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03/03/2023

Awareness And Mastery – Two Essential Keys To A Successful Small Business

We often hear managers complaining that their employees aren’t productive, don’t listen and just can’t consistently get the job done. As a youth sports coach, I hear coaches with similar complaints—the kids don’t listen, don’t know where to go and don’t try very hard. I can’t relate. The boys on my team are usually focused, do what I ask of them, and work hard. As a business owner, my employees are focused, do what I ask of them and work hard. What am I doing that is different from the rest? And what can this teach you about running a successful small business?

As a coach, I make my boys’ jobs very simple. I ask only two things of them. I ask them to master one shot and I ask them to be aware of what is going on around them. Of course we work on defensive and offensive strategy, but both of those revolve around the two keys that I gave them for success—awareness and mastery.

I teach awareness by constantly asking them to be aware of where the ball is and at the same time to be aware of their teammates are and where their opponents are. I teach them how to see the ball and their opponent when he doesn’t have the ball. Sounds simple, but for ten year olds this is work.

I teach mastery by assigning homework to each boy. The second week of practice, they have to show me a spot on the court from which they can make a shot every time. I don’t care if it is from just two feet under the basket. I want them to know they can make it every single time. As the season progresses, they may gradually move their spot further and further out, but I still ask that they be able to make their shot every time unguarded in practice.

These two simple concepts have a tremendous effect on the boys during their games. They have incredible confidence in their ability to make shots because they “know” that they will always make it. I don’t need to yell at them like other coaches about where they should be on the court because they have developed awareness of what they are doing and seeing. Now let’s see how you can use this in your successful small business.

As a business owner, I put these two key principles to work in training my employees. From the first day on the job, I work with them to be aware of what tasks are needed, what I expect of them, how I want customers treated, etc. And I ask them to master tasks and customer scripts. Once they are mastered, I open it up for them to adlib just like with my players. When correction is needed, it is usually in one of these two areas. They are either unaware of what is needed or they haven’t mastered the task at hand.

Not only does following these two concepts make it easy for me to get results with my players and employees, it also brings incredible results. My first team lost only one game all season and my employees rarely lose a sale. My businesses and products win awards earned by my employees. And, as a bonus, everyone enjoys themselves with this simple structure. I knew I was doing it right when the father of one of my boys told me that his boy enjoyed practice so much that he chose to come to practice instead of going to see our professional basketball team play one night. And I know it works with my employees because they show up on time happy, focused and ready to work. Remember, awareness and mastery are two essential keys to a successful small business.

03/03/2023

Avoiding a Financial Crisis: How to Keep Your Small Business Alive

Having a superb product, soaring sales and stupendous customer service are undoubtedly some of the things which go into making a successful business. But all of this is irrelevant if you suffer a financial crisis. Without a sound stable financial position the slightest shock can be enough to send your business crashing to the ground.

So what can you do to ensure that all your hard work is not in vain? What can you do to make sure that a financial crisis doesn’t rock the boat or even sink it? Let’s take a look at what can cause these jolts and, more importantly, what you can do about it.

Poor Record Keeping and Administration

Business owners are usually not good record or bookkeepers! People who start businesses are the ones who have great ideas, see a gap in the market or have the personality to sell anything. They are not people who jump out of bed in the morning and say “Great, it’s a VAT and paperwork day today!”

If you are to keep your business on the straight and narrow then you have to accept that there are going to days like this; you can’t avoid it. You must keep records of your sales, your purchases, how much you have, how much raw material or finished goods you hold.

Without these records you will very quickly lose track of where you are. You won’t know:

• What you have spent your money on

• You won’t know where your cash is going

• You won’t know where all your stock is – has someone stolen it? Who knows?
You are effectively working in the dark and this is not conducive to financial stability. So what sort of records are we talking about? Nothing sophisticated. It can be as simple as a book with one page for your income and another for your expenditure. At least once a month total it all up to see how money you have made (I hope!). There’s a saying. ‘The people who keep records are the people who break records’ – so true.

Not Watching Your Bank Balance

Do you know exactly what your bank balance is today? Why is it important? Because if you are going to write a cheque you must know whether you have the money on your account. If you don’t that nasty Bank Manager may just bounce it.

Obviously this can have a negative effect on your reputation; your credit will be damaged and you may struggle to get support from your Bank and suppliers in the future. All because you didn’t check what your balance was.

