When it comes to business success, you will need to consider these two principles as far as how money management goes.
First, consider this: You should only be spending money when there is a potential to earn money from that expense.
It is self explanatory, isn’t it? You should not be making an investment in your business, especially a small business owner, unless it will allow you to make more money as the end and direct result.
Secondly, consider this: “If it is not revenue, it is an expense.”
How does that play into the business that you are currently running? Does it offer you the ability to make ends meet successfully? Do you make purchases without careful thought about those dollars? If it is not revenue to you, it is an expense.
Managing your cash flow successfully will allow your business to bank funds instead of to loose funds. When you do this successfully, your business has the potential to be a long term success. If you want to be there in the future, manage your cash successfully, with an eye on just about every dollar you have.
Its Not Being Cheap, Its Being Smart
Although it may sound like we are telling you to be frugal or cheap with your business, you need to insure that the funds that you are spending will be funds that are spent wisely, without waste.
Saturday, November 13, 2010
Don’t Think You Need To?
If you do not think that you need to do this type of detailed accounting of your business, you are setting yourself up for a big failure. Now, that is not to say that you can not make a profit by being sloppy, but remember, we are talking about the long term here.
Even very large, international companies are very careful about where every penny that they spend goes. After all, this is money that could be doing something for the business, right? It does not matter if you have hundreds of dollars to budget or billions, tight money management is the key to successfully funding any business through good and bad times.
In addition, make sure you are monitoring these numbers as well. It does not do you any good to put in place a system and to use it but not to utilize it to the fullest extent. The fact is that you should be doing these things:
Even very large, international companies are very careful about where every penny that they spend goes. After all, this is money that could be doing something for the business, right? It does not matter if you have hundreds of dollars to budget or billions, tight money management is the key to successfully funding any business through good and bad times.
In addition, make sure you are monitoring these numbers as well. It does not do you any good to put in place a system and to use it but not to utilize it to the fullest extent. The fact is that you should be doing these things:
- Determine where money is going and if it is being done accurately.
- Determine where you can cut back in costs and expenses.
- Determine what you can do differently for less funds so without jeopardizing the actual quality of your business.
Managing Money Principles
What makes you profitable as a business owner? In the next chapter, we will look at the ways in which you must manage your cash flow and assets if you plan to have money in your pocket in the long term.
Do you have the ability to think about, analyze and then finally decide on business related decisions?
As we have discussed, your ability to do these things is what will hold you back or launch you forward today as well as well into the future. Now, take those ideas and determine just how well they fit into your ability to make decisions about your business success where it counts: the profit margin.
Throughout this chapter will we will talk about several aspects in detail, allowing you to fully understand what you need to do to be successful in regards to your business’s profitability.
Do you have the ability to think about, analyze and then finally decide on business related decisions?
As we have discussed, your ability to do these things is what will hold you back or launch you forward today as well as well into the future. Now, take those ideas and determine just how well they fit into your ability to make decisions about your business success where it counts: the profit margin.
Throughout this chapter will we will talk about several aspects in detail, allowing you to fully understand what you need to do to be successful in regards to your business’s profitability.
Wednesday, October 20, 2010
Growth Success Without Potential Waste
One of the long term things that every business owner must think about is growth.
Growth is the expansion of your business to the next level. This could mean expanding your business to include more products, to do more things, or to grow physically by adding more locations.
Growth is what holds the potential for the most success in the long term. An entrepreneur can find many benefits for themselves if they can manage to grow carefully, without going too far or stretching too thin too fast.
If that sounds difficult to do, it can be. Many businesses have failed by expanding too quickly and not having enough of the market share to hold them together. On the other hand, there are plenty of businesses out there that have not grown as much as they could and now are missing out on the potential larger profit margin.
Growth is the expansion of your business to the next level. This could mean expanding your business to include more products, to do more things, or to grow physically by adding more locations.
Growth is what holds the potential for the most success in the long term. An entrepreneur can find many benefits for themselves if they can manage to grow carefully, without going too far or stretching too thin too fast.
If that sounds difficult to do, it can be. Many businesses have failed by expanding too quickly and not having enough of the market share to hold them together. On the other hand, there are plenty of businesses out there that have not grown as much as they could and now are missing out on the potential larger profit margin.
Investing in Knowledge
If you are like many entrepreneurs, then you know that it is essential to have a good deal of knowledge when it comes to running your business.
As we have talked about, it is important to make sure that those that are providing you with the necessary information are doing so without taking all of your money just so that you can spend more.
For example, some of the most common mistakes the entrepreneurs that are just starting out make is that they just keep purchasing information. This is especially true of those that are starting a business online.
There is no doubt that you do need to have a good amount of knowledge to make something happen. You need to know how to get started, you need to know what steps to take and you need to know just where to do all of this. But, there is a limit.
