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Make Business Financially Fit

1. Know Your Overhead Cost – It is easy to know what the cost is of each product or service you sell, but many business owners fail to include their overhead cost when figuring their numbers.

Profitable businesses know what their profit is on each product or service after their overhead cost is included. Overhead costs often include, administrative expenses like office supplies. Other expenses may also include marketing and advertising, employee related, facilities and equipment, vehicle related expenses, insurance, and tax related expenses.

Companies should know the percentage of breakdown related to each product sold, each procedure or job performed, or each service that is provided.

This allows the business owner to price their products and services at the right price. If the overhead cost is not included, it can cause the business to lose money on each sale that they are making.

2. Manage Your Cash Flow Regularly – Cash flow is so important for a financially fit business. If a company does not have a good eye on their cash flow,

Common Entrepreneur Mistakes

1. Growing too quickly.

Growing too quickly can be just as dangerous for a new business as moving too slowly. Expansion should only be done to meet the demand of the product, not simply for the sake of growth. It takes time, resources, and more, to develop a new brand or location, which takes away from the successful existing ones. For this reason, it is very important not to grow too quickly.

At times it is much better for the small business just to sit back and build up their capital, instead of borrowing money to try to grow too quickly. The rule should be quality over quantity… always. Make sure you provide the best possible service or product for your existing customers, and can do so for new ones before expanding.

2. Not staying ahead of the competition.

This should be right on the top of your list of things to do. If you don’t blaze the trail, then you are simply following others. One of the issues which can really hurt your business is not

Start A Business From Scratch

Businesses Fail

The main reason we start at the customer and solve his or her problem is because we need the foundation of a product that will sell for a profit. One that will continue on for years to come. Without that, there is no business. If you go all out and start a business without this kind of product, the business is likely to fail. In fact, even if you come up with a great product, you still have a high risk of business failure. But without a great product, it is almost a certainty.

The Customer’s Problem

Finding a problem to solve is finding an opportunity. You add value when you uniquely solve a customer’s problem with a product they can buy.

What is a product?

A product can be a physical product such as a shovel, a digital product such as an eBook, or a service such as business consulting. It could also be a method of distributing that adds value, or a way of organizing or combining existing product lines. Really the

Help Entrepreneurs Handle Challenges

1. You Can’t Walk Alone

See, the question is not how they handle the problem but what creates the problem.

Is it the team? Is the team doing the job properly? Or, something is not fitting?

A team’s performance can very well be the difference in between success and failure of an Entrepreneur. Proper team with positive thinking can lead you to the top of stairs.

If you are an entrepreneur and spending most of your time in a negative environment you are landing nowhere. Finding good team is a key factor to handle the challenges faced. With a good team you can delegate work and make them a part of your struggle, where every struggle leads to positive results.

2. Approach Problems with Positive Thinking and a Proper Strategy

Problems are a part of daily routine for startups. Nothing can be accomplished without positive thinking and strength to face those problems.

Every time you see yourself failing, don’t give up. Stress is a factor of negative impact.

Focus and think of the positive things in life. A simple thought related to past successes or the very reason you started

Hiring a Good Accountant

Ask the right questions

Not every accountant will be the ideal candidate for you. Therefore, prepare a list of questions to get to the bottom of exactly what they are offering to avoid any surprises. Do they provide monthly bookkeeping as well as business taxes? What exactly can you expect to pay for their services?

Get a referral from a personal contact

Like a good hairdresser, finding a professional that ‘gets’ you can be a challenge. Ask around and see if there is an accountant that somebody near and dear to you recommends. Find out what they like about them. Ask them what services they are given and at what price.

Double check their qualifications and experience

Don’t be swayed by the promise of a large check following your tax return submission. Always confirm their qualifications and experience thoroughly. If in doubt, ask them for a reference so you can verify they are as good as they say they are.

Understand what they need from you

Make sure you know what is expected of you up front. Can you do everything that is required from your perspective? Do you need to

Starting a Business Overseas

1. Local Culture

The local culture and habits are extremely important for any entrepreneur who’s looking to start a business in another country. It is essential to know the ins- and outs of the local environment and how to get around. As hard as it might be, try to find a local investor or a business advisor who can inform and explain key factors of doing business in a specific area. Depending on your business and target market, get to know local consumer behavior. It’s key for your potential business to have local partners who are trustworthy; this key point can make or break your business.