To avoid this make sure you keep a running total in a cash book of what you have on your account. Why not sign up for Internet Banking? These days all the High Street Banks make this facility available, so there is no excuse for losing track of where you stand.

Poor Cash and Credit Management

Closely linked to keeping an eye on your Bank balance is how you handle your cash flow. There are 3 aspects to this.

1. Don’t be tempted to keep too much at your home or on your business premises. You could lose it to thieves, fire or flood

2. If you are doing ‘business-to-business’ sales then you may be faced with having to sell on credit. If so then be disciplined in chasing up any outstanding payments. You can’t afford to be embarrassed about asking for a cheque. If you have agreed 1 month credit, why wait for 3 months? Chase as hard as you can because remember you have your own debts to pay!

3. You may be lucky to have a period of credit granted by the people you buy from. If they give you one month’s credit, then stick to it. If you decide to hold onto your bills before paying you may be faced with a Solicitor’s letter. Don’t ignore the problem and hope the phone calls will go away - they won’t!

No Cost Controls

To keep yourself in a strong financial position shop around for purchases you have to make. Compare prices and specifications. Have an upper limit beyond which you will not pay. Always be on the lookout for a good deal.

Spending On the Wrong Things

Running your own business can be a very powerful feeling! You may be tempted to spend on anything but the business – a new car, flash clothes, a new kitchen. Well, you have to look the part don’t you??

During the early years and even when you are established make sure you spend your hard earned cash on the right things. The trappings of success may not be right at this stage of your business life. Your business, in order for it to grow, needs cash. Remove the cash and you remove the life blood which keeps your business alive.
You have to be disciplined in your expenditure and ask yourself the question, ‘Will this cost add anything to my business?’. Don’t act on impulse; go away and think about every large expenditure. If the answer to the question is no, then you should think twice about spending.

Failing To Make Cuts in Time

Failing to make the necessary cuts to ensure the survival of your business is something you cannot afford to do. If you spot you have a problem do something about it! Don’t sit back and hope things will get better; the chances are it won’t.

If you have product or service which is not performing and it’s costing you money don’t try and dress it up – be ruthless and cut it out. Make your decision quickly; don’t hang about. Not acting fast will only compound the problem.

Depending On a Small Number of Customers

Having a small number of customers is not a problem when everything is going well, but if one or two leave you or fail to pay up on time, then this can cause problems.
If you depend on 3 customers and one of them leaves then you are faced with a 33% reduction in sales. Unless you can replace him immediately you may not be able to cut your overheads quick enough to avert any crisis.

You cannot afford for your business to be held to ransom. Try and diversify as much as you can. Get out there and get new customers.
The same applies to businesses which rely on only one or two products. A shift in public tastes can leave you high and dry with unsold stock and no business!

Not Having a Budget

One good financial discipline is to have a budget. At the beginning of each year sit down and, based on your previous year’s income and expenditure, set new targets. Look to see where you can cut back in expenditure or even what to cut out all together.

Armed with your budget you will have a guide to work to. This will be a second check before you make any large unnecessary purchases.

Having a budget will provide discipline to your expenditure. At the end of every month up date it by including your actual income and expenditure then compare your budget with the actuals. Going through this exercise will give you more focus and what your business is doing. It can help you put things right by highlighting the problem areas.

No Contingency Plan In Place

Bigger businesses need to have a contingency plan for all parts of the business. A contingency plan is basically a plan which answers the question, “What would we do if this happened …?”

What is your “if”? What if you lose your premises? What if your computer goes down?
For a small business the biggest risk is you! What would happen to your business if you fall ill or even die? Most small businesses are totally dependent on the owner. You do everything!

If you are ill enough for one or two months that you can’t work who will see to the customers? Who will get new ones? Who will see to the paperwork? Who will collect the money owed to you?

These are important questions you must answer now. You have to identify someone who could fill in for you if you are to avoid a potential financial crisis. Your next step is to write a manual on how your business works, and outlining all the key processes. If something does happen then at least there is a path to follow!

Not Talking To Your Bank Manager

As soon as most people see a financial crisis looming the person they try and avoid most is their Bank Manager! If they see him walking on the same side of the road they will cross to avoid bumping into him.

