Friday, January 20, 2012

No Budget..No Joke!

No Budget..No Joke

I have just completed my budget for AnyEvent. This was hard to do, but had to be done. I sat down and went over everything I spent I never REALLY had to do it before, but I begin to notice that something’s were not working with my household and business finances.  I was coming up short (lol) LITERALLY!!! and I didn’t know why.
So I sat down and begin to make some review of some of the receipts that came in and went out. I begin to notice a great deal of spending but no incoming to match. I was like WAIT! RED FLAG.. LITERALLY. Yes I was working hard, and had some successful events in 2011, but this was crazy!!!

When you are in business for yourself there are two things you don’t want to do:
  1. Spend more then what you make
  2. Work two jobs while trying to run a business.

Well after I notice all the redness on my budget page, after crying for about 3 minutes and after praying for God to help me (lol) I decided to go to my accountant and blame this on no business so it won’t look my fault. I had the nerve to tell him “this didn’t happen; this fell through” bah…bah…bah. He then looked at me in return and said “Yea right”

We talked for about 3 hours and made some serious changes to my budget for business and home. The one important thing he said, you can’t spend when you don’t have anything to replace. WOW, seriously (lol).  As he explained, a business budget is really the roadmap that will help and guide me through my initial startup period; it will also orient me towards the right goals for the life of my company. It’s going to take a lot of time and work initially, but the time I spend planning can have a huge effect on how my business will operates.
To build a successful business, you need to create a specific plan of how much money you’ll need to spend to get started, how much you’ll need to operate, and how long it will take before you can start to make money.  Those are the three most important things to know. In other words, if I’m not making I can’t spend (lol).  We sat there and created two spreadsheets, one for home and one for AnyEvent.  We looked at what was coming in and going out. It was frightening to see the numbers, but I thank God for helping me before it was too late.  He begins asking me questions:
·                     How many events do you want to plan for 2012? Be realistic
·                     What are the direct costs of the events - ie costs of marketing or staff to make this happen?

There were other questions he asked me as I begin to see the light!!! We created the budget, I cut a lot out and I begin to start making some of that end of the year marketing material I purchase do some work.
Event Planning is my passion, as my Pastor, Dr. Tony Evans once stated, “you know your passion because you would do it for free”. I love event planning enough to do it for free, but that was not Good’s intention. So with that said. I’m now on a budget for me and AnyEvent, I’m making some changes and I’m looking at my company with a new view. In order to be success, I have to think successful, and that means making changes were they need to be made, and that’s in the budget!!! I’m struggling to accept it, but the budget has and will be best for me and AnyEvent.
Is your company operating on a budget? Does it need to? Did you have to make changes? I would love to hear from you on how your business is surviving in the area of finances. Never know, you may just help some one. 
Until next time.. The Business Woman

Balancing my budget! 

Thursday, January 5, 2012

The key lessons I learned in 2011

Key things I learned in 2011

For weeks I have been trying to figure out how to write my final blog for the year. This has been the biggest challenge I’ve had to do… all year (lol). At first I didn’t know what I wanted to blog about, then I didn’t have the time and at one time I even got in a funk and never gave it a second thought. Then I though???? What can I say for my final blog of 2011?

Key things I learned in 2011

  1. Pray every single day for AnyEvent. I pray every day for my company (aside of my daily prayer) its God’s gift to me. I talk to the CEO about His Company instead of running off doing things with out asking (lol).  I will pray for those who come in contact with AnyEvent and those who I think I should be doing business with. So far God has place the right people in my life and I’m happy He has done so. Not everyone will have the passion you have for your company, so I have learned to be VERY careful.  
  2. Don’t take yourself so serious. I buried myself in AnyEvent for the last 6 years I forgot how to have fun; how to laugh even date. When something went wrong, I pouted and work hard and never let up till I felt that everything was perfect. When you are the CEO of your company, it’s only right that you work hard, but don’t let you be the company, Let God.
  3. Rest for no reason at all. Yep, you have the right to be unproductive at least once a week. God rested.  When you are unproductive you allow your mind to catch up with your spirit to relax. I sometimes put in a movie; listen to some of my favorite music.. Heck I usually watch a bunch of chick flicks and lay around..
  4. Take a vacation by yourself.  I went to Washington DC 3 times last year for business and selfness reason and glad I did. I met some new friends and working on trying to gain some new clients. This kind of vacation allows me to let others know that I’m flexible enough and excited enough about my business to travel and share it with the world.
  5. Educate yourself. Ok.. We don’t know it all, and the business / client and need for services is changing rapidly in every field of business every single day. Educating myself in 2011 and learning more about my passion allowed me to the opportunity to offer more to my clients and be better with my skills.  You become more valuable to your craft and yourself when you learn more. You will begin to be marketable as others.
  6. Close the door on fear.  I’m choosing to stop being afraid of what’s behind the closed door. Stop thinking that I can’t that client or do that event. I would rather fail trying then not trying at all loosing out on the chance to be successful. Nothing beats a failure but a try. I’m always trying not to face my fears, But my fears keep coming back to hunt me, so I’ve decided NO.No.. I will not allow fear to run or ruin my life. Embrace fear! Hello fear!!! (lol)
  7. Set a budget for the entire year. This was really hard for me to do when I looked at my finances at the end of the year.. YUK!!! I Looked at what I spent last year, and what it will take to operate AnyEvent in 2012 with out going broke. I made some serious changes at the end of the year so going into 2012; I won’t make the same mistakes. I’m cutting back on some things, may have to do some things myself. I may have to spend a little more on marketing. The reason for being in business is to enjoy your passion and make a profit while you are doing it. Believe me, it’s not easy or joyful running a business with no money.. It’s down right depressing.
  8. If you need extra help make sure you can afford it. Set aside a REALISTIC budget to hire someone to help me. I meet with my tax accountant and asked can I afford to hire a person to do this? I contact my business consultant and ask is it a smart decision to bring in this person?
  9. Take a walk. I love walking. It allows me to breathe; exercise and think. Even when it’s cold, I walked for a few minutes to breathe. The winter brings about the blues to some people, even me. So when it happens I walk it out.
  10. Allow mistakes to happen. I made a lot of business mistake in 2011, it was hard to bounced back from them do to PRIDE! But I also learned a lot about me in the process, I’m not perfect. I am a small business owner who is growing everyday and I have a lot to learn in the process. If I am to be better in my business I need to allow mistake to happen and get over it (lol). It’s not easy but nothing is when you are growing.
  11. I can not live up to everyone PERSONAL expectation. This was hard for me. In everyone’s eyes I had to TRY and look like I had it going on, personal and financial. I had to pull away from AnyEvent for 6 weeks to gather up my thoughts and begin fixing things that needed to be done. I’m on the right track now. I’m taking the time to educate myself and talk more with my business consultant, mostly being patience with myself and others.   
  12. Friendship and business. Not everyone you know or friends with have to support your business. Now as much as I want them to, not all will. No reason to get upset or fuss about it. I realize God didn’t create AnyEvent for them, He created AnyEvent for a purpose.. It was hard to accept, I’m glad I did! I rather they’re my friends anyway (lol) !!!

These are the 12 lessons I have learned in 2011, I’m ready to move forward in 2012.  Hello Fear, Good bye pride and get out the way negative.. There is work to do and I’m going to be doing it!!

Welcome 2012, thanks for showing up!!!
Did you face any issues in your business or on the job in 2011; Did you learn any lesson in 2011; What are you going to do as you approach the New year?

I would love to hear from you! You comments are always welcome and you never know, may just help someone!! 
Until next time.. It's the Business Woman!