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The Power of Pause : 5 Questions That Could Transform Your Business

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Manage episode 478482600 series 2824162
Content provided by Tracey Mylecharane. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tracey Mylecharane or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

With the first quarter rush easing, this time of year gives us a moment that's rare in business - a natural pause. Personally, I take this time of year as an opportunity to look at my business with fresh eyes by asking myself 5 powerful questions.

I encourage my clients to ask themselves these same questions to gain a sense of clarity on where their business is at. So before we dive back into the daily rhythm of client calls and content creation, let's use this breather to ask ourselves five questions that could shift not just how we work, but why we work the way we do.

1. Am I Doing the Work I Love? And is it profitable?

Let's be honest - not every client project makes your heart sing, but there should be a spark in most of what you do. Take a look at your current projects. Do they energise you, or are you dragging yourself to your desk each morning? The sweet spot is where your passion meets your clients' needs - and yes, your bank account's needs too.

Speaking of bank accounts - passion projects are great, but they need to pay the bills. Look at your revenue streams with clear eyes. Which services are actually making you money and which ones are you holding onto because you "should" offer them? Sometimes the most loving thing you can do for your business is to let go of what's not working.

2. Are My Client Agreements Up to Date?

Your client agreements are like the foundation of your house. You don't think about them until something starts creaking. Take a quick look at yours. Do they still reflect how you actually work? If not, it’s time for a chat with your business lawyer to update them.

3. Is the Business's Profitability Where It Needs to Be?

This goes deeper than just checking your revenue. Look at those sneaky subscriptions you signed up for last year. Review your pricing - are you still charging what you did when you started, even though your expertise has grown? Sometimes the smallest tweaks can make the biggest difference to your bottom line.

4. Have I Documented All Handshake Agreements?

We all love those exciting conversations that end with a handshake and a "let's do this!" But here's the thing - memories fade, and expectations can shift. Take those verbal agreements and get them in writing. It's not about trust; it's about clarity.

5. Have I Got Policies in Place for the Biggest Risks in My Industry

It’s crucial to assess risk management within your business. Do you have policies in place for the biggest risk areas, such as cybersecurity? As vulnerabilities grow, having clear policies and secure contract terms with your contractors becomes essential.

I encourage you to use this natural pause to realign, readjust, and maybe even reimagine what's possible for your business in the months ahead.

What's one question from this list that resonates most with you right now?

LINKS:

Sign up for my fortnightly Briefing Notes here

Discover the Masterclass Series here

Check Your Legals with the Essential Legal Checklist here

Book a Free 20-minute Initial Consult with me here

Join me on Instagram here

  continue reading

205 episodes

Artwork
iconShare
 
Manage episode 478482600 series 2824162
Content provided by Tracey Mylecharane. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tracey Mylecharane or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

With the first quarter rush easing, this time of year gives us a moment that's rare in business - a natural pause. Personally, I take this time of year as an opportunity to look at my business with fresh eyes by asking myself 5 powerful questions.

I encourage my clients to ask themselves these same questions to gain a sense of clarity on where their business is at. So before we dive back into the daily rhythm of client calls and content creation, let's use this breather to ask ourselves five questions that could shift not just how we work, but why we work the way we do.

1. Am I Doing the Work I Love? And is it profitable?

Let's be honest - not every client project makes your heart sing, but there should be a spark in most of what you do. Take a look at your current projects. Do they energise you, or are you dragging yourself to your desk each morning? The sweet spot is where your passion meets your clients' needs - and yes, your bank account's needs too.

Speaking of bank accounts - passion projects are great, but they need to pay the bills. Look at your revenue streams with clear eyes. Which services are actually making you money and which ones are you holding onto because you "should" offer them? Sometimes the most loving thing you can do for your business is to let go of what's not working.

2. Are My Client Agreements Up to Date?

Your client agreements are like the foundation of your house. You don't think about them until something starts creaking. Take a quick look at yours. Do they still reflect how you actually work? If not, it’s time for a chat with your business lawyer to update them.

3. Is the Business's Profitability Where It Needs to Be?

This goes deeper than just checking your revenue. Look at those sneaky subscriptions you signed up for last year. Review your pricing - are you still charging what you did when you started, even though your expertise has grown? Sometimes the smallest tweaks can make the biggest difference to your bottom line.

4. Have I Documented All Handshake Agreements?

We all love those exciting conversations that end with a handshake and a "let's do this!" But here's the thing - memories fade, and expectations can shift. Take those verbal agreements and get them in writing. It's not about trust; it's about clarity.

5. Have I Got Policies in Place for the Biggest Risks in My Industry

It’s crucial to assess risk management within your business. Do you have policies in place for the biggest risk areas, such as cybersecurity? As vulnerabilities grow, having clear policies and secure contract terms with your contractors becomes essential.

I encourage you to use this natural pause to realign, readjust, and maybe even reimagine what's possible for your business in the months ahead.

What's one question from this list that resonates most with you right now?

LINKS:

Sign up for my fortnightly Briefing Notes here

Discover the Masterclass Series here

Check Your Legals with the Essential Legal Checklist here

Book a Free 20-minute Initial Consult with me here

Join me on Instagram here

  continue reading

205 episodes

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