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Small Business Advice on How to Create Daily Success [Part 1]
Posted on 14 December 2010.
Small Business Advice on How to Create Daily Success [Part 1]
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Home Page > Business > Small Business Advice on How to Create Daily Success [Part 1]
Small Business Advice on How to Create Daily Success [Part 1]
Posted: Jul 23, 2009 |Comments: 0
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One of the biggest challenges I see when I coach an entrepreneur is how they manage their time daily. I can give them all the success strategies in the world, but they won’t work if the business owner doesn’t make the time to put them into action.
If you own a home based business or even if you’re starting a home based business, one critical part of success is how you flow through the day.
Our days turn into weeks and our weeks turn into months and we look back and wonder why we’re still struggling or why we can’t reach our goals. So let’s start where it all begins – setting up your day for success which will then create successful weeks, and successful months. In part one of this article are 3 sure-fire ways to do just that (and 3 more coming in part 2).
Decide on your top 3
It is critical to first decide what your top 3 actions are for the day. Thanks to Tim Ferris (author of The 4-hour Work Week), my to-do list for the day is now on a bright yellow post-it note on my monitor. At most, I’ll write 5 absolute priorities for the day. These are my “no-excuses, come hell or high water, must-do” actions.
I still have a to-do list that’s a mile long, by the way, and you may as well. Just mentally reframe that to “the list I keep to get things out of my head.” We all need that but don’t feel obligated to get 42 things done today. It’ll never happen and you feel perpetually defeated if you try. Focus on your top 3-5. Anything you get done beyond that is icing on the success cake.
Make them profit-producing
The #1 thing I must do each day is marketing my business or something directly tied to attracting clients or making sales. Some marketing action is always on the list. So take a look at that list of 3-5 things. Is it a list of minutia and administrative tasks or are they profit-producing tasks. Do the profit-producing tasks first – how to market your business, how to get clients, and how to sell your services.
You can get to the other stuff later in the day. Trust me on this one – when you focus on profit-producing tasks and the cash starts coming in, you’ll have money to start delegating administrative tasks. It’s a beautiful thing when that happens.
Shut off your email
My most productive hours are the first hours of the day. If I dare to hit “check mail” I can forget about having a successful day because I remain perpetually distracted. And that goes for checking social media too, by the way. Twitter, Facebook and Linked-in are too distracting and I must stay focused on my top 3-5 cash-producing actions before I start clicking around on the internet.
So try shutting off your email in your most productive hours of the day – yes, close the application entirely and not just minimize it. And for social media, plan when in the day you’ll go there and also how long you’ll stay.
Stay tuned for Part 2 of this article where I share a golden strategy that is sure to create immeasurable success for you daily!
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And now I’d like to offer you the FREE one-hour audio seminar for solo entrepreneurs on “How to Create a Steady Stream of Clients For Your Solo Business” at: http://www.moreclientsaudio.com Allison Babb is an author, speaker and Small Business Coach to solo entrepreneurs at: http://www.GreatSmallBusinessAdvice.com
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And now I’d like to offer you the FREE one-hour audio seminar for solo entrepreneurs on “How to Create a Steady Stream of Clients For Your Solo Business” at: http://www.moreclientsaudio.com Allison Babb is an author, speaker and Small Business Coach to solo entrepreneurs at: http://www.GreatSmallBusinessAdvice.com
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The 5 Most Important Things to Remember to Achieve Success in Small Business
Posted on 12 December 2010.
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Home Page > Business > Business Opportunities > The 5 Most Important Things to Remember to Achieve Success in Small Business
The 5 Most Important Things to Remember to Achieve Success in Small Business
Posted: Oct 15, 2010 |Comments: 0
|
The 5 Most Important Things to Remember to Achieve Success in Small Business
By: Simon Stepsys
About the Author
To achieve success in small business, check it from the online business expert
(ArticlesBase SC #3484565)
Article Source: http://www.articlesbase.com/ – The 5 Most Important Things to Remember to Achieve Success in Small Business
Most people think that success in small businesses is the most achievable goal there is today, especially when it comes to the online money making industry. This, of course, is a highly plausible possibility, because if you have a good idea what to do and where to start, you’ll definitely find yourself at the top easily.
However, you first need a starting point. This is where this resource comes in. The following are the top five things you should remember if you want to see your success in small business handling.
