Tuesday, September 7, 2010
Sunday, July 25, 2010
Streamlining For Business Success
Greetings Fellow Entrepreneur
This months topic has to do with streamlining your business to achieve optimum results with less capital outlay.
As a business owner/entrepreneur its important that you focus on doing your core business in order to achieve success but as a startup or small business, you are sometimes forced to wear multiple hats (owner, marketing person, salesperson, accountant, secretary,receptionist, hr,legal,etc...)
If your time doing your business is worth $100.00 an hr, but you spend 4 hrs a day performing these other functions, you can see how your losing half of your earnings potential (and this is just a round estimate for the sake of this example).
If you are not in a position to retain a full time staff to handle these functions for you, here are some great ways to still get these functions taken care of without that large of an expense:
Sales/Marketing - Use a combination of commisioned salespeople and/or (if you prefer to close sales yourself) use a prospect appointment setting service that charges per appointment instead of by the hour. The less time you spend prospecting and chasing business, the more time you can spend actually doing it.
Administrative Functions - Depending on the daily task you need, some things can be automated. There are several extremely affordable voice services that can route calls, take messages and receive faxes. For task such as word processing and data entry, use a vritual assistant maybe once our twice a week. Compared to the cost of a full time employee, you can save hundreds and thousands of dollars and still get your required work done in a timely manner.
Accounting - Depending on your needs, if you do not want to invest in a full time bookeeper or expensive software, use QuickBooks online service or use a QB certified bookeeping service that charges a small monthly fee (or combine the two if you have the time to enter your financial information daily). The big advantadge is being able to quickly enter and access your financial records (using the online service). Have you ever had to tell someone "I have to wait for my accountant to get back to me with my financial statements"? . If you are a small business owner, the faster you can access information, the better.
Legal - All small businesses need a business lawyer but most of them can not afford to just retain one. A great solution for this is enrollment in a prepaid legal program. You can access legal services both free and at great discounts. Comes in handy when you need agreements reviewed and drafted or making sure you are in compliance with state laws.
Human Resources - You can spend and waste alot of time developing handbooks and contracts. Use software to cut this time. Most packages come with standardized forms that you can edit with your specific needs to comply with your states labor laws. You can find a lot of free resources on this as well to further cut expenses. Also, use a payroll service to avoid the headaches of having to calculate payroll taxes,etc...which should be an option available through QuickBooks online
The more time and money you save as a start up or small business, the better. Your focus should be on providing a great product or service and you shouldnt have to worry about anything else being done (are my phones being answered correctly, are the invoices going out on time or do I have to hit the pavement to drum up some business).
Contact us for referrals to some of the resources mentioned if you need them and feel free to see any of the solutions offered below can help you as well.
Wishing you continued success and prosperity in your business.
This months topic has to do with streamlining your business to achieve optimum results with less capital outlay.
As a business owner/entrepreneur its important that you focus on doing your core business in order to achieve success but as a startup or small business, you are sometimes forced to wear multiple hats (owner, marketing person, salesperson, accountant, secretary,receptionist, hr,legal,etc...)
If your time doing your business is worth $100.00 an hr, but you spend 4 hrs a day performing these other functions, you can see how your losing half of your earnings potential (and this is just a round estimate for the sake of this example).
If you are not in a position to retain a full time staff to handle these functions for you, here are some great ways to still get these functions taken care of without that large of an expense:
Sales/Marketing - Use a combination of commisioned salespeople and/or (if you prefer to close sales yourself) use a prospect appointment setting service that charges per appointment instead of by the hour. The less time you spend prospecting and chasing business, the more time you can spend actually doing it.
Administrative Functions - Depending on the daily task you need, some things can be automated. There are several extremely affordable voice services that can route calls, take messages and receive faxes. For task such as word processing and data entry, use a vritual assistant maybe once our twice a week. Compared to the cost of a full time employee, you can save hundreds and thousands of dollars and still get your required work done in a timely manner.
Accounting - Depending on your needs, if you do not want to invest in a full time bookeeper or expensive software, use QuickBooks online service or use a QB certified bookeeping service that charges a small monthly fee (or combine the two if you have the time to enter your financial information daily). The big advantadge is being able to quickly enter and access your financial records (using the online service). Have you ever had to tell someone "I have to wait for my accountant to get back to me with my financial statements"? . If you are a small business owner, the faster you can access information, the better.
