How Does Your Cash Flow?
If you haven't read "Rich Dad Poor Dad" take a minute right now and add it to your to summer reading list. The focus is on personal finance, but so much is applicable to businesses, too.
Last week I talked about "Working ON your business not IN your business" and it resonated with many. That statement was coined by Michael Gerber in his landmark "E-Myth" book series. Small businesses create the brightest futures by moving from managing their cash flow to creating wealth. Here is a short history of business styles and how they work their money or cash flow.
Money Path of a Job-Preneur. A job-preneur is a business owner that has created a job for herself. Typically when the owner expires or retires, the business does likewise. The most important information this business owner looks for is cash flow - what is coming in and what goes out. Do we have enough to pay all expenses and maybe put some aside for retirement? If this is your business, just being clear on what it is and planning for the future is important.
Money Path of the Business Owner. The business owner that has some employees and a plan for growth will likely be looking carefully at not only the cash flow of the business but also the Income Statement. The typical business owner will be aware of the liabilities associated with growth and asset acquisition. But few businesses in this category have "income producing assets", they are just large expenses. For example, the company car is an asset and maybe it has a loan, but does it really generate any cash flow? If these businesses are to be sold, the price is usually not much beyond a multiple of the business' profits. No Proft? Difficult to sell over the fair market value of the assets. Again, knowing what your exit plan is may mean that the business is what you want it to be. If you want more from your business, read on.
Money Path of an Entrepreneurial Business. Here the owner is striving to not only pay all the bills, pay down the liabilities and build assets but building a business where the owner works ON the business. A business that builds for the future is managing the cash flow, the income statement and most importantly the balance sheet. The key to getting assets to grow and generate income is having repeatable processes. These processes are for everything from answering the phone to providing outstanding service. If it can't be repeated, you don't have a salable process. These processes free the owner to be a leader and not just a worker-bee. The beauty of buying a franchise is that you are purchasing a tried and true way to have an income producing asset! Think about how you can create a business that is easy for someone else to come and replace you. When you know you can walk away and the cash will keep flowing, you have built a business based on wealth creation.
Being clear as to what type of business you are building means you will have a unmistakable understanding of what to expect. Businesses, like children, can only produce what we train them to do!
Copyright 2011 Linda Lucas Fayerweather
http://www.changinglanes.biz/
419-897-0528
Showing posts with label business planning. Show all posts
Showing posts with label business planning. Show all posts
Tuesday, July 12, 2011
Monday, June 27, 2011
Summer IS Vacation Season
It is vacation season and I am ready. I've got my backyard in shape so that daily I can take a mini vacation watching the birds and feeding my koi. And my plans are set for the annual family trek "Up North."
Most businesses will have employees going on vacation or just taking time off between July 1st and Labor day weekend. Dealing with vacation on a regular basis requires everyone in your firm to think about more than jumping in the car and heading out to the woods.
Here are some vacation tips so that employees will return from vacation relaxed and rejuvenated and those holding down the fort will not feel burdened.
1. Have a policy on vacation which will include how to request, time frame for request and how much is available.
2. Create a vacation planner - A calendar that all have access to is best.
3. Prior to vacations, rearrange work so that no one returns to "too much" work.
4. Encourage vacation coordination between your employees.
5. Do ask for destination contact information for emergencies and only use it for that! Even with cell phones, sometimes people go places without coverage.
6. Schedule time after the vacation to "see the pictures".
7. Announce job or corporate changes after the vacation season, not before.
The purpose of a vacation is to de-stress, relax and get rejuvenated. Helping your employees achieve that will help your company achieve its annual goals with less stress.
Don't' forget to plan your own vacation and try to have a few days where you unplug!
Copyright 2011 Linda Lucas Fayerweather
http://www.changinglanes.biz/
419-897-0528
Most businesses will have employees going on vacation or just taking time off between July 1st and Labor day weekend. Dealing with vacation on a regular basis requires everyone in your firm to think about more than jumping in the car and heading out to the woods.
Here are some vacation tips so that employees will return from vacation relaxed and rejuvenated and those holding down the fort will not feel burdened.
1. Have a policy on vacation which will include how to request, time frame for request and how much is available.
2. Create a vacation planner - A calendar that all have access to is best.
3. Prior to vacations, rearrange work so that no one returns to "too much" work.
4. Encourage vacation coordination between your employees.
5. Do ask for destination contact information for emergencies and only use it for that! Even with cell phones, sometimes people go places without coverage.
6. Schedule time after the vacation to "see the pictures".
7. Announce job or corporate changes after the vacation season, not before.
The purpose of a vacation is to de-stress, relax and get rejuvenated. Helping your employees achieve that will help your company achieve its annual goals with less stress.
Don't' forget to plan your own vacation and try to have a few days where you unplug!
Copyright 2011 Linda Lucas Fayerweather
http://www.changinglanes.biz/
419-897-0528
Monday, December 27, 2010
Getting Ready for 2011 & Lame Ducks
Getting Ready for 2011.
Let's make the assumption that your business plan is in place ready to go! Now what to do to make sure it happens?
I use Outlook and have this set as a reoccurring appointment with myself on the last day of the each month. A reminder is triggered 2 days prior and the questions are in the body of the appointment. Pretty simple and hard to ignore.
