Month: November 2013

Categories
Business Ideas

How Can You Benefit From Sharing A Resource, And Increase Your Business?

sharing

When I first proposed this idea, the small business I was helping was horrified “we can’t do that, out competitors will get all the work and we’ll be out of business in no time!” In fact quite the opposite happened. 

Often in a local area several like-minded small businesses depend on the same suppliers. In 2009 when the going got really tough and the suppliers were struggling to keep their heads above water, I suggested to the small business owner to make a list of his competitors in the area, and include their contact information and websites. The list consisted of eight small and a couple of not so small businesses.

The next step was particularly hard for my small business owner, which was to contact his two main suppliers and have a dialog with them, along these lines:

“I understand we are all going through a rough time, especially now with the economic downturn, so I’ve made a list of my competition, who if they are not already your customers, very might well become so if you contact them. I’m happy to recommend you if anyone on the list contacts me”. Needless to say, the two suppliers, who were not competitors between themselves, were both extremely forthcoming with their thanks to my business owner for the comprehensive and helpful list he shared with them.

So what happened? My small business owner started getting recommendations for jobs. His potential customers were also the customers of his suppliers and these potential customers would ask the supplier who could do the installation, and of course my small business owner was at the top of the recommend list. He had been helpful and shared his resources, in this case a list of his competitors. And what is more, he became the go to business, at the top of the recommend list.

In addition, several of the others on the competitors list also increased their business via the suppliers; a win/win for the economic development of the area.

What does this tell you? In our sharing economy of today, even sharing a resource, which consists of a list of your competitors, can pay off. It also tells you that if you are a small business with very limited marketing dollars, without a budget for local ads, direct mail or social media, you can get many of the benefits of a much bigger marketing budget which brings new customers and lucrative jobs.

All you need is to think of an innovative approach which benefits the people you do business with, in this case your suppliers, and indirectly, your competitors.

2010 was a good year for the small business owner who shared a list of his competition with his suppliers; ten lucrative installation jobs and positive cash flow! No small thing considering the economic times!

Categories
Planning & Management

4 Simple Steps for Creating Your Strategic Marketing Action Plan (MAP)

Marketing Strategy

Your Strategic Marketing Action Plan (MAP) is a document that is used to plan your day-to-day marketing activities/strategies for running your online business; in other words it’s your MAP to online business management success. And just like a real map, your MAP tells you exactly how to get from point A to point B and the route you need to take in order to get there.

When you have your MAP in place it eliminates the guess work – you always know what you’re doing, when you’re doing it, and how you’re going to implement the strategies.

Creating a Marketing Action Plan can seem very daunting if you’ve not done this kind of detailed planning before; it can be difficult to know where to start.  My favorite tool for creating my strategic MAP is a spreadsheet because of the row/column formatting that spreadsheets use.

Today I’d like to make that process easy for you and share with you my insider secrets so that you can create your own MAP.

1. Heart of your business – your MAP is not a document that you create, look at once, and then set aside to review in a year’s time.  Like a real map you continually refer to (typically on a weekly basis) so that you know you’re going in the right direction. And if you do sway off course a little, maybe for a pit stop along the way, you can easily update it as necessary.

Your MAP will provide you with your ‘Big Picture’ route for the year.  You’ll want to keep it handy so that you can refer to it often, whether you print it out and keep it on your desk, or have easy access to it on your PC.

2. Chunk it down – the easiest and simplest way for you to manage your MAP is to break it down into doable action steps, so that you don’t feel overwhelmed by feeling you have to plan out your entire route in one go. You’re going on a journey and as such there might be detours along the way. I highly advise you to chunk down your MAP, first into quarters, then into months, and then into weeks.

3. See any overlaps/conflicts – as you’ve been planning out your marketing activities for the upcoming year, having it all together in one place will allow you to see any overlaps or conflicts in your plan.  Similarly it will also allow you to see any gaps too.

4. Automatically creates your weekly/monthly To Do list – this is one of my favorite aspects of creating my MAP because when I chunk everything down into quarters/months/weeks I find that I create my weekly action list.  And it’s so much easier to be able to just focus on that week’s action steps and so implement them.

Some points to remember as you’re putting together your marketing plan:

  • Seeding in ezine/networks – as soon as you’re clear on what programs/products/services you’re going to be offering and when, start mentioning them in your newsletter and to your social networks.  You don’t need to give a whole lot of detail – simply say that you’re working on something new, or an exciting project etc.  and this will start to create interest in your offerings.
  • Marketing – plan out when you’re going to be opening registrations and when you’re going to be running promotions.  This is important so that you don’t have any overlaps in your promotions/activities.
  • Delivering – also plan out when you’re going to be delivering your programs too, again to avoid any overlaps/conflicts in your promotions and activities.
  • Team Members – know which team members you’re going to need support from to help you implement your goals, i.e. virtual assistant, graphic designer, web designer etc.  You may need to contact them several weeks in advance so plan this in too.
  • Dates – and finally it’s important to include all dates in your Marketing Action Plan so that nothing gets missed out.