Legal - All small businesses need a business lawyer but most of them can not afford to just retain one. A great solution for this is enrollment in a prepaid legal program. You can access legal services both free and at great discounts. Comes in handy when you need agreements reviewed and drafted or making sure you are in compliance with state laws.
Human Resources - You can spend and waste alot of time developing handbooks and contracts. Use software to cut this time. Most packages come with standardized forms that you can edit with your specific needs to comply with your states labor laws. You can find a lot of free resources on this as well to further cut expenses. Also, use a payroll service to avoid the headaches of having to calculate payroll taxes,etc...which should be an option available through QuickBooks online
The more time and money you save as a start up or small business, the better. Your focus should be on providing a great product or service and you shouldnt have to worry about anything else being done (are my phones being answered correctly, are the invoices going out on time or do I have to hit the pavement to drum up some business).
Contact us for referrals to some of the resources mentioned if you need them and feel free to see any of the solutions offered below can help you as well.
Wishing you continued success and prosperity in your business.
Tuesday, March 16, 2010
Tuesday, November 24, 2009
B.A.B. (Build A Business) Minute Blog#2 – Using Your Plan To Bring The Vision Alive
In our last blog/posting we discussed how to put together a vision statement for your business. Now that you have a clear vision of what you want to achieve, it’s time to build a realistic framework of how to make that vision come true. This is called the business plan.
When most people hear the word "business plan" they automatically think of a 100 page document that details every thing, fact, figure and scenario regarding your current or proposed business, often with a lot of redundant sections and terminology.
These days, banks, investors and partners don't quite have that mountain of available time to go through such a document, so today’s business plan needs to accomplish three things:
a) It needs to get to the point quickly
b) It needs to provide a clear and REALISTIC picture of what’s happening (or is going to happen) with the business and
c) It needs to reflect your unique contributions to the endeavor
The reason it needs to do this is because even if you never have a need to acquire any type of outside financial assistance, the business plan should reflect your goals, talents and vision.
There are hundreds of template programs, SBA and Chamber of Commerce sponsored workshops and lots of consultants that can show you how to put together a business plan. Actually doing a business plan is part of the Build A Business Workshop we have because we've found that it's not just enough to show someone how to do it....but to get it done , sometimes you have to do it with them.
The key elements that you'll universally find in most business plans are as follows and if you put together just a full page on each one, you will have a pretty good business plan.
These elements (and the purpose for them) are as follows:
a) Executive Summary - This is where you give a snapshot of your business, yourself and your businesses potential. It should be long enough to want someone to read the greater details, but not so long where it bores them
B) Company Information - Your company name, your core business, location and contact information
c) Owner Bio - this is where you tell about yourself, your experience and your passion instead of listing your resume line by line.
D) Mission Statement or Vision Statement - Your mission statement is how you make your vision statement happen. What’s your company’s mission?
e) Product /Services Details - This is where you can go into detailed descriptions of what you are offering with your products and services.
f) Market Opportunity - So what’s going to make you successful in a highly competitive marketplace? Regardless of how unique you may feel your product or service is, there is something out there (rather singularly or in combination with something else) that does what your products or services do. Where does yours fit it?
g) Competitors’ - Most people know this because chances are; you have used your competitors offerings to enhance what you are offering. However, at all cost, please avoid using phrases like “We have no competition" It’s a red flag that you haven't realistically assessed your market.
h) Strengths - What areas are you stronger than your competitors in?
I) Weaknesses - What areas are your competitors stronger then you in? Again avoid phrases like "We have no weaknesses" Red flag
j) Opportunities - What type of future opportunities might be available for your business in particular or other businesses in your same industry or specialty.
k) Threats - Are there any foreseeable threats to your industry? (Such as pending legislation, legal issues, shifting technology, inflation, etc...)
l) Management/Personal Plan - No man is an island. If you plan on growing, you need people with you and behind you to facilitate that process. Who do you need? What types of people are strong in the areas you are weak in? Think about the human resources you need to make your business a success.
m)Projected Cash Flow/Balance Sheet - This is the financial information that gives a potential partner, investor or bank a clear picture of not only your current financial standing, but your future potential as well. These projections should be for at least 5 years and should be based on industry standard financial data.
