by soco_admin | May 26, 2022 | Good Stuff, SOCO Members
It’s hard to say no, isn’t it?
For most of us, telling someone we can’t do something just feels awkward. We think we’re letting them down. Or we’re giving up an opportunity for ourselves.
But the truth is, saying “no,” can be one of the most liberating things you’ll do. And it’s especially true for those who run their own businesses. If you’re not saying no once in a while, you’ll find yourself burnt out, working late nights, and answering emails after hours.
Not good at setting boundaries for yourself and your work? We’ll help you get started.
We spoke with Fiona Martin, who’s owned marketing co-operative FGM Internet Marketing LLC for 10 years. She has a lot of experience as a solopreneur. And she’s very good at setting boundaries. We wanted to get her insight.
Setting Boundaries Starts with Yourself
Fiona said she has firm working days and hours. And she sticks to them.
“I do not work on weekends, and I usually shut down at 3:00 pm on weekdays,” Fiona said. “I credit my last ‘proper job’ at VisitScotland in Edinburgh, and my managers, for not expecting us to work late or on the weekends.”
Fiona said she avoids checking emails at night or on the weekends.
Creating working hours will help you separate yourself from work. And honestly, who only checks one email when they sign-in on the weekends?
Is It Really Urgent?
According to Fiona, you need to understand what’s urgent and what is truly urgent.
“I work very hard in not getting caught up in urgency because honestly, as a digital marketer, I’m not saving lives here. The work will always be there, whether you speed up and get it done at 7:00 pm on a Tuesday or whether you take a moment and complete it in the next few days,” Fiona said.
Fiona noted urgency could also lead to poor work quality.
“The urgency, I find, also leads to shoddy work. It’s worth approaching your projects with a clear mind, and pushing for speed does not always promote that.”
It’s easy to get caught up in solving an issue immediately. So before responding to an email, or jumping on a project late at night, take a step back and see if the problem is truly urgent.
Create Boundaries with Clients
Setting boundaries with yourself is one thing. But how do you create boundaries with clients? Fiona says it starts at the beginning of the relationship.
“I include a “Rules of Engagement” page in our first contract. In it, I outline our standard working hours, preferred methods of communication, and behaviors that are unacceptable like racism, sexism, or ageism,” she said.
Fiona outlines working conditions and how she prefers to communicate with clients.
“I also tend to ask my clients to schedule a time for a call. Everyone is busy, and I want to give my clients my undivided attention, so you won’t find me taking client calls in the car or while I’m grocery shopping. In order to guarantee you have my attention, we need to plan a 30 or 60-minute phone call that works with everyone’s schedule,” Fiona noted.
If you’re spending time responding to unexpected calls, or texts, you’re giving up the thing most precious to a business owner: time.
So, what if you set boundaries with clients who aren’t very happy about them?
Then it’s probably a sign they aren’t the right fit for you.
Most clients will respect your guidelines and adhere to them. And if they’re not it may be time to re-evaluate your relationship.
Maintaining Your Boundaries
You can write down and create all the boundaries you want, but they don’t mean much if you don’t enforce them.
Fiona said if she begins to violate boundaries she’s created for herself, it causes her to step back and see what’s going on in her work life.
“I’ve found that boundaries are useless if you don’t follow them yourself, so I don’t often violate my own boundaries. If I do, it gives me a sense of unease because ultimately, I’m disrespecting myself, and I have to take a moment to reassess what I’m doing and course correct.”
If clients aren’t respecting boundaries, including your core values, it’s crucial to stand by what you say.
“For work hours and methods of communication, I simply don’t respond. If a client wants a response, they use the methods clearly outlined. Reinforcing other boundaries like not tolerating racism is usually done with conversation, and I’ve had to terminate contracts over those types of issues, too,” Fiona said.
Your Boundaries are Valid
Creating and maintaining boundaries isn’t easy. But it’s essential for everyone, especially those on a self-employment journey. Fiona said the process begins with self-discovery.
“The key is really to understand what sorts of behavior are acceptable and unacceptable to you,” Fiona emphasized. “Your own boundaries are valid and don’t need outside validation from others. If you have a client that doesn’t accept your boundaries, maybe they shouldn’t be a client.”
And Fiona noted it’s hard when you’re starting out, trying to land clients, to make boundaries a priority. But in her opinion, it’s not worth the money or mental toll to keep a client who doesn’t respect your boundaries.
Communicate Your Values
Defining your values begins with a bit of self-discovery.
“It’s important to understand your own boundaries first. What do you want your work-life to look like in a very specific way? This part was the hardest for me,” she said.
Take time to write out what you want your business to look like. For example, when are your working hours? How do you want clients to communicate with you? And what are unacceptable behaviors you won’t tolerate?
Fiona said it’s critical to communicate your values to clients and colleagues. It’s like a store posting its hours on the door. Those are their boundaries. So you should do the same, even if you don’t have a physical door.
Along with her contract, Fiona includes a Rules of Engagement document which outlines how FGM Internet Marketing communicates, their working hours, and expected turnaround times.
Over time, your boundaries will likely change based on circumstances in your life. And that’s okay.