1. Find a primary focus or niche. This will help you concentrate your efforts better, reaching an easier goal easier, which is a great way to earn. If you want to land a good niche that will help you earn big, find something that doesn’t have multitudes of competition but shows promising demand. This can help you earn bigger profits.
2. Think big. You always have a better advantage against your big competitors and those are your flexibility and ability to provide personalized service. Take advantage of that, and you’ll surely find yourself climbing the top quicker.
3. Avoid being a copycat. Although imitation is still the best form of flattery, copying others won’t get you a long way in this biz. Make everything about you unique, this can help you attract more potential clients and customers.
4. Strive to have a good reputation. Success in small businesses relies largely on their good reputation. Especially online, where word travels extremely fast, you will have to keep your name clean no matter what. You’ll also need to impress to get people more interested.
5. Plan your way through. A good plan can really get you places. So make sure to always get your moves well thought out. This will really build your business for the better.
Aside from these, tons of other ways can help you achieve success in small businesses. Just keep them in mind and you’ll surely find yourself in good stature in time.
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To achieve success in small business, check it from the online business expert
Posted in Small Biz ResourcesComments (0)
How Do Franchises Deliver Business Success?
Posted on 18 August 2010.
A bold question to ask, you might say. One that may raise a few eyebrows with some current franchisees
However, setting controversy aside, it is a subject that I have often pondered when looking at why people select the franchise route when setting up their own business. I can certainly understand the attraction of a franchise; setting up in business on their own with a lack of confidence in their abilities means that for some people, the franchise route delivers a faster start combined with a business model that is proven. Some might say that it removes a lot of the guesswork when setting up your own business, because the set-up and preparation has already been done.
I would just like to challenge that for a moment. That what is being delivered is a business that will definitely succeed as it has elsewhere, but is that really true? What is it that makes a business succeed? Can there be any such thing as a failure proof business? model and succeed? Does running a franchise provide you with an improved likelihood of success over anybody running their own independent business?
Questions, questions! Right, we need to study this in more depth and have a go at getting to grips with what it is that actually contributes to a business succeeding. I’ll revert to one source in particular, due to the number of sources that Moyak K. Mason also refers to, when trying to understand what makes a business succeed or fail. Suffice to say, that research conducted for the paper, ‘What Causes Small Businesses to Prosper?’ points to evidence that suggests that success or failure does not come down to management tools or techniques. Furthermore, a good grasp of the fundamentals of business is more likely to establish a successful foundation for your business than any . In the end, a system is just a system that can be followed or not followed, and will never be the ‘cure all’ that prevents a business from failing.
Companies and businesses that do succeed, possess some exemplary traits and practices:
They excel in defining and planning their strategy and remaining focused on it.
They are always good at executing their strategy, rising and meeting customer demands, and providing staff with the authority to make the decisions required to assist in remaining flexible to the ever-evolving market.
Internally, the company culture includes an expectation that performance is high, who motivate their employees and management, and reward them not only financially but also psychologically.
Their organisational structures are not preoccupied with trivial matters, but zero in on improving business efficiency, reducing red-tape and bureaucracy. Simple is where it’s at and the promotion of cooperation between internal departments and personnel.
Taking into account that the numbers of business that fail is documented as being equally frequent for franchised businesses, how great of a benefit is a franchise business to success? A 1995 study undertaken by Dr. Timothy Bates of Wayne State University writes that failure rates for a franchise business was in excess of 30% yet those exact same companies also saw reduced profits compared to their stand-alone competitors. Considering the rules that are placed on a franchise by the franchisor, the entrepreneurial creativity displayed by those running successful businesses wouldn’t be very easy to reach within the restricting framework of a franchise. Of course, some may argue that such creativity should be coming from those who are the franchisors, but then you have to ask; what place does a creative entrepreneur have in this picture?
The advantages of a franchise business start to look less advantageous than before when put into the context of the almost quite damning failure rates that weren’t put together by a national franchise association. The level of credence you give to which ever set of numbers comes down to whether you believe that national franchise associations are more interested in promoting the franchise model than providing a balanced picture to would-be franchisees! You can be the judge on that one.
So if the franchise model isn’t all it’s cracked up to be, what does an upcoming business entrepreneur do when a less risky business route is sought where the business model is already working?
