The turn of the year usually prompts most people to think about some business planning for the year ahead. Here are some tips to make the planning more productive. Get your team involved Business planning works best when it’s a team effort. Involve your key staff and your advisors, such as your accountant, your mentor (if you have one), and others who can contribute meaningfully to the planning, such as… Read more
It’s easy to believe that the key skill in giving a presentation is making sure you say the right thing, but studies have shown that 55% of your message comes from non-verbal cues and people remember more if they see something than if they just hear it. This article looks at the eight areas you need to focus on to make the most of that 55%. Your Natural Style Making… Read more
Bookstores and libraries around the world supply excellent instructional materials. Riding in the car or commuting on the train, you can learn from experts. The bestseller lists at Amazon are fantastic resources. The lists are updated regularly with current insight about the best books on the market. Have a look at some of the best books on business and money currently on the Amazon list. The Millionaire Next Door Thomas… Read more
Freelancers in all industries deal with the same problems due to the nature of their work. Typically, freelancers are solo work-from-home contractors that manage every aspect of their business. If you’re thinking of dropping your career as an employee to begin freelancing, consider the following obstacles you will need to navigate. Unfortunately, problems beget more problems, and a shaky foundation quickly leads to a crumbly business, and many regrets about… Read more
Risk tolerance, time horizon, and asset allocation – you’ve dealt with these factors for a good part of your life, but now, in the face of retirement, they take on a more urgent and significant role. These factors – particularly tactical asset allocation – are vital to maximizing your assets before your retire in a few years’ time. A Different Take on Risk Tolerance and Time Horizon As your time… Read more
Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips will help… Read more
Ask any successful entrepreneur about their path to greatness and you’ll get the same answer: failure is an inevitable part of the journey. It took Thomas Edison 1,000 failed attempts before he finally invented the light bulb. Tim Ferris received 25 rejections before his bestselling book, “The 4 Hour Workweek” was finally published and sold millions of copies. It’s a fact that 20% of businesses fail in their first year… Read more
Hopefully you have long – and short-term plans for your company and you may even have a strategy for your own development, but have you considered having a personal development plan (or individual development plan) for employees? An employee personal development plan is an action plan that focuses on helping staff improve their knowledge, capabilities, and skills in areas related to your business. Creating such plans shows your staff you’re… Read more
Business Planning for 2020 It’s hard to believe but the year is almost over! If you’re like us we’re currently working on our 2020 business plan (writing 2020 might get a bit of getting used to!) A lot of our clients are doing the same at this time of year – think about their business and their strategy for the year ahead. If you’re looking to make some positive changes… Read more
If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. Here are four tips for getting your business through difficult periods so you can look forward to… Read more
It’s the line item most often left out of a small company’s budget: the business owner’s salary. Let’s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living – and paying yourself can actually help your business succeed. Here’s… Read more
Quick and efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility – cash, check or charge? – when buying from large retailers. If you’re a cash-or-check only operation, consider how many sales you may be losing – and how your business would grow if your customers could pay with debit or credit cards. If one of your goals is to start selling online,… Read more
While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement… Read more
For many small business owners, hiring workers on a flexible basis is ideal – especially if paying regular salaries isn’t in the budget and/or the workload is variable. Depending on where you live and operate your business, you need to be aware of the rules when it comes to paying your casual workers. These guidelines can help you get started with understanding how to calculate a fair hourly rate for… Read more
Depending on the current state of your finances, financial freedom might seem a long way away. For many people, financial freedom—when you don’t have to worry about how to pay the bills and your money is invested and making money for you—is a far off dream. What they don’t understand is how close financial planning can get them to that dream. Financial planning isn’t all staring at ledgers and creating… Read more
If your small business operates on a tight budget you might be tempted to eliminate costs that you think aren’t necessary. Often small business owners choose to go without business insurance as a way of saving money, but doing so can be incredibly costly in the long run. Business insurance is something that may seem like an unnecessary expense in the short term, but is worth the cost now in… Read more
Small business owners know that to find a loyal customer base, they have to stand out from their competitors. One of the best, and easiest, ways to do that is to have outstanding customer service. How you treat your customers reflects your entire business. People think positively on companies that treat their customers and clients well. Unfortunately, many small business owners focus a lot of attention on their products and… Read more
Many complex moving parts are involved in operating a profitable company, but at its core, business success hinges on just one thing: customer relationships. Which is why customer relationship management software is vital for entrepreneurs who want to grow their businesses. A CRM solution helps your company nurture and improve customer relationships by maintaining centralized data on all your leads and existing clients. With access to a history of customer… Read more
For small business owners, the risk of data breaches and fraud is high, so taking all the necessary steps to protect your sensitive data is a must. Unfortunately for many entrepreneurs the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid being hacked. According to a recent… Read more
Should you share your business’ financial performance with employees? There are two schools of thought when it comes to “open book management” – the decision to increase transparency by sharing your company’s financials with your employees. On the one hand, allowing staff to know the company’s revenue, profit, and projected sales can increase engagement, inspiring them to work harder and achieve more. On the other hand, too much information can… Read more