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Entrepreneurs Finance & Capital

What You Can Do About Managing Your Budget And Cashflow Starting In The Next 10 Minutes

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I bet just the very title of this article is enough to make you run for cover! Along with paper piles, budget and Cashflow is another area that can drive solo business owners over the edge! In your corporate days you would have had a bookkeeping/accounting department that took care of all of this for you – they paid the invoices, they tracked the receivables, they tracked the income, and they told you the bottom line!

Now that you’re running your own business you are also the Chief Financial Officer, and it can be very overwhelming. However, it needn’t be… let me share with you three simple steps that you can put in place to manage your budget and Cashflow.

What is a Cashflow projection?

One important area of your Financial Management System is that of a Cashflow projection. Put simply, a Cashflow projection shows whether your anticipated income will be able to cover your expected (projected) expenses and this report is very beneficial to you in your business.

It is an annual report and, if set up correctly, will show you how cash will flow through your business throughout the current financial year. I’ve been using a Cashflow report in my business for many years and find it invaluable. Just recently the chance to participate in a high-profile teleclass series came up, and because I have my systems in place, I knew straightaway that it was something I could take part in!

Step 1 – Create Your Cashflow Report

This is very easy to do using a spreadsheet. Create a column that lists all of your expenses, i.e. office supplies, legal & professional fees, membership, advertising etc. and a column for each month of the year. You will need to create formulae that will tell you your total income, total expenses, and subtracts the expenses from the income, and also carries forward any amounts from month-to-month. This is so you can see how your finances are ‘flowing’ throughout the year.

Step 2 – Input Your Data

Taking your financial data from your bookkeeping system input your actual income and expenses, and list any projected expenses in the appropriate row/column. Your Cashflow report will now show you at-a-glance any time periods for which you will need to be especially aware of. For example you may have a lot of expenses in one particular month so you’ll know that the previous month you’ll need to make sure that you have the funds kept back in your bank account to take care of those upcoming expenses.

It will also show you if you can afford to make an investment in your business, whether that’s signing up for a new service or membership club, taking out an advertisement, or buying new equipment.

Your Cashflow projection can also be used as a budget planner. You can plan out when annual memberships are due and put those in ahead of time. You can also add in an amount for when your taxes are due. This will provide you with a really good feel of how cash is flowing through your business, month after month, throughout the year, and you can also tell how much you can take off for owners draw, but still leave enough to cover the anticipated expenses.

Step 3 – Schedule In The Time

Now that you have your Cashflow report in place, it’s important that you update it regularly so that you can stay aware of how cash is flowing through your business, and take any actions necessary so that you have enough to cover all of your anticipated expenses.
I recommend scheduling in at least 30 minutes once a month to update this critical financial management report.

A Final Thought…

Having an annual Cashflow projection will provide you with all of the information you need so that you can keep on top of your business financially and know where you are.

If you have a bookkeeper taking care of all your financial records for you, ask them to prepare your monthly Cashflow report for you.

