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Think “Learning” for a Better Budget

Think “Learning” for a Better Budget

Aloha, let’s manage with aloha: Work well, live well.

I’m hearing the B word a lot these days: BUDGET. In my coaching I find that this is the time when all my clients are focusing on goals and objectives for the coming year. The thing is that they are focusing on it only because they have to, not because they want to: It’s time to get those forecasts and pro-formas in!

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While goal-setting with that financial catalyst is better than nothing, and it can be a good thing in terms of better realism with dated business models, the wiser, forward-thinking companies are those who use this time for financial goals connected to career development, service enhancements, and the customer-responsiveness of product. They connect those financial objectives—which will never go away, nor should they—with people objectives.

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What does this have to do with my learning theme this month? Plenty. This is just a short list for starters:

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  • Learn to use a better budget-writing process, where you look forward and not backwards. If your only research is the pattern of your past history + a new quota, no surprise that come year’s end you’ll only get what you’ve always got before.
  • Learn to involve the rest of your staff. In my experience, the more the merrier when it comes to the budget process. A goal for all managers should be banishing any entitlement mentality in staff and replacing it with business partner collaboration. Budget time is a great time to start: If they affect the budget, they should influence it and own it.
  • Learn some new measurements. I’m guessing that ROI has always been in your budget; now how about ROR (Return on Relationships) and ROA (Return on Attention)?
  • Learn that investment is a better word than cost. Asking yourself, What better investments can I make next year? is far better framing for your own thinking than Where can I cut costs? yet you answer the same question in terms of money and time, and cut out those un-worthy expenditures that won’t hurt anyway.
  • Learn to look outside versus inside. Lucky for me, fresh out of college, the first company I worked for never started the budget process until the coming year’s marketing plan was written, and an internal company campaign had been started to inspire us. Then the particulars of the marketing plan was presented in dialogue format to all the managers who’d then write the budget. Customer focus, company focus, then budget planning.
  • Learn to love numbers. Really. Fact of life: work success—not just business success—revolves around them, and once you set a new goal of improved financial literacy for yourself your outlook changes. Befriend someone who works in corporate finance, investment banking, or money management today, and get a window seat into their world: There’s a lot of passion to be felt there, a lot of smarts to get infected with.

Finally, Learn to Learn. I urge all of you now in budget-crunching land: Get that line item in your budget for “Staff Training and Education” and make the numbers work for it to happen. Then, set your own goals in learning and personal growth using that cash: Connect all the dots.

There’s just one Thursday left for our September Learning here on Lifehack.org this month: Comment here or email me if there’s a learning topic you’re interested in for next week. On every other day, you can visit me on www.ManagingWithAloha.com. Aloha! Rosa Say

Previous Thursday Column: Workhack: The Attitude of Q.&D.

Article Reference: The 3 R’s in Business: ROI, ROR, and ROA

Managing with Aloha, Bringing Hawaii’s Universal Values to the Art of Business

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Rosa Say

Rosa is an author and blogger who dedicates to helping people thrive in the work and live with purpose.

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Last Updated on June 20, 2019

50 Businesses You Can Start In Your Spare Time

50 Businesses You Can Start In Your Spare Time

Most people want a few more dollars in their wallets. But between an employer and family, the time most of us can devote to a second job is severely limited. Running a small side business can provide a few more options: you don’t have to show up at a set time and you can use skills you already have. Not all will be perfect for everyone, of course, and I’m sure that you’ll have a few ideas of your own after reading this list. If you’d like to share any other business ideas, please add them in the comments.

