Tag Archives: david nilssen

Finding a Unicorn: The Quest for a Work/Life Balance

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By David Nilssen, CEO & Co-founder of Guidant Financial

The work/life balance topic is always a hot one with entrepreneurs–especially today when Smartphones keep us connected at all times. Now more than ever, professionals are faced with the impossible challenge of cultivating a healthy personal life while striving to reach their entrepreneurial goals.

So, how can you balance your personal life and your professional life?

In my opinion, you can’t. While there are always exceptions, a work/life balance is really a unicorn: it doesn’t exist.

Much as we’d like to pretend to separate the two, that’s an unreasonable feat to overcome. Put simply: If you are an entrepreneur, work is personal and personal is work.

That said, there are plenty of ways to make your life work:

  • Love what you do. When you own and/or run a business that reflects your passion, responding to necessary tasks shouldn’t feel like a burden.
  • Love the ones you’re with. If you hire employees that are not only high performing workers, but also people you’d like to hang out with, blending your two lives will be a pleasure.
  • Love new technology. There’s an app for just about everything these days; from calendars to eating reminders, you should take advantage of any technology that will organize or simplify your world.
  • Love your freedom. When you’re the boss, you get to make the choices. If you need to postpone personal errands to meet with an important client, that’s up to you; on the flip side, if you need a break to re-charge your batteries, your vacation can take priority. One of the best things about entrepreneurship is the freedom it affords you.

A great example of how to multitask in this way is to think outside of the “time” box—instead of limiting yourself to 9 – 5 with a traditional lunch break, let yourself take time in the afternoon when you need it. If your child has a special day at school, go and be a part of it; you can always make up the work later on that night after you’ve put them to bed.

Just remember that you don’t have to be everything to everyone: only to yourself.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership. He can be found on Twitter at @DavidNilssen.

 

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Small Business Owners: Give the Gift of Community for the Holidays

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As another holiday season is upon us, it’s important to remember everyone involved with your business, and recognize their contributions in a meaningful way. In short, acknowledge the team of people that make it possible to run a successful small business. Here are some simple ways you can recognize their contributions:

  • Throw a holiday party. If budget doesn’t permit, throw a pot luck and give genuine thanks to the team for all of their hard work throughout the year.
  • Write a personalized, handwritten letter. Say something unique to them.
  • Send a funny card. Again, personalization is key.
  • Give random awards to recognize extraordinary outcomes and/or efforts. It’s been proven many times that recognition is a stronger motivator then money and you can have a lot of fun creating an award for everyone based off of their talents!
  • Adopt a charity to focus on the seasons of giving. Let the team choose the organization they feel best represents your culture and values.

Don’t forget your clients and customers either. Sending them a meaningful holiday card email or gift basket communicates your appreciation for their support. Your business partners and vendors should not be neglected either.

Offering gifts and bonuses is wonderful, but what really matters is showing gratitude and providing a genuine sense of community.

Your business—and your team morale—will be stronger for it.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership.

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Finding the Right Financing for Your Startup in 2013

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Most entrepreneurs use one or many forms of small business financing to start a business.

Here are a few helpful ideas for what you can do to set yourself up for success:

  • Decide What Type of Business You’ll Open

In addition to an entrepreneur’s personal financials, the kind of investment they make influences the type of financing they can secure. Franchises and existing businesses have different funding options than more traditional entrepreneurial startups. Unless they go for venture capital, entrepreneurs (the more classic definition) may need to explore other alternatives like unsecured loans, rollovers for business startups or crowd funding. All businesses (and their owners) will need a phenomenal personal financial record; rock-solid financial model; and business plan.

  • Get Pre-Qualified

Once you have a handle on realistic funding expectations, you can begin setting your plan into motion. You’ll also get direction on what documents to collect which include two full years of tax returns, your last two bank statements, your personal net worth statement and your credit report.

  • Make Good Credit Decisions

You’ll really want to be careful about your personal credit actions as you’re searching for business funding. For instance, avoid big purchases at this time, unless you need to buy a home. You also shouldn’t carry a credit utilization rate of more than 40% on any of your credit lines and you shouldn’t apply with multiple financing sources. Credit inquiries can affect your score and jeopardize your chances of getting funded.

  • Build Your Team

Don’t do this alone—now is the time to find a smart CPA, an experienced attorney and a franchise or business transaction expert. And of course, a financial firm.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership.

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5 Documents You Need to Get in (Financial) Shape for 2013

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While most people think of fitness goals when making their New Year’s resolutions, it’s also smart to get your personal and business financial documents in shape. After the holiday season is out of the way, it seems like tax time is right around the corner for your small business. It’s never too early to start getting your documents in order in case you want to buy a business or recapitalize your existing one.

The top 5 items you’ll need are as follows:

  1. Accurate Financial Statements going back two years (or as far back as you can go if you’ve been in business less than that amount of time). This is only applicable if you already own a business. If you’re considering the purchase of one, make sure to have your last two bank statements.
  2. Your past two years of personal tax (and business, if applicable) returns. This will help your accounting professionals calculate the correct amount owed or due.
  3. A current Balance Sheet for your business or personal network sheet. This snapshot of your financial condition should outline your assets, liabilities and equity.
  4. Your Personal Credit Report. Sites like myfico.com are wonderful if you want to take a peek and see where you are.
  5. A Consolidated AND Itemized list of Assets/Inventory. This is a convenient way to record what you have and recognize what your business may be missing.