The Bank Manager is usually the first person you should speak to. Bank Managers like to be kept up to date with what is happening in your business. They don’t like surprises. It’s when they are kept in the dark they make decisions that can have a major impact on your business.

You must resolve to talk to your Bank Manager the moment you suspect there is a problem. Who knows, he may surprise you by offering to do something to help!

Financial problems can usually be avoided by taking a step back from the business and thinking about what can go wrong. Once you know that, then you can take actions to put preventative measures in place before it’s too late.

03/03/2023

Aromatherapy: Sweet Smells For Success

Your company is having a meeting with potential clients and you want to make sure everything is all set for their office visit. You've brought in donuts and coffee, and the conference room is looking good. However, you still think something may be missing to ensure the sale goes through the way you want it.

Enter the essence of aromatherapy. Essential oils have been used since ancient Egyptian times to enhance their surroundings and promote healing. The use of essential oils to set the mood has long been used by individuals to wind down in the evening or to create a relaxing atmosphere. Now more companies are turning to aromatherapy to increase worker productivity and the general feeling of well-being in the office.

The process is fairly simple: choose an essential oil such as "Lemon Grass" that has specific benefits such as uplifting mood and easing fatigue. Place the oils in a diffuser and let the scent permeate the air. The aroma will heighten the senses and, depending upon the oil, bring various emotional and physical benefits to those exposed to the aroma.

Molo Africa has a line of essential oils used in aromatherapy. From "Cape Chamomile" for relaxation, soothing and tension release to "Ylang-Ylang," which is known to combat stressful feelings, there is an oil to enhance moods and even positively affect your health.

Molo Africa essential oils are sold in the U.S. by BioPharmetics Inc. Product sales support single mothers and farmers in Africa in realizing their entrepreneurial dreams.

Molo is an African greeting meaning "hello." Bearing evocative African names such as "Hamba S**a" (go away insects), "Sefako" (African storm), and "Maru" (African forest), the products contain essential oils that were extracted from exotic plants farmed and processed naturally in African countries.

The company's product line includes pure essential oils, natural aromatic room sprays and scented candles for home and office use.

03/03/2023

Are You Thinking Too Small and Dooming Your Small Business To Failure?

One problem that many small business owners run into is simply thinking too small. I often have readers writing to me asking for helping getting their business ideas off the ground. I also often hear from folks who have run their small businesses into the ground. There are five key areas where you can think too small -- and doom your business to failure.

Niche Too Small

Is your niche too small? Finding a small market to target with your business is key to success, but sometimes people narrow their niche too much. While doggy dental products could be a wonderful niche (as almost any dog owner can attest) you could even narrow your focus down to a certain type of dog (such as lap dogs) but going for one specific breed would be taking it too far.

Target Market Too Small

Is your target market too small? If you are looking only at one community or small geographic region then you may well doom your product to failure. It is far too easy to saturate a small market and it is far too easy for any marketing mistakes to end your campaign before it gets off the ground. In today's economy with the availability of global marketing you need to think big when you are planning your target market.

Budget Too Small

Is your budget too small? You don't need a million dollar advertising budget but you should have some seed money to get your business and its marketing campaign off the ground. It is possible to build a business from nothing but it is also a lot more difficult and you might find yourself making some mistakes that cost you a lot more down the road than putting a little money up front.

Schedule Too Small

Is your schedule too small? Do you have enough time to devote to your business? Starting, running, and growing a business takes time. Some people get swept up in the planning and dreaming stages and never really start their business. Other people start before they have completely planned everything out and quickly get mired down by unexpected difficulties. While others do everything right in the planning and startup but once the business is running they get overwhelmed by day-to-day business and never think aobut ways to improve and grow their business.

Mind Too Small

Is your mind too small? You need to open up your mind's eye to continually seek new opportunities to find new customers, to find new potential partners, to find new ideas for products, and to find new opportunities for marketing. Flexibility and adaptability are key to surival in today's business climate and you always need to have new ideas cooking to grow and expand your market and your business. This means raising your head up out of the trenches once in a while. Yes, you might need to dodge the occasional missile lobbed your way but this is the only way to see those opportunities heading your way.

If you do your best to avoid these five not-so-small mistakes then you will be on your way to small business success.

03/03/2023

Are You Ready to Outsource Your Bookkeeping?

