It is essential for you to understand the flow of money in, through, and out of your business. For some businesses, this can even be a daily issue. Positive cashflow (more money coming in than going out) is essential to keep the business going. So how do you keep more money coming in vs. going [...]
In business, and in your personal life for that matter, bottom-line is, you must know your numbers. However, don’t let numbers be scary or repel you. Even though the mindset that many of us grew up with was “numbers are no fun”, “numbers are hard”, “dry”, “not creative” … whatever the misconception you created about [...]
Pareto’s principle states that 80% of your business comes from 20% of your clients. The other 80% of your clients are probably costing you money…it doesn’t matter what business you’re in. All business owners can normally reel off names of clients who consistently complain about how long you take, how much you charge, want to [...]
Here is an easy calculation to work out how you value an hour of your time… and if that value is less than what you pay your top employee! Work out the number of hours you work each week… This includes time at home you spend doing administration and other tasks associated with the business [...]
A curious thing happens to many entrepreneurs in the spring of every year. You wake up one day and realize you had better figure out how much money you made last year so you can complete your tax returns. But wait, as a business owner, shouldn’t you already KNOW how much money you made last [...]
The best way to avoid collection hassles is to take preventive measures up front to ensure that accounts don’t become delinquent. Below are some steps you can take to improve your receivables turnaround. 1. Don’t grant credit It’s not always possible or practical, but some companies can be run without offering credit. Require cash or [...]
Most business owners are not achieving the goals they set themselves when they first opened their business. This is because many of them are busy working ‘in’ their business, rather than ‘on’ it. Here are six tips on how to re-energize a business: Get a life. If a business owner is working too many hours [...]
Much of the expense of marketing a business lies in capturing the attention of people you’ve never dealt with, drawing them to your business and then convincing them to make their first purchase. It doesn’t make sense to keep doing this complicated process exclusively to new prospects when there is a pool of people who [...]
What is it? Do you know your Average $ Sale? Why should you know your Average $ Sale? Business is like a great sports game. To have the most fun and the ability to improve in your sport you need to keep scores. You also need to keep scores in many areas of your business. [...]
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