If you would like to learn more about using Outlook to track your business tasks, join me on December 29 4PM for a 30 minute free webinar. Email for details: Monthly Check
Copyright 2010 Linda Fayerweather MBA EA
Lame Duck Congress ResultsThe Tax Bill Act is now law and is surprisingly direct and straightforward, given its $850 billion cost. Most tax bills have so many pages they can be confused with the New York City Yellow pages, but this one is just 30 pages - in fact, the Congressional Joint Committee on Taxation's "Technical Explanation," is five times longer than the law itself. Let's take a quick look at some of the specific tax provisions:
Let's make the assumption that your business plan is in place ready to go! Now what to do to make sure it happens?
With a business plan, especially a one page plan that all business owners really need to have, it should NEVER be put away in a drawer with your tax return.
A good plan, is one that is reviewed, edited, changed and celebrated.
Here is a monthly checklist I use for my businesses:
1. Sales Made $_____________ month_____________ (Gross revenue)
2. Money Spent $_____________ month_____________ (Costs and Expenses)
3. Compare to plan. Are we off track or on track and WHY?
4. Any new ideas this month? Get a strategy on paper to determine profitability.
5. New contacts made? Have they been added to my lists? Do I need to connect with them?
6. What are we celebrating at the end of this month?
7. What needs to Grow; End; Start; next month?
I use Outlook and have this set as a reoccurring appointment with myself on the last day of the each month. A reminder is triggered 2 days prior and the questions are in the body of the appointment. Pretty simple and hard to ignore.
If you would like to learn more about using Outlook to track your business tasks, join me on December 29 4PM for a 30 minute free webinar. Email for details: Monthly Check
Staying on task is challenging, and with a plan, sometimes, the results can be phenomenal.
Copyright 2010 Linda Fayerweather MBA EA
419-897-0528
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Lame Duck Congress Results
- Extend Tax Cuts. The core of the bill, of course, extends the Bush tax cuts for two more years. This means the top rate stays at 35% (rather than 39.6%) and the rate on capital gains and qualified corporate dividends stays capped at 15% (rather than 20%). But the new law keeps taxes down for everyone, not just the highest earners. If those Bush cuts hadn't been extended, the 10% rate would have disappeared, and tax brackets would have increased faster for everyone.
- Payroll Tax Relief. The act reduces the employee portion of Social Security and self-employment taxes by 2% for 2011 only. This replaces the $400/person "Making Work Pay" credit in effect for 2010 - and ironically means higher taxes for individuals making under $20,000 and families making under $40,000.
- Estate Tax Relief. This is actually the most controversial part of the legislation. Under current law, the estate tax was scheduled to kick back in at 55%, on estates topping $1 million. Most observers expected Congress to restore the tax at the 2009 level, with a 45% tax applying on estates over $3.5 million. But the new law is even more generous, with a tax of just 35% on estates over $5.0 million. Again, this rule applies for 2 years.
- Other Provisions. Finally, the act extends a laundry list of popular tax breaks that otherwise would have expired:
- It "patches" the Alternative Minimum Tax system for two more years, thus protecting millions of Americans from the AMT,
- It extends the Child Tax Credit and American Opportunity Tax Credit for college tuition,
- It expands the Earned Income Tax credit for low-income working families,
- It extends bonus depreciation and first-year expensing deductions for businesses, and
- It extends miscellaneous tax deductions like educator expenses, state and local sales taxes, and tax-free IRA distributions given directly to charity.
Hopefully, this short explanation of the changes to the Tax law will help you get a handle on your 2010 taxes and planning for 2011. If you are still confused or have questions, give us a call, we can help.
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
"Our Value is Measured by Your Success"
419.882.9255
734.847.0400 Ext.201
Monday, November 29, 2010
Got Mobile & Social Media
Got Mobile?
Shopping is changing. The market place is changing. What was new 2 years ago gets old very fast!
All this has to do with mobile devices. About a month ago, I was in a bookstore on a mission to get several copies of "Strength Finder 2.0" by Tom Rath. I use this with new clients and groups - great book. While wandering the store as all old librarians are destined to do, I spied an interesting fiction title, started reading and was hooked. Since I was given a Kindle a year ago, I've made it a habit to purchase fiction on the Kindle. So, I grabbed my mobile device, did a quick internet search at Amazon found the book was indeed Kindle available, purchased it and within seconds not only was it waiting on my Kindle when I got home, it was also on my mobile device if I wanted to start reading after making my business purchases.
Mobile devices are becoming the ubiquitous tool for customers. It took 100 years for telephones to reach 80% of the countries in the world - wireless has just taken 16 years! The phone in your pocket is 10 times more powerful than the desk top commuter that was on your desk in 1999. Many of us have our devices with us 24/7 - I've been using mine as an alarm clock since 2006.
How are your customers using their mobile device to work with your business? And I don't have the answer, yet, but it sure it is fun to think about it! Look for QR Codes (sample below) as the next wave for mobile devices to learn about your business or get a coupon. Maybe you should do a SWOT analysis to get thinking about the future - that is where you will be directed with your mobile and the below QR code.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Social Media and Your Business
So how does the social media space look for business as it stands at the end of 2010? If you are looking to really drive new prospects and lead generation you may be disappointed. Some of the larger multinationals who already have a strong established brand throughout world markets have been able to extend their share of wallet with Social Media campaigns, BUT, for small to medium business, at this stage Social Media really kicks the biggest goals in terms of building brand recognition, brand loyalty and extending customer service avenues to new and existing customers through additional 2 way communication channels.
That being said, Social Media is here to stay for all size business and in the near future will represent a channel for driving additional revenue. In the interim, plan your entry into the social media waters and take a well executed dive but before you do remember some final points.