As my financial adviser reminded me just last week, you’re running a marathon not a sprint, and the same is true for your business also. Follow these simple steps for creating your strategic Marketing Action Plan and you’ll soon find yourself on track for achieving your business goals.

Categories
Success Attitude

7 Lies We Tell that Feed Fear and Prevent Profit

7 Lies We Tell that Feed Fear and Prevent Profit

Just as winter came in, our dog died. It was devastating.

She was my first dog, the sweet soul I’d longed for as a child and we had become firm friends. She had been there during some rough times and I had come to love our precious time together.

Our morning walks had become my morning prayer – a time for reflection, meditation, beautiful scenery and just 20 sacred moments of tranquility at the start of my day.

I vowed after she died, that I would continue these walks. Never miss a day.

What do you think happened? Well, it took me 8 months to get back to my morning prayer/walk; 8 months before we got a new dog and I returned to my blessed routine.

And I ask myself, what the hell took me so long? Why did I forget my vow? Why did I abandon the practice that meant so much to me? Why did I forget my needs?

Does this resonate for you too?

Is there something that you know you need in your life that you just don’t do?

Do you realize that not only is this starving your soul, you’re also feeding your fear and preventing profit in your business?

Yes, it’s that important.

And it’s all about the lies we tell ourselves.

Here are the biggest ones!

1. I don’t have enough time –

This is the classic excuse; no time for exercise, no time for a coffee with a friend, no time to listen to that inspiring lecture or beautiful piece of music.

Come on, you know that if (dare I say it…) your child got sick tomorrow you’d have all the time in the world to nurse them back to health.

You see, we free up time for what we prioritize, we just have to start prioritizing the stuff that makes a difference to us.

2. I’ll do it tomorrow

Yep, another classic! It’s procrastination which basically means not doing it at all.

Every time you say to yourself or others,” I’ll do it tomorrow”, you’re basically saying, “I’ll never do it.”

The great Tony Robbins once said (not a direct quote) ‘never leave the scene of a decision, without taking an action that affirms the decision’.

Wise words! If you’ve decided to do something, start NOW. At least make the initial effort, that way you really will get to complete it.

3. I’m committed to this

Really?

So here’s a challenge. Right now, sit down and write a list of all the things you are committed to. Write it in detail; job, business, family, relationships, communities, school, exercise, healthy eating…yes, everything.

Once you have the list written, take a good luck at it (usually these lists are really long!!) Then ask yourself a simple question, are you REALLY committed to all these things? Are your actions completely in line with your commitments? If not, edit the list and focus on what you are truly committed to.

Start telling yourself the truth about your commitments.

4. It doesn’t really matter

If I had a dollar for the amount of times I’ve heard myself and others say…well, it doesn’t really matter, when deep down I know that it matters a hell of a lot.

Don’t give up so easy.

Don’t compromise on what you really believe in and what you really want.

Next time you hear yourself saying, well, it doesn’t really matter, stop what you’re doing. Think about it. Does it matter? I suspect you’ll be surprised.

Stay true to you. Don’t compromise.

5. There’ll be time later

How do you know that? Life is surprising; things happen that we don’t anticipate.

Just when everything seems to be going smoothly life sends us a curve ball. I’m not being over dramatic here, but think about it, how often have you realized that you should have done it when you had the chance, because now everything has changed?

If you get the chance, just do it!

6. It’ll Just Take a Minute

That other thing, (the one that you don’t really want to do but feel you have to) it NEVER takes just a minute.

It’ll eat you alive, and take your whole day or at least the part that you need to do whatever it is that you WANT to do.

Prioritize your time for the stuff that’s important and aligned with your goals.

Do whatever it is that feeds you passion, your heart and your business. Don’t steal away your time with ‘it’ll just take a minute’.

7. What Difference Does it Make

The only difference it needs to make is to YOU.

When you’re on track and on purpose, you’ll make the difference to the world that you’re here to make, first you have to make a difference for yourself.

If it’s important to you, then the rest will take care of itself. Be true to YOU.

Listen, this is real human stuff. I mean, we all fall for it, a lot of the time. First step is awareness right? Then action.

So, read the list again, make some notes, take some action.

Right now I have my new dog (a total sweetheart by the way!) to remind me to take my morning walk/prayer. So I’m good on that one. But I need this reminder as much as you do. Every moment of every day; stay true to you. Okay?

What’s keeping you on track? Which of these lies are you telling? Share your story below.

Categories
Finance & Capital

5 Tips To Manage Cashflow And Improve Business Costs

cash_flow-

Article Contributed by Beth Nicholas

But the four major categories discussed above should be your first concern as they are the foundation for establishing control over your cash flow and the impact it has on your business’ profit, survival and growth.

1. Invoice smarter

Slow-paying customers can present a huge issue for small businesses in particular – especially when those businesses are experiencing the same issues as your business and waiting for their own cash to come in. It can be a tricky cycle.

Ensure your invoicing process is streamlined, invoices are promptly mailed out and the invoice content is clear and easy to read. Simple omissions such as failure to include purchase order numbers and payment terms can bring on setbacks and delays.

