Tag: system

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How-To Guides

How To Keep A Steady Flow of Clients And Prospects Coming Into YOUR Business Before It’s Too Late!

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Building a successful long-term profitable business isn’t about “marketing” your business, it’s about “managing” your business – the marketing comes once you have your management systems in place.

You cannot begin to market your business if you can’t find the information you need, don’t know who you are marketing to, and don’t know where you are in your business.

So, let’s go back to basics and take a look at one of the key office organization systems you need to have in place to “manage” your business before you can start to “market” your business – your contact management system!

If set up correctly your contact management system allows you to:

* Keep a note of clients, potential clients, and colleagues contact information.
* Easily and effectively follow-up with a prospect.
* Locate critical client contact information quickly and easily.
* Build your business.

Having all of your contact data readily to hand will allow you to build your business. You have all the information you need; it’s all in one place, and you can locate it quickly and easily. Follow-up becomes a much smoother process and in turn it builds your business.
Let me share with you below my 5 easy steps for creating your ideal contact management system so that you constantly have a full pipeline of interested clients and prospects:

1. Choose your system. You need to decide on a system that works best for YOU and YOUR business. This could be using Outlook (as I do) to manage all your contact data, appointments, To Do lists, etc. or you could use dedicated contact management software. A third option might be to utilize one of the many web-based contact management systems.

2. Draw clients into your pipeline. Once you’ve got your contact management system in place, you need to have a system for keeping in touch with people you meet at in-person events, online networking forums, or visitors to your website. One way to do that is to publish a regular ezine (electronic newsletter). This will keep clients and prospects flowing into your business and provide you with a base of interested people who want to find out more about you, your services, and your products.

3. Define the process for working with new clients. Once you’ve got prospects into your pipeline the next step is to create a system so that those clients who are ready to work with you are able to do so. This could be through an initial complimentary consultation to determine if you are a good fit for one another. List everything you currently do and come up with a system for streamlining the whole process.

4. Keep it all up-to-date. It’s all well and good having the systems in place, but if you’re not keeping it all current, then your contact management system quickly becomes of no use to you at all. Ideally, you should be updating your client data as you go along, but if you find you’re not doing that, spend 15/20 minutes at the end of each day, before you shut down your PC, reviewing who you’ve talked to/emailed, what the outcome was, and when you promised to follow-up with them. Note it all down in your contact management system.

5. Create a waiting list! If you find that you have more clients wanting to work with you than you can handle, offer to put them on your waiting list. If you suddenly get a client who has to cancel (and it does happen, for a variety of reasons), then you’re not left with a big hole in your cashflow – you simply approach your waiting list and let them know you have an opening available. Plan to keep in touch with your waiting list on a regular basis so that they don’t forget you!

Consistency is the key to keeping a steady flow of clients and prospects coming into your business. Make the commitment to spend time each and every day on your contact management system, and watch your business grow!

Categories
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
How-To Guides

How to Create A Perfect Filing System

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I know… you probably think of filing as the most boring job in the world, and there are probably a 101 other thing that you would prefer to do instead. However, as a solo business owner, it is down to you to do the filing and stay organized. As a result this is one of the areas that a lot of solo business owners find overwhelming – they simply do not know where to start, or how to systemize their business.

Papers here; papers there; papers everywhere!

The more piles of paper there are, the more overwhelmed they feel!

Creating and maintaining a filing system is the very foundation that your business is built on, so this is the first system you need to put in place – an efficient and effective filing system. And one that is simple to use too!

With a proper filing system in place you will very quickly and easily be able to find the information you need, when you need it.

Let me share with you below my 7 easy steps for creating your ideal filing system:

1. Determine your storage needs. Whether you decide to opt for a plastic filing crate, or a dedicated filing cabinet, one thing you need to keep in mind that you will need TWICE as much space as you think you’ll need.

2. Decide how you naturally look for information. This will determine what your filing system will look like, and how you will set up your files. For example are you a person who thinks in alphabetical terms, or does categorization serve you better? Remember – this is YOUR filing system so you need to do what works for YOU.

3. Categorize your filing drawers/crates. For example if you have a two-drawer filing cabinet, use the top drawer for business files and the bottom drawer for personal files. You decide how best to categorize your filing drawers. But don’t just put all your files together in one drawer without any system otherwise you won’t be able to find anything again!

4. Gather your supplies. Tabbed file folders work best simply because there are no holes to punch or fiddly clasps to undo. You simply drop your papers into your file – making filing your paperwork a cinch!

5. Create quick and easy access to your day-to-day files. A stepped-sorter holds approximately 8-10 files which step up the further back they are – making your files easily visible. Keep this on your desk, and store in it those files you know you will need access to every day.

6. Now move on to your PC filing system. Your PC is a very large filing cabinet, so it makes sense to create a similar filing system here as you did for your paper files. That way you do not have to manage two different filing systems – it’s the same system except one is physical, and the other is electronic.

7. Create a system for your emails. Again, follow a very similar or the same system for creating email folders as you did for your paper and PC files. Outlook and Thunderbird allow you to create different mail folders.

Consistency is the key to an easy-to-use, successful filing system. Create the same files and folders for your paper-based system, your PC system, and your email program.

Categories
Home-Based Business Operations

The Ultimate Guide To Creating A Bookkeeping System

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Are you one of those people who are guilty of just stuffing your receipts into a folder and thinking ‘I’ll sort that out when I’ve got time’? Do you need a more organised bookkeeping system, nothing too flash, just something that’s simple and easy to manage?

