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PKF Texas: The Entrepreneur’s Playbook® - Byron Hebert

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Have you checked your Bike of Life lately? Byron Hebert, director of Entrepreneurial Advisory Services at PKF Texas, offers another Tool Time Update.

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Byron: Hi. My name is Byron Hebert and this is a quick Tool Time update brought to you by the Entrepreneur's Playbook and your friends at PKF Texas.

What I want to talk to you about today is what I call the "bike of life." This is a great analogy - a bike is a great analogy for balance in your life and in your business. And so this side represents - the front of the bike represents your business. So let's assume that you want to keep everything in balance, and so you want to think about your plan, your marketing plan. And this is zero and this is ten out here. So on a scale of one to ten how are you doing on your marketing plan?

Let's say maybe you're about 50-percent, you're doing pretty good, right? Your operations, maybe not so well; you've got some things you need to work on your operations. Your innovation. Innovation may be quite good; you've got some things going on in innovation that you've worked on, since we've been talking about that for the last year. HR, your human resources, how are your people strategy? Maybe that's pretty good too, so you've been working on that. Finances, maybe not so good. The first part of the year you want to work on that a little bit, it's a little bit low. And your strategy, how's your strategy? Well, you may have been working on that, so that's pretty good.

So clearly you can see that this bike is a little bit out of balance. So where would we want to work? We'd want to work on making sure that we have a strategy for our marketing, to get it as well-honed as our strategy. Operations need to come up. Innovation, HR seems to be good. And maybe we could start putting a plan together to work on our finances. So this is a good way to kind of get your head around where your business needs to be.

Personally; how's your personal life? Is your health - maybe your health is pretty good. Let's just say on a scale of one to ten that's a seven or an eight, so we fill that in. Family, how about your family time? Are you spending enough time with your family? That's probably pretty good. Social, maybe not so much; you're not spending as much time out visiting with your friends, you don't have a social life, that's important. Your finances, maybe that's pretty good, so we fill that in. Philosophy, that is your belief system, your religion, you know, how well is that? That's pretty good, we'll assume. Mental, are you challenging yourself mentally? All right?

Again, you may see this is pretty well in line, but maybe we need to work on the social aspect of our life a little bit. So it's a great way to kind of get a feel for the balance in your life, both personally and in your business side.

Again, my name is Byron Hebert. This has been a quick Tool Time update brought to you by the Entrepreneur's Playbook and your friends at PKF Texas.

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