Investing in Your Business– Plan a Retreat!

Cheryl & Emily @ Palomar Lobby

A few weeks back, Cheryl and I headed into Philly to spend some QT focusing on our business.  It was a time of discussions, brainstorming and strategy as well as implementation of several tasks that were on our seemingly endless laundry list of to-do items.  The core focus of our trip was to (1) spend time together to make sure we were  on the same page with the direction of the company and (2) devote a concentrated amount of time without interruptions to really focus on where we’ve been and where we’re going with Entourage.

This is the second “retreat” I have taken for my businesses.  The first, last year, in Atlantic City (alone!) I spent 3 days focused on compiling the masses of notes and ideas I have had along the way, determining where I was personally going with my work, mapping out goals for the next year and developing my focus towards how I was spending my time.  Both times have been an incredibly productive experience for me as a business owner.  Because we now tangibly see the value of the investment, Cheryl and I decided to share our story to encourage others to plan one, and to share pointers for a successful retreat.

Here’s what we recommend to ensure a successful investment of your time (and money!):

Hotel Palomar, Philly

1- Pick a nice place. Go for swank, go for a place that inspires you!  Since you will be spending a majority of time in your room, you will want to feel motivated and comfortable.  Make sure the location has free wifi in your room, and select something that has a fridge so you can pack some snacks for yourself.  Also look for something that is convenient to other restaurants so you can quickly grab a bite or get some fresh air.

We stayed right in Rittenhouse Square in Philly, and took full advantage of the energy of the city and the amazing eateries all within walking distance.  Both times I stayed at boutique hotels for insanely low rates, so explore your options.  Shop around and try to be flexible with your dates to get the best pricing.  I have stayed at both of these hotels while on “retreat”  so they are the two I recc:

• The Chelsea Hotel in Atlantic City - (note- do not stay in the Annex!) Last Fall I got an amazing rate of under $50/night to stay there during the week!  It’s right on the Boardwalk and is not a casino!
• Hotel Palomar in Philly – a Kimpton property.  We loved this place and had not one complaint!  It was priced similar to other luxury hotels in Philly (under $200 for a Fri night).  Plus.. bonus.. animal print bathrobes!  Notice we did not include those pix!!

2- Go there with a plan! This is not meant to be a time of personal rejuvenation (ie sleeping all day!).  While you should focus on feeling relaxed and inspired, it’s important you have a clear set of goals in mind.  In the case of Cheryl and I, we developed a 2 page agenda listing all of the items we needed to discuss together, to do tasks, goal setting, etc.  While it was a lot of ground to cover in 2 days, it was so important that we both be on the same page with our plans- especially given the fact that we don’t see eachother on a regular basis.  Use this as you plan your trip and be sure to print out any collateral material you might need on-hand as you work through your list.

Capture it all!

3- Capture all of your thoughts in a clear way. Given that this is not only an investment of your time, but a financial investment in the growth of your company, make sure you are results-focused and able to reference all of your thoughts once you get back.  What works best for you?  In my case, on my private retreat last year, I purchased some of that big white artist’s paper and a full set of Sharpie pens in diff colors.  I’m very visual, so it was helpful for me to capture my thoughts, goals and my overall vision for the future in a way that made sense to me.  I left with pages and pages of colorful notes! For Cheryl and I, we took rigorous notes throughout the 2 days (some neater than others, esp when Sangria was involved!!).

4-  Ask the hard questions and set overall goals for the business. What’s working in the business?  What’s not working?  What new personal/life changes have now come into play that may affect the business?  In our case, Cheryl had recently had a baby (Logan!) and I was implementing a new time management system with my preschooler.  Schedules and priorities are always in flux (esp as moms!), and in our case it was important to communicate that and set realistic goals and plan around it.  Being honest with yourself is the only way to set a clear, realistic path to success.  Be sure to spend time at the end of your retreat nailing down the overall goals that have developed out of your brainstorming time.  Capturing these goals is important as you make day-to-day decisions about the business, but also as you review it in the months to come.

Get it done!

5- After the retreat: Implementation! Now that you have taken notes in a way that makes sense to you, it will be easier for you to develop an action plan for all your new ideas.  Take all of your notes and put them into an action plan with specific to-do tasks for you (and your business partner).  We are even going so far as to enter date-related tasks into Basecamp as milestones assigned to each of us to confirm responsibilities we agreed upon.