• Social Media is exactly that. Don't look to automate your involvement where possible. Be a real person and communicate directly with your customers and prospects. Automated responses are like Voice Response systems, --Press 1 if we have just lost your business:-)
• Marketing in this space is the same as all other forms of Marketing. Don't just hire someone to manage your campaigns because they are 'good at using Twitter & Facebook' and or 'has a lot of followers'. Make sure whatever resource you hire or allocate to your campaigns understands your products and business and that you are confident can represent your brand in the best light possible.
See you out there in Social Media Space:-)
Brent Lupton
Internet Marketing Manager
Essential Brands Group
Shopping is changing. The market place is changing. What was new 2 years ago gets old very fast!
All this has to do with mobile devices. About a month ago, I was in a bookstore on a mission to get several copies of "Strength Finder 2.0" by Tom Rath. I use this with new clients and groups - great book. While wandering the store as all old librarians are destined to do, I spied an interesting fiction title, started reading and was hooked. Since I was given a Kindle a year ago, I've made it a habit to purchase fiction on the Kindle. So, I grabbed my mobile device, did a quick internet search at Amazon found the book was indeed Kindle available, purchased it and within seconds not only was it waiting on my Kindle when I got home, it was also on my mobile device if I wanted to start reading after making my business purchases.
Mobile devices are becoming the ubiquitous tool for customers. It took 100 years for telephones to reach 80% of the countries in the world - wireless has just taken 16 years! The phone in your pocket is 10 times more powerful than the desk top commuter that was on your desk in 1999. Many of us have our devices with us 24/7 - I've been using mine as an alarm clock since 2006.
How are your customers using their mobile device to work with your business? And I don't have the answer, yet, but it sure it is fun to think about it! Look for QR Codes (sample below) as the next wave for mobile devices to learn about your business or get a coupon. Maybe you should do a SWOT analysis to get thinking about the future - that is where you will be directed with your mobile and the below QR code.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
 |
Scan with Your Mobile Device |
Social Media and Your Business
So how does the social media space look for business as it stands at the end of 2010? If you are looking to really drive new prospects and lead generation you may be disappointed. Some of the larger multinationals who already have a strong established brand throughout world markets have been able to extend their share of wallet with Social Media campaigns, BUT, for small to medium business, at this stage Social Media really kicks the biggest goals in terms of building brand recognition, brand loyalty and extending customer service avenues to new and existing customers through additional 2 way communication channels.
That being said, Social Media is here to stay for all size business and in the near future will represent a channel for driving additional revenue. In the interim, plan your entry into the social media waters and take a well executed dive but before you do remember some final points.
• Social Media is exactly that. Don't look to automate your involvement where possible. Be a real person and communicate directly with your customers and prospects. Automated responses are like Voice Response systems, --Press 1 if we have just lost your business:-)
• Marketing in this space is the same as all other forms of Marketing. Don't just hire someone to manage your campaigns because they are 'good at using Twitter & Facebook' and or 'has a lot of followers'. Make sure whatever resource you hire or allocate to your campaigns understands your products and business and that you are confident can represent your brand in the best light possible.
See you out there in Social Media Space:-)
Brent Lupton
Internet Marketing Manager
Essential Brands Group
Monday, November 22, 2010
Holiday Season - Ready, Set, Go
Even though the traditional holiday season starts this week with Thanksgiving, the stores are ready and the commercials on TV have already started.
As a business owner, one of my important business holiday jobs is to refine my business plan for 2011. Even though I regularly update my plan during the year (I analyze it monthly, tweak it quarterly), I like to start the new year with a fresh plan. So November and December are the months that I identify what worked; what didn't work; and what can I finish by year end. In these economically challenging times, here are some end of the year tips to get your plan in order and make the most of this holiday season:
1. Review expenses including inventory and supply levels. If your business is retail and holiday sensitive, make sure you have the right inventory levels so that you finish the year with "just enough".
2. Monitor your Receivables. During the holiday season, other businesses can be distracted by their own vacations, staffing and holiday parties. Don't let them think you can wait for your cash so they can have a more lavish holiday.
3. Remember Your Staff has holiday plans, too. Proactive planning and scheduling for all will make the work load better for everyone.
4. Manage Cash. Cash is king and during the holiday season even if your business is NOT typically affected by the holidays, banks are. Having an emergency fund will always bode well during the holidays and throughout the year.
5. Holiday giving. Know your employees and give what they will value. In economic hard times, scaled back parties have been the norm. Tips are available at Biz Know How - Parties. Whatever you give, be clear if it is tied to merit or a thank you for just being an employee. There is a big difference.
6. Say Thanks. If you don't like to do holiday cards, saying thanks to your customers, vendors and others that have made a difference in your business could be just that - a thank you. Thank you notes are never out of season or out of fashion.
And don't forget to get that plan for 2011 in order before it happens!
Happy Thanksgiving.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Saying Thanks to your Staff
Unexpected recognition for a job well done is very, very validating for your people. Whilst you are busy, you are also developing habits that, well, just creep up on you. This means that you do things; behave in a certain way - and now is the time to redress that. If you find there are some of your people you have instant, deep rapport with, it's just human nature to hang out with them more. Respect them and treat them well. Yet you could be missing a trick. And a trick that takes but a little focus to make the most of, this is about specifically targeting those who you don't have an instant relationship.
