Posted by Beth Fillerup on Mon, Dec 28, 2009 @ 11:29 PM
By
Michael Gunther, President and Founder,
Collaboration LLC
We've all heard over and over again about the importance of exercising and eating healthy, specifically for reducing stress and maintaining overall health. And although I've heard it repeatedly, it was not until recently that I experienced the benefits first hand. It's not that I have ever been a gym rat or even very athletic - in fact, I have gone through many ups and downs with my exercise routines and eating habits. But this last year, I decided to change all that. I needed an outlet for my stress.
You know the stress I'm referring to - all the demands of running a business. The stress of never seeming to have enough time to do the things you want or even need to do for your business. The stress from not knowing if you can get the credit you need to grow your business. The stress of realizing your sales engine has to remain on full all year long just to sustain your revenue levels from previous years. The stress of having to make tough financial business decisions that will impact other people's lives.
Okay, so you get my point. As business owners, there's a lot that we can stress over.
While stress can be a big motivator for some people, I discovered that too much stress actually makes me a less effective leader and business owner. Mid-way through this last year, I knew that I had to make some changes to my lifestyle in order to be more effective in business. I decided to try living a healthy lifestyle and started focusing on a regular exercise routine and healthy eating regimen. The results? Great enough for me to encourage you - if you're feeling stressed - to try it out.
My new healthy lifestyle has allowed me to not only shed some extra pounds but also to focus on growing my business and achieving my goals in a positive and productive manner. Here are the details of what transpired:
Reduced Stress:
Beyond the physical benefits my new healthy routines have rewarded me, I have been amazed at how my stress levels have tremendously reduced. I can't stress enough (yes, pun intended) how this has positively enriched every aspect of my day. I have a clearer mind on how to deal with issues that arise within my business.
Improved Productivity:
As business owners, we have a lot of demands placed on our time. From personal experience, I can tell you that it is imperative to find ways to release the stress that results from these demands. On days that I don't exercise, I feel less balanced and prepared to face the day. When I do exercise, I notice that I have increased energy towards projects and my time is spent more productively.
Oh, and Less Weight:
There are two pictures in my column today. In the new picture (far right), I am actually more than 25 pounds lighter than I was when I took the old picture (far left). And because of all the other benefits living healthier has rewarded me, taking the weight off has been a real benefit - both literally and figuratively.
The Bottom Line
As business owners, our list of tasks will always exist and there will always be tasks to fill our day (and more). Make the commitment and the time to live a healthy lifestyle; you will find your time is spent more effectively and in higher spirits. Start making time for your health today - both you and your business will feel the benefits.
Do you have a plan to make a health shift this year? Leave us a comment about what you plan to do to reduce your stress/ start a healthy lifestyle.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.
Posted by Eric Hubbs on Tue, Dec 15, 2009 @ 12:12 PM
By Michael Gunther, President and Founder, Collaboration LLC
My friend Rob Garcia, a financial planner, suggested to me that as we approach the end of the year, many business owners might appreciate an article on how to perform a Stress Test on their business to determine if they are prepared to excel in 2010.
The more I thought about it, the more I realized Rob's idea had merit. People often have Stress Tests performed to determine their health status; good financial planners perform annual Stress Tests on their clients' investment portfolios; and even Bankers have endured Stress Tests this last year to determine their viability in continuing operations. Why wouldn't a business owner want to better understand their business' health as well?
What is a Business Stress Test, why and when should you perform one? A Business Stress Test is an assessment or evaluation of your business that helps determine if you are prepared to succeed and thrive. As part of your annual planning process, it provides you insight to even the most challenging situations, allowing you to project both worst- and best-case scenarios. As you wrap up your year and formulate plans for 2010, now is the ideal time to perform this straightforward (yet telling) analysis.
To conduct a Stress Test on your business, ask yourself these key questions about the coming year:
- If our sales decline by 10%, 20%, or more, what will we do to be profitable?
- If we lose our top three clients, what plan do we have in place to generate new key clients?
- If our ability to obtain additional credit remains bleak, how will we finance our business?
- If we lose our top two employees, how will we manage their roles and find their replacements?
- If new competitors enter the marketplace, how will we respond?
- If our competitors lower their prices in order to gain market share, how will that impact our sales and revenue?
- If interest rates rise, how will we handle the increased costs on our loans and credit cards?
- If I take a vacation, how will our business continue generating revenue and operating when I am not present?
- If unemployment continues an uphill climb and consumer spending continues to decline, how will that impact our business?
Next, ask yourself the same questions in regards to positive business growth, e.g.:
- If our sales grow by 10%, 20%, or more, are we prepared to handle that growth?
- If we find three more potential top clients, how will we entice them to purchase from our firm?
- Etc.
These "what if" questions are not intended to induce anxiety, but rather to guide you as you assess your company's landscape. Predicting conclusions to these scenarios will help you prepare to successfully build your business even if these situations arise, helping you be proactive rather than reactive in your business. By being proactive you will be able to respond promptly, making educated decisions because you have already evaluated your options.
The Bottom Line
Thorough planning and preparation are critical components to building a sustainable and profitable business. By taking a half day to prepare your 2010 Business Stress Test, you will be developing a key component of your overall action plan, preparing your business to thrive in the coming year.
Is there a topic that you would like Michael to discuss? If so, email him at mgunther@collaboration-llc.com or call (805) 541-9040 to let him know.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.
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