What are You Doing to Create a Thriving Business?

By Yvonne Weld

“That will never happen to me” is a cliché many of us apply to a number of aspects in our lives, yet we subconsciously take precautions to protect ourselves. We buy home insurance in case of theft or fire, we buy life insurance to protect our families in the event of our death and we buy car insurance in case we are in a car accident. Some of us buy business insurance to protect our company. Many of us overlook the biggest “insurance” we should be investing our time and money in from the beginning. The “insurance” provided in ensuring a thriving business. What does it mean to ensure a thriving business?

The first step to creating a thriving business is preparing an operational manual that will guarantee business survival through any hurdle including business growth, owner absenteeism, and even owner death. Most business owners never stop to consider what might happen if they were injured, sick, or worse. By taking a precautionary role in your business, ask yourself how things would work if “it did happen to me.” What would happen if my spouse, child, or parent was sick tomorrow – could I dedicate the time to their recovery?

These are all things we think we won’t have to worry about, but what if the occasion arises? Step back for a minute and think about how your business would change if you needed to take the time to dedicate to a personal problem. Perhaps for a short term, business wouldn’t change much; but, what if you needed to step back for an extended period of time? What would happen then?

Today’s small business success hinges on the expertise and skills of the owner. What happens to the business should the owner become ill or die? In many cases, a family member steps in out of obligation. Often they lack the skills necessary to allow the business to truly thrive. They don’t have the same dedication, determination or passion to see the business succeed as you did. In many cases, a family member will promise to maintain a family business thinking “I won’t ever have to worry about that.” After all, no one thinks it will actually become their responsibility.

By creating an operational manual that outlines every facet of your day-to-day operations, your business could easily continue uninterrupted. Including pertinent company information and a full description of how daily tasks are carried out will ensure tasks will be handled in the same manner you would expect. Family members could easily hire someone to manage operations based upon your manual. This way, they will know things were being handled as you would handle them.

Step back for a minute and think about what it means for you to truly create a thriving business. Just like plants need essential tools to survive, so does your business. The ingredients may be different but providing them is no less important. Plants need water, sun and dirt in order to grow vigorously and healthily. Your business needs a successful team leader, a desired product or service and a plan for success and profitability. Most businesses have two of the key ingredients and are missing the most important one. If you leave instructions for watering your plants, shouldn’t you leave instructions for running your business?

Yvonne Weld is the author of The Ultimate Guide to Creating a Thriving Business and is the owner of ABLE Virtual Assistant Services (www.ableva.com). For more information about The Ultimate Guide to Creating a Thriving Business and how you can protect your business from unexpected absences due to injury, sickness or even death, visit the Web site at http://www.thrivingbusinessmanual.com.

Published in Networking Today, March 2007

Running a Home Based Business …is not always a Bed of Roses

By Yvonne Weld

Every rose has its thorns…and that’s true in the garden and in business. Starting a home-based business requires skill in navigating the thorns you encounter as your business begins to grow.

I began researching home based businesses because of the advantages that working from home afforded me: making my own hours, staying home with my children, and taking take time off when I wanted and not when the “holiday schedule” allowed for it. I viewed entrepreneurship through “rose-colored glasses” and didn’t see the thorns associated with owning my own business.

Loneliness

There isn’t a “water cooler” in my home office and my cat never sticks around long enough to talk about who was voted off the island last night on my favourite reality show. Isolation is one of the largest struggles that the home-based entrepreneur faces.

The realization they are now a “one man show” can be overwhelming. The best way to overcome feelings of loneliness and isolation is to join online forums. Also, make sure to get out of the office and attend networking events. If you thrive on interaction with others, this may be a thorn you cannot get past and opening a home-based business may not be a good choice for you.

Misconceptions of Others

Some people think that entrepreneurs sit around with their feet up eating bon-bons all day. When someone finds a way to make money doing that – let me know! I can’t count the times someone has asked me to volunteer on a committee or waste time talking about their favourite soap opera all because they think I’m not REALLY working.

When you start your home based business you will spend a lot of time explaining to others what your job entails, including the hours you plan to work. When others respect that you are serious about your business and its success you’ve successfully removed this thorn.