Local business events are a great way to meet new people in the area. In case you are looking to build a network before flying out, which is a smart thing to do, use your current network to see if you can connect to someone doing business in that area. Another possibility would be to join expat communities and ask questions there. Join Facebook groups! They are surprisingly effective.

2. Language

Studying a new language is hard and very time-consuming. It may even present a bigger barrier for

Growing a Small Business

Maintain detailed records

Any successful business will keep and maintain detailed records. A major benefit of record keeping is the ability to constantly know the financial position of a business and make it easier to see potential growth options or challenges in the future. Also, if things do start to look bad, there is more time to start creating strategies to overcome those hurdles.

Analyze the competition

Healthy competition has the potential to breed the best possible results. To grow the successful business it is always worth checking the local competition to see if there is anything to learn that could help improve your business.

Be creative

Try to be creative in the process of setting up your business and think up ideas that could potentially make your business stand out from the rest. It is worth remembering that you won’t have the complete business knowledge when starting out, so you should always be open to new approaches and ideas to expand the business.

Stay focused

Even with a lot of time spent on the planning stage, there is no guarantee the business will start to earn money straightaway. It can

Small Businesses Fail at Marketing

1. Their definition of marketing is wrong

When business owners tell me that marketing doesn’t matter, they usually have a totally different understanding of what marketing is than those who recognise how marketing contributes to business goals where it enables you to charge the most money you can for your services and products.

Marketing is first about spending time building a solid foundation based on strategy before proposing a series of tactics aimed at lifting sales. Until the business finds a way to change the context of how their ideal customer views what they do, and then becomes become the obvious choice provider, they’ll find that their marketing efforts never seem to build momentum or gain any return on investment.

You must be able to enter the conversation taking place in the head of your customers. Or, to look at it in a different way, to be able to address the number one question on your customer’s mind at exactly the right time.

So, how do you do this? The conversation that is taking place in every prospective customer’s mind revolves around two major points. There is a problem they have, and that they

Effective Working Capital Management

Create proper cash flow projecting – This process must consider the market cycles, the loss of a valued client, the actions done by your competitors, and the impact of all unanticipated events to your business’ overall performance. Moreover, you must also consider the unexpected demands of your capital.

Craft contingency plans for unexpected events – Regardless of how profitable your business is, you must always ensure that you are well-prepared in case unexpected events arises. You need to hone your skills in efficiently managing any uncertainty by formulating risk management procedures. Remember though to establish these procedures based on the objective and realistic view of your working capital requirements.

Use your working capital in a corporate wide basis – This is regarded as among the most effective capital management strategies because this will help make sure that your business’ cash on hand are utilized in various functions. This can be performed by using such cash from one place to another. Making sure that different aspects are in place is a great way of efficiently implementing this tip. These will include efficient banking channels, excellent linkages between production and billing, effective internal systems, information access, and good

Start a Bookkeeping Business

Another area of expertise may be in the area of risk analysis and internal control. Highly experienced bookkeepers understand the importance of financial controls, segregation of duties and best practices. This also allows the bookkeeper to improve the value provided to the client by identifying risks in the organisation and improving ways to minimise the risk to the business. If you can save the business owner from a fine, penalty or even an audit due to lack of compliance with legislation, you are a valuable asset to the business.

Payroll is often a requirement for a bookkeeper to perform. This however can be expanded beyond the payroll generation and compliance with associated items such as work cover, superannuation,payroll tax and tax. You may have deeper experience in human resources or staff management. Depending on the requirements of the client and the business size, there may be opportunities to offer additional HR type services beyond basic payroll and compliance services.

IT skills and experience could form an additional area of expertise. For example as part of the asset register, depreciation or budgeting process you may have the opportunity to look at the infrastructure or software used by

Budget Made Easy

When the budget is to be prepared, the information from past has to be studied. The trends and flow of goods and services, as well as their cost that affects the business, can be collected and analyzed quickly if the business has opted for an electronic medium of keeping its books. Not only the initial phase, but the projection of the upcoming budget on the functioning of the business is also facilitated. When the board is informed of the developments within the organization, and when this information is ensured to be reflecting a true and fair picture of the business, the decisions taken will be for the best results.