Make time for those you avoid and engage both in conversation as well as 'catching them doing something right and thanking them. Spending time with these folks might, to start at least, not be your favorite way to spend your time - but you may be surprised. You will also up the stakes in motivating a bunch of people who you've missed out on in the past. So, today, make a very special effort to say 'Thank you' to people you wouldn't normally. It will make a difference, both to them, you and your business.
Copyright 2005-6 Martin Haworth
http://www.coaching-businesses-to-success.com/
Even though the traditional holiday season starts this week with Thanksgiving, the stores are ready and the commercials on TV have already started.
As a business owner, one of my important business holiday jobs is to refine my business plan for 2011. Even though I regularly update my plan during the year (I analyze it monthly, tweak it quarterly), I like to start the new year with a fresh plan. So November and December are the months that I identify what worked; what didn't work; and what can I finish by year end. In these economically challenging times, here are some end of the year tips to get your plan in order and make the most of this holiday season:
1. Review expenses including inventory and supply levels. If your business is retail and holiday sensitive, make sure you have the right inventory levels so that you finish the year with "just enough".
2. Monitor your Receivables. During the holiday season, other businesses can be distracted by their own vacations, staffing and holiday parties. Don't let them think you can wait for your cash so they can have a more lavish holiday.
3. Remember Your Staff has holiday plans, too. Proactive planning and scheduling for all will make the work load better for everyone.
4. Manage Cash. Cash is king and during the holiday season even if your business is NOT typically affected by the holidays, banks are. Having an emergency fund will always bode well during the holidays and throughout the year.
5. Holiday giving. Know your employees and give what they will value. In economic hard times, scaled back parties have been the norm. Tips are available at Biz Know How - Parties. Whatever you give, be clear if it is tied to merit or a thank you for just being an employee. There is a big difference.
6. Say Thanks. If you don't like to do holiday cards, saying thanks to your customers, vendors and others that have made a difference in your business could be just that - a thank you. Thank you notes are never out of season or out of fashion.
And don't forget to get that plan for 2011 in order before it happens!
Happy Thanksgiving.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Saying Thanks to your Staff
Unexpected recognition for a job well done is very, very validating for your people. Whilst you are busy, you are also developing habits that, well, just creep up on you. This means that you do things; behave in a certain way - and now is the time to redress that. If you find there are some of your people you have instant, deep rapport with, it's just human nature to hang out with them more. Respect them and treat them well. Yet you could be missing a trick. And a trick that takes but a little focus to make the most of, this is about specifically targeting those who you don't have an instant relationship.
Make time for those you avoid and engage both in conversation as well as 'catching them doing something right and thanking them. Spending time with these folks might, to start at least, not be your favorite way to spend your time - but you may be surprised. You will also up the stakes in motivating a bunch of people who you've missed out on in the past. So, today, make a very special effort to say 'Thank you' to people you wouldn't normally. It will make a difference, both to them, you and your business.
Copyright 2005-6 Martin Haworth
http://www.coaching-businesses-to-success.com/
Monday, August 30, 2010
It is YOUR Business
It IS Your Business "My business is my business" and there are many levels to think about your business - personal business, others' business and of course what I want to talk about is your business or your career because it is yours.
One of the beauties of owning a business is it is a reflection of your personality and what you value. If it isn't feeding your soul, then a makeover may be needed. Now, don't confuse a makeover with just changing your marketing materials - that is like "putting lipstick on a pig" as Charles Lummis said in 1926 - "it is still a pig!" A makeover is stripping your business down to its bare-bones, identifying your key markets, setting timely, results oriented goals and then making it happen.
Actually, this really sounds like a PLAN - Vision---Mission---Core Values---Goals---Projects - Your dream for Your business.
Many small businesses stay in the reactive world and end up living the life identified in the E-Myth as "they've created a job for themselves, not a business". You will hear them ask for help and follow it up with "I've tried that", "That will never work with my employees", "I can't do that", "I can't afford that", "That won't work." Well, guess what - they are right.
At any moment in time you can change the plot line of your business. Yes, it does take some work, maybe even some hard work, but you will be rewarded with the business of your dreams. Start with a plan and hold yourself accountable to meet those goals. If accountability is an issue, hire a coach or consultant - remember, even the best sports stars rely on coaches - it is a sign of growth!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Oh, yes - coaching is included!
Want Stratospheric Succes? Learn the Five Laws.
Reading "The Go-Giver" over the weekend has solidified my belief that business as we’ve known it for the last two decades (or more, your mileage may vary) is so antiquated that to continue “as it’s always been” is maybe the most deadly thing you can do to your business. If your business has stagnated, if it’s slowed down to “just getting by”, or if you have serious concerns if you’ll be in business a year from now you can cheer up! Follow these “Five Laws of Stratospheric Success”.
The first Law, The Law of Value states; “Your true worth is determined by how much more you give in value that you take in payment”.
You may have heard the phrase giving value misused by the Internet Marketing Gurus telling you to give away your secrets to entice your prospects. This misses the mark in two ways. 1) As used here, giving does not mean giving away - as in free. It simply means to present something, in this case value. 2) value in this context means the relative worth or desirability of a thing to the end user. More to the point it's about asking yourself the question; “What can I offer that will set me apart – and I mean WAAAAY apart – from my competition and will allow people to want me as the person they choose to do business with?
Near and dear to my heart is appreciation. This is one of the things that cost little or nothing and leaves a lasting impression. Say please and thank you (and mean it). Send Nice to meet you notes - not emails - in a greeting card in your own handwriting. Remember birthdays and, you guessed, it send a card that says Happy Birthday! (If you don’t have a system for sending notes and greeting cards head over to my site and discover a great way to do it right from your computer)
Here’s a good place to mention one of the most important keys to making this law work, and it may be a deal breaker if you can’t commit to it, it’s that you have to give without any emotional attachment to the outcome. Now I know that’s going to sound really wacky to you but that’s how it works… because there is an outcome every time.
