Sometimes when you go into business, there aren't any mentors around to help you understand how to best run your business. You will receive a lot of information from people that think they know the best way to run a business, yet the results of that information is not getting your business to the next level. It's essentially the blind leading the blind. Now that by firm is exiting the terrible twos and entering the thrilling threes, here are some resources that I have found to be invaluable to the survival of my business.
Book No. 1: PROFIT FIRST - Finances
Profit First helped my firm gain a firm grasp on dealing with business finances. I get referrals often where the issue is business taxes. Even myself with my firm, it was either pay myself or pay withholding taxes. I chose the latter. The added stress of being an entrepreneur is even more intense when you are pouring blood, sweat, and tears into your business only to lose hold of your personal finances for the sake of your business. At the end of the month, you are wondering where all of the income from the business went with no proof in your personal finances of a job well done. This book puts everything into perspective and give you a set process for taming the monster known as business finances.
Caveat: When you implement the processes in this book, everyone, including banks, will think that you are crazy or doing something fraudulent. You're not. This book tells you how to tell your business finances what to do to obtain the financial results you want for your business instead of your business and its vendors telling you what to do with your businesses money. It was definitely a game changer for the firm.
There are also spin-off versions of Profit First for different types of businesses. Amazon is a great resource to purchase the Profit First book specific for your business. If there is not one specific for your business, the original is what you should read. I personally feel that you should read the original first and then read the one specific for your business, however, the choice is yours.
It's better to start out with this book than have to transition into the new system, however, day one is always today.
Book No. 2: EntreLeadership - Management
The first book was for business finances. This book is for running your business and dealing with the people that you hire to help run your business. Even if you are your only employee, this book is a great resource because you will not be your only employee forever.
The great message from this book is that you are patient in hiring, patient in terminating, and generous in compensation. His leadership style encourages employees and himself to work hard while you are supposed to be at work and leave work at work on time. This message is great for entrepreneurs because your business can easily take over your life. You wind up being successful in business yet have no personal life to show for it. With his principles, you give of your time where it is necessary and appropriate to give of your time.
The book is also great for compensating employees. If you are wondering what is the best way to compensate your employees, this book gives great examples of how to compensate your employees based on their personal drive. Not every employee thrives off the notion of a bonus check at the end of the pay period. Some employees thrive off of a job well done. The leadership methods in this book help you identify what drives that employee, where to place them in your business so that they do well, and how to best compensate them for a job well done.
EntreLeadership shows you how to value your employees so that they value the business that you are building. When they value the business you are building, you get the best results from your employees which results in a favorable and successful workplace. So before you make your next hire, pick up EntreLeadership from the bookstore and read it thoroughly.
Book No. 3: Book Yourself Solid - Marketing
I came across this book in a second hand bookstore as I was browsing around for more knowledge. (Bookstores are one of my happy places.). This book is great for establishing the marketing plan for your service based business. As it stated in the title, the goal is to book your business with client appointments. And not just any client appointments, the client appointments that you want to serve and that energize you to be passionate about your business.
I will say that this book is essentially a mirror and therapist rolled into one. The book requires you to take a hard look at yourself and see why you are great at what you do. It requires you to get past your fears and insecurities and talk about your business and why your business is great. If you don't talk about what you do, no one will know what you do.
One big difference with this book is that it steers you away from the elevator speech that many people push. His method includes building interesting conversations that have people asking you for more about what you do instead of you pushing what you do on them. It's more than a book on marketing; it's a book on building confidence in what you do, building personal skills to talk to the people that need what you do, and presenting it in a manner that people will want to buy the services that your business provides. I'm still reading through the book, however, it has been a game changer for my firm.
Conclusion:
I am not in any way pushing these books on any business. I am simply telling you what has worked for my business (Yes, a law firm is a business.) and why they have worked. You don't have to go into any endeavor blind. Ask questions to get answers. And where there aren't any people to give you the correct answers, a book may have the answer. The three books above are three answers to the three sections of running a business that are vital: How to get business, how to manage the finances that come in once you get business, and how to handle the employees that help you complete the business that has come in. They all work together to keep your business going and thriving so that you can beat the small business success odds and have a well-rounded life as your business grows and thrives.
*Disclaimer: I nor the firm receive anything from your purchase of the books on this list. The only gain and benefit that I receive is seeing your business and personal life thrive. Happy Reading!