“But the hardest part for me was figuring out those boundaries and defining them. And they will likely change every year as you accumulate new experiences, good and bad,” Fiona said.
For your productivity and health, boundaries are essential. And while they may seem prohibitive, you may find that you’ll do better work for clients you love by setting the proper parameters.
by soco_admin | Apr 27, 2022 | News & Notes
Starlitt Miller helps entrepreneurs, freelancers, and micro-business owners manage their money. She’s spent countless hours working with them to help improve their finances. As founder of Start Accounting And Business Solutions (SAABS), she’s an expert in helping people sort through bookkeeping problems and develop better financial management practices.
Spending so much time with business owners, she’s developed a keen understanding of what makes someone successful when it comes to a critical part of running a business: managing the money.
No amount of talent, customer service, or product matters if the books are off.
So, we asked Starlitt what she believes people need to do to keep their business finances in order. Here’s what she had to say.
The Biggest Struggle for Most People: Discipline
Establishing good financial practices early in the business is one of the most important keys to long-term success, according to Starlitt. And she said that’s hard for many people. Sometimes the business starts as a hobby or side gig but quickly grows into a larger income stream or a full-time job. So creating good habits and sticking to them is essential.
“Being disciplined about separating and treating the business like a business, like it’s separate from you,” Miller said.
In other words, you need a business bank account (and that’s the minimum).
And Starlitt noted most people don’t need a complicated system. You can track revenue and expenses using a spreadsheet.
Starlitt said she’s worked with many entrepreneurs who don’t establish good baseline practices. Instead, they use various payment methods and blend business expenses with personal. And this can cause problems when it comes to taxes and planning for the next year.
“But very often, even at the baseline, it’s like, there’s too much gray space [with] how it’s being organized.”
Starlitt said one of the critical steps for anyone, whether you’re full-time or just running a business on the side, is establishing an LLC, getting an Employer Identification Number (EIN), and separating your business finances from personal. This makes the organization easier, but it also helps protect your personal assets in legal cases involving your business.
Even established businesses don’t take proper financial management steps, according to Starlitt.
“So what I’m seeing is that that baseline of organizing, separating, it’s not taken seriously enough.”
Part of the problem?
Starlitt said she’s worked with many business owners who only look at their bank balance.
“They [businesses] often hired and retained the CPA firm. [And] from an operational standpoint within the year, unless they needed formal statements, they were looking at their bank balance to see how well they’re doing. The cash balance is one part of the picture,” Miller said.
Even after establishing business bank accounts and setting up an LLC, it’s essential to track transactions and understand cash flow.
Starlitt explained many people know they need to look at their financial statements but don’t understand them. And that’s okay. But, it’s important to work with someone (like Starlitt) to learn and be educated on the basics.
“I do encourage them, and I approach our work together in an educational way because I never want someone to work with me because they have to or if they leave me they won’t know what’s going on within their business. That’s not a good position to be in.”
Overcome Bad Habits with a Better System
If tracking finances were easy, everyone would budget, save enough for retirement, and never worry about having cash to cover expenses.
But human beings struggle to create beneficial financial habits. Starlitt said it’s tough to understand why people don’t manage their business income well because you deal with human behavior and everyone has different tendencies.
Starlitt noted each person needs to understand their relationship with money. Everyone has a different background and experience with how they manage it. Those habits will bleed into your business as well.
A critical step in establishing good financial habits is about connecting with the right tools and people, according to Starlitt.
Many business owners only focus on what they owe the IRS and it dictates their view of how their business is performing. Starlitt says the IRS shouldn’t be the driving force behind why you look at your numbers.
“I think it [the IRS] deserves some level of being shrunken down to see a bigger picture because the operational side of your business and how you potentially grow it is why you also need to understand your numbers,” she said.
For many entrepreneurs, it will require a mindset shift.
“The mindset would be the starting point in my opinion and everything else is really about what you need as a person,” Starlitt said.
From there, it’s important to establish a process to match your needs as a business owner and individual.
If you’re looking for a system, Starlitt recommends Profit First to help establish a structure. The priority should be finding a system to benefit your business and your money management habits.
Starlitt’s worked with many companies, and she said those who are most successful set up a system and stick to it.
“Those that set up a system and then maintain it at a basic level, right, so you set up the organizational bins and you put things back where they belong,” Miller said. “You keep everything in its place, and you’re not missing any information.”
When you have your data organized and in the same place, it makes working with partners like accountants and business coaches much easier.
Take the First Step
Finances are intimidating for many business owners. Lots of folks don’t pay much attention because they’re focused on running the company and doing what they’re good at. But, when you signup to be an entrepreneur, this kind of work comes with the territory.
Get yourself registered as an LLC. Or ask an expert (like an accountant) about the best structure for your business. Set up a business bank account (many have free checking). And start tracking your income and expenses using a basic spreadsheet. Each step will be another in the right direction toward good financial health for your business. And when you get to a place where you need additional support, find a great partner (like Starlitt!) to offer expertise.
You can learn more about Starlitt Miller and her work (plus a new venture she’s starting) right here.