So, unless you are going to say that you really have to open the next franchise of McDonalds, it’s most likely that you want to create your own fortune by building your own business but without all the unnecessary risk. If so, then you might well consider a business system and model that guides you through to constructing a business that will achieve success, without the punitive costs and restrictions of a franchise would be a better option? What about a system that plugs you into the best training and mentorship available, whilst still allowing you to retain your entrepreneurial creativity? A business system that automatically handles all of the telling and selling, as a viable franchise alternative, while allowing you to spend your time generating leads for your business, with an average 80% profit margins, but with none of the punitive costs and royalties, a franchise alternative is a reality.
Is The Franchise System Flawed?
Why Wait 3-5 Years To Break Even? Discover An Alternative To Franchsing That Is Fast To Set-Up, Automates Your Marketing & Delivers Fast Return On Investment With Full Training.
http://www.OnlineBusinessProfitNow.com/franchise
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How To Get (Online Business) Success Untold Secrets EXPOSED!!!
Posted on 06 August 2010.
(online business) www.GavinStephenson.com Call Me (UK) +447535690476 More Videos Here www.youtube.com 1.About (online business) and Web Hosting Beginners guide to starting an (online business). Learn about (online business) models, web design and web hosting, affiliate marketing, E-commerce, … 2.Work from Home with A Home-Based Business Online Practical business ideas, strategies and opportunities for the home-based entrepreneur. 3.HowStuffWorks “How Creating an (online business) Works” Creating your own (online business) is a great way to make a buck. … Creating your (online business) can be a long and arduous process, or it can be done … 4.Small Business News – BusinessWeek Find helpful resources about small business management, financing, marketing & technology…. Start an (online business) • Boost Your Online Presence … (online business) Basics & Internet Marketing Internet marketing tips for beginners operating on a shoestring budget. 5.Generate Internet Income | Legitimate Online Home Business Ideas … Start your own online home business. PROVEN, legitimate (online business) ideas and work at home income opportunities. This site will demonstrate an INTERNET … 6.Small Business Administration – SBA_TEMP_PROGRAMOFFICE E-Newsletters • Free Online Training • E-Payments … The Office of Women’s BusinessOwnership (OWBO) assists women achieve their dreams and improve their … 7.10 Totally Stupid (online business) Ideas That Made Someone Rich … 17 Feb 2007 …
Posted in ManagementComments (3)
Resetting the Success Clock When Business is Slow
Posted on 03 August 2010.
Resetting the Success Clock When Business is Slow
LOS ANGELES—-Marley Majcher, CEO of The Party Goddess! Inc., a nationally acclaimed full service event planning and catering company, announced the first national tour of “BizReset” a one to two-day conference providing attendees tools to give fresh insight, actionable ideas, and real-world wisdom, to help women re-build their businesses and realize success.
Read more on Business Wire via Yahoo! Finance
Posted in Small Business ToolsComments (0)
Small Business Success Series
Posted on 03 August 2010.
TheStreet and SCORE have teamed up in a new six-part webinar series to provide insight and tips from successful entrepreneurs.
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Posted in MoneyComments (0)
Small Business Tax Management Essential to Business Success
Posted on 31 July 2010.
They say the only sure things in life are death and taxes. For small businesses, the adage should be if you donât manage your taxes, they will be the death of your business! Failure to keep up with tax liability is a common pitfall for business owners, but there is no reason to fear the tax man. Setting your business up to stay on top of your federal and state responsibilities is not particularly difficult, and all entrepreneurs should be eager to develop internal systems to ensure that taxes are never a problem.
Depending on your type of business, your tax liabilities will vary. For most, the list includes state and local licenses and permits, sales and use tax, employment taxes, and, for corporations, federal and state income taxes.
Licenses and Fees
Licenses and permits vary according to where your business is based and include state entity registration fees (for LLCs and corporations), county or city business licenses, and any local permits your type of business requires. It is critical that you pay these fees on time. Failing to stay up-to-date will end up costing you more and putting the protection afforded by your LLC or corporation at risk.
Protect your business by calendaring the due dates for all fees due at least 10 business days before they are due. If your expected fees are high, as in the annual franchise tax in California or any sales-based fees, be sure to work those fees into your expense budget. You can set aside some each month or plan for the full amount the month it is due, but be sure you have enough cash to cover the bill when the time comes. Keep all license and permit information filed together — a 3-ring binder can be an excellent way to store these important papers — and develop a system for tracking the due dates of every fee.