Because its preparation can be a time-consuming issue, because there are other works to be done in the meanwhile, and because employing experts cannot be feasible in all posts of the work, use of application can solve more than one issue. While the management installs the system in place for conducting transactions, it is the apps that the performance is efficient and smooth running.

When information is stored in electronic format, the search and retrieval are swift. This also serves in the cause of making an analysis

Critical Financial Ratios

A Review of Assets and Liabilities

Balance sheets categorize a company’s assets as either a current asset or a long-term asset. Current assets are expected to provide a benefit to the business within the next year. Long-term assets provide a benefit for more than one year.

An example of a current asset might be a certificate of deposit with a maturity of six months. A long-term asset might be a machine that is expected to operate for many years.

A company typically has several assets aside from cash on its balance sheet. The company can invest its cash in financial instruments like money market accounts, certificates of deposit, or U.S. Treasury notes. Because these investments can be converted into money rapidly, general accounting practices consider these to be cash equivalents. Cash and cash equivalents are considered current assets.

Similarly, a company has current liabilities and long-term liabilities. Current liabilities are those that come due within the next year. Long-term liabilities are those that will be paid off over the course of many years.

Return on Assets

One common measure of a company is Return on Assets (ROA). Return on Assets helps the

Small Steps Make Big Difference

Thank people. Your team, clients, suppliers, family, friends. When they do something you’re grateful for, let them know it. Who can you speak with, call, or email today with a thank you?

Like your own social media posts. Add to the likelihood your post will be seen by adding your own thumbs up to every post. It all adds up (that compound effect!). Like your next post and make it a habit.

Pay attention to your money. Track what happens to your money in your business, coming in and going out. Even if it feels like the knowledge might scare you, that ongoing awareness has a calming effect. You’ll make better decisions.

Caption your videos. Over 80% of videos on Facebook are viewed with the sound off! Reach your audience with written words on the screen – add captions. This is a DIY you can do in Facebook or YouTube, or you can pay a service (Rev.com is a good one). Do you have a video important for your business online right now? Spend 15 minutes adding captions.

Learn something new. Read a book or an article, watch a video, or take a class.

Small Business Accounting

  • Monthly services that you may not need any longer.
  • Advertising expenses. Look for inexpensive ways to advertise.
  • Payroll Service – Start comparison shopping and see if there is a comparable service for less money.
  • Card processing fees. There are so many out there and this is one place where you may want to really look at. You can call your current processor and ask for lower rates. They may work with you.
  • Overtime hours. Can you cut these if this is an issue?
  • Job duplication. Are there any jobs that can be combined and have one person, not two.
  • Outsourcing jobs. This is another way to possibly save a considerable amount.
  • Internet and Phone fees. Call your provider and many will work with you.
  • Software. Is there anything that can be automated with the use of new software?

These are just a few suggestions. This is something that needs to be looked at on a monthly basis when you are comparing actual to budgeted numbers. Also, if you are not able to print off a list then get started on implementing a set-up for your accounting software. I know that you can spend $17.99 per month on a top-level plan using a cloud-based software. Your

Entrepreneurs Struggle

When these 2 minds are not aligned, it presents a struggle. This struggle appears as a starting and stopping motion. You attempt to take action on your goal and you’re actually stopped in your tracks. The conscious mind attempts to move forward on the goals that you have for your business, yet because the subconscious mind is not engaged in the process, it pulls you right back to where you were. It’s just like getting dressed to go on a family vacation. You walk out of the front door to load up the car and you turn around and your family is still in pajamas, simply lounging around in the living room. You’re moving forward, but they weren’t informed!

In order to end the entrepreneurial struggle, the subconscious mind must be informed of your new goals. These new goals must become your new beliefs in order to become your new reality! Repetitive affirmations, vision boards, meditation, and visualization of your new goals are life-altering tools that imprint your new goals into your subconscious mind.