Categories
Entrepreneurs

10 Tips for Business Success from a Woman Entrepreneur Who Makes $1M Selling Photo Guest Books

This article is contributed by Lesley Mattos of Adesso Albums, Inc
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Why would a woman making a six-figure salary in Silicon Valley choose to
leave her high profile position with Cisco to create a product that used no
21st Century technology?
Because almost thirty years of working with Silicon Valley’s top technology
companies can take a toll on a gal’s ability to stop and see, much less
smell the roses! During a trip to Italy, far away from friends and family
and immersed in a culture that lives in the moment, I realized what I’d lost
sight of.
And that’s where the idea for Adesso Albums was born. Six years later,
Adesso Albums is an international company with more than a million dollars
in annual revenue.
So how did I do it?
10 tips for Success in Business – Based on My Personal Experience:
1. Embrace change. It’s an inevitable part of running a business. Rather
than fighting it, wasting valuable time and eventually losing, you’re better
off anticipating, planning for, and embracing change. As a small business
owner you should be nimble and react quickly in a variety of ways. If you
look at change as an opportunity to grow, you will!
2. Use technology. Do more with less by automating routine processes with
web-based applications. These applications increase productivity and free
you, your staff and your resources to focus on more important tasks. And,
these applications can be accessed from anywhere
3. Keep your eye on the ball. It’s easy to get caught up in the day-to-day
minutia of running a business. Constantly ask yourself if your daily
activities get you closer to your overall goals for the company. It will
keep you on track and stop you from spending time on the wrong things.
4. Know your differentiators. Compare your products and services to the
real, as well as the perceived competition. A competing concept can be even
more threatening than an actual product. Unless you have thought about what
differentiates your product or service from everything that’s out there,
your marketing efforts will fall short.
5. Lead by example. Peers and subordinates alike will learn from your
example. They “listen” with their eyes more than with their ears. Your
actions mean more than what you say to them. Make sure your processes and
actions both inside and outside the office are things you want emulated.
6. Give the illusion of participation. Everyone likes to feel like they are
part of the decision process, so let them! Then do what you think you ought
to do anyway. It’s not necessary, and often actually a hindrance in a small
business environment to employ the decision by a committee process.
7. Control timing. We often miss opportunities because we think we have to
respond immediately to stimuli such as phone calls or emails. Just because
the phone is ringing or an email comes in, it doesn’t mean you have to
react. Your day shouldn’t be a series of interruptions. The more you
control your distractions, the more effective you’ll be.
8. Know what you don’t know. It’s inconceivable that you could have an in
depth knowledge of every aspect of your business. Acknowledge your weak
areas and surround yourself with competent resources and trusted partners
and learn from them.
9. Stay organized. It is critical to update, edit, add and delete from your
list of to-do’s on a daily basis. Nothing feels better than crossing things
off. And, with a well-maintained list for you and your team, everyone will
stay on track and your chances for success are enhanced.
10. Plan for success. Formalize your processes as you go. Plan for and
build infrastructure ahead of your growth. So when your growth spurt comes,
you’re ready for it. And don’t forget to celebrate your successes along the
way. Stop and pat yourself and your team on the back as milestones are
achieved.
Following these ten tips not only helped me grow Adesso Albums to over a
million dollars in annual revenue last year, it also helped me reach tens of
thousands of people and help them live in the moment. Everyday we get
cards, letters, emails, pictures and even videos from our customers telling
us how Adesso Albums have touched their lives – and in so many ways –
both personally and from a business perspective.
From the couple who just got married and looked at their original instant
photo guest book every day of their honeymoon to the military family who
used an album to chronicle what happened while the dad was on tour for a
year, to our international distributors who each used the albums at their
weddings and have since quit their day jobs to sell Adesso Albums in their
part of the world – its’ all very humbling.
With a good idea, a little luck and my ten tips, you are well on your way to
success too!
About the Author:
Lesley Mattos is Owner of Adesso Albums, Inc. and creator of the original
instant photo guest book that combines retro, funky and fun Polaroid instant
photos with hand written sentiments from guests. Now you can create an
instant memento that is presented to honorees at events such as weddings,
birthdays, anniversary or retirement parties as they are leaving! Visit
http://www.adessoalbums.com

Categories
Business Ideas Entrepreneurs Entrepreneurship Home-Based Business Online Business Sales & Marketing Starting Up Technology