Visit Amazon.com and get the book. Take this journey with me and let me know how you give value to your product or service.
Copyright 2010 Todd Pillars helps business owners and sales professionals generate endless referrals easier and faster than they ever thought possible. Please contact him today at 419-855-2273 or email him at todd@toddpillars.com . You can also find out more information about his Endless Referrals workshops at http://www.burgintl.com/toddpillars .
One of the beauties of owning a business is it is a reflection of your personality and what you value. If it isn't feeding your soul, then a makeover may be needed. Now, don't confuse a makeover with just changing your marketing materials - that is like "putting lipstick on a pig" as Charles Lummis said in 1926 - "it is still a pig!" A makeover is stripping your business down to its bare-bones, identifying your key markets, setting timely, results oriented goals and then making it happen.
Actually, this really sounds like a PLAN - Vision---Mission---Core Values---Goals---Projects - Your dream for Your business.
Many small businesses stay in the reactive world and end up living the life identified in the E-Myth as "they've created a job for themselves, not a business". You will hear them ask for help and follow it up with "I've tried that", "That will never work with my employees", "I can't do that", "I can't afford that", "That won't work." Well, guess what - they are right.
At any moment in time you can change the plot line of your business. Yes, it does take some work, maybe even some hard work, but you will be rewarded with the business of your dreams. Start with a plan and hold yourself accountable to meet those goals. If accountability is an issue, hire a coach or consultant - remember, even the best sports stars rely on coaches - it is a sign of growth!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Oh, yes - coaching is included!
Want Stratospheric Succes? Learn the Five Laws.
Reading "The Go-Giver" over the weekend has solidified my belief that business as we’ve known it for the last two decades (or more, your mileage may vary) is so antiquated that to continue “as it’s always been” is maybe the most deadly thing you can do to your business. If your business has stagnated, if it’s slowed down to “just getting by”, or if you have serious concerns if you’ll be in business a year from now you can cheer up! Follow these “Five Laws of Stratospheric Success”.
The first Law, The Law of Value states; “Your true worth is determined by how much more you give in value that you take in payment”.
You may have heard the phrase giving value misused by the Internet Marketing Gurus telling you to give away your secrets to entice your prospects. This misses the mark in two ways. 1) As used here, giving does not mean giving away - as in free. It simply means to present something, in this case value. 2) value in this context means the relative worth or desirability of a thing to the end user. More to the point it's about asking yourself the question; “What can I offer that will set me apart – and I mean WAAAAY apart – from my competition and will allow people to want me as the person they choose to do business with?
Near and dear to my heart is appreciation. This is one of the things that cost little or nothing and leaves a lasting impression. Say please and thank you (and mean it). Send Nice to meet you notes - not emails - in a greeting card in your own handwriting. Remember birthdays and, you guessed, it send a card that says Happy Birthday! (If you don’t have a system for sending notes and greeting cards head over to my site and discover a great way to do it right from your computer)
Here’s a good place to mention one of the most important keys to making this law work, and it may be a deal breaker if you can’t commit to it, it’s that you have to give without any emotional attachment to the outcome. Now I know that’s going to sound really wacky to you but that’s how it works… because there is an outcome every time.
Visit Amazon.com and get the book. Take this journey with me and let me know how you give value to your product or service.
Copyright 2010 Todd Pillars helps business owners and sales professionals generate endless referrals easier and faster than they ever thought possible. Please contact him today at 419-855-2273 or email him at todd@toddpillars.com . You can also find out more information about his Endless Referrals workshops at http://www.burgintl.com/toddpillars .
Monday, April 19, 2010
Referrals and Readiness
Are You Ready?
The latest natural disaster to hit this planet is the volcano in Iceland. True, it has not devastated humanity the way the last three earthquakes (Haiti, Chile, China) have, but it certainly has affected businesses, lots of businesses.
Individually, war, natural disaster, local traumas and personal tragedies happen in our communities and will affect our business. Just saying to yourself or employees "Get back to work" is only affective for a short while. Knowing where you and your staff are vulnerable will help before tragedy strikes.
You may want to consider a four step approach to potential disaster.
1. Know your the risk for your business. Some businesses are in flood zones, others in quake zones. What is your local, physical risk? Make sure your computer backup system is working - You do back up your computer regularly, right?
2. Know your staff. Do they have loved ones in war zones? Do they have family in high risk careers? Are they living in a neighborhood subject to problems - natural or man-made?
3. Know your personal risk factors. Personally, what would you need to have on hand if the lights went out for a few days?
4. Finally, make and implement a plan. The implement is key. My car has a tool kit, duct tape, clamps, fix-a-flat, jumper cables, blanket, work gloves and a first aid kit. When I purchased my new car, and was transferring all this from the old to the new, the service tech commented that I wouldn't need that tool kit. I looked him square in the eyes and said "A girl scout is always prepared". I will be very happy if I never have to use the clamps and duct tape to fix a radiator hose again but I like to know that if needed, I have the tools.
Dave Krueger of World Prep, Inc from Toledo, Ohio has made a business about being prepared and his preparedness kits have won him awards and research grants. For him, being prepared is not only his business but he knows, it can save lives.