Your Attractive Thinker Assignment:

Create a Vision Board with Your New Business Goals!
Create a Set of Empowering Affirmations that Support

Choose The Best Liquidator For Business

Compare a few prospective companies

The thing is that financial matters can be very sensitive and you need to be able to work very closely with the liquidation service provider. Trusting your gut instincts as far as the services are concerned is what you should strive for. You need to be very comfortable with the liquidator to have a pleasant experience. It therefore helps to start by making a list of prospective companies offering the services and going the extra mile or speaking to them so you are able to gauge which one works best for you as far as trust goes. The way they handle you, the background and experience should all make you feel comfortable and content with what they are about to do for you.

Consider expertise in your business sector

Liquidators can work with individuals while others specialize with limited companies. What you need to make sure that your liquidator understands your business and its market of operation. When talking to the potential companies for the services, you can easily tell what sectors they are experienced in and gauge how beneficial they will be handling your situation. Ask as many questions

Avoid Business Liquidation

1. Identify potential cash flow

This should be the first step that you take towards saving your business from failure. Go over your current assets and find out what potential cash flow options you have and whether they can do anything much to save your company. High cost items in your possession like vehicles and property can save you if you are bold enough to sell them and you are able to release the monetary potential they hold. You actually have the option of selling the physical property and retain the lease of the business sits on the property so that you do not have to relocate. As for any business vehicles, why not sell and consider hiring so on a temporary basis until business improves? A smart move can be all you need to pay off debts and save your company from liquidation.

2. Sell you inventory

No inventory is too small to save a financial situation for your business. If you are faced with the insolvency situation and you have excess products or stock you should consider selling it off as fast as you can to free up some money. By looking at

Administration and Receivership

Administration is a formal procedure where an insolvency practitioner is appointed to control a business as a whole. They will be appointed by a court, the company’s creditors or its directors. The administrator will be charged with achieving the best outcome for all of the creditors of the business.

At this time the administrator is in control of everything and can choose to sell off parts or the whole of the business, enter into a pre-pack or liquidate the company. Once an administration order is granted the business is protected from further creditor action for around eight weeks or so.

Receivership however is generally asset based. This means that a creditor will appoint a receiver to take control of the asset but obtain value for the creditor with a charge alongside any preferential creditors. This is typically when an agreement has been entered into, such as a loan which allows the creditor a charge on an asset or group of assets in the case of default.

The receiver does have one significant difference from an administrator, he is only concerned with realising the cash to pay for the administration and pay back the company’s indebtedness

Limiting Small Business

The Self Fulfilling Loop

The ability to work in your business and work on your business are two very separate things. You may be the best at working very hard, doing long hours and motivating your staff, if you have any. But this doesn’t translate to growing your business. Growing your business is something different. It takes a whole new skill set.

If you’re stuck in the process of being a ‘worker’ in your business, you’re not moving your business forwards. You must step out of the roles which worked when you were an employee. Things which make a good employee are: turning up on time, working hard, delivering to deadlines and thinking of ways to achieve the maximum output for your boss.

Things which make a good business owner are entirely different. Knowing how to grow your business is about marketing. You need a whole new skill set and new ways of thinking in order to do this.

The Skill Set Of Online Marketing

Online marketing is vital to grow your business. Whatever kind of business you have, you need some kind of marketing engine driving it forwards. With new technology comes

All about Competitive Advantage

Then addressing his men before the battle began, he said, “You see the boats going up in flames. That means that we cannot leave these shores alive unless we win! We now have no choice. We win or we perish.” As it was told, they won.

Our case as entrepreneurs is much like this story, we either succeed in our business or we perish. One of those factors that “kill” businesses is the COMPETITION.

It will not matter how good you are if your competitor is better, so you need to find out what your competitor is offering. Find out your competitor’s advantage over you and how she goes about it.

Everyone has competitors. Do you know yours?

You will need a visit to your competitor to have a deep feel of her offer. You need to understand what gives her an edge over you. It’s probably just customer service, a better knowledge of the product or service, promo given to customers etc.

You can achieve this by paying a visit to your competitor as a potential customer. You can order for the service or product being provided and then you can criticize