One thing that you should take into consideration is your ability to make decisions. Once you have purchased the latest tell all kit, realize that you are ready to make some decisions.
If you purchase one kit or program and see another that seems to offer some additional benefits, you may be tempted purchase that one too. After all, it can not hurt to have some more information, can it?
It doesn’t hurt to have a good amount of information, except for the pocketbook, of course. Yet, that is not the problem. What the problem is what you do with it.
As we have talked about, it is important to make sure that those that are providing you with the necessary information are doing so without taking all of your money just so that you can spend more.
For example, some of the most common mistakes the entrepreneurs that are just starting out make is that they just keep purchasing information. This is especially true of those that are starting a business online.
There is no doubt that you do need to have a good amount of knowledge to make something happen. You need to know how to get started, you need to know what steps to take and you need to know just where to do all of this. But, there is a limit.
One thing that you should take into consideration is your ability to make decisions. Once you have purchased the latest tell all kit, realize that you are ready to make some decisions.
If you purchase one kit or program and see another that seems to offer some additional benefits, you may be tempted purchase that one too. After all, it can not hurt to have some more information, can it?
It doesn’t hurt to have a good amount of information, except for the pocketbook, of course. Yet, that is not the problem. What the problem is what you do with it.
Tuesday, October 19, 2010
Principal: History
One thing that many business owners do not take into account enough is their history and learning from it. When you consider how your history affects your future potential, you can better see why it is essential for this to be something you pay a good amount of attention to.
Do you learn from history?
Many of us will recall the times when our parent’s scolded us. “Don’t do that again!” “Learn from your mistakes.” All of these things are very important in the business world as well.
In this principal that is crucial to your business’s success, you do need to take into consideration your past and where it has been to help you to figure out where you and your business are going.
Do you learn from history?
Many of us will recall the times when our parent’s scolded us. “Don’t do that again!” “Learn from your mistakes.” All of these things are very important in the business world as well.
In this principal that is crucial to your business’s success, you do need to take into consideration your past and where it has been to help you to figure out where you and your business are going.
Trend Versus Trend Setter
Is your business a trend setter? Or, do you follow the trend?
If you are not sure, consider how this plays a role in your future.
As a trend setter, you are always one step ahead of the game. What you do, others look up to, but not just this one time. If you can manage to do this often, setting the trend that is, you can even create the fact that you will have others looking to you to set the next trend.
On the other hand, if you are following the trend, things are not so great. You will have to make up time for the other product or business that is doing well. You have lost precious sales time in the process. In addition, you will always need to watch the other guy for what is going to happen next, instead of being in charge of what that is. This can be a challenging place to be, actually.
Take a minute now to think about where you are in this equation.
Do you tend to follow the lead of someone else, hoping that there will be enough in the pot for you too? Or, do you seek out something new and exciting and try to incorporate that into your business?
Depending on where you stand currently should help you to see just how this affects your long term goals and ability to reach the success that you want.
If you are not sure, consider how this plays a role in your future.
As a trend setter, you are always one step ahead of the game. What you do, others look up to, but not just this one time. If you can manage to do this often, setting the trend that is, you can even create the fact that you will have others looking to you to set the next trend.
On the other hand, if you are following the trend, things are not so great. You will have to make up time for the other product or business that is doing well. You have lost precious sales time in the process. In addition, you will always need to watch the other guy for what is going to happen next, instead of being in charge of what that is. This can be a challenging place to be, actually.
Take a minute now to think about where you are in this equation.
Do you tend to follow the lead of someone else, hoping that there will be enough in the pot for you too? Or, do you seek out something new and exciting and try to incorporate that into your business?
Depending on where you stand currently should help you to see just how this affects your long term goals and ability to reach the success that you want.
Monday, October 18, 2010
Understanding Your Market
One thing that we do need to mention is hat the market that you face is likely to be much different than the market that someone else faces. The goals that you have in comparison to the goals of someone else are much different. In fact, you are sure to see yourself striving for benefits that are not on target for your business.
First off, take a step back, out of the picture and look at your market.
If you are selling on the internet, look at the other sellers.
If you are a small local business owner, step back and look at your local market.
Whatever you are doing, step back.
First off, take a step back, out of the picture and look at your market.
If you are selling on the internet, look at the other sellers.
If you are a small local business owner, step back and look at your local market.
Whatever you are doing, step back.
Friday, October 15, 2010
Growing And Staying Green
When you are green, you are growing. Once you start to turn red, you are expiring. Don’t you want to always stay green then?
As an entrepreneur, one thing that you should realize is that the world never stays the same. You are, for the most part, always going to find some changes happening. As a business owner, if you can not adjust your business to those changes, you may find yourself facing more problems then benefits.