Simple Strategies to Viral Marketing Online

Article contributed by Michelle Ulrich
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1.Social networks – how to work it
a.http://www.craigslist.com
b.http://www.fastpitchnetworking.com
c.http://www.ryze.com
d.Ning.com is a create-your-own social network site
2.Free Classified Ads
a.Backpage
b.Craigslist
c.MySpace – need to be a member with a profile, I believe
3.Teleclasses/Podcasts
a.These can be pre-recorded if you don’t want to interact with others
b.Teleclasses are great for getting the word out about your products/services; guest speakers can promote you to their list and increase your list on a monthly basis
c.Use www.fullcalendar.com to promote teleclasses and events
4.Joint Ventures – co-creation of…
a.New products
b.New teleclasses
c.New workshops
d.New podcasts
e.New ebooks
f.Limitless ideas…
5.Strategic Alliances
a.Promote one another via banner ad exchanges
b.Promote one another via ezine or newsletter mentions
6.Article submissions
a.Write an article – submit online
b.Repurpose into an ezine article or ezine series if article is long
c.Repurpose into a podcast
d.Repurpose into an ebook with additional resources
e.Repurpose into a speech/presentation for live events
7.Ezine submissions
a.Write an ezine – submit online to ezine banks
b.Repurpose into an article
c.Repurpose into a podcast
d.Repurpose into an ebook with additional resources
e.Repurpose into a speech/presentation for live events
8.Ezine with tips, resources, trends
a.Submit to ezine banks for additional subscribers
9.Blog
a.Blog or have someone else blog for you no less than 3x/wk
b.Pick a theme for each month to make it easy
c.Base the theme on your teleclasses and ezine, etc. to make all items/tasks easier to complete
10.Affiliate accounts
a.Amazon – book store, software store, web store, etc.
b.Commission Junction
c.Create your own affiliate account – essentially provides a means for others interested in your product a way for them to make a small percentage while you gain a virtual sales force
11.Blogtalk Radio – 15 mins – longer monologues or full blown radio show; record to podcast
a.Repurpose into an article
b.Repurpose into an ezine piece
c.Repurpose into a podcast
d.Repurpose into an ebook with additional resources
e.Repurpose into a speech/presentation for live events
12.Get involved; share your passion
a.Share your passion with others
i.Online
1.Social networks
2.Forums
3.Message boards
ii.In person
1.Networking
2.Volunteer opportunities in community
3.Church
4.Youth groups
5.Etc.
iii.Don’t forget to share your projects and/or websites with others
About the Author
Michelle Ulrich is the Chief Villager and founder of The Virtual Nation™, an educational destination for Virtual Professionals around the globe. Michelle is an avid believer in giving back to her industry and she does this by offering coaching, teleclasses, resources, and tools, in addition to providing a community of learning, a nation of culture, and a virtual village for her members.
She maintains her private practice where she specializes in working with authors, coaches and speakers who struggle to keep up with e-commerce and new technologies. Clients can check out her services at www.virtualbusinessmarketing.com, while Virtual Assistants can find her over at www.thevirtualnation.com. She can be reached by telephone at (916) 536-9799 in the Pacific time zone.

Categories
Customer Service Entrepreneurs Entrepreneurship Networking Starting Up Success Attitude

Top 10 Reasons Volunteering Can Help You Grow Your Business

This article is contributed by Michelle Ulrich.
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“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.” by Margaret Mead
Here is a list of my Top 10 Reasons Volunteering Can Help You Grow Your Business:
1. Volunteering helps you find your place in the community, whether online or in person, especially if you are “the new kid on the block.”
2. Volunteering facilitates many new learning opportunities. This occurs through mentoring or just being around others who share your passion or interests.
3. Volunteering fosters new relationships and builds on existing ones.
4. Volunteering can be a great opportunity to try out new skills or hone existing ones.
5. Volunteering gives you a sense of giving service; studies have found this to be very healthy for our brains, our overall health and our psyche (soul).
6. Volunteering creates opportunities for you to be on ‘ground zero’ of your community or industry.
7. Volunteering builds self-confidence and great potential for leadership building opportunities.
8. Volunteering can lead to business opportunities as most people like to do business with people they know and trust.
9. Volunteering is an important value we can teach our children. We can also act as role models for those in need. You may be the reason they give back and volunteer when they are ready.
10. Volunteering is a way to share your knowledge with others as others before you have passed down history and traditions from one generation to the next.
When you are in a rut, need some help or want to impart your knowledge to others, find a community (online or offline) and get involved. It won’t feel so lonely, your questions will be answered and you can pass down your legacy to share with others. Besides, it’s good for your health and well-being.
P.S. Volunteering can be a great way to ‘pay it forward.’ I have seen commercials where one person is having a horrible day and takes it out on someone else, and then the next person takes it out on the next and so on. If we turn that around and perform random acts of kindness via volunteering in our communities, what an incredible and beautiful synergy we can pass on to others. We can affect our communities with one single act. Imagine if everyone pitched in and volunteered for something…what a peaceful and happy planet this would be!