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528 http://www.changinglanes.biz/
Referrals
Webster defines referrals as the act, action, or instance of referring. I had a Social Studies teacher that would never allow us to define a word with the word (or use the phrase "It's like...") but it's Webster after all. And I have to use the word "Like", only in a different context.
Bob Burg states the new Golden Rule in Business: All things being equal, people like to do business with people they know, like, and trust. How difficult is it to build this foundation with EVERY new customer you bring in? How time consuming is it to repeat your message consistently and concisely over and over again? Do you feel like you have reinvent the wheel in your sales process with every new client?
The answer is simple. Really. And you probably stated it at the last networking event. Recall when you said "Word of mouth is the best advertising"? It absolutely is. It's your responsibility to make sure it GOOD advertising.
Do your customers really know ALL that you do?
Do your customers feel like you've given them EXCEPTIONAL value?
Do your clients trust you to treat their associates EVEN BETTER than you treat them?
You can ensure the answer is YES! to all these by answering the following questions:
What are you doing to get your customers to acton your behalf and promote your product/service? What are you doing to get your clients to take actionand refer you to their friends and family? What are you doing to create urgency and motivate your sales force to bring in results sooner rather than later - this instant?
What would an automated referral system mean to your business? Find out at http://www.idealreferral.com/
Copyright 2010 Todd Pillars is an Referral Coach with Send Out Cards. Please contact him today at 419-855-2273 or tpillars@gmail.com to SUPERCharge your Referrals!
Visit http://www.sendoutcards.com/tpillars to send out a FREE "Thanks for being a customer" card to your hardest "hard-to-please" customer!
The latest natural disaster to hit this planet is the volcano in Iceland. True, it has not devastated humanity the way the last three earthquakes (Haiti, Chile, China) have, but it certainly has affected businesses, lots of businesses.
Individually, war, natural disaster, local traumas and personal tragedies happen in our communities and will affect our business. Just saying to yourself or employees "Get back to work" is only affective for a short while. Knowing where you and your staff are vulnerable will help before tragedy strikes.
You may want to consider a four step approach to potential disaster.
1. Know your the risk for your business. Some businesses are in flood zones, others in quake zones. What is your local, physical risk? Make sure your computer backup system is working - You do back up your computer regularly, right?
2. Know your staff. Do they have loved ones in war zones? Do they have family in high risk careers? Are they living in a neighborhood subject to problems - natural or man-made?
3. Know your personal risk factors. Personally, what would you need to have on hand if the lights went out for a few days?
4. Finally, make and implement a plan. The implement is key. My car has a tool kit, duct tape, clamps, fix-a-flat, jumper cables, blanket, work gloves and a first aid kit. When I purchased my new car, and was transferring all this from the old to the new, the service tech commented that I wouldn't need that tool kit. I looked him square in the eyes and said "A girl scout is always prepared". I will be very happy if I never have to use the clamps and duct tape to fix a radiator hose again but I like to know that if needed, I have the tools.
Dave Krueger of World Prep, Inc from Toledo, Ohio has made a business about being prepared and his preparedness kits have won him awards and research grants. For him, being prepared is not only his business but he knows, it can save lives.
Copyright 2010 Linda Fayerweather
Changing Lanes LLC
419-897-0528 http://www.changinglanes.biz/
Referrals
Webster defines referrals as the act, action, or instance of referring. I had a Social Studies teacher that would never allow us to define a word with the word (or use the phrase "It's like...") but it's Webster after all. And I have to use the word "Like", only in a different context.
Bob Burg states the new Golden Rule in Business: All things being equal, people like to do business with people they know, like, and trust. How difficult is it to build this foundation with EVERY new customer you bring in? How time consuming is it to repeat your message consistently and concisely over and over again? Do you feel like you have reinvent the wheel in your sales process with every new client?
The answer is simple. Really. And you probably stated it at the last networking event. Recall when you said "Word of mouth is the best advertising"? It absolutely is. It's your responsibility to make sure it GOOD advertising.
Do your customers really know ALL that you do?
Do your customers feel like you've given them EXCEPTIONAL value?
Do your clients trust you to treat their associates EVEN BETTER than you treat them?
You can ensure the answer is YES! to all these by answering the following questions:
What are you doing to get your customers to acton your behalf and promote your product/service? What are you doing to get your clients to take actionand refer you to their friends and family? What are you doing to create urgency and motivate your sales force to bring in results sooner rather than later - this instant?
What would an automated referral system mean to your business? Find out at http://www.idealreferral.com/
Copyright 2010 Todd Pillars is an Referral Coach with Send Out Cards. Please contact him today at 419-855-2273 or tpillars@gmail.com to SUPERCharge your Referrals!
Visit http://www.sendoutcards.com/tpillars to send out a FREE "Thanks for being a customer" card to your hardest "hard-to-please" customer!
Monday, December 28, 2009
Wanting - Partying - Santa
====================================
What You Want Part 2
====================================
Last week we did a quick exercise to get to the root of what we really want, this week, take a short period of time to think about your business quagmires - those sticky, icky places where things went wrong. Who was always around? What brought out the best whine? Who approached it as a challenge with solutions? Make a list and burn it.
Now, make a plan for what you want to do, focus on the positive behaviors and activities that are producing results, people that do well and the successes they bring, and which customers do you really, really want to hug when you hear their voice. When animal trainers want to produce a new behavior, they focus on WHAT they want, not what they DON'T want. Learning from your business quagmires for the solutions may be the perfect start to the New Year in a new way.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
====================================
Party Plans
====================================
The holiday party is a great time to meet people but . . . you should have a plan!