Again, even if you don’t plan on applying for financing, put together a business plan and refer to it at least on a weekly basis to see if you are growing towards your goal. You wouldn’t build a house without a plan....why would you build a business without one? If you currently have a business plan and haven’t looked at it in a while, how can you gauge if you are on the right track or not? The plan is not some rigid, written in stone document that can’t be changed based on the business climate. But it’s a great guide for your actions and activities.
Wishing you the best of success..
Anthony Jones, Business Development Specialist - Facilitator of The Build A Business Workshop
created by A.B.C. Solutions (performance based consulting services, comprehensive business building workshops ,joint venture formations and partnering opportunities for consultants interested in helping businesses)
Visit us at www.buildabusinessworkshop.com
When most people hear the word "business plan" they automatically think of a 100 page document that details every thing, fact, figure and scenario regarding your current or proposed business, often with a lot of redundant sections and terminology.
These days, banks, investors and partners don't quite have that mountain of available time to go through such a document, so today’s business plan needs to accomplish three things:
a) It needs to get to the point quickly
b) It needs to provide a clear and REALISTIC picture of what’s happening (or is going to happen) with the business and
c) It needs to reflect your unique contributions to the endeavor
The reason it needs to do this is because even if you never have a need to acquire any type of outside financial assistance, the business plan should reflect your goals, talents and vision.
There are hundreds of template programs, SBA and Chamber of Commerce sponsored workshops and lots of consultants that can show you how to put together a business plan. Actually doing a business plan is part of the Build A Business Workshop we have because we've found that it's not just enough to show someone how to do it....but to get it done , sometimes you have to do it with them.
The key elements that you'll universally find in most business plans are as follows and if you put together just a full page on each one, you will have a pretty good business plan.
These elements (and the purpose for them) are as follows:
a) Executive Summary - This is where you give a snapshot of your business, yourself and your businesses potential. It should be long enough to want someone to read the greater details, but not so long where it bores them
B) Company Information - Your company name, your core business, location and contact information
c) Owner Bio - this is where you tell about yourself, your experience and your passion instead of listing your resume line by line.
D) Mission Statement or Vision Statement - Your mission statement is how you make your vision statement happen. What’s your company’s mission?
e) Product /Services Details - This is where you can go into detailed descriptions of what you are offering with your products and services.
f) Market Opportunity - So what’s going to make you successful in a highly competitive marketplace? Regardless of how unique you may feel your product or service is, there is something out there (rather singularly or in combination with something else) that does what your products or services do. Where does yours fit it?
g) Competitors’ - Most people know this because chances are; you have used your competitors offerings to enhance what you are offering. However, at all cost, please avoid using phrases like “We have no competition" It’s a red flag that you haven't realistically assessed your market.
h) Strengths - What areas are you stronger than your competitors in?
I) Weaknesses - What areas are your competitors stronger then you in? Again avoid phrases like "We have no weaknesses" Red flag
j) Opportunities - What type of future opportunities might be available for your business in particular or other businesses in your same industry or specialty.
k) Threats - Are there any foreseeable threats to your industry? (Such as pending legislation, legal issues, shifting technology, inflation, etc...)
l) Management/Personal Plan - No man is an island. If you plan on growing, you need people with you and behind you to facilitate that process. Who do you need? What types of people are strong in the areas you are weak in? Think about the human resources you need to make your business a success.
m)Projected Cash Flow/Balance Sheet - This is the financial information that gives a potential partner, investor or bank a clear picture of not only your current financial standing, but your future potential as well. These projections should be for at least 5 years and should be based on industry standard financial data.
Again, even if you don’t plan on applying for financing, put together a business plan and refer to it at least on a weekly basis to see if you are growing towards your goal. You wouldn’t build a house without a plan....why would you build a business without one? If you currently have a business plan and haven’t looked at it in a while, how can you gauge if you are on the right track or not? The plan is not some rigid, written in stone document that can’t be changed based on the business climate. But it’s a great guide for your actions and activities.
Wishing you the best of success..
