This document discusses how to manage business challenges, frustrations, and stresses. It identifies six common challenges that businesses face: paperwork and administration issues, not having enough time, feast and famine cash flow cycles, dealing with difficult times, people challenges, and feeling overwhelmed. For each challenge, it provides solutions such as outsourcing bookkeeping tasks overseas, prioritizing tasks and delegating work, systematizing processes, focusing on marketing to stabilize cash flow, adjusting plans in difficult times, learning to work with different personality styles, and using productivity tools. The document emphasizes staying focused on goals and dreams, getting a business coach or mentor, and turning challenges into opportunities for growth.

1. MANAGING YOUR
BUSINESS CHALLENGES,
FRUSTRATIONS &
STRESSES
Or How To SAVE Your Sanity, ENJOY Life And Bring The
FUN Back Into Business

2. OUR DREAMS
gave us our business idea
PASSION
got us started

3. Challenges, frustrations and
stresses will stop us and
crush our dreams
It doesn’t have to!

4. Where would
we be today
if:

5. Elvis quit singing when he was told he “ain’t
goin’ nowhere”

6. Disney stopped imagining when he was told
he “lacked imagination”

7. Rowling stopped writing after multiple
publishers turned her down

8. Challenges, frustrations and stresses
will always be there.
How we manage them will determine
how successful we are in business.

9. CHALLENGE #1
THE PAPER WAR
Know anybody who went into business
because they LOVE paperwork?

10. Neither do I !
We go into business to chase our
dreams, NOT to fight a paperwork
war

11. For a business to be
successful, you MUST get
these 4 areas right.
1. Leadership
2. Sales & Marketing
3. Operations
4. Administration

12. Good administration (i.e. paperwork) means:
 Good bookkeeping
 Good systems
 Good tax compliance and great tax planning

13. ADMINISTRATION
PROBLEM #1
Hate bookkeeping?
Bookkeepers cost too
much?

14. Think about it…
You HATE bookkeeping.
You NEED a great bookkeeper.

15. If you are using a bookkeeper for just 1
day a week - and you are PAYING $70 an
hour…

16. I can show you how you can SAVE $320 a week or
$16,640 a year … That’s IMPOSSIBLE !?!?!
Or is it?

17. The Solution

18. OUTSOURCE OVERSEAS!
You pay a fraction of the price compared to local rates.
AND your bookkeeper will likely be better qualified than the local
person doing the same job e.g. a Senior Accountant overseas charges
considerably LESS than a bookkeeper locally

19. P.S.
Many professional accounting practices are already
doing this (outsourcing YOUR work to India, Malaysia
and Philippines, etc) and many (not all) are keeping the
savings as their extra profit!

20. The 101 Reasons Why
You CAN’T Outsource

21. But really, there are only
3 reasons why:
1. No TRUST
2. Questionable COMPETENCY
3. SECURITY and PRIVACY over the internet

22. The Solution
Connect with me for an introduction to my
TRUSTED overseas bookkeepers
For more information: https://www.equipped4success.com/is-
outsourcing-
your-bookkeeping-a-good-idea/

23. "The best thing I ever did was to have Patsy manage all my bookkeeping
for me. She has my work done by her own bookkeeper from Malaysia so I
am paying so much less than I would pay to an Australian bookkeeper.
The books done by her bookkeepers are done RIGHT, done QUICKLY and
it means that my books are always UPTO DATE.The only thing I have to
do is scan in the invoices for her each month and she does the rest. Now I
can just concentrate on my business and making more money!”
- SamYoong, Loan Hunter Australia Pty Ltd
A GOOD bookkeeper is great to have.
A GREAT bookkeeper can make a difference to your
bottom line.

24. ADMINISTRATION
PROBLEM #2
How do you systemize the
business?

25. The Solution

26. Step 1
Use ONLINE TOOLS*
- Software is relatively cheap
- Saves time on menial tasks
- Can be outsourced if online
* Free eBook on this available at
https://www.equipped4success.com/resources/

27. Step 2
Assign a CHAMPION to document your
processes and procedures.
This one takes time!
Start NOW.

28. ADMINISTRATION
PROBLEM #3
Do you know if you are
paying the right
amount of Taxes?

29. Pay For Professional Help
Get a REFERRAL
Do it and do it RIGHT the first time.
You CANNOT do this yourself (unless you’re a qualified
Accountant) AND you keep up to date with tax legislation.
Proper tax planning and a good accountant is worth their weight
in gold and will save you A LOT of money.

30. CHALLENGE #2
NOT ENOUGH TIME
Know anybody who thinks that
working 24/7 is the perfect life they
can have?

31. Neither do I !
We go into business to chase our dreams,
NOT to lose our life to business working
24/7 all day, everyday

32. The Solution

33. 1. BREAK IT DOWN
– One step at a time
2. STOP PROCRASTINATING
– Cost of procrastination is enormous
3. DELEGATE WHERE YOU CAN
– You can do anything, you cannot do everything

34. 4. BE DISCIPLINED ABOUT YOUR SOCIAL MEDIA
– Balance what you MUST do on social media against
the distraction
5. STOP PROCRASTINATING
– Cost of procrastination is enormous

35. 6. BE INTENTIONAL ABOUT YOUR DAY
– Don’t reprioritize your day’s work to handle
someone else’s false emergencies.
7. SCHEDULE IN THE WHITE SPACE
– You MUST have a break
8. KNOW YOUR WHY
– Make the main thing, the main thing. Stay focused.