Follow my tips below and you’ll soon have that simple and easy-to-manage bookkeeping system that won’t bring you out in a cold sweat whenever you hear the words ‘tax return’. And I promise you, it works!

1. Gather your supplies!
Get hold of a large ring binder, divider cards, A4/letter-sized paper, stapler, pen, all your business receipts and invoices, plastic folders and a large coffee (or whatever else you prefer!).
Then lock yourself away for a couple of hours.

2. Get Organized
You now need to organize your ring binder into the following sections:

Invoices – Unpaid — this section is for your outgoing business expenses that have not yet been paid i.e. supplier invoices. Write on the top of each invoice the date it needs to be paid by and place all unpaid invoices in ‘date to be paid’ order with the earliest one on top.
Invoices – Paid — this section is for your outgoing business expenses that have been paid or you’ve paid at the time service was rendered, i.e. that ream of paper that you bought from the office supplies store. Staple each receipt on to a blank piece of paper rather than just putting them directly into the ring binder. This just makes it easier to see at a glance all your receipts and you can also make notes on the paper. Also write on the top of each invoice/piece of paper the method of payment.
Receipts – Unpaid — this section is for all your invoices that you have sent to clients that have not yet been paid. Write on the top date payment is due and put them in date order so that it’s easier if you have to chase overdue invoices.
Receipts – Paid — this section is for all your invoices that have been paid. Write on the top the date it was paid and how it was paid i.e. cash, check, credit card etc.
Bank Statements — this section is self-explanatory! Just keep everything in date order.

3. Schedule It In
Now that you’ve got your system in place, schedule in each week/month to keep your bookkeeping binder up-to-date. In between updating place all your receipts and invoices in a plastic folder so that everything is together when you come to update your system–it would be too time-consuming to add each receipt as you get it!

What Next?

Depending on how far you want to handle your own accounts, you can either hand your very organised bookkeeping binder over to your accountant at the end of the financial year for them to prepare your final accounts, or you can maintain your own books with the use of financial accounting software.

Either way, you’ve now got a bookkeeping system that is simple and easy-to- manage and won’t cause you to break out into a cold sweat at the very mention of the words ‘tax return’.

Categories
Planning & Management

Effective Strategies For A Client Conversion System That You Can Use Starting Today

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One of the best time-saving strategies I’ve implemented is my client conversion system. You know the drill; a potential client comes along and emails/calls you asking about your services. You spend time responding, maybe even putting a detailed proposal together, and then you never hear from them again! Not even a thank you for your email!

This is one area that’s a huge time drain for solo service professionals, but one that is so important – you need paying clients so you have to spend time responding to them.

What if there was a way you could respond to clients yet at the same time not waste hours of your precious time on this activity only for it to result in never hearing from said client again?

Well, there is! And I’m going to share it with you in this article by giving you my three steps on how to create your own client conversion system.

Step One – Capture Their Name/Email Address

If a client comes along and they’re not quite ready to work with you, you need to have a way of capturing their details on your website so that you don’t lose touch with them – that way they’ll get to know more about you and your services, and when they are ready to work with you, you’ll be right there!

You do this by giving away a free taste of what it is you do. This could be a report, audio, mini ecourse, or some other type of freebie that is given away automatically in exchange for them giving you their name and email address. This is known as building your list. Once you have your list in place stay in touch with them regularly through publishing an ezine.

Step Two – Have A Defined Process For Working With New Clients

Look at what you currently do when you receive an email/phone call from a new client. Write down all the steps in that process, and come up with ways as to how it can be systemized.

For example:
* Do you find that potential clients are asking the same questions again and again? If so, set up a FAQ (Frequently Asked Questions) page on your website that answers all of these questions. (Hint: this could also be your free taste that the client will sign up for.)
* Do you require that all new clients have a telephone consultation with you beforehand to ensure that you are a good fit for one another? How can this process be streamlined?
* Or, do you require a potential client to fill in a questionnaire prior to speaking with you on the phone?
List everything that you currently do and come up with a system for streamlining the whole process. You could also include elements that you would like to do but haven’t yet implemented.

Step Three – Put Your Client Conversion System In Place

Now that you have documented the process for handling enquiries you need to put your system in place that will allow you to handle client enquiries in the most time-efficient manner.

This is the system I use and recommend, and one that will filter those enquiries for you:

* On your website tell clients what your process is for working with new clients, i.e. contact me to schedule your complimentary client consultation.
* Have a contact form on your website that client’s can fill in when they’re ready to schedule a complimentary call with you.
* Create an email template to respond to those clients who would like to schedule a complimentary consultation. You can also use this template for those email enquiries you get, or as a script for a phone enquiry.
* If you have a series of questions that you would like answers to before your call with your client put these together into a Pre-Consultation Questionnaire which you can send to your potential client ahead of your call. (This again is a good way to filter the serious from the not-so-serious clients – the not-so-serious clients will not want to spend their time filling in a questionnaire prior to your phone call.)
* Create a document/email template for your questionnaire – put it in a format that is easy for the client to email back to you.
* When they respond to you to schedule their call attach your questionnaire, confirm the appointment, tell them when they need to return the questionnaire by (24 hours before the call is a good timeframe) and tell them what number to call you on.
Having a process like this in place will filter the serious from the not-so-serious clients, saving you a huge amount of your time and streamlining the whole client conversion process.

Remember: You are the expert at what you do. Your clients are coming to you for your expertise, so lead them with your systems. Tell them what your processes are. Let them work to your systems.