Assess whether your business is able to go one step beyond and make the payment process easier and faster for your customers.  Electronic payment systems, or discounts offered for rapid payment of invoices, can speed up transactions and may also improve processing times on your side.

2. Negotiate

Just because a price has been quoted, or you have been paying the same rate for years and years, doesn’t mean that is what you have to pay.

Work hard to negotiate with your suppliers since many are willing to discuss pricing and rates (they want to retain your business after all!)

Every little bit might just help – whether addressing standard utility overheads such as energy and phone bills, or working to pay less for the office stationery  – it could have a significant impact on your bottom line.

3. Get close to your accountant 

Many businesses, particularly smaller ones, look to liaise with their accountant at a time of need.

A solid accountant can provide invaluable advice and serve as a useful resource, sharing knowledge, insight and recommendation all year round.

Services such as cost management, profit management, investment, funding consultancy and general check-ups can help you keep things on track and optimise the health of your balance sheet.

Build a regular relationship and dialogue with your accountant to drive smarter business decisions, higher profits, reduced taxes and improved cash flow.

4.  Explore alternative credit and funding options

A wide range of alternative funding solutions are available in the market – non-bank lending is now at its highest in five years as more and more SMEs recognise the benefit of short-term, affordable cash flow solutions.

Beyond the company credit card, hire purchase agreements, leasing arrangements and overdrafts – cash flow products such as crowd-funding and invoice finance could provide much-needed cash and capital to help you manage seasonal demand, or the challenging peaks and troughs of delayed customer payments. If you have followed the previous tip and have a good accountant, they will be full of advice and recommendation on the best path for you.

Overdrafts, premium funding, lease facilities and cash flow funding products such as factoring can all be excellent tools to help match cash supply with outlays. These arrangements take time to set up, so you need to be prepared in advance. In a pinch, the business credit card can be a good way to ease the crunch as long as it can be paid off before interest kicks in.

5. Plan, plan, plan – and stick to it

Heavily monitor your balance sheet and your cash flow budget.

The continual review and action planning for the credit you allow, the bills you pay, how you pay those bills, and when your payments are coming in are all critical for the survival of a business.

It is important to revise your cash flow budget periodically which an accountant can assist with and deliver as an automated, streamlined process. Simple exercises such as payment prioritisation, strategic management of credit terms, weekly cash flow projections and payment collections all form the foundations of the dynamic accounting function of a business.

A solid system in place such as this, will also allow you to plan for lean times and schedule purchases and allocation of capital when you need it the most.

About the Author

Beth Nicholas is a professional writer for Plus Accounting – a leading accountant firm and business financial services provider based in Brighton, England.

Categories
Finance & Capital

Business Banking: Learn the Benefits of Using Quicken for Your Business Budget

Budget-img

If you’re a small business owner, effective cash management and business budgeting are likely high on your list of priorities. But, if you’re not at the point where you need to hire an accountant, how can you manage cash flow on your own without running the risk of making costly mistakes? Business banking software, such as Quicken, might be the answer. Check out the benefits and features of this tool to see how it can help you manage your small business banking and budgeting.

Top features of Quicken for business banking 

  • Business budgeting software

Quicken business budgeting software brings all your accounts together to generate a suggested monthly budget based on your finances. It will even include important elements such as interest you may earn or credit card and other debt you may owe. Designed to be intuitive and highly accessible to the average user, this business budgeting software uses eye-catching, colorful graphs and options like quarterly and yearly forecasts so you can gear your business budget to your specific needs and goals. It also groups different areas of spending together, such as utilities, credit card payments, accounts payable, client expenses, etc., so you can get a quick snapshot of where exactly your money is going and what you might want to cut back on.

  • Cash management software to reduce debt

Reducing debt is a common financial concern for business owners. Quicken features a debt reduction tool that helps take the guesswork out of paying down debt. Simply enter the account information for your various debts and the tool formulates a pay-down plan. It also gives you helpful insights like which types of debt should be paid down first and how much of your money is going toward interest each month.

Top benefits of using Quicken software for business banking 

  • Organizes data in one place

One of the advantages of using Quicken is that it lets you compile the financial data for your small business. This means you can download information from checking or savings accounts, retirement and investment accounts, and credit cards to comprehensively analyze the data in one place. Providing a more convenient way to see your business banking information at once gives you a more accurate and holistic representation of your finances.

  • Gives you real-time information

In addition to the convenience of having data from multiple accounts in one place, this business budgeting software gives you real-time information via the Internet. With up-to-the-minute data, you can easily see where you’re spending, and where your employees are spending, to make more timely decisions regarding cash management. Having this information in front of you whenever you want it will give you a better idea of where your money is going and help you find areas where you can cut back and save, or spend more to foster growth. 

Cash management is key

When you run your own business, you often need to wear multiple hats. Creating a small business budget can be a daunting task, especially for those who need to focus on daily operations more than financials. Having a tool like Quicken however, is a great do-it-yourself way to efficiently handle finances. After all, proper cash management and budgeting can make or break a small business, so arming yourself with this kind of tool can help set your business up for financial success and can help you reach your goals.

Sponsored content was created and provided by RBS Citizens Financial Group.