I used to be so bad about addressing my finances that I once ended up in a lot of financial trouble. This is one of my demons, and, to this day, it keeps me in check. I don’t want to be in that situation ever again. One of the ways I’ve learned to stay on top of my finances is by asking the right business questions. Here are the top ten business questions that keep me focused and aware of both my work and my finances at all times:
1. Of the last ten potential clients you met with, how many hired you? (If you booked five out of ten, you’re doing very well!)
2. Of the jobs you didn’t book, was the main reason price?
This happens to me. To combat this situation, I try to educate my potential clients about the value they’re getting. This is easier said than done, but I keep trying.
3. Do you think everyone, including the clients who didn’t hire you, left your office feeling that you had given them the best possible service?
I hope so. I always follow up with everyone I meet with. Most of the time, they appreciate the extra attention.
4. Are you using your time effectively? Do you have enough time to spend with your family and friends?
Improve your organizational skills, and learn to say no to folks who waste your time and energy with nonsense.
5. Do you continue to find the creative process exciting? If not, you’re going to lose interest in your business.
Make sure you create at least one new design a week. Creativity is like a muscle; if you don’t use it, you lose it.
6. Do you still feel as though you’re floating on air at the end of each successful job?
Take the time to stop and smell the roses. You and your associates should always have a small celebration at the end of each successful job.
7. Have you been able to cover all of your expenses in the last six months?
If not, reevaluate your pricing. But be gentle with yourself. If you plan carefully in the next six months, you might be able to make it up. Awareness is the first step.
8. Has it been awhile since any new potential clients have called you? Please do not panic.
Reach out to former clients, vendors, referrals, etc… Sometimes, we get so busy that we forget to invest the necessary time to secure new clients.
9. Are you in the middle of a difficult situation with a client or vendor? Is the situation wasting a lot of your time and energy? Be careful. Don’t give this person or situation more time and energy than they’re worth.
Maybe it’s time to let go and move on. If you spend too much time with such drama, it will cost you money.
10. Last but certainly not least, do you still consider your work, play? If not, what can you do to make it fun again?
We’re in the business of celebration. Don’t take life or your job too seriously. Learn to laugh at your mistakes.
Dear Readers, what do you think of my questions? Are they helpful? I’d love to hear some of your own questions. Please share in the comments!
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George Bernard Shaw once said: “You see things and say, ‘Why?’ But I dream things that never were and say, ‘Why not?’” That quote embodies how Preston Bailey approaches every event.
Meaghan Schmaltz
August 11, 2011
I was just speaking about you with a colleague last night – ruminating on when in your career you decided it was “safe” to put all of your questions, rants, raves, and “oopses” out there for the whole world to see. SO brave!
In any case, the questions are great! I think the one I ask myself a lot is “Have I set my self up to succeed in my business or have I taken too few clients?” I have set an annual maximum in an effort to give each client the best possible experience. We all put a lot of ourselves into what we do and we tend to burn out a bit. I see many of my colleagues taking far more events than I do in a year and I wonder if I’m making a mistake.
Thanks for another great post!
Vanessa Alce
August 11, 2011
Your post was definitely helpful, and makes the reader put things into perspective. At some point, I think we as business owners have had to answer one (or maybe all) the questions above. I had to learn how to stop letting other people waste my time. If you are honest and really evaluate how you’re spending your time, you create the opportunity to minimize the busyness and focus on what’s truly important.
Chanelle
August 11, 2011
Sound advice indeed! Thanks Preston
Susan Sanford
August 11, 2011
I look forward to your blog each day. Your advice and answers are informative and real. Good job!
Kisha Mitchell
August 11, 2011
Love the advice! Thanks Preston.
YOUR NAME
August 11, 2011
Well really nice content..Pretty good post. I just came by your blog and wanted to say that I’ve really enjoyed reading your blog posts.
Lynda
August 11, 2011
Great tips and advice Preston! Thanks for sharing your insights. I’m partcial to #9 and especially #5. I just shared your post on my FB wall. Have a lovely evening.
Lynda
Chris
August 12, 2011
Great post!!!
Nishaka
August 12, 2011
Such a great blog! Just a couple notes I wanted to share.
#4 – Spending time with family is something that I have been working to give more attention too. I’m refocusing family time and work. #5 – I can definitely stand to restart my creative process back up. As a matter of fact, I will start that back up immediately! I have also been working on #8 by contacting vendors, clients, and business contacts reconnect. This has been helpful. #9 – I have a particular situation that I have been monitoring closely. It has actually caused me to add a “Change of Plans” section in my contract similar to a change order. Dollars and cents have been lost for sure. Thank you for reminding me about #10. We are in the celebration business and it should always remain fun and enjoyable!
Thanks again for such valuable and powerful information!
Merryl Brown
August 13, 2011
I think that these are great questions. They certainly made me stop and think! It is important to continually evaluate and assess where we are and where we are going, as well as why we are here, doing what we do. I love this business and strive to continually learn and grow. Thank you for all of your great insight and ideas. Your work is a great source of inspiration for me.
Pam Archer
August 15, 2011
Preston,
This post was just for me today. I really needed this! It was a very exasperating weekend. Without going into detail, suffice to say that this has helped me regain perspective after bending over backwards to please a client and giving her way more than she paid for, just to make it more beautiful and special for her. I also bought her a very nice gift. Upon completion, I did a walk-through with the bride and the mother. They were both very excited, saying how perfect and beautiful every detail was.
Today I get a call saying they decided they didn’t like the decor on the wedding arch. Really? She and everyone else oohed and ahhed over it. My feelings were hurt, because I had spent so much extra on her, trying to please. It has bothered me all day long, but your post has sparked me to say, I did my best, it was exquisite, and it’s time to move on. Thanks!
Angela
August 16, 2011
Great post and good to dwell upon…..
foooofoooo
January 23, 2012
I’m a 14 years old .. And i haven’t done anything with my life! Nothing that i could remember forever or something stupid .. I have no friends.. Never had a bf ..I hate my body, i have talents that has no use for me in this world, i’m in love with a guy that i’m pretty sure doesn’t even love/like or even look at me,I’m not good at taking school tests.. I just don’t get it .. I’m 57 kg and 1.54 cm tall .. I have breasts,you can little see small waist ,but i have no butt which looks so weird because i have huge thighs that can’t fit into jeans and it look so disgusting i feel so disgusting i mean if i had something at least little thing behind i would be happy but no .. there is nothing it’s all flat ! Whenever i go up in Weight the fat goes to my thighs and nowhere else .. just thighs not butt ! I know it’s not the worlds first problemm but i just feel so sad because of all these things going into my life and getting oout .. I just feel so alone and so ugly ..