  1. Selling collectibles — From antique books to teddy bears, there are plenty of opportunities to buy and sell collectibles. It’s important to familiarize yourself with the collectible of your choice but if you choose something that you’ve been collecting for a while, you’ve got a head start.
  2. Locating apartments — It can take time to sort through apartment listings, but you can make some money by finding the perfect apartment for a renter.
  3. Baby proofing — New parents often prefer to bring in an expert to make sure their home is safe for a new baby.
  4. Calligraphic writing — If you’ve got elegant handwriting, you can pick up gigs writing or addressing wedding invitations, holiday cards and more.
  5. Selling coupons — Search on eBay for coupons right now and you’ll see thousands of listings for coupons. It’s just a matter of clipping and listing what you find in your Sunday newspaper.
  6. Pet training — A surprising number of people don’t know where to start in training a pet. Even teaching Rover simple commands like ‘Sit’ and ‘Stay’ can bring in a few dollars.
  7. Running errands — A wide variety of people want to outsource their errands, from those folks who aren’t able to leave their homes easily to those who have a busy schedule.
  8. Researching family trees — Amateur genealogists often call in experts, especially to handle research that has to be done in person in a far off place. If you’re willing to go to a local church and copy a few records, you can handle many family tree research requests.
  9. Supplying firewood — The prerequisite for selling firewood is having a source of wood; if you’ve got some land where you can cut down a few trees, you’ve got a head start.
  10. Hauling — As more people trade in their SUVs for compact cars, hauling is becoming more important: people have to rent a truck or hire a hauler for even small loads.
  11. Image consulting — Image consultants provide a wide variety of services, ranging from offering advice on appearance to teaching etiquette.
  12. Menu planning — For many people, the trip up in eating home-cooked or healthy meals is knowing what to prepare. Meal planners set a schedule to solve certain dietary problems.
  13. Microfarming — Cultivating food and flowers on small plots of land allows you to sell produce easily.
  14. Offering notary public services — Notary publics can witness and authenticate documents: a service needed for all sorts of official documents.
  15. Teaching music — If you’re skilled with a musical instrument, you can earn money by offering lessons.
  16. Mystery shopping — Mystery shoppers check the conditions and service at a store and report back to the store’s higher-ups.
  17. Offering research services — Just by reading up on a topic and compiling a report on it can earn you money.
  18. Personal shopping — Personal shoppers typically select gifts, apparel and other products for clients, helping them save time.
  19. Pet breeding — Purebred pets can be quite value, especially if you can verify their pedigree.
  20. Removing snow — During the winter months, shoveling walks can still be a reliable way to earn money. You might be asked to take care of the driveway too.
  21. Utility auditing — As people become environmentally-concious, they want to know just how efficient their homes are. With some simple testing, you can tell them.
  22. Offering web hosting services — Providing server space can be lucrative, particularly if you can provide tech support to your clients.
  23. Cutting lawns — An old standby, cutting lawns and other landscaping services can provide a second income in the summer.
  24. Auctioning items on eBay — Want to get rid of all your old stuff? Stick it up on eBay and auction it off.
  25. Babysitting — Child care of all kinds, from babysitting to nannying, can offer constant opportunities.
  26. Freelance writing — If you’ve got the skills to write clearly, you can sell your pen for everything from blogs to advertising copy.
  27. Selling blog and website themes — Do a little designing on the side? Customers that don’t want to pay full price for a website will often pay for a template or theme.
  28. Offering computer help — Particularly with people new to computers, you can earn money by providing in-home computer help.
  29. Designing websites — It may require a little skilled effort, but designing websites remains a reliable source of income.
  30. Selling stock photography — For shutterbugs, an easy way to put a photography collection to work is to post it to a stock photography site.
  31. Freelance designing — Check with local businesses: you can provide brochures, business cards and other design work and get paid a good fee.
  32. Tutoring — Math and languages reamin the easiest subjects to find tutoring gigs for, but there is demand for other fields as well.
  33. Housesitting / petsitting — Stopping in to check on a house or pet can earn you some money, and maybe even a place to stay.
  34. Building niche websites — If you can put together a site on a very specific topic, you can put targeted ads on it and make money quickly.
  35. Translating — The variety of translating work available is huge: written word, on the spot and more is easy to find even on a part-time basis.
  36. Creating custom crafts — No matter what kind of crafts you make, there’s likely a market for it. Etsy remains one of the easiest places to sell crafts.
  37. Setting up a wi-fi hotspot — With a little bit of equipment, you can set up a wi-fi hotspot and charge your neighbors for the access they’ve been ‘borrowing.’
  38. Selling an e-book — You can write an e-book about almost anything and put it up for sale online.
  39. Affiliate marketing — If you’re willing to market other companies’ products, you can earn a cut of the sales.
  40. Renting out your spare room — From looking for a long-term roommate to listing your guest room on couch surfing sites, that spare room can make you money.
  41. Offering handy man services — Handling small household tasks can provide you with plenty of work, although you’ll probably be expected to have your own tools.
  42. Teaching an online class — Share your expertise through a website, an online seminar or variety of other methods.
  43. Building furniture — For those with the skill to create handmade furniture, selling their creations is often just a matter of advertising.
  44. Providing personal chef services — Personal chefs prepare meals ahead of time for customers, leaving their customers with a full freezer and no mess.
  45. Event planning — From planning corporate events to bar mitzvahs, an event planning business can require plenty of work and offer plenty of pay.
  46. Installing home safety products — Particularly as Baby Boomers age, people able to install handrails and other home safety products are in demand.
  47. Altering / tailoring — If your sewing skills are up to par, altering garments is coming back as people try to stretch more wear out of their clothing.
  48. Offering in-home beauty services — Hair cuts, makeup and other beauty services that can be performed at home have a growing demand.
  49. Business coaching — Helping others to establish and develop their businesses can provide many opportunities to earn money.
  50. Writing resumes — Writing resumes can provide a reliable income, especially if you can put a polish on a client’s credentials.

There are plenty of offers that claim to provide you with the opportunity to make thousands of dollars a week. Unfortunately, none of these businesses will provide that sort of income, but they aren’t scams either. They were chosen because they all require a minimum investment to get started — some require nothing more than a flyer advertising your business. Even better, if you do enjoy any of these businesses, there is a potential with most of them to continue to expand — perhaps even to the point of going full time.

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Featured photo credit: Omar Prestwich via unsplash.com

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