What you focus on you give power to!

Category: Chamber Corner Chamber Corner
Published: 28 October 2020 28 October 2020

A couple of weeks ago I wrote about the CARES Act Small Business Grant program that is currently underway in Grant County and across the State of New Mexico. For the last month and a half, we have been working to compile the required information necessary for small business owners to successfully apply for these grants. We have met with many, many, local business owners who have been interested in this funding which is designed to help their business during this time of COVID. If you haven't yet submitted an application for your business, rest assured, that there is still time to do so. Simply go to www.silvercity.org and follow the link to the CARES act application and submit your application via email. It's simple and it's easy.

Today I want to talk to you about some of the key discoveries that we have encountered while working with local businesses through this process. I'm compelled to talk about this not to be critical of the way some small business owners are running their companies. Rather, I want to share advice on some of the activities that are being overlooked by some businesses. When you understand the fundamental skills that every small business owner must develop to run a successful business you are more apt to focus on those activities. My Mom always used to say, "What you focus on you give power to," and this is also true for business activities.

Overall, the process to apply for a small business grant is a relatively simple process. Realistically it all comes down to a simple act of record keeping. You should have a set of files for your business which is organized by month. These files should include things like, mortgage, rent, utilities, payroll and insurance. The files should include receipts for paid invoices and statements which show current activity. Each time you enter a transaction for one of these categories it is important that you follow a formal process to capture the action you just took. Simple Right? The same can be said for tracking monthly expenses such as office supplies, unscheduled maintenance, travel expenses etc. This year you should have a file strictly for COVID related expenses. If you purchased Personal Protective Equipment like gloves or masks save the receipt and put it in the file. Hand sanitizer, antibacterial soap and disinfectants are small expenses that will add up over the courses of weeks or months. Save those receipts.

The concept of record keeping is something you should be very familiar with about your business. If you are not 90% certain where your important business records are then it's time to improve that part of your process. As a small busines coach I've worked with countless entrepreneurs over the past 30 years, and I've personally seen the different levels of attention which is paid to the "back office" segment of the business. Some business owners are extremely adept at record keeping and others not so much. If you fall into the latter group, then you are setting yourself up for a headache in the future. Make sure you spend time talking to your Accountant or Bookkeeper and have them let you know which records are best to keep and which are okay to destroy. If possible, I recommend creating an electronic file for each of these records that you can easily transmit to a bank, the SBA or any other entity that needs a thorough record of your business activity.

My advice to you, from one small business owner to another is: Embrace Technology! If your computer was purchased before 2015 then it's time to purchase a new one. If you aren't using a computer for your business, then it's time to invest in a decent computer. Most of the programs that you need to use for your daily operations are either cheap or free to use. Look around and see what's out there and adopt the programs that are right for your business. Some of the programs that I recommend you use are; Zoom, QuickBooks, Outlook, Microsoft Word and Excel just to name a few. You will find that most of the technology that you purchase can be written off as a business expense. Technology helps to make your business run smoother and it saves you time, and money, in the long run.

Entrepreneurship is not always easy, and it can be frustrating but being a Small Business owner can be extremely rewarding! As a successful small business owner, you must be habitual and diligent with the things you do every day. Creating good habits today will pay dividends tomorrow.

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