Investing in your business is the best way to move it forward on every level.  Both Cheryl and I found this to be an amazingly effective use of our resources and time.  The two days were filled w quality time together, strategic thinking and yes.. amazing meals (thank you Steven Starr!)!!

As a business owner wearing so many hats each day, we each need to take the time to rejuvenate ourselves and the business to move it forward.  We both enjoyed this so much that we plan to do it again in a few months.  Next time, we plan to spend a greater amount of time being strategic about personal strengths and weaknesses, incorporating tools like Meyers Brigg and we want to really incorporate personal rejuvenation as well (ie spa time!).

It’s good to be a business owner!  Make sure you are taking steps to both enjoy and be strategic about your own growth!

Announcing: Coworking and Networking Days in Philly!

Describe your current office or working environment:

• At a desk
• 2 monitors running
• Large coffee resting dangerously close to the keyboard
• USB hub filled to capacity
• Music playing
• IMing with partner as emailing 2 different clients
• 8 Internet tabs and 4 spreadsheets open
• Dog sleeping at your feet…which are still in slippers

Describe your working environment on Thursday, December 10th:

• At a big round table surrounded by great art, hardwood floors and rich burgundy walls
• Hot fresh chai, latte, or coffee in hand, made by someone else
• Engaging in great conversation with an entrepreneur about a new project idea
• Making new connections with local business owners
• Music playing overhead
• Still answering emails and IMing with partners

Interested?
Emily Morgan and Cheryl Amaya of Entrepreneur’s Entourage are!

Entrepreneur’s Entourage will be hosting our first off-site Coworking & Networking Day in Philadelphia! This month’s will be Thursday, December 10th at Double Shots Coffee, located at 211 Chestnut Street in Old City. We will be there starting at 10am, so drop by anytime, open up your laptop, start a conversation, grab some great coffee or a pastry and get some work done…or at least some good networking done!  Maybe we can even convince our favorite Double Shots owner, Steve to make us some fresh gingerbread cookies like he did for us today!

We have a great group of established Philly entrepreneurs interested in making new connections and sharing a desk for the afternoon.  There’s no agenda and no dress code!  Spend the afternoon or just drop by and check your email – with a group of active business owners we are guaranteed to have an exciting time!

Coworking may be a new concept to you, or coworking may be something you are big fan of and are currently supporting in Philadelphia through jelly sessions or established coworking office spaces.  Whether you run a virtual or brick and mortar business, coworking not only provides you with an escape from your office for the day but it also facilitates connections and offers opportunities to think and communicate more creatively about your business, bounce ideas off of other entreps and could even lead to new business!

So, bust out of your lonely office for the morning or afternoon and experience a new type of collaborative work environment; Coworking in Center City Philadelphia!

Entrepreneurship- why you need an Entourage!

Very consistently, I am asked the same question- “How do I know if I have what it takes to be an entrepreneur?” For me, it comes down to one simple mindset: “No guts, no glory!”

Entrepreneurship is all about taking risks… calculated risks that is. In my experience, that typically breaks out to about 25% innovation and 75% dedication and perspiration.  Commitment is key in bringing any great idea to reality and eventual profitability.  A great idea is useless if it is not developed and promoted properly.

This is where a team (or Entourage as we say at DS!) is critical.  Even my commitment alone is not enough to launch an entrepreneurial venture.  Along the way I learned (pretty quickly, actually!) that I’m only one person, and that no matter how much I work, there are still only 24 hours in any given day.  By adding a reliable, skilled team, those hours dedicated to the launch process can multiply dramatically.  In addition to manpower, my team gives me valuable feedback; each coming at any new idea with varying perspectives and a fresh set of eyes.  Some may say, “adding a team just adds extra headaches.”  I’ve learned that I’d much rather have faster, more rounded success to move my idea into a profit generator, than a drawn-out process in which I invest all of my time and have zero perspective.

Besides, like most entreps, by the time the venture is finally launched, we’re already onto the next great idea!  Are you looking to launch an entreprenurial venture?  If so, let us build out a customized team of support tailored to your specific needs to take your idea from concept to profitability.

Entreps Entourage: Customize.  Strategize.  Organize.  Realize.