Article Body:
Do you run your own small business and try to do it all yourself? Why? Shouldn’t you spend your time doing what you do best- whether it is selling and marketing, customer service or making decisions on how to grow your business?

An entrepreneur tries to juggle many balls each day, but sooner or later one of them is going to be dropped. A smart business owner will realize that he/she can’t do everything because there are only 24 hours in a day. Unless you are extremely organized and enjoy working with numbers, then maybe you need to outsource this job. Too many business owners spend their time doing what they are not very good at simply because they don’t know how to go about finding someone to do that job for them.

Where do you start? Ask your accountant for referrals. Obviously you don’t need a full-time person to do your books, so your best bet is to look for someone who wants to moonlight at a part-time job. There are also bookkeepers with their own small business who are looking for clients. If you don’t have any other employees, this situation will work best for you because you can pay them as a subcontractor instead of an employee on payroll. However, you will need to give them a Form 1099 at year end for tax purposes. But, since they are accounting experts, they can help you with that task too.

You should interview your prospective bookkeeper just as you would if you were hiring him/her as an employee. Ask for a resume and references, and check them out. Since this person will be handling your confidential records, you want someone who is trustworthy.

Depending on your location, you should expect to pay between $15 and $50 an hour for a bookkeeper. Don’t necessarily hire the one who offers the lowest rate- remember you get what you pay for. The more experienced person will cost you more, but will provide valuable input and suggestions to streamline your business that will wind up saving you money in the long run.

Since this person will be working closely with you in your business, you should feel comfortable with him or her. If you have any reservations about this person, go on to the next candidate.

While the selection process may take a while, it will be worth it later. Take your time to find the perfect bookkeeper, and in a few months you’ll wonder how you ever managed to run your business before you hired one.

02/24/2023

Advantages of Inventory reconciliation Management

Inventory management refers to the procedure of organization the stocks of finished products and supplies by a compact. Inventory management, if done accurately, can transport down expenses and increase the profits of a compact.

Not a substance what the business size it must administer many fixed assets, types of assets, quickly changing asset bases, many locations, and ever-changing tax laws and requirements. Fixed asset inventory software can also reduce encumber of fixed asset reduction calculations for financial and tax exposure, asset inventory tracking and reconciliation services, and private property tax filings.

Inventory management software has an amplified business on the web, following the importunate increase and achievement of e-commerce. Inventory management software helps administer inventory from any location in the world. Inventory management software is perfect for business. Inventory management software correspondences are designed for inventory control. The software makes easy the making of an account, and inventory control, stock balance management, goods item direction. Our Accounting Services, a company leader in this area of specialty, can provide to the demanding supplies of global customers in Inventory management.

Inventory management software solution packages:

QuickBooks
Peachtree
Sage Line 50
Quicken
MYOB
IRIS
La Certe
Pro Tax


Inventory software can create the assignment of fixed asset managing easier from achievement through removal. Software such as this eliminates superfluous data entry, enhances accurateness, and reduces costs over handbook tracking of fixed assets. There is inventory software accessible from the essential system of normal barcodes to the more complicated long range asset management. Some business offer inventory software on the internet. As well there are businesses for appoint that will approach. Using complicated devices for gathering of data, our inventory management team captures asset attributes professionally at the point of entry. This ensures benefit information in detail, and accurateness.

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02/24/2023

4 Easy Tips for Making Iced Coffee Drinks at Home

A big chill is sweeping the coffee industry as iced coffee beverages gain popularity.

According to the National Coffee Association, the percentage of Americans who drink iced coffee beverages increased from 20 percent in 2003 to 29 percent in 2004. Following the popularity of cappuccinos and mocha lattes, consumers are discovering that coffee is just as tasty - and even more refreshing - when served cold.

Iced coffee can be as easy to prepare as iced tea. A variety of options, such as flavoring syrups, cold milk, chocolate and spices, allow you to create personalized coffee concoctions that are just as delicious as those served in your favorite cafe.

Beverages such as iced vanilla mocha, iced rum coffee and iced latte are easy to make at home. Here are some tips for refreshing iced coffee drinks.

* Pour the flavoring syrup into the cup first. To complete the drink, pour in espresso or coffee, then the ice, and top it off with cold milk.

