Category: Business

Scope Creep.

During my day job, a term was brought up during a project meeting. Our shop was given a task to accomplish with the customer’s needs. As the meeting progressed, the customer started to request more and more without considering budgeting. Although, this was the initial meeting prior to our shop preliminary survey. As professionals, you don’t want to promise the customer anything until there are full inventory and cost estimate that is agreeable to both parties.

Scope Creep is when the customer goes beyond what the project was agree upon and ask to add more adjustment after the project has started. Given the opportunity, it is best practice to make the customer specify what they need and allow the customer to decide on options based on delivery and timeline. Example, Option A has a shorter timeline without X, Y, Z feature and Option B has a longer timeline with all specified feature.

One work to keep in mind: Research.

There are lot of pieces that makes up a business. If you are not familiar with everything that has to do with your business then others can exploit you. Ex. Low ball offers on material and labor.

Most business fail to grow because they fail to do research. Business evolves and changes often (or even daily), so it is important to keep up-to-date with your market and how it reacts to the season, customers, and your workers.

I know there are influencers and business guru that is all about GRIND, GRIND, GRIND. But your body can only handle so much. Take the time to rest, especially around/during the holidays.

Benefits of resting:

1. Improved Decision-Making: When you take the time to rest, you are removing yourself from the situation. This gives you time to think clearly and see the problem from an outside perspective.
2. Sparking Creativity: Creativity flows better when there is no stress involved. Creativity tends to lead to more productivity in a more fun and productive way.
3. Better Health: It goes without saying, resting not only helps with your health but the health of the business. when you’re at your peak, the business is also at it’s peak performance.
4. Long-term Sustainability: Success is a marathon, not a race. Most business fail within the first 3-5 years. Business that overcome the 5th year are more likely to expand and grow.

These are a few ways that resting can benefit you and your business. Don’t take days off lightly, it can help recharge and improve business decision when you can keep a clear mind.

Deadlines are important. We live in a fast-pace society where instantaneous satisfaction for customers can make or break your business.

Why they are important

1. They are dates that requires someone to deliver some sort of product or service.
2. They are dates that keeps people on tract. A plan without a set deadline will continue to drag out indefinitely.

Make them less about stress but more as achievements.

There are ways to deadline less stressful.

1. (The obvious) Break bigger projects into smaller ones
2. Do a little bit of work each day.
3. Block out time for job same time each day
4. Ask for help
5. Use available resource (technology)

Clouded with all the steps and direction that we all put ourselves in, where do we go next? As entrepreneurs, our path isn’t linear. We chose to take a path that other doesn’t want or don’t see.

Although, the next step doesn’t necessary has to be physical. We can step back and reflect on the skills and knowledge to find ways to use them to our advantage. By doing so, we can celebrate the accomplishment and lay out new plans with the new tools we have acquired on the journey.

Ways to go forward:

1. List out what needs to be done. Or. What do you want to get done?
2. Get the new skills required for the next step. Or. Hire the extra help.
3. Business perspective: As the customer what do they want/need?
4. Accounting perspective: Clear out some liabilities and gain assets.
5. Research extra product or service you can offer.

The next step is more than the actions itself, its a reflection on our entrepreneurship mindset, determination, growth, and commitment to your business goals and vision. Keep moving forward.

This is a list of some of the topics I am going to cover and my experience with one of them.

• Accounting – Who and What to expect
• Innovation & Design – Building a product or service
• Prototyping – Sample product to test in the market
• Financing – Disclaimer: NOT financial advice
• Business Law – Basic knowledge for operation
• Customer Service – Often neglected, crucial for returning customer
• Simply Marketing – Using social media and free resources
• Strategic Growth – Business has to expand to survive
• Exit Plan – Ultimate end game for the business

Do you have assets or pieces of equipment for your business? Are they making you money? What is the value of the equipment and has it delivered the business the value or more than the cost of that piece of equipment?

I am currently going through and organizing items for their respective business and labeling them as such. Additionally, I am valuing them to see if that investment has generated at least its cost for the business.

Items that are part of the business need to be separated from those used personally. Creating a list will help identify business properties, as well as, inventory items for daily use.

Making a list will help you find what you need instead of roaming the store trying to remember what you need in the first place.

A list, just like a grocery list, will help you stay organized and remind you of your daily or required tasks to get to the next stage.

I am currently working on multiple projects and doing school online. There won’t be many big updates or noticeable changes, but like any big project, you just have to take one step at a time.