Let's go on a trip. . .a trip to 2011! As a business owner, think of this as taking a vacation WITH your business. If I am going on vacation, I would first look in my past and answer some specific questions about that vacation. What was fun? What didn't exceed my expectations? Was the airline great? Was the hotel chain one I'd use again? Getting ready for 2011 with your business means looking back at 2010 and asking some thoughtful questions.
1. What worked great in 2010? What did you learn new about your business? What big WOW did you have? What inspired you about your business? Was there a book or author that really made you think about the future of your business?
2. What didn't work well in 2010? Were you less profitable because expenses were up? Or sales were down? or a combination of both? What customers were NOT profitable?
3. What is changing in your industry? What are your colleagues doing or not doing differently? What is new in your industry or on the horizon? Jack Welch noted that at GE, 50% of all product and service sales come from business that did not exist five years before -- how current are your offerings?
4. What is changing in your business? Are there opportunities in your local market, in your business? Are you maximizing all your internal potential?
If this sounds a lot like SWOT analysis, it is and should be done at least once a year - Make 2011 awesome by planning to NOT repeat what didn't work in 2010.
"Getting ready" is something that athletes understand because if you are not ready, life just rushes past you. To help business owners "get ready" and stay on track, Changing Lanes LLC is starting TODAY and on the First Monday of each month a business Chat on Facebook for those that choose to "Like" Changing Lanes LLC.
Noon to 1PM EST - First Monday - Join me today! Just go to http://www.facebook.com/Changinglanesllc and "Like"
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Dream Big, Take Small Steps
December is the perfect time to consider your goals for the next year. In between servicing your clients/customers, closing your books, and enjoying the holiday, take some time to contemplate the upcoming year.
• What do you want to accomplish?
• What do you want your business to look like next December?
• What one thing that you have control over could change or shift and make a huge impact on your business?
Once you've spent some time with these questions, begin to formulate your goals and intentions for 2011. Dream big! That reminds me of Les Brown's quote: "Reach for the moon; even if you miss, you'll be among the stars."
Many of us are afraid to dream big. Here's why and what to do about it:
1. Those big dreams bring up our doubts and insecurities. Many of our limiting thoughts, such as, "who am I?", "why would I think that's going to happen to me?" show up. That's just fear talking! Big dreams always us the opportunity to push through our fears and expand what we believe is possible.
2. We wonder HOW we could pull it off! Don't worry about the how. Instead create a plan. Take Linda's One Page Plan for Success workshop and you'll learn how to create projects with small action steps. Those small steps are all you need to focus on. As you complete those small steps, with the big dream in mind, you might be inspired with new actions to take. Repeat! Before you know it, the path to the big dream will begin to take shape.
3. We aren't totally committed to our goals. Sure, we've all heard that the truly successful people write out their goals and review them throughout the year, but that's not how some of us operate. Instead, we write out our goals and never think about them again. Or worse yet, we keep changing what we are dreaming about, so nothing ever gets accomplished! Are you passionate about your big dream? Are you excited when you think about accomplishing that this year? If so, then find a way to hold yourself accountable, all throughout the year, to take the necessary action steps, so you don't fall into bad habits like procrastination, analysis/paralysis or distraction (chasing after another dream). Some ways to stay accountable are to find some accountability partners, perhaps join a mastermind group or hire a coach, or create a way of holding yourself accountable using a tracking system.
Enjoy dreaming!
Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.ignitethepowerwithinbook.com/
419-344-6613
Business Planning for the Growing Business
Business Planning is not Just for Startups. In fact, most major corporations have a plan and it is written! It has Goals that are used to keep shareholders informed.
Join, Linda Fayerweather on December 15, 4-5PM on a live webinar for tips and tricks to get a plan in place for 2011. You will Learn:
• How to use a SWOT analysis to build a plan;
• What a plan must have - any plan - personal, business, marketing, strategic;
• Keys to a successful goal.
If you are interested - Like http://www.facebook.com/Changinglanesllc and check out the events for details - This is a free event.
Monday, December 06, 2010
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, November 15, 2010
Thrive and Freakeconomics
Making Better Choices in a Still SLOW Economy
Most small business owners have done what they can to squeeze expenses, tighten receivables and manage growth of new expenditures. This recession will end as all rececessions do, yet in some pockets of the United States it still may languish for many more months.
Here are some simple ideas for your business to try during the final months of this recession which may enhance survival leading to thriving in the future.
1. Prune your customers that are not profitable to your future. These are of two varieties.
a. Low NET revenue - these are the customers that have a low price point and often the staff time is the same or more than your other customers
b. NO referrals - your current customers should be your best sales people.
2. Check your credit card statement carefully because many of those automatic payments can be eliminated and when you need them again, you just re-join or use them on an as needed basis.
3. Say "bye bye now" to underperformers. This is a hard decision but you and the underperformer will feel better after the fact.
4. Review your marketing and KNOW what is working, what brings in customers. All marketing should be an investment in your business and an investment means it needs to have a return which is MORE than you spent.
Staying vigilant now will lead to more success in the future. Strive to Thrive!
