The greatest risk to your business….is you

Originally this post included 5 tips to help you work on your business instead of in your business (an important distinction).

Except, I reread my tips and saw that there was only one that was truly powerful. I’ll share that tip in a moment, I swear.

Let me take you back to 14 months ago.

I was taking a class on entrepreneurship through Praxis International. I’d been an entrepreneur for 15 years but I had holes in my knowledge. Thos holes were the scary holes of things like insurance, taxes, laws, contracts, accounting.

One day they brought in a lawyer and an accountant. I just about had a heart attack learning about all that stuff and thinking about all the mistakes in the past I had made.

Thankfully, I got through it. Phewf!

One of the teachers, Monica Krueger, asked what we thought the greatest risk to our business was. We threw out lots of great ideas like theft, financial mismanagement, staff, law suits. They were all wrong.

She explained that WE (meaning, you and me) are the greatest risk to our business.

Lets stop here for a moment.

You are the greatest risk to your business.  

That statement is now burned into my soul.

Quick business pulse check.

Are you guilty of any of these bad habits?

Does your website desperately need a revamp?

Is your last blog post from 2013?

Do your new products enter the sea of nothingness because you don’t have time to promote? Or maybe you haven’t even released it… or even worse, haven’t had time to even create it!

Are you stuffing your receipts and income into some kind of folder and not tracking it every month?

Or maybe, you’re avoiding that sales call or follow up because you feel anxious.

You, my friend, are killing your business.

To be fair. I am guilty of many of the above as well. As long as you and I take note and see ourselves as a risk we can prepare against it.

Each of us has our own demons to slaughter and I’m not sure what yours are. Here are the 2 biggest safety precautions I have in place to protect my business from it’s sassy owner (me).

2 tips to avoid risky business – Tweet this!

1)  Put you first

Just like the financial advice to “pay yourself first”, your business must come first on the todo list.

Put your sales, website, social promo, accounting and all that jazz on your todo list FIRST. Then clients come after.

Note: This is just in your business realm. There are lots of things that come BEFORE business ie. family, self care and Game of Thrones reruns.

2) Manage Yo’ Money

Watch your finances closely. If this is too stressful, intense and overwhelming – get help. A bookkeeper was the first investment I made in my business. There are also accountants, financial coaches and even friends and family that can help us with this. Either way – money is the life vein of your business and make sure its flowing.

Let’s add some more tips to this list! How do you protect your business from you? 

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  • Here I am with two domain names and I haven’t renewed or set up my website. thanks for the nudge.

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Leah-circleI sold 10x over my goal and grew my list by 30% with Farideh on my launch team. There is no way I could have done that without her help. Launching is hard. Farideh is a life-saver and you need her.
Leah Kalamakis, leahkalamakis.com