Business Balance Wheel – How Do You Feel About Your Business?
I know you can’t see it yet, but this is the ugliest pie chart ever drawn.
Hey welcome back to another episode of The Bootstrap Boutique. I am so glad you’re here because this week we’re going to do a balance wheel exercise.
Now balance wheels are typically thought of in the self help or self improvement space, I know Tony Robbins has put this out there and is very popular among his followers.
So if you don’t know a balance wheel is a circle this is divided up into a pie, and with those different pies you’re going to have all different areas of, typically its your life. So your social, your relationships with friends, family, your career, your spirituality and so on.
But we’re going to one that applies more to business and how you feel about your business and your ability to grow it. Now this is something that I did earlier in the year in my day job and it showed me something about myself that I didn’t know and a way that I was holding myself back, and it’s really been interesting for me as I’ve gone thought this year and I’m just aware of that, so I’m able to compensate for it and it has really helped with my improvement in my day job and I think that doing this as you start a business and really using it to analyze your feelings about that business and about yourself as you start it, is helpful. Its just good insight, its a good way to check in and see how things go over time.
So, let’s move to the board behind me, I’m going to start filling out my balance wheel and talking about the different areas and I hope that you will also go through this activity. Tell me what you think in the comments, I want to know if you are in balance or not. Let’s go to the board.
Ok now you guys all know that we operate The Bootstrap Boutique by our bootstraps, which also could be called on a shoestring budget. So there are no fancy cameras holding up over there, there is no good way to do this so you can see everything, but I’m going to talk through it all, and then we’ll go through and make it so you can see it when I’m done. How’s that sound?
Ok so let’s get to our circles and I will again talk through them and we will color them in at the end to see if we are in balance or not. Now this is going to be on a scale of one to ten.
So the first area is competent.
How competent do you feel at running your business? Now where you are on this scale is going to depend on a few different things. One, do you have a lot of background in it, or are you trying to learn something totally new? Also, how long have you been doing it? Do you have success factors that lead you to believe that you are going to be more competent than maybe someone else that has never experienced that little bit of success before? So for me, I’m going to say that I’m about half way, I’m at about a five maybe. So I don’t feel like I have a lot of great competency in running a business because I’ve never done it before.
The second one is confident.
Do you feel confident that you can succeed? Do you feel confident that you can run a business? I actually feel that I have more confidence that I can do it than I have competence than I think can actually support that confidence right now. So I might give myself a seven for confidentness. Confidence, not confidentness, that’s not actually a word.
The next section is resourceful and now we’re probably getting down to where you can’t see quite yet.
But for resourceful, do you believe that you have the resources to do what you need to do? If you don’t have them, do you believe that you can find the resources that you need to have? So for me, with running The Bootstrap Boutique or the Amazon private label product business, yeah, I would say I believe that I have a lot of resourcefulness. One of my first jobs out of college actually involved being in research and I loved it. And I still to this day love not many things more than really digging into a project or a process, using resources and finding out what I need to know. So, maybe I’ll say seven and a half on that. There’s always room for improvement on this, right?
How connected do I feel as a business owner, as a member of the Amazon FBA facebook groups that I’m on for instance, um, other facebook groups that I’m on, other ways that I connect with other people that are trying to do their own thing through out the day? I don’t, I don’t do too good on this to be honest, I’m going to come down here and call that like a four, maybe a three and a half. That is an area that I really need to work on and I know that.
Well, I have so many plans of ways that I want to grow this. However, it comes back to this competent thing, I don’t really know how to evaluate those things, or see which ones are going to do well, its really just kind of a test and adjust model that I’m going with. But I think that I have a lot of ideas up my sleeve so I’ll go ahead and give myself maybe a five on growth minded, I think I’m doing ok. Could be doing better.
The next one is way down here at the bottom so you definitely cannot see it right now is client centric.
So here’s the thing about that. I am really focused on you guys believe it or not. And what can I do to bring to help add value to your day. To help you feel like, yes, this is something that I can go out and do. Why do you think I spend all this time and all these videos talking about all the things that I’ve done wrong? Its because I want to be super honest and super transparent about the fact that you can make all these mistakes that I’m making and you can still succeed. For client centric, I’m going to give myself a seven, because like I said, always room for improvement.
Ok the next one is inspired.
Are you inspired by what you are doing to build your business? And I have to tell you guys that this one is almost like off the charts for me. I am so excited about what I am doing here with The Bootstrap Boutique and I am so excited about the engagement that this community is starting to have. It is really awesome and I appreciate so much you all being here. I have like notebooks full of idea and things that I want to talk about and cover here at The Bootstrap Boutique. So much so in fact that I am seriously considering changing my posting schedule in 2017 from one day a week on Wednesdays up to two or maybe three times a week and that’s a lot. So yes, I am feeling very inspired. So I’m going to give myself like a nine.
Am I intentional in building this business? Now, those notebooks full of ideas that I just mentioned are a little bit all over the place if we’re being honest. So I really have to narrow down and focus on my intention and one of the big things I’m going to be thinking about is a value statement, a mission statement a mantra, whatever you want to call it. But getting really intentional on what we’re going to focus on here at The Bootstrap Boutique. So, I don’t think I’m quite where I want to be on that one yet, I’m going to give myself like a six.
What do I tell you guys? I’m going to post every Wednesday. And so far I have been very successful at posting every Wednesday. What are you doing to build your business to hold you accountable? I will tell you that making a public proclamation can do the trick. It makes it really hard to not follow through when you tell people what you’re going to want to do. So if you are having trouble holding yourself accountable, make other people hold you accountable. I am going to give myself for accountability a six and a half.
Now the last piece of the pie here that you can probably see again is change ready.
So are you ready for change in your business? Because if we know one thing for sure its that change is going to come, so you’ve just got to be prepared to meet it. The last two weeks I’ve posted two videos about major updates that Amazon has made to its terms of service and there’s just going to be more coming because its a big company and they are just going to change their minds a lot as they test things. So on that private label business its really important as long as you’re on someone else’s platform that you are ready for change and ready to meet it as it comes. Now if you’re on a different platform, if you’re a blogger or a CPA things may not be so change ready necessary but always know in business you’ve got to be ready to handle change. So I’m going to give myself a lower score on that, I’m going to give myself a four, way down here ok?
So you can’t see it right now but I have all the different areas of the balance wheel filled in. I’m going to come down and color them all in so we can see a little bit better what this actually looks like.
Ok so here it is, this is my business balance wheel for the businesses that I’m working on running for myself. So if your wheel, what you’re supposed to ask yourself is if the wheel of your car looked like this, how well would it run? Not very well. That’s fairly obvious.
So, it shows you the areas that you need to work on and improve so you can try and get more in balance. So for me the big ones that stand out are connected and change ready. Now change ready will come with time, it will come from being in business and adapting to change. I think that it’s one of those things that the more you do it, the more you’re going to be ready to do it more.
Connected, that’s something that I can work on right now. So my goal for myself needs to be to find ways to get more connected with the online business community, and also probably need to meet some people offline that are doing this stuff too. Because the more connections you make the more connected we’re going to feel, right? That makes sense to me, hopefully that makes sense to you too. So I know what my homework is, I would love to see you take a picture of your balance wheel, post it in the comments or shoot it to me via email. And let’s talk about what it is that you need to do to make sure that you are keeping your business feelings, because that’s kind of what this is about in balance.
Please thumbs up to this video if that is something that you thought was cool, like a neat little exercise and taught you something new. Also don’t forget you can connect with me, I am easiest to find on twitter these days @megloftin. I will talk to you next week, take care!