* Don't let your beverage become watered down. Cool your favorite coffee beverage with ice cubes made from fresh-brewed coffee instead of water.

* Use a machine that produces a high quality coffee or espresso. The Capresso CoffeeTeam Luxe, for example, grinds coffee beans right before brewing and allows you to control the strength of your coffee.

* Be creative. Add a personalized touch to your iced coffee beverages with whipped cream, chocolate shavings, nutmeg or cinnamon.

02/24/2023

3 “Must Do” - Steps To A Happier & Healthier Day

Losing weight and maintaining the weight loss for an extended period of time requires some simple lifestyle adjustments. As long as you keep your adjustments within a sustainable reach, you should be able to lose weight and keep it off without much shock and interruption to your daily life.

Not surprisingly, losing weight does not have to require extended trips to the gym or engagement in some fad diet. Here are there steps to a healthier day that can help you slim down on weight without slimming down on your free time.

Exercise Daily

Daily exercise can make a difference in your body shape and in the way your body processes calories. When you exercise, you work your heart, mind and body. You are building your muscle mass, which in turn will increase the effectiveness of your metabolism.

Additionally, you encourage your heart to pump blood throughout your body more effectively, which means that you will have healthier blood and a reduced risk of heart disease. You reduce fatty deposits, which in turn helps reduce your risk of many health problems, such as diabetes. You also increase the number of endorphins that flow through your body, which means that you will note an increase in your positive attitude.

It does not require a large amount of time exercising to receive all of the above benefit. You simply need to workout regularly for a minimum of half an hour. Working out means taking a two-mile walk at a fast pace, throwing a Frisbee or riding a bicycle. Whatever the workout is, keep in mind that it should elevate your heart above it standing heart rate and it should make you breathe slightly heavier than normal. It is also good if you can break a sweat or feel your muscles challenged.

Eat All Things in Moderation

When you are trying to lose weight or sustain lost weight, it is vital that you allow yourself to eat all foods, but eat the unhealthy ones in moderation. The primary reason for many diets to fail is that people reduce the foods that they allow themselves to eat so drastically that they feel anxious after awhile eating the same things time and time again. When you allow yourself to give into simple cravings, you are rewarding your body and making it less tempted to crave larger portions of the bad foods.

You should also eat small portions of every food, regardless of its nutritional content. Eating smaller portions will help your stomach adjust to consuming less food. You can also drink water to help you feel full. American’s especially have a habit of eating more than one portion of food per meal – so be aware of your food portions!

Call a Buddy

Studies prove that having a Buddy help you work out increases your chances of maintaining a diet, exercise routine, or long-term weight loss. Buddies are fabulous motivators. They will keep you attuned to your habits and help you feel accountable throughout the day. If you must, enlist the help of a partner to be an appointed weight loss guardian. He or she will be tasked with ensuring that you stick to your weight loss goals by encouraging you to report your progress several times a week.

02/20/2023

FBI Raids: Pertinent or Paranoid?

Business always moves faster than government ...

It's no surprise that a great deal of lawmakers' time is spent reacting to advances in commerce and science. It's also no surprise that one of their favorite tactics is to call on their enforcement agencies to bring scrutiny against any topic about which they're struggling to understand.

We're now seeing this applied against at least two e-currency operations.

One of them, INT Gold, saw their head offices in Texas raided by the FBI in December. No arrests were made and no disclosures were presented to indicate the reason for their actions. The only auspices mentioned were that they were pursuing an ongoing fraud investigation. It's now been over a month and nothing further has happened.

At roughly the same time, e-Gold was also served with a search warrant. It seems the justification was petty --- they allegedly didn't have a 'required' currency-exchange license --- and they were upset enough to place the following posting on their website:

e-gold® welcomes US Government review of its status as a privately issued currency January 20, 2006

"Starting in mid-December 2005, Gold & Silver Reserve, Inc. (G&SR), contractual Operator and primary dealer for e-gold, has been the subject of a warranted search of its premises and records, had its domestic bank accounts frozen, and been the target of a precisely timed, extraordinarily misleading attack by a major business publication.