Separating Personal from Business

Balancing personal life and business life is challenging for many entrepreneurs that work from home. If you have a family it becomes even “stickier.” It is important to ensure that your family sees that you are dedicated to your work when you are at work and you are dedicated to your family when you are at home.

It is vital to schedule family time and business time. I stay away from my office during scheduled family time and focus on my business during business time – the laundry will wait until after hours. Caller ID and call display are wonderful tools to ensure personal phone calls don’t become a thorn in your side.

Billable Time vs. Non-billable Time

The biggest hurdle (or thorn) for many home-based entrepreneurs to overcome is a “paycheck” mentality. Even though you’re working a forty-hour week, you’re not getting paid for forty hours. You need time to market your business and keep both your clients and the government happy.

While you can hire professionals to assist you, it is important to budget for non-billable time.

Before you decide to take the leap from the corporate world to opening a home-based business, stop and smell the roses. If you’ve identified all the “thorns” involved, you’re less likely to get pricked when you reach out to grab one. Take an honest look within yourself and decide if you have what it takes to navigate the thorns and bloom into a successful entrepreneur.

Yvonne Weld is the owner of ABLE Virtual Assistant Services (www.ableva.com), which offers administrative assistance to “solopreneurs.” At ABLE Virtual Assistant Services, we take care of the details of your business so that you can use your time effectively and wisely.

Published in Networking Today, December, 2006

Virtual Assistants…Six Questions You Need Answered

By Yvonne Weld

Although Virtual Assistants are popular in the United States, Australia, and the United Kingdom, Canadians are not as familiar with this new – and quickly growing – industry. It is through education that this field can truly grow. Hopefully someday soon people will be asking, “Who is your Virtual Assistant?” rather than “What is a Virtual Assistant?”

1. What is a Virtual Assistant?
   
   Before you can determine how you can work with a Virtual Assistant you must understand what the term means. Simply put, a Virtual Assistant is a business owner who offers administrative support, virtually. The International Virtual Assistant Association defines a Virtual Assistant as “an independent entrepreneur providing administrative, creative and/or technical services. Utilizing advanced technological modes of communication and data delivery, a professional Virtual Assistant assists clients in his/her area of expertise from his/her own office on a contractual basis."
   
   
2. Why would I want to work with a Virtual Assistant?
   
   There are many advantages! First, there are no hidden costs. The Virtual Assistant takes care of his or her own expenses including office space, equipment, computers and software, and all wage-related expenses. A Virtual Assistant is not like other employees; instead she becomes a member of your team and has a stake in the success of your company. If you don’t succeed she won’t succeed.
   
   Most Virtual Assistants have many years administrative experience and can handle a variety of tasks. Many work outside of traditional business hours to provide flexibility. With a Virtual Assistant on your team you have an opportunity to grow your business rather than just maintain it. You can get back to the things you love doing…while the tasks on your TO DO list are looked after.
   
   
3. How do I find a Virtual Assistant?
   
   There are two associations that list Virtual Assistants in Canada – the Canadian Virtual Assistant Connection and the Canadian Virtual Assistant Network. Thanks to technological advances, a Virtual Assistant doesn’t need to live in close proximity as communication is available through email, facsimile, Internet, and telephone.
   
   
4. What can a Virtual Assistant assist me with?
   
   Virtual Assistants can assist you with everything from basic administrative functions (document preparation, correspondence preparation, transcriptions services, etc.) to specialized services such as Web site design and maintenance, bookkeeping, and event planning. Each Virtual Assistant has his or her own skill set and services. Many have established connections with other Virtual Assistants and will contract out specialized work or direct you to another Assistant.
   
   
5. How do I communicate with a Virtual Assistant?
   
   The most popular methods in communication are email and telephone; however, facsimile, courier, and Canada Post are often used. Many who have worked with Virtual Assistants have set up post office boxes that are accessed by the Assistant to ensure all client correspondence is handled directly by the Assistant.
   
   
6. Is there anything a Virtual Assistant can’t do for me?
   
   There is no task that an in-house assistant can do that a Virtual Assistant cannot do for you…except make your morning coffee.
   

Yvonne Weld is the owner of ABLE Virtual Assistant Services. She can be contacted at (519) 652-0914 or by email at yvonne@ableva.com.

Published in Networking Today, June 2006.