I’ve got a secret. A concern. Good news that can’t be made public. It’s about my business. And I’ve got to share it with someone … and soon.
Running a small business gives you a lot to think about 24/7. Sometimes it’s easy enough to corral those thoughts and process them yourself. Other times, it’s nice (essential!) to have someone to talk to about your business. It helps you better think through what’s going on and opens up the topic for feedback and support from others.
Of course when it comes to good news, that’s typically easy to share.
We got a new client!
A six-month-old invoice just got paid!
What’s harder to share is the shitty stuff. It’s the stress you feel about a (fill-in-the-thorny blank) topic or a burning business question that needs to be answered.
I have a hard conversation coming up and wish I could role-play it with someone.
I haven’t taken a paycheck from my company for almost a year. Is this normal?
Business owners — especially those at smaller companies with a party-of-one C-Suite — can feel stuck without someone to talk to about confidential business matters. That’s why it’s important to get your power partners in place before you need them.
I don’t know what I’d do if I didn’t have people in my corner. There’s my Moxie business partner, Tracy Stanfield. (She’s a big reason for why I still love what I do for a living!) And there’s a wider network of people I tap into, as well.
What Can You Share with a Business Confidant?
Sharing confidential business information carries some risks because you’re opening yourself and your business up to outsiders. What’s appropriate to share depends on who’s on the other side of the table, your comfort level with them and what topics have been historically fair game to discuss.
These are some of the topics I’ve heard discussed in the groups and with the confidants and coaches I’m connected to:
- What to charge for products and services
- Where to turn for a new vendor, such as a graphic designer
- How best to handle a sticky client issue
- What should you pay yourself
- What’s working in social media marketing
- How to be more profitable
- How to improve a relationship with a business or life partner
Industry Groups and Competitors
These days, I like to tap into groups of people who do the same work as I do. I’m part of Profit First Professionals, a community of bookkeepers, accountants and business coaches who are certified in the Profit First methodology to help their clients build highly profitable businesses. Sharing a similar mission, as we all do, makes the time I commit to this group so worthwhile.
And because I’m all in on Profit First, I started a Facebook group where profit-minded business people (126 as of today!) read and discuss the Profit First book. I reinforce key tips and best practices in weekly videos, too.
I also keep in touch with other bookkeeping firm owners and consider them to be “niche-mates” more than competitors. It’s helpful talking shop with someone who knows exactly what I do and who values collaboration over competition. There is enough business out there for all of us, and we each differentiate ourselves in our own way. And while it doesn’t make sense to do this with every competitor, I’d rather be open to getting value from these types of conversations vs. closing the door on them.
Accountability and Mastermind Groups
If I could be 100% accountable to my personal and business goals 100% of the time, that would be great. But it’s not realistic. That’s why I value my accountability and mastermind groups. I can achieve more with their support than I can do on my own.
People may debate these definitions but, to me, a mastermind group offers peer support from people in similar business situations or those who have similar goals.
A coach typically leads the mastermind each month, and group members help one another find the best tactics and tools to implement a strategy that’s often devised by the coach. Members share how they overcome roadblocks and talk about how to make the most of business opportunities.
Accountability groups typically meet weekly or every other week. Members help each other clarify and then act on the “one thing” they want to be accountable for in the upcoming week, month and quarter that will bring the biggest change with the least effort. (In my group, we all put $100 on the line if we don’t do what we say we do!)
Business Coach
A coach is the ultimate confidant because you’re investing in someone who is solely focused on your needs as a business owner.
You can discuss general business matters with your coach or focus on a specific area. (You’re the client, so the coach should tailor their help to just what you need.) You might even need more than one kind of coach, depedning on your business goals. My coach specializes in marketing, and I’m working with her on my Profit First consulting business.
A good coach is your sounding board and someone who offers expertise in your industry or in the growth areas you want to tackle. Their partnership with you should be able to shift from high-level strategic planning to in-depth and focused one-on-one support.
Finding the best business coach for your needs is also about fit. You’ll likely discover this from the get-go, so make sure you mesh with the coach before committing to a long-term contract.
Moxie’s Coaching and Mentoring
As part of our Profit First practice, we offer individual coaching for business owners who want to run more profitable businesses. They typically come to Moxie with a strong desire to gain more control of the money that comes into and goes out of their company.
Our work together begins with a free phone call. From there, we decide what comes next — a one-time, intensive session or a series of calls and work that can stretch out six months or longer.
We Get By with a Little Help from Our Friends
If you’re tired of going it alone, I urge you to reach out this week and connect with an online group (here’s one I’m partial to: my new Facebook community), an accountability group made up of fellow business owners or a personal coach.
Running a small business can be hard and isolating at times. You’ll never regret having a business confidant (or two or three of them) to talk to right when you need them. And remember, I’m here if you need me — here’s my email address.