Sales Tax
Paying the government their share of sales through state and local sales tax is a common problem for small businesses. Often, the sales tax collected in the daily receipts is deposited along with the storeâs income and considered available cash by the owners. Once the due date comes around (usually once per quarter), the sales tax bill is much higher than anticipated and creates a serious cash flow problem. As in, there is not enough cash flow to cover the sales tax! A few sales tax periods later, the business is on the verge of self-destruction. These amounts add up quickly — just $100 of sales tax collected per day equals over a $9000 tax bill inside of three months!
There are a couple of easy remedies for this problem. First, consider opening a separate bank account to hold the sales tax receipts. Your accounting software or point-of-sale system will record the amount of sales tax collected each day, and you can deposit or transfer that amount to the tax account on a daily or weekly basis. This way, you are guaranteed to have the cash on hand when the tax bill is due and will be less tempted to spend the cash on other supplies or inventory. Also, you will earn interest on the deposits over the few months they sit idle. Itâs not much, but it is your money!
A second method to avoid spending sales tax proceeds is to use your accounting system to determine how much cash you have available to spend. If set up correctly from the beginning, your accounting software will allocate the sales tax collected to its own account, separate from your cash on hand account. As long as you donât rely on the actual bank balance to tell you how much you have to spend, the cash will still be there when the bill comes due.
Employment Taxes
Employment taxes are another common pitfall for small business owners. It is critical that you completely understand your responsibility as an employer before you hire your first employee. Tax liability for employees is divided between both the employee and employer — altogether, federal taxes due equal 15.3% of your employeesâ pay; half is withheld from the paycheck, the other half the employer pays out-of-pocket. Therefore, the business is responsible for submitting both the amount withheld from the paycheck and the employerâs portion. If your area has a state income tax, you are liable for submitting those payments as well. Again, employment taxes are generally due quarterly, unless your payroll exceeds a certain amount or you have a poor record of paying on time.
Small business owners run into the same problem with these tax payments as they do with sales tax. Unless a system is established to set aside the correct amount due during the period, it is very difficult to come up with the full payment on time. In addition, some employers find the paperwork and withholding procedures to be confusing and just choose not to participate. As you probably have learned, ignoring a problem doesnât make it go away! Before you hire employees, learn all you can about your tax-related responsibilities and set up your accounting software with the correct numbers.
Income Taxes
If you register your business as a corporation, you will need to file an annual federal, and possibly state, income tax return. Generally, you will be expected to submit quarterly estimated tax payments to the government so they can hold your deposits until tax time. Failure to submit the correct quarterly amounts or to file on time can result in significant penalties come tax time, so it is important to stay on top of these due dates as well. If you register your entity as an LLC, you will likely be required to submit quarterly payments for your personal income taxes. Self-employment taxes are 15.3% of your income — the same total as is normally paid by the employee and employer together. If you are taking regular distributions from your LLC, it is recommended that you set aside your 15.3% each pay period to cover your income tax due.
Bottom Line
The bottom line to tax management for your business is to understand the various types and amounts of tax due and develop a system for setting aside the cash and paying on time. Like anything else related to your business, good planning before taxes become an issue will save you a lot of headaches, and will increase your ventureâs chances of success!
K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is co-founder of LaunchX LLC. The LaunchX System, a five Unit series of step-by-step startup procedures, key business software, and marketing reference books, is designed to assist entrepreneurs in developing a business idea into a successful company. Take the free Business Readiness Assessment and get on the road to business startup today.
Posted in FranchisingComments (0)
BUSINESS TIPS: Look to the ‘trinity’ for business success
Posted on 19 July 2010.
During the Small Business Development Centers Essentials of Starting a New Business seminar, the advisers speak about the necessary skills required to succeed as a business owner.One of the items discussed is the Trinity of Management, composed of marketing, finance/management and technical skills.
View full post on Yahoo! News Search Results for small business finance
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Richard Brown TV Show – Building your small business for success
Posted on 13 July 2010.
See the whole hour long show at www.richardbrownshow.com Katie Gailes joins me in the studio to talk business. She helps small businesses with their vision and marketing plans. She has done her time in corporate america and then she heard the call and started helping small businesses create and execute a business plan. Her experience and technical know-how can help your business increase cash flow and acquire new customers. She gives us guidance on when it it time to bring in expert help and when it is time to get the skill yourself. We have a lively conversation that I know you will enjoy. Please join me for this Richard Brown show. And thanks for your support.
Posted in ManagementComments (0)
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