About the Author
Michelle Ulrich is the Chief Villager and founder of The Virtual Nation, an educational destination for Virtual Professionals around the globe. Michelle is an avid believer in giving back to her industry and she does this by offering coaching, teleclasses, resources, and tools, in addition to providing a community of learning, a nation of culture, and a virtual village for her members. Education is the foundation of her organization as well as for her own personal and professional development. Michelle has been a community college instructor teaching a Virtual Assistant certificate program online. Aside from coaching and teaching, she is also a speaker and soon-to-be author on the subject of Virtual Assistance. She maintains her private practice where she specializes in working with authors, coaches and speakers who struggle to keep up with e-commerce and new technologies. Clients can check out her services at www.virtualbusinessmarketing.com, while Virtual Assistants can find her over at www.thevirtualnation.com. She can be reached by telephone at (916) 536-9799 in the Pacific Time zone.

Categories
Entrepreneurs

Why Hire A Ghostwriter?

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There’s no question about the many benefits of writing a book and becoming a published author. Writing a book gives you instant credibility with clients and prospects, solidifies your expert status and builds your personal or corporate brand. In fact, studies indicate that, while more than 80% of the population wants to write a book, only tiny 2% will ever actually do it! Why? Most aspiring writers cite lack of time, lack of focus or lack of knowing how to physically undertake such an ambitious project.
Enter ghostwriters. No longer those shadowy figures lurking behind the scenes, ghostwriters today are experienced professionals who help aspiring authors write the book of their dreams. These writers and journalists work with their “authors” for months at a time to make sure their book gets written right. Most executives call upon ghostwriters to write for them simply because they don’t have the time or resources to do it on their own.
The price and quality of ghostwriters span a wide range. Like anything else in life, you usually get what you pay for. You can take your chances and try to find a low-priced freelance writer on Elance.com, but you’re far better off trusting your project to a pro who comes recommended from a trusted source or referral. That said, you can expect to pay a good ghostwriter upwards of $50,000 for a full-length, non-fiction business book.
The writing process can take 4 – 6 months to complete your manuscript, but good ghostwriters also serve as an advisor during the process, making sure that you’re project stays on track and is ultimately marketable. However, most ghostwriters rarely get involved in the actual publishing process.
Ultimately, your book is only going to be as good as the material and creativity you provide to your ghostwriter. You’ve got to stay engaged in the process and provide ongoing feedback in order to end up with the book that you envision. Still, with weekly meetings and timely feedback, the process can go smoothly and quickly.
Remember, not all writers are created equal. Look for a ghostwriter who is professional, dependable, collaborative, discreet, easy to work with and not afraid to tell it like it is. Find the right fit and you’re on your way to becoming one of those elite 2% who actually write their book!

LouBortonePhoto.jpgLou Bortone is an award-winning writer and video producer with over 20 years experience in marketing, branding and promotion. As an online video expert, Lou helps entrepreneurs create video for the web at www.TheOnlineVideoGuy.com. In addition, Lou works as a freelance writer and professional ghostwriter, with a ghostwriting site at www.GhostwriteForYou.com and a blog at www.GhostwriteGuru.com.