"In an emergency hearing in US District Court January 13, 2006, the freeze order on G&SR's bank accounts was lifted. Though numerous criminal claims had been made in obtaining the search and seizure warrants, the Government has not sustained these allegations and the only remaining claim is a contention that G&SR has operated as a currency exchange without the proper license. G&SR had previously proposed to the Government that e-gold be classified for regulatory purposes as a currency, enabling G&SR to register as a currency exchange. In a Treasury report released January 11, 2006, however, the Department of Treasury reaffirmed their interpretation of the USC and CFR definitions of currency as excluding e-gold.

"G&SR, for nearly a year, has been engaged with an agency of Treasury in a BSA (Bank Secrecy Act) compliance examination it had voluntarily initiated. G&SR, though preferring that the venue was not a courtroom, welcomes the opportunity to extend its discussions with the Government on how best to achieve appropriate statutory or regulatory cognizance of e-gold while continuing to build e-gold's market share as a medium of international commerce.

"Despite the unfounded charges and adverse misleading publicity that have severely damaged both e-gold and G&SR, G&SR has continued to meet all financial obligations and remain completely operational. e-gold remains highly committed to its goal of bringing, for the first time in history, to people of any financial means across the globe, a secure payment mechanism at a fraction of the cost of any other system. e-gold fully expects to transcend the unfortunate events of the past month and resume its exponential growth.

"Further information can be found at:

www.e-gold.com
www.omnipay.com
www.treas.gov/press/releases/reports/js3077_01112005_MLTA.pdf"

The proactive approach by e-Gold should be applauded. INT Gold should have done the same thing.

If more of the public only knew how many times search papers were served on financial institutions for one reason or another, they'd no doubt be as skeptical as I am about the publicity the authorities have given their actions against these two e-currency companies.

Let's consider how authorities move against major banks when wrongdoing is suspected. One characteristic which becomes quickly evident is that any releases issued by the investigating authorities have always been very specific in their nature, because major banks have enough financial and political clout to strike back at anything less.

An example of a precisely identified transgression is the Citigroup private banking scandal in Tokyo in 2004. The Japanese authorities said the bank helped clients manipulate accounting records through improper real estate transactions, failed to process tax refunds for clients and mismanaged customers’ confidential information. As a result, they ordered Citigroup's Japanese private banking operations to close, but took measures to ensure all unaffected investors would be minimally affected while they moved their accounts.

Rarely, total loss to depositors happens. The Silverado collapse in Colorado sent Charles Keating to prison for what should be a thousand life terms, as more people than that lost their life savings. It's notable that this occurred in what was a laissez-faire junk bond scenario.

Raids only receive mention when it serves the authorities' purposes to do so. One reason for this is because the searches and/or seizures don't yield sufficient results to merit charges being filed. There can exist a vast gray area in modern financial activities, and when the fine print of a certain situation is scrutinized, it often occurs that, perhaps those activities have sailed close to the legal wind, but they did not take the airs of disrepute.

It remains to be seen what they're investigating at INT Gold. As opposed to their treatment of major banks, the nature of the authorities' announcement of this raid was quite vague, which I'm sure was by design. So, the issue is one of whom they were attempting to stir. However, American law says the parties involved are innocent until proven guilty, so they should duly be accorded that right. Until the entire story comes to light, it's improper to cast aspersions. After all, as with most raids at major banks that go unpublicized, it may be that the transgressor is not the company, but a client who has abused its privileges within that company's facilities.

The e-currency investigations are surely a result, in part, of one government's indecision as to how to regulate e-currencies within their borders when those currencies are neither fiat nor necessarily domiciled within those borders.

This reminds me of broadcasting's early days, when the Feds were perplexed about how to best cope with radio signals that only obeyed the laws of physics and thus had the ability to cross state lines without governmental permission. As ridiculous as that sounds today, the thought of a particular technology being more advanced than political and/or geographical delineations was of deep concern to them. It ultimately took nearly 15 years for the American government to create the Federal Communications Commission to cope with such an 'advanced' business as interstate broadcasting.

Given the fact that e-currencies are privately generated and administered, and given that no central monitoring system exists to aid in their regulation, it is no surprise under the current environment of American laws to now see a bustle of authoritarian attention directed toward them. Until they are able to determine a palatable policy, the best they can do is assume a self-righteous position in the interests of 'consumer protection' and cast aspersions by means of rationalization. It's not particularly fair, but as we've seen in related online forums, it's quite effective.

Hopefully, the issue will be settled in a much more expeditious manner than it was in broadcasting.