Anthony Jones, Business Development Specialist - Facilitator of The Build A Business Workshop
created by A.B.C. Solutions (performance based consulting services, comprehensive business building workshops ,joint venture formations and partnering opportunities for consultants interested in helping businesses)
Visit us at www.buildabusinessworkshop.com
Saturday, September 26, 2009
B.A.B. Minute - Blog #1 - Creating A Vision Statement
This is the first of many articles,blogs and postings we will be making to help you as a business owner or entrepreneur achieve growth in a straight forward and common sense manner without a lot of technical jargon and business terms.
We hope you enjoy and benefit from them and we look forward to being of service in your endeavors to achieve business success.
Creating A Vision Statement
"Vision is the art of seeing things invisible."-- Jonathan Swift
This is a simple exercise we use in the workshop to help you identify and create your vision statement. But you may be asking what exactly is a vision statement and why do I even care about creating one?
A vision statement can be considerd an affirmation of the best possible outcome for your business. It should be grand,it should be all encompassing to what you are ultimately trying to achieve with your business.
Example: ABC Solutions vision statement is "To help promote financial independance and a more stable economy by developing small businesses "
Why do you care about creating one? Because with a clear vision, you can sync your goals and business activities to stay in harmony with acheiving it. With a clear vision (and vision statement) anything and everything is possible. Here are a few practical tips on how you can get started creating yours today
a) Think about an end goal - The end goal I want to accomplish with my business is:___________________________________________________________________________________________________________________________________________________________________________
b) Think of how your business will help you meet that end goal - My business will help me met this goal by doing the following:______________________________________________________________________________________________________________________________________________________________________________________________________________________________
c) Think of how this goal relates to helping other people reach their goals or contribute to their happiness or success – This goal will help others reach their goals or contribute to their success or happiness by doing the following:______________________________________________________________________________________________________________________________________________________________________________________________________________________________d) Put it into a phrase, sentence or paragraph that resonates with you (you will know that it resonates with you because you will feel a sensation when you say it) – My vision statement is:
_________________________________________________________________
Once you do this, we would really love it if you would share what you came up with by posting a response.
Wishing you the best of success..
Anthony Jones, Business Development Specialist - Facilitator of The Build A Business Workshop
created by Alternative Business Consulting Solutions (specializing in performance based consulting services, comprehensive business building workshops ,joint venture formations and partnering opportunities for consultants interested in helping businesses)
Visit us at www.buildabusinessworkshop.com
We hope you enjoy and benefit from them and we look forward to being of service in your endeavors to achieve business success.
Creating A Vision Statement
"Vision is the art of seeing things invisible."-- Jonathan Swift
This is a simple exercise we use in the workshop to help you identify and create your vision statement. But you may be asking what exactly is a vision statement and why do I even care about creating one?
A vision statement can be considerd an affirmation of the best possible outcome for your business. It should be grand,it should be all encompassing to what you are ultimately trying to achieve with your business.
Example: ABC Solutions vision statement is "To help promote financial independance and a more stable economy by developing small businesses "
Why do you care about creating one? Because with a clear vision, you can sync your goals and business activities to stay in harmony with acheiving it. With a clear vision (and vision statement) anything and everything is possible. Here are a few practical tips on how you can get started creating yours today
a) Think about an end goal - The end goal I want to accomplish with my business is:___________________________________________________________________________________________________________________________________________________________________________
b) Think of how your business will help you meet that end goal - My business will help me met this goal by doing the following:______________________________________________________________________________________________________________________________________________________________________________________________________________________________
c) Think of how this goal relates to helping other people reach their goals or contribute to their happiness or success – This goal will help others reach their goals or contribute to their success or happiness by doing the following:______________________________________________________________________________________________________________________________________________________________________________________________________________________________d) Put it into a phrase, sentence or paragraph that resonates with you (you will know that it resonates with you because you will feel a sensation when you say it) – My vision statement is:
_________________________________________________________________
Once you do this, we would really love it if you would share what you came up with by posting a response.
Wishing you the best of success..
Anthony Jones, Business Development Specialist - Facilitator of The Build A Business Workshop
created by Alternative Business Consulting Solutions (specializing in performance based consulting services, comprehensive business building workshops ,joint venture formations and partnering opportunities for consultants interested in helping businesses)
Visit us at www.buildabusinessworkshop.com
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