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Taxes and Lame Ducks
Back in 2005, professor Steven Levitt and reporter Stephen Dubner published Freakonomics: A Rogue Economist Explores The Hidden Side of Everything. The book became an instant bestseller, spawning a 2009 sequel, SuperFreakonomics, and the popular Freakonomics Blog hosted on the New York Times website. On October 15 -- the final deadline for filing this year's Form 1040 -- the blog asked four smart tax people a simple question: "What's the biggest potential tax policy mistake that might be made this year?" Their answers are especially relevant now, as Congress prepares to convene a lame-duck session to address lingering uncertainty over:
1) this year's tax rules, and
2) the imminent expiration of the Bush tax cuts -- issues they failed to resolve before breaking for the upcoming election.
Joel Slemrod, professor of economics and public policy at the University of Michigan, says the biggest mistake would be to lose sight of the long-term issues that surround public policy -- particularly considering the depth of the recent recession and fragility of the current expansion.
William G. Gale, co-director of the Urban-Brookings Tax Center, says that policymakers have already made the biggest mistake they could by ignoring the imminent expiration of the Bush tax cuts.
Clint Stretch, managing principal for tax policy at Deloitte Tax LLP, echoes Slemrod and Gale in citing "inaction" as the biggest mistake.
Donald Marron, also co-director of the Urban-Brookings Tax Center, says policymakers will be hard-pressed to top the tax policy blunders they've already made this year -- specifically, failing to decide what this year's tax law should be.
Those are certainly interesting philosophical responses. The problem is, the debate isn't just theoretical. The answers literally mean billions for individuals and businesses across the country.
Perhaps Donald Marron put it best:
"Will our leaders really allow the alternative minimum tax to hit 27 million taxpayers this year, a whopping 23 million more than in 2009?
Did the estate tax really expire back in January, making 2010 the year without an estate tax?
Will companies really receive no tax credits for their investments in research and development? Under existing law, the answer to each of these questions is yes."
Remember those old black-and-white movies where the villain ties up the damsel on the train tracks and cackles cruelly before the hero swoops in to rescue her? Well, those were just movies. Not real life. And in today's bitterly partisan Congress, too many members seem content to just watch the train barrel down the tracks towards the damsel. We can't afford to wait for a hero -- and that's why proactive tax planning, difficult as it may be, is even more important than usual. So call us with your questions. We'll give you your best shot at getting off the track before the train cuts you in two!
Copyright 2010 Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Most small business owners have done what they can to squeeze expenses, tighten receivables and manage growth of new expenditures. This recession will end as all rececessions do, yet in some pockets of the United States it still may languish for many more months.
Here are some simple ideas for your business to try during the final months of this recession which may enhance survival leading to thriving in the future.
1. Prune your customers that are not profitable to your future. These are of two varieties.
a. Low NET revenue - these are the customers that have a low price point and often the staff time is the same or more than your other customers
b. NO referrals - your current customers should be your best sales people.
2. Check your credit card statement carefully because many of those automatic payments can be eliminated and when you need them again, you just re-join or use them on an as needed basis.
3. Say "bye bye now" to underperformers. This is a hard decision but you and the underperformer will feel better after the fact.
4. Review your marketing and KNOW what is working, what brings in customers. All marketing should be an investment in your business and an investment means it needs to have a return which is MORE than you spent.
Staying vigilant now will lead to more success in the future. Strive to Thrive!
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Taxes and Lame Ducks
Back in 2005, professor Steven Levitt and reporter Stephen Dubner published Freakonomics: A Rogue Economist Explores The Hidden Side of Everything. The book became an instant bestseller, spawning a 2009 sequel, SuperFreakonomics, and the popular Freakonomics Blog hosted on the New York Times website. On October 15 -- the final deadline for filing this year's Form 1040 -- the blog asked four smart tax people a simple question: "What's the biggest potential tax policy mistake that might be made this year?" Their answers are especially relevant now, as Congress prepares to convene a lame-duck session to address lingering uncertainty over:
1) this year's tax rules, and
2) the imminent expiration of the Bush tax cuts -- issues they failed to resolve before breaking for the upcoming election.
Joel Slemrod, professor of economics and public policy at the University of Michigan, says the biggest mistake would be to lose sight of the long-term issues that surround public policy -- particularly considering the depth of the recent recession and fragility of the current expansion.
William G. Gale, co-director of the Urban-Brookings Tax Center, says that policymakers have already made the biggest mistake they could by ignoring the imminent expiration of the Bush tax cuts.
Clint Stretch, managing principal for tax policy at Deloitte Tax LLP, echoes Slemrod and Gale in citing "inaction" as the biggest mistake.
Donald Marron, also co-director of the Urban-Brookings Tax Center, says policymakers will be hard-pressed to top the tax policy blunders they've already made this year -- specifically, failing to decide what this year's tax law should be.
Those are certainly interesting philosophical responses. The problem is, the debate isn't just theoretical. The answers literally mean billions for individuals and businesses across the country.
Perhaps Donald Marron put it best:
"Will our leaders really allow the alternative minimum tax to hit 27 million taxpayers this year, a whopping 23 million more than in 2009?
Did the estate tax really expire back in January, making 2010 the year without an estate tax?
Will companies really receive no tax credits for their investments in research and development? Under existing law, the answer to each of these questions is yes."
Remember those old black-and-white movies where the villain ties up the damsel on the train tracks and cackles cruelly before the hero swoops in to rescue her? Well, those were just movies. Not real life. And in today's bitterly partisan Congress, too many members seem content to just watch the train barrel down the tracks towards the damsel. We can't afford to wait for a hero -- and that's why proactive tax planning, difficult as it may be, is even more important than usual. So call us with your questions. We'll give you your best shot at getting off the track before the train cuts you in two!
Copyright 2010 Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
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