Everybody goes to parties, and the holiday season is full of them. It’s also a business slowdown season for many of us who are not in retail. The holiday parties are NOT just a place for free food and drinks.
Holiday parties and other social mixers bring new opportunities to network, even more than the rest of the year. The holidays are times when we are more likely to see people in a social setting, and this setting definitely lends itself to building relationships.
Most people think of networking only in traditional networking venues, such as the chamber, strong-contact referral groups like BNI, and other business-oriented gatherings. But that’s not using the power of networking to its fullest.
It can be the best time to introduce yourself or have a friendly conversation with one of your superiors. Making an impact on someone important can be a real career booster; it could open the door for new job opportunities, promotions and/or new business.
In order to make the most of “holiday party networking,” here are a few things to keep in mind:
• Be prepared! If you’re going to hobnob, try to know whom you are talking to, what their job and role in the company are and what they’ve done this year for the organization. Use this info as a way to start a conversation. If you know some of the people who will be in attendance, do a Google search on them. Do some homework.
• Ask questions. Some suggestions: How did you start the business? How did you take the business international? How did you start franchising? What were some of the challenges with . . . ? Have you read any good books lately? (My favorite is: How can I help you?)
• Have a “teaser” topic ready. Approaching the end of the year, every business wants to increase profits and performance in the New Year. Have an idea ready that describes how you can improve your sector in the coming year. (Word to the wise: Don’t give away the goose; set up a meeting to discuss the details.)
• Use this introduction as a segue for a future meeting. As mentioned above, you don’t want to “end” the conversation at the party. The end game here is to open the door for follow-up. You want to be able to connect with the person after the party, one-to-one.
• Don’t have more than a couple drinks. It’s a party, but it’s not YOUR party. You don’t want to be stinking of liquor when you approach the people you want to connect with. Impressions count. Make the right one.
• Be confident of your value. Introducing yourself to an executive can be an intimidating experience, so give yourself an informed pep talk. Before the event, make a list of the things you’ve done over the past year and understand how what you do may integrate into discussions. Once you’ve got this down, there’s no reason you shouldn’t feel good about yourself. Consider how what you’ve done can integrate with the executive’s interests.
• Honor the event. Make sure when networking at a holiday party–or any non-traditional networking event–that networking is supplementary to the reason people are there, so don’t treat it like a chamber mixer. Be sincere.
Don’t act as if you’re in the boardroom giving a presentation; keep it natural and leave them intrigued. The real emphasis must be on “finesse” at a company holiday party. Yes, it is a great networking opportunity–but if you overtly “sell,” you may turn people off! After all, it is a holiday.
You can network anywhere, including events where it might not at first occur to you to try it–and, paradoxically, it’s at these non-traditional networking settings where you’ll often get the most bang for your buck.
Copyright 2009 Ivan Misner, PhD, Founder BNI International
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
================================
Santa Came to Town
================================
When you think of Santa, you probably focus on what he gave. But have you ever thought about what he pays? You can be sure the IRS does!
Santa is most famous for his holiday gift-giving. His North Pole organization is set up as a not-for-profit corporation under Internal Revenue Code Section 501(c)(3). But Santa also operates a second, highly profitable business focused on licensing and endorsements. So how can Santa shelter some of those presents? Fortunately, Santa can take advantage of many of the same deductions as any other business owner. Those include:
• Mileage. Santa can choose to deduct "actual expenses" (maintenance, upkeep and depreciation on the sleigh, reindeer chow, etc.) or the standard allowance (currently 55 cents per mile). In Santa's case, his trip around the globe to deliver toys to all the good little girls and boys makes the allowance his best bet. (His sleigh also qualifies as "energy efficient" - it's 100% "green," running entirely on reindeer power, and even Rudolph's nose is low-wattage.)
• Uniforms and work clothes Santa provides for himself and his elves are deductible so long as they're not "suitable for ordinary street wear." This time of year it seems like everyone enjoys a red coat and hat. Still, we feel confident Santa's classic look is distinctive enough to pass the test.
• Home office. Home offices are deductible so long as they're used "regularly and exclusively" for work and constitute the "principal place of business." Santa's North Pole workshop certainly qualifies, which means he can write off depreciation, utilities, cleaning and maintenance, and holiday decorations. Code Section 132(j)(4) even lets him write off "on-premises employee athletic facilities" for holding reindeer games.
• Retirement. Santa seems to love his job now. But how will he feel about his long night's work as he ages? He'll probably want to stuff some cheer in his own stocking. The problem is those naughty nondiscrimination rules that force him to contribute on behalf of his elves. We recommend a "safe harbor" 401(k) to maximize his own contributions without worrying that the plan may become "top-heavy."
• Family employment. It's not clear if Mrs. Claus holds a formal position in Santa's organization. However, putting her "on the books" would let Santa boost the couple's qualified plan contributions and perhaps establish a Section 105 medical expense reimbursement plan to write off his medical bills as a business expense.
And remember - if you have any last-minute holiday finance questions, don't hesitate to call us!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
What You Want Part 2
====================================
Last week we did a quick exercise to get to the root of what we really want, this week, take a short period of time to think about your business quagmires - those sticky, icky places where things went wrong. Who was always around? What brought out the best whine? Who approached it as a challenge with solutions? Make a list and burn it.