36. CHALLENGE #3
THE FEAST & FAMINE
CYCLE
Know anybody who likes to live from
hand to mouth all the time?

37. Neither do I !
We go into business to chase our dreams,
NOT to lose our life to business working
24/7 all day, everyday

38. Marketing
- FAMINE
Do the
work -
FAMINE
Cash in
from Sales
- FEAST
No Sales -
FAMINE
A Feast & Famine Cycle in it’s
simplest diagrammatic form

39. The Solution

40. ASK WHAT DOES YOUR
FEAST & FAMINE CYCLE
LOOK LIKE?

41. Once you UNDERSTAND how
YOUR industry works:
1. Brainstorm/Mastermind with your team on HOW you
can break that cycle
2. SYSTEMISE your business where you can
3. Formalise your REFERRAL system
4. Ask HOW can you PRODUCTISE your business to a
subscription model and implement the model.

42. You will get all you want in life, if
you help enough other people
get what they want.
ZIG ZIGLAR

43. What is on YOUR clients’ bucklet
list? Help them fulfil their list!
TEST Zig Ziglar out on
his statement.
I have.
It does WORK!

44. CHALLENGE #4
DIFFICULT TIMES
Do you know anyone who was
prepared for the Covid-19 pandemic
crisis?

45. Nobody Was Prepared
We plan for insurable risks.
Nobody saw Covid-19 coming.

46. There’s no where to hide.
Covid-19 will affect every business.

47. WHAT CAN YOU DO?

48. Confront the
FEAR & UNCERTAINTY.
“This too shall pass.”

49. Remember your WHY
Stay FOCUSED on your dreams
ADJUST for the crisis

50. Use your time to UPSKILL and
work ON your business.
It will give you an advantage over your
competitors when the crisis is over.

51. You can predict the future of your business based on how you’re
going to show up today.
TODAY DOES MATTER.
Make the HARD decisions you have to make.

52. PRESERVE CASH.
You will need it.

53. CULL YOUR EXPENSES
Identify your cash leakage and plug it.
Identify your cash leakage and plug it.
1. Start with areas which
will give you big gains and
are easy to do
2. Next, do those that are
easy to do that will give
you small gains.
3. Next, do those that are
hard to do that will give
you big gains.
4. Last, do those that are
hard to do and will give
you small gains.

54. IT’S A GOOD TIME TO SPEND TIME ON
BUILDING YOUR BRAND

55. SHARE WHAT YOU KNOW
BUILD YOUR INFLUENCE

56. MAXIMISE OPPORTUNITIES
Use this time to transform your business into an even stronger
and more profitable business

57. STAND UP. TAKE YOUR
PLACE.
You have to LEAD your team out of the crisis.
EVERYTHING RISES & FALLS
ON

58. CHALLENGE #5
THE PEOPLE
CHALLENGE
Can you have a business where you NEVER have
meet or speak to your customers nor employ any
staff?

59. Only in your Dreams!

60. Big dreams cannot be implemented without help.
Long journeys should always be taken with others.
One person can only do so much.

61. About 85% of the factors
contributing to … success are
related to the ability to work
effectively with people.
DALE CARNEGIE

62. The Solution

63. FIGURE OUT HOW WE CAN WORK
WITH DIFFICULT PEOPLE

64. ACCEPT THAT EVERYONE IS
DIFFERENT
Celebrate the DIFFERENCES
Different is not bad. Different is just different!

65. LEARN & APPLY
DISC Model of Human Behaviour

66. DISC has been used in business to:
 Reduce stress
 Minimise conflict
 Build trust
 Raise morale
 Boost sales
 Enhance communication
 Decrease employee turnover
 Improve service quality
 Maximise team performance

67. CHALLENGE #6
OVERCOMING
OVERWHELM

68. Overwhelm leads to
STRESS

69. The Solution

70. Understand how you’re wired
So you can put STRATEGIES in place to make sure that you
can stop things getting out of hand before it can take hold

71. STRATEGY #1
Learn to say “NO” until such time as you have
completed your own tasks.

72. STRATEGY #2
Challenge your assumptions.What limiting belief
that’s holding you back and causing you to feel
overwhelmed?

73. STRATEGY #3
Sometimes near enough CAN be good enough.
Done is better than perfect!

74. STRATEGY #4
Accept that there is only one superman and it’s not
you!You can do anything.You can’t do everything.

75. STRATEGY #5
Be realistic about how long you need to complete an
assignment.

76. STRATEGY #6
Make use of productivity tools.

77. STRATEGY #7
Remember your WHY
Stay FOCUSED on your dreams
Say NO to anything that does not fit

78. THE BEST
STRATEGY
DON’T EVEN ADD IT TO
YOUR LIST!

79. CHALLENGES, FRUSTRATIONS & STRESSES
CAN BE OVERCOME
Winners NEVER quit. Quitters NEVER win.

80. STAY FOCUSED
and
TRUE to your PASSION
Make TODAY count. Today MATTERS

81. MENTORING &
COACHING IS A MUST
75% of executives say mentoring has been
CRITICAL to their career development,
according to a survey by the American Society
for Training and Development.
No matter where you are in your business, it is
never too late to start. But you do have to
START.

82. WORK WITH ME
Will having me as your coach and mentor help
you achieve SUCCESS and get you to where
you want to get to FASTER? Yes, it will –
EVERYTIME!
PATSY LIM FCA, BUSINESS MENTOR &
COACH
Tel: +61 439 935 440
www.PatsyLim.com
Let’s make business FUN again!