The sooner you secure all of the documentation listed above, the better shape you’ll be in for 2013, and the faster you can access capital. You can even skip a trip to the gym (but don’t tell your trainer I said so!)

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership.

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Get Pre-Qualified for Fall Financing with Guidant!

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If you’re looking to start a business this fall, it’s time to start thinking about funding. And what better place than to look at funding with our partners at Guidant Financial?

At Guidant Financial, we can pre-qualify you free of charge in just minutes—all you have to do is complete a brief online form.

Once we’ve received your form, we’ll tabulate your Rapid Results on the spot and you’ll see what types of funding methods you may be eligible to use, such as SBA loans, 401(k) rollovers, unsecured credit and more. It’s that easy!

Not sure about your credit profile? Watch this brief webinar, Avoiding Common Credit Mistakes, for fast tips about how to keep yours in good shape.

To speak with a Guidant expert, call 888.472.4455 or visit guidantfinancial.com.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership. Follow him on Twitter at @davidnilssen

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Guest Post: What It Takes to Run a Business

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By David Nilssen, CEO & Co-founder, Guidant Financial

Before you make the leap into business ownership, it’s a good idea to ask yourself some tough questions to make sure you’re up to the job:

1) Are you self-motivated?

2) Are you organized?

3) Are you proficient in finance, accounting, sales, marketing and customer service?

4) Are you willing to put your business first?

If your answer to any of these questions is a firm “no” you may want to re-think your plans for entrepreneurship. If not; keep in mind there is more to starting a business than enjoying the excitement and joy of potential success.

As a leader, you must be willing to accept that there are a host of disadvantages that also come with the territory. These include, but are not limited to: risk; responsibility; pressure; fear of failure; frustration; long work hours; fewer job benefits; less time with family and friends; income fluctuation; possible loss of investment.

If you’re still enthusiastic about starting a business after reading that laundry list of negatives, you may just have what it takes to tackle the business world!

As a first step, take note of all of the business skills you’ll need to succeed:

Finance

Even if numbers aren’t your thing, you must have the intent to hire professionals to do a good job on your behalf, and the knowledge to interpret their progress. If you don’t understand how to read balance sheets and financial statements, now is the time to take a crash course.

Management

Good managers need the skills to create a plan of action and see it through to execution. Before the plan is created, they should schedule the tasks it will take to get there, such as deadlines for completion, cost estimates and assigning responsibilities among staff.

Leadership

Entrepreneurs need to be motivators, disciplinarians and role models. At the end of the day, leaders shouldn’t command respect; they should earn it by demonstrating the skills needed to excel in these ways.

Marketing

Getting the word out about your product or service is vital. You don’t necessarily need to be an expert in writing, design or social media to be able to market effectively, but you do need to have a basic understanding of what makes an effective marketing piece so you can delegate others to create materials on your behalf.

Human Resources

If you’re planning on managing a staff for your new business, you’ll need to become good at identifying the skills and personalities of those who will do the best work for your organization. Once they’re on board, you’ll need to become well-versed about employment regulations and best practices, and establish clear employee policies. Remember: employees can be your greatest asset or your most damaging liability.

Customer Service

No business survives without customers, so it should be top priority to treat them well. Put simply, the old saying “under-promise and over-deliver” should become common practice.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership.

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Guest Post: 3 Questions to Ask Yourself If You're Ready to Become an Entrepreneur

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Today we’re featuring a special guest post from our friends at Guidant Financial! It’s one thing to dream of being your own boss but another completely to put it into action by becoming a business owner. Only problem from there on out is determining whether you’re better suited for a lifestyle as an entrepreneur or not. CEO and co-founder David Nilssen has the 3 questions you need to ask to see if the entrepreneurial road is the right one for you!

1. Is your environment influencing you positively or negatively?

Sometimes when you dream big, there are people in your life waiting in the wings to tell you that “you can’t do that,” or that your idea “will never work.” You may not be able to control what people in your life say or feel, but you can control how you react to their negativity. You can choose to ignore their comments, which have the power to erode your self-esteem, and continue on with your pursuit. Their energy will only become valid if you allow for it to influence you.

2. Are you a true entrepreneur at heart?

At the end of the day, do you think, live and breathe like a business owner?

If you can go without a paycheck for 6 – 24 months; are capable of letting a vision take priority in front of your short-term needs; perform well under pressure; have the ability to act as a solid mentor; are good at working independently and are responsible at all times, you may just fit the bill!

3. Do you possess the core characteristics of an entrepreneur?

Detail Oriented. The old saying “the devil is in the details” rings true for aspiring entrepreneurs—and you’ll need to make sure you have the focus to take care of the little things while you drive your big picture strategy.

Competitive. Every entrepreneur must love to win. It’s almost more important to some than the journey itself.

Excellent at Communicating. The ability to share one’s vision and create excitement about the venture is crucial. If you’re the only person on board for your journey, it’s bound to be a short one. You must be able to communicate your ideas clearly and passionately so others will take notice.

Flexible. Entrepreneurship means changing hats often and embracing that change. If you can’t multitask, business ownership is probably not for you.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership. Follow David on Twitter @davidnilssen and @guidant.

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