Many companies have had to go out of business simply because their product no longer works with what the consumer needs. It does not matter what type of business you have either. The bottom line is that if you are not green and growing, you are not going to make it in business for long.
Is your business green and growing?
As an entrepreneur, one thing that you should realize is that the world never stays the same. You are, for the most part, always going to find some changes happening. As a business owner, if you can not adjust your business to those changes, you may find yourself facing more problems then benefits.
Many companies have had to go out of business simply because their product no longer works with what the consumer needs. It does not matter what type of business you have either. The bottom line is that if you are not green and growing, you are not going to make it in business for long.
Is your business green and growing?
Set The Goal Now For Tomorrow’s Benefit
No matter what aspect of your life you are talking about, goal setting is a crucial factor throughout it all. As you will see, each of the decisions you make as an entrepreneur will affect your overall goal of being successful with your business. Yet, there is more to it than just that.
You should also set goals because they can help you to make the right decisions throughout the process of getting to the level of success that is coming. By investing the time and energy that you have in setting goals now, you help yourself for each decision it takes to reach the end result you are hoping for.
In other words, if you set some overall goals today, you can help insure that your business will be there and be prosperous throughout the future of the business. Goals now, count.
While we all have the same goal of finding success in the future, we still need to set goals to help us to get to that point. It doesn’t happen overnight!
You should also set goals because they can help you to make the right decisions throughout the process of getting to the level of success that is coming. By investing the time and energy that you have in setting goals now, you help yourself for each decision it takes to reach the end result you are hoping for.
In other words, if you set some overall goals today, you can help insure that your business will be there and be prosperous throughout the future of the business. Goals now, count.
While we all have the same goal of finding success in the future, we still need to set goals to help us to get to that point. It doesn’t happen overnight!
Thursday, October 14, 2010
Today Isn’t Everything, Really
As an entrepreneur, your job is very detailed. You need to be the creative one. You need to be the boss. You need to hold the vision of your business at the head of each and every thing that you do for that business. But, today isn’t everything.
As a business owner, you must remember the fact that the long term goals and process of your business can only happen if you plan for it now, not in the day.
You have probably heard people tell you that you need to; “Live in the day!” As an entrepreneur, this is not possible and should not be the way that you hold your business agenda.
But, why not?
Most of the time, we would like to think that all we really need to do is to put together a plan and hold onto it. Somehow, things will fall into place. It has to. That’s all it can do.
Yet, from a business standpoint, there is much more to think about.
For example, you may have employees that need the funds that come from your business for their day to day expenses.
You may need to take into consideration the overall benefits that you have in keeping your business going. What about your assets? Will they make it through the process? How about your cash flow? What will happen if something does go wrong?
All of these things are really only the tip of the iceberg when it comes to ruining a business in the long term. The bottom line is that you need to consider what your business will be like today as well as ten, twenty and more years down the road.
As a business owner, you must remember the fact that the long term goals and process of your business can only happen if you plan for it now, not in the day.
You have probably heard people tell you that you need to; “Live in the day!” As an entrepreneur, this is not possible and should not be the way that you hold your business agenda.
But, why not?
Most of the time, we would like to think that all we really need to do is to put together a plan and hold onto it. Somehow, things will fall into place. It has to. That’s all it can do.
Yet, from a business standpoint, there is much more to think about.
For example, you may have employees that need the funds that come from your business for their day to day expenses.
You may need to take into consideration the overall benefits that you have in keeping your business going. What about your assets? Will they make it through the process? How about your cash flow? What will happen if something does go wrong?
All of these things are really only the tip of the iceberg when it comes to ruining a business in the long term. The bottom line is that you need to consider what your business will be like today as well as ten, twenty and more years down the road.
Entrepreneur Introduction
What does being an entrepreneur mean to you?
Anyone that is interested in finding true success throughout their lives can do so, with the right tools, the right amount of ambition and the knowledge to make it all happen. Yet, the entrepreneur, no matter which business he is in he must plan ahead and find success through much more than just these things.
To be an entrepreneur, you are not just looking for benefits right now. While you are sure to want your business to truly take off and do well in its first year, its infancy, it is just as important, if not more so, that the long term goals that you have match the need that you have as well.
In the long term, the entrepreneur’s world is much different and much more unique. To find true success, he needs to think of today as well as tomorrow-two fold.
Anyone that is interested in finding true success throughout their lives can do so, with the right tools, the right amount of ambition and the knowledge to make it all happen. Yet, the entrepreneur, no matter which business he is in he must plan ahead and find success through much more than just these things.
To be an entrepreneur, you are not just looking for benefits right now. While you are sure to want your business to truly take off and do well in its first year, its infancy, it is just as important, if not more so, that the long term goals that you have match the need that you have as well.
In the long term, the entrepreneur’s world is much different and much more unique. To find true success, he needs to think of today as well as tomorrow-two fold.
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