything in one place. I needed to have information available to me or to my husband if something were to happen to either one of us.  Articles have been written that touch on pieces of what was going through my mind. In fact, there was an article from the NY Daily News about having a social media will.

But it is not just about social media. Think about your entire business. The infrastructure, the access, the passwords, the chain of command. What happens to all of that if something unexpectedly happens to you?  Who has access? Where are the passwords?

Setting up your own State of the Union (SOTU) is an essential part of running your business. I am on my 8th year of doing so, and remind everyone annually at this time. So let’s go through the basics of what you need to do in order to set up your own personal SOTU.

Step One: Collect all the data.

  1. Business Systems – what technology do you have in place that is a vital part to running your business? Is it a specific software or database? Who has access? Where are the passwords? Does someone else understand how it works? A common one that comes to mind is Quickbooks.
  2. Social Media –  As it stands, Facebook will not give you access to your loved one’s account when they pass. They will “memorialize the account” so only confirmed friends can see and still post. Now for most people this may not be that big of a deal, but what if you have a lot of Facebook Ads tied to this account? Pictures? You cannot access this without the name and login.  There are types of legislation the will assist in certain cases, but why not avoid it altogether and have your login and password accessible to the person that will need it? This of course also applies to Twitter, LinkedIn, Pinterest, Instagram, you name it. Gather your logins and passwords to all the social media sites you frequent and list them on your SOTU.
  3. Email – Where is it hosted? What are the passwords? Do you have access to all of the machines, such as home or work laptops, phones, iPads, etc.  where you can log on to the email?
  4. Websites – Again, where is it hosted? What are the logins and passwords? How many domain names do you own, and when do they expire? Where did you register them? This is especially true if your livelihood is tied to your brand and website.
  5. Internet/Back Ups – Gather your logins and passwords to deal with our internet account. Do you know your wireless network password? Do you have a guest account with a password? Do you have a Time Capsule or other back up hard drive that is password protected? You need to know what these are!
  6. Cell Phone Accounts – Again, having access to logins, passwords, and plan information is vital. It is extremely rare that anyone has a land line any more, so you need to be able to get on the carrier’s website and adjust whatever is necessary.
  7. iCloud/iTunes – Apple is typically very helpful in retrieving someone’s music if they have passed, but if you have access to these accounts and can relieve a lot of extra work and aggravation.

I could go on and on with the list of different programs, products, services like PayPal, Amazon and various people like lawyers and insurance agents, but you get the idea.

Step 2: Where To Store It

Now that you have all of this technical data in one place, what do you do with it? First, I recommend using an encrypted system to store all of your vital passwords. We use and recommend Passpack. Passpack.com is a password management system that will allow you to manage and organize your passwords, create accounts for family members or team members, and it is all encrypted and secure.

Next, it is time to create the official SOTU: a Word document or Excel spreadsheet that lists the physical location as to where to find your important documents, such as wills, life insurance policies, bank accounts and so on, and then also include your Passpack account information. This document can be as simple or as thorough as you want it to be. Then you find a place to put it.

Last year I even placed everything “in order of importance” to the best of my ability, just to make it easier on my executor.

My husband and I have placed our SOTU onto Dropbox, which is not only accessible to us both, but makes it easy to update the information. I also have a printed copy that I keep with the wills in a safety deposit box – just because I am anal like that.

Step 3: Update on an annual basis.

For us, that just happens to be every August. Set a date on your calendar – one that you will stick to. It only takes us less than an hour to go over any changes to passwords, business systems, bank accounts, etc. Just a small amount of time can really save you a lot of grief and struggle in the long run.

The SOTU is very personal since everyone utilizes technology and social media in different ways. Honestly – you don’t need to be a business owner to have one. Everyone should. Get your info together and then pick a person in charge.

So how many of you have a SOTU? Am I the only one? Did I get your wheels spinning? What are your thoughts?

What Are You Spending Your Energy On While Running Your Business?

What-Is-A-Home-Energy-AuditLast night I was skimming through my Facebook feed one final time before I shut the tech down for the night and came across a particularly poignant post from Elizabeth Gilbert. For those of you who don’t know she is a well-known author, probably best known for her book Eat, Pray, Love, and has recently been on tour with Oprah Winfrey while releasing her newest book, Big Magic. She was talking about how to have more energy in your life. I thought it was a fabulous article that focuses  on you as a person, but it made me think: where am I spending all of my energy in my business?

It is so easy to get caught up in what we think we are supposed to be doing. We read articles, blogs, and books. We watch videos and take online classes. We typically listen to whatever catches our eye and spend time coming up with plans based on the latest and greatest promotions and methods. I have a radical idea here.

Stop it.

#1: Stop chasing what everyone says you are supposed to be doing and really evaluate WHAT WORKS FOR YOU.

I know you are thinking, how do I do this though? Sadly, there really isn’t a quick and easy answer. I don’t care what anyone says. In order to know what really works for you, you have to come up with a plan of attack based on what you do best and what your target market really is looking for. Develop a marketing plan on how you will educate people that you are the person to give them what they are looking for, and then TRACK AND MEASURE your efforts.

That is why this is not a quick and easy answer. Tracking and measuring takes time. You need to be consistent with your approach and your methods at a minimum of one quarter. You cannot try something once and give up. You have to be consistent with how you are marketing yourself, what you are promoting, and then providing whatever that is. When that is all said and done, you do what is commonly called a “Monday Morning Quarterback”  recap where you assess what went right, and what went wrong. Once you have this data, you can make a decision on how to move forward. Then you look at the next step.

 #2: Did you enjoy it? Was it fun?

Most entrepreneurs start out with excitement and a fire in their belly because they love what they do. But all too often they get caught up in those latest and greatest ways to promote themselves and they start to loose sight of why they started their business in the first place. Running your own business is supposed to be fun! A lot of work, yes, but definitely fun! If you are finding yourself dreading getting out of bed to go run your business, then the time is now to re-evaluate. Just because one method is working like gang busters for someone else does not mean it will work that way for you. Maybe that method is correct, but you just need someone else to carry it out while you focus on something that YOU love to do. My coach and mentor, Michael Port, often says he wants you to have a mad love affair with your business. He could not be more correct. If you don’t even remember why you became an entrepreneur then it is time to stop the madness and focus on where your energy is going and if it is doing you any good. Again, the only way to know this is to TRACK AND MEASURE, and then have a brutally honest conversation with yourself to determine if you had fun.

So I ask you: what are you spending your energy on while running your business? What can you let go of and do differently? What will make you fall in love with your business all over again?

Helping entrepreneurs get clarity and focus is one of my favorite parts of my business. If you are looking for some guidance and are interested in learning how I can help with customized strategy sessions, contact me today so we can make 2016 your best year yet!