Now, make a plan for what you want to do, focus on the positive behaviors and activities that are producing results, people that do well and the successes they bring, and which customers do you really, really want to hug when you hear their voice. When animal trainers want to produce a new behavior, they focus on WHAT they want, not what they DON'T want. Learning from your business quagmires for the solutions may be the perfect start to the New Year in a new way.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
====================================
Party Plans
====================================
The holiday party is a great time to meet people but . . . you should have a plan!
Everybody goes to parties, and the holiday season is full of them. It’s also a business slowdown season for many of us who are not in retail. The holiday parties are NOT just a place for free food and drinks.
Holiday parties and other social mixers bring new opportunities to network, even more than the rest of the year. The holidays are times when we are more likely to see people in a social setting, and this setting definitely lends itself to building relationships.
Most people think of networking only in traditional networking venues, such as the chamber, strong-contact referral groups like BNI, and other business-oriented gatherings. But that’s not using the power of networking to its fullest.
It can be the best time to introduce yourself or have a friendly conversation with one of your superiors. Making an impact on someone important can be a real career booster; it could open the door for new job opportunities, promotions and/or new business.
In order to make the most of “holiday party networking,” here are a few things to keep in mind:
• Be prepared! If you’re going to hobnob, try to know whom you are talking to, what their job and role in the company are and what they’ve done this year for the organization. Use this info as a way to start a conversation. If you know some of the people who will be in attendance, do a Google search on them. Do some homework.
• Ask questions. Some suggestions: How did you start the business? How did you take the business international? How did you start franchising? What were some of the challenges with . . . ? Have you read any good books lately? (My favorite is: How can I help you?)
• Have a “teaser” topic ready. Approaching the end of the year, every business wants to increase profits and performance in the New Year. Have an idea ready that describes how you can improve your sector in the coming year. (Word to the wise: Don’t give away the goose; set up a meeting to discuss the details.)
• Use this introduction as a segue for a future meeting. As mentioned above, you don’t want to “end” the conversation at the party. The end game here is to open the door for follow-up. You want to be able to connect with the person after the party, one-to-one.
• Don’t have more than a couple drinks. It’s a party, but it’s not YOUR party. You don’t want to be stinking of liquor when you approach the people you want to connect with. Impressions count. Make the right one.
• Be confident of your value. Introducing yourself to an executive can be an intimidating experience, so give yourself an informed pep talk. Before the event, make a list of the things you’ve done over the past year and understand how what you do may integrate into discussions. Once you’ve got this down, there’s no reason you shouldn’t feel good about yourself. Consider how what you’ve done can integrate with the executive’s interests.
• Honor the event. Make sure when networking at a holiday party–or any non-traditional networking event–that networking is supplementary to the reason people are there, so don’t treat it like a chamber mixer. Be sincere.
Don’t act as if you’re in the boardroom giving a presentation; keep it natural and leave them intrigued. The real emphasis must be on “finesse” at a company holiday party. Yes, it is a great networking opportunity–but if you overtly “sell,” you may turn people off! After all, it is a holiday.
You can network anywhere, including events where it might not at first occur to you to try it–and, paradoxically, it’s at these non-traditional networking settings where you’ll often get the most bang for your buck.
Copyright 2009 Ivan Misner, PhD, Founder BNI International
Paula Frazier
Referral Marketing Expert & Master Trainer
Referral Institute
540-793-0622
http://referralinstitute-va.com/
"Helping people create Referrals For Life®"
================================
Santa Came to Town
================================
When you think of Santa, you probably focus on what he gave. But have you ever thought about what he pays? You can be sure the IRS does!
Santa is most famous for his holiday gift-giving. His North Pole organization is set up as a not-for-profit corporation under Internal Revenue Code Section 501(c)(3). But Santa also operates a second, highly profitable business focused on licensing and endorsements. So how can Santa shelter some of those presents? Fortunately, Santa can take advantage of many of the same deductions as any other business owner. Those include:
• Mileage. Santa can choose to deduct "actual expenses" (maintenance, upkeep and depreciation on the sleigh, reindeer chow, etc.) or the standard allowance (currently 55 cents per mile). In Santa's case, his trip around the globe to deliver toys to all the good little girls and boys makes the allowance his best bet. (His sleigh also qualifies as "energy efficient" - it's 100% "green," running entirely on reindeer power, and even Rudolph's nose is low-wattage.)
• Uniforms and work clothes Santa provides for himself and his elves are deductible so long as they're not "suitable for ordinary street wear." This time of year it seems like everyone enjoys a red coat and hat. Still, we feel confident Santa's classic look is distinctive enough to pass the test.
• Home office. Home offices are deductible so long as they're used "regularly and exclusively" for work and constitute the "principal place of business." Santa's North Pole workshop certainly qualifies, which means he can write off depreciation, utilities, cleaning and maintenance, and holiday decorations. Code Section 132(j)(4) even lets him write off "on-premises employee athletic facilities" for holding reindeer games.
• Retirement. Santa seems to love his job now. But how will he feel about his long night's work as he ages? He'll probably want to stuff some cheer in his own stocking. The problem is those naughty nondiscrimination rules that force him to contribute on behalf of his elves. We recommend a "safe harbor" 401(k) to maximize his own contributions without worrying that the plan may become "top-heavy."
• Family employment. It's not clear if Mrs. Claus holds a formal position in Santa's organization. However, putting her "on the books" would let Santa boost the couple's qualified plan contributions and perhaps establish a Section 105 medical expense reimbursement plan to write off his medical bills as a business expense.
And remember - if you have any last-minute holiday finance questions, don't hesitate to call us!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Subscribe to:
Posts (Atom)