Podcast: Play in new window | Download

 In this engaging episode, veteran financial strategist Marsha Lindquist gets personal.  She shares the effect entrepreneurship has had on her personal life. She also talks about what it means for an entrepreneur to appropriately value their own contributions to the success of a company.

[2:05] Breaking Free
For Lindquist, doing the job she loved was only part of the equation. Equally important were the feelings of fulfillment and ownership she could take in her work. After cutting her teeth in the industry under an established employer, she took a leap of faith into what was at the time her husband´s counseling practice. Undaunted by the challenge, Lundquist instead focused on the excitement of having a hand in her own fate. Indeed, a challenging part of the transition to entrepreneurship was learning to let go of the little things and take the long view.

[5:43] Learning to Let Go
After the death of her husband, Lindquist found herself at the helm of an organization for the very first time. Her tendency toward taking control manifested itself during this time, as she believed every aspect of her business to be equally worthy of her undivided attention. Of course, no one can be everywhere at once, which is why micromanagement is one of the most toxic traits of an office environment. The entrepreneur credits her bookkeeper with giving her clarity on the subject, helping her realize that free time was a resource all its own.

[8:10] Diversifying Your Talent Base
The idea that every second spent doing something is a second not spent doing another thing seems intuitive enough in theory. In practice, where to draw the line is often less clear. For Lindquist, the key lies in understanding our strengths, interests, and overall skill set. By taking on only the tasks that appeal to our passion, we maximize our resources by making confident decisions. In turn, the people we employ to assist us in our areas of weakness or disinterest are fully engaged in their work, and more effective than we could ever be alone.

[11:04] Spending Time Wisely
Entrepreneurs having trouble moving to the next stage of growth usually do fine managing money, but could make better use of time.  In many cases, organizational leaders spend far too much time bogged down in everyday challenges.  Tasks that might take a business owner hours to perform could be accomplished in minutes with competent assistance. The tradeoff is in the amount of time being saved against the amount of money being spent. These opportunity costs can represent some of the biggest hidden losses for businesses.

[14:34] Don’t Cheat Yourself
Along with presenting a realistic image of the expense of running your business, the effect of drawing a salary from your own organization is also psychological. Collecting income from your efforts is a reminder that your time and expertise have tangible value. Starting low and increasing your salary over time is sensible, but forgoing a salary sends the message that you cannot afford to pay yourself. This message can also have tangible impact with lending institutions, with unsalaried leadership speaking poorly to the stability of a business.

[18:37] Financial Flexibility
Lindquist also drawing a salary as an entrepreneur can even offer you added access to capital. Cashflow issues and unexpected expenditures are common in the early stages of an organization’s development, and these can create stress in your life outside of work. Even in single employee operations, collecting a salary is useful for substantiating the legitimacy of your business venture to lending institutions. This added financial flexibility minimizes the risk to your personal finances, underscoring the investment potential of putting yourself first.

About Marsha Lindquist:

Website: https://graniteleadershipstrategies.com/marsha-lindquist/
LinkedIn: https://www.linkedin.com/in/marshalindquist1
Twitter: https://twitter.com/marshagovcon?lang=en

Connect with MindTeam Solutions:
Website: https://ca.linkedin.com/company/mindteamsolutions
Email: Info@MindTeamSolutions.com
LinkedIn: https://ca.linkedin.com/company/mindteamsolutions