Spending a significant amount of time in low-return activities Don’t we all know about this one! If you are spending majority of your day completing tasks which are administrative in nature and/or which can be easily completed by other people then you are not putting yourself to best use. For most of us, best value-adding activity we can be involved with is in bringing business in door by building relationships, talking to prospective customers and promoting our business. What value do you put on your time? Assign yourself a competitive hourly rate for market and industry you work in – it might be anywhere from $100 per hour or upwards. Then ask yourself whether you would pay anyone that hourly rate to process accounts or do administrative work. If answer is no, find a way of getting these low-return activities done for a lower hourly rate. Hire a bookkeeper or assistant for a few hours a week, and spend your time doing valuable work.

Not charging enough for what you do. This challenge seems to arise especially for people who sell services. Either we feel embarrassed to ask for amount we want, or we simply accept less money than we need - so we get "some money" rather than "no money". But beware, after a while, working for too little can leave you exhausted and resentful, not to mention impact it has on your profitability. You do not need to defend an increase in your fees either. It is normal business strategy to review fee structures, make changes and advise customers. And contrary to our fears, it is often case that business levels improve after fees are increased. It seems that we attract a whole different class of customer when our fees reflect value we provide.

Not making enough use of technology which could save time and effort. As a business owner, you have a fixed amount of time and energy within which you must maximize your profits. Technology can help you do this in form of autoresponders, voicemail, wireless internet connections, speech recognition software, SMS from your computer and so on. All of these tools are widely available to us, and are designed to save time and effort. Each f us needs to continually look for ways to make business processes more efficient by using inexpensive technology.

One of my clients was able to reduce time spent on replying to customers by 4 hours per week by simply using an autoresponder system. Often problem is that we don’t know what we don’t know. Some wonderful tool might be available but we don’t know it exists. You need to stay on top of latest products by regularly checking in with business and telecommunications sites.

Sticking with outdated business models or plans.

You’ve all heard it before - doing things way they have always been done means that you will get results that you always got. If you are not satisfied with your results then you need to re-look at what and how you are doing things. An astute entrepreneur has a mindset that is always challenging way things are done in business.

Another great way of coming across new ideas is to attend seminars and conferences on various topics. If you get a single idea to put into practice in your business, then that seminar has been worthwhile.

If you are serious about improving your business' profitability (and aren’t we all?), then taking action on these areas will help you make more money and have more fun in your business. And that’s what it’s all about really.

4.Payment terms If people aren’t respecting your payment terms you need to let them know that this is unacceptable. Be clear upfront about what your terms are (yes – actually advise new customers verbally), and consider using payment options that give you control. For example, timing of credit card deductions and direct debits are controlled by you, rather than by customer.

5.Working hours (Value your own time) You are in control of your diary, not your customers. If you find yourself consistently working excessive hours, or longer than you want, then you are taking on more work than you can manage. Be honest about how long it will take you to complete job. For example, “ I can start working on this on Wednesday, which means it will be ready for you on Friday afternoon”.

6.The way in which people can speak to you Some people use aggressive or abusive language to get what they want. You need to let them know that this isn’t OK. For example, “ I can see that you are upset. We do need to discuss this but I am not prepared to do so while you are angry. Let me call you tomorrow at a better time”. 7.Pricing There are times when we are happy to provide a discount –to valued and regular customers. At other times we can just get talked into it before we realize what has happened. Be very clear in your own mind about circumstances in which you are prepared to drop your prices, and those in which you are not. And just stick to your guns. You’ll find that most people are just trying it on to see if it will work.

The bottom line in setting boundaries is asking for what we really want. There is no need to defend, debate or over-explain your boundaries. If questioned, simply say something like “it’s a business decision”. When faced with resistance, repeat your statement or request. Stay strong. If you give in, you are inviting people to ignore your needs.

Each of us has a right to set boundaries. While others may not always get what they want in short term, you will garner more respect from them and for yourself by standing up for your needs.