5 Strategies for Finding Money Hidden in Your Business

It's the end of another quarter in your business and you've not hit your revenue goal. You're slightly irritated and very frustrated because you told yourself that you'd be more focused on growing your income this year. Before you throw in the towel on another month and quarter end in your business, take a step back and re-group by looking at what's right in front of you.

Sadly, many business owners are busy being busy in their business and therefore they fail to see the opportunities that are present right in front of them. When you build an effective team to handle the tasks that are not profit producing for you, you will be able to see what's been there all along. Even lost your keys? You looked high and low and traced your steps only to take you focus off of your search for two minutes and find them right in front of you, where they were the entire time. The same is true right now in your business. There's money on the table right in front of you. Don't see it? Look a little more closely. Still can't see it? Let me help you.

Every month, it is my personal recommendation that you complete the following steps (and complete these assignments) to make sure that they money on the table lands in your wallet: 

1. Review your list of prospects who have expressed an interest in working with you (also known as 'low hanging fruit') in the past 6 to 12 months. Make a call - DO NOT EMAIL - them to see if anything has changed. Keep them abreast of service offering changes and find out what their current needs are. While you're on the phone, find out what a new great time to touch base would be - and update your list accordingly.
2. Complete a review of your existing inventory. What have you already created that is just taking up space (on your shelf, or hard drive) that could be re-purposed into a product that could be sold at a lower investment (it's selling for nothing right now)? This could be books, checklists, templates, audios, videos, etc.
3. Review the offerings that you're providing to your current clients. Is it time for an upgrade? Or do they require a service that you offer that you've yet to tell them about? Maybe they came to work with you for one thing and now they may be in need of another, are you verifying if they need more of your products and services?
4. Identify key strategic partnerships or joint ventures that may lead to increased website traffic and sales. Who, if you partnered with them, would get you in front of your ideal client prospects faster than you could on your own? What can you offer to them to create a true win/win joint venture opportunity?
5. What organizations would like you to speak that you have yet to nail down a date for? Call them today and increase your visibility and exposure to your ideal clients.

As you can see, these are simple yet effective strategies for finding the money on the table. What else can you do TODAY to find more hidden revenue in your business? Now, go do it!

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5 Tips On Managing Cash Flow

Whether you are running a small business or a household, it is important that you know the right ways of managing cash flow. It is because the last thing that we want to happen is to experience money problems. If only money does grow on trees, then life would have been a lot easier. The truth is it takes discipline to maintain a good financial situation.

So to help you with your current condition, here are some cash flow solutions worth trying.

1. Check what is your current cash balance.

You cannot analyze something you do not know the exact numbers of. And this is true with your own money. You must know much balance you still have so you will know where you are standing right now and how you should invest your remaining cash. Even with a business, you can commit grave mistakes when you are not aware of your balance.

2. You should not run out of cash.

A little bit of a common sense there, right? But it is probably the most basic advice that I can give you and something that many people tend to overlook. Quite simply, you must do all that you can to avoid running out of cash because if that happens, you might resort to things you would not want to do to begin with. Getting a big loan is one and it could only get you into deeper money troubles especially if you do not have a viable means of paying it back in the near future.

3. Use an accounting software.

You do not need to always hire an accountant. Most of the functions that you need to perform in managing cash flow can be accomplished using an accounting software. You do not know how to use one? There are many training programs available that can help you make the most out of that type of software.

4. Know where you will be getting more cash in the next six months.

Six months is a good figure to make as your deadline for knowing how long your current cash balance will last. For sure you have other sources of income that will help replenish your cash balance and you need to keep that cash flow consistent so you do not go further down with your financial problems. Preparedness is the key here and having the right information greatly helps.

5. Maintain your current situation. 

Maintain the status quo, so to speak. I'm not saying that you should not do anything to change it, especially if it would improve your finances, but this advice is more on putting a stopper to your already leaking balance. Stop spending more money on things that will not really contribute to improving your situation and just analyze where you are right now, what went wrong with your investments, and how you can get back on your feet.

These are some of the best tips that I can give you to help you with managing cash flow. Of course every person has a different and unique financial situation, but what is important is you know the basics of staying on top of everything even in the midst of your money problems.

 

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Important Factors When Choosing A Business Banking Account

If you are currently searching for a business banking account, there are a number of variables you will need to consider. For example, how convenient are a particular bank's services, and what are the different interest rates that are being offered. The fee structure is also an important factor that you should familiarize yourself with prior to opening a new account.

It is usually beneficial to opt for a bank that has a branch close to your location. Though you may not need to visit a branch on a daily basis, it is important to know that when you have urgent financial work, you can complete the tasks with the least amount of effort and disruption. Many businesses will take cash payments from customers, keeping a large amount of money in your office is not wise, it is essential to know that you can make deposit quickly, and whenever you need to.

Online banking is another important factor. Today more businesses are conducting all their transactions through the internet. You should opt for a business bank account that can be accessed online from any location. If you believe you will be doing a lot of online transactions, make sure that your PC's security suite is up to date.

Personal bank customers do not place as much emphasis on interest rates as should a business. If you have a large amount of capital, this can be placed in a high interest account to help with cash flow. Though it is unlikely that you will be offered an exceptionally high rate of interest on your holdings, even a small increase in capital can be extremely desirable in these days of economic uncertainty.

For every business, no matter what the industry, credit cards can be of great value. When paying vendors, it can be easier to do so with Visa or MasterCard. When checking out various accounts, find out what type of credit cards would be made available, and what charges these would come with. You should also find out what fees are levied for using the cards in other banks ATM's.

On a final note, it would be desirable to find a bank with which you can develop a good rapport with the staff. If you already hold other accounts, it can be worth finding out whether the banks you are a customer of can also offer you a business banking account. You will find that the service is more friendly by using the same establishment for all accounts.

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How to Get the Best Out of an Accountancy Firm

 

How accountants charge fees

Accountants charge hourly rates according to the time spent on aspects such as client meetings, telephone calls, dealing with tax inquiries, VAT registration and compilation of accounts, etc. Some accountancy firms also offer fixed fees or a combination of both.

The fees depend on an accountant's technical skills, experience, and external costs. Typically, an accountancy firm will assign the relevant accountants according to the complexity of work to ensure that a client is not overcharged.

Managing the relationship with your accountancy firm

Preparation and ongoing liaison with your accountancy firm are essential in gaining the best results rapidly and cost effectively:

- Gain a quote at the outset and discuss whether the work is best suited for hourly or fixed fees. Find out if billing is by 10-15 minute increments and when chargeable.

- Request an initial meeting to discuss work requirements and determine an effective fee structure - some accountancy firms many not charge for an initial half hour meeting.

- Before meetings write down all questions so that everything is covered rapidly and taken into account. Takes notes of the answers - this prevents the same ground being discussed in further meetings or calls.

- Provide timely, clear, and relevant accounting records to ensure that fees are kept to a minimum as accountants will charge to re-do the work. Another way to cut on cost is to give relevant documents in a format that's readily usable for your account. For example, where you may be charged by form for tax preparation a lower rate can be negotiated if the information is provided in a format that the accountant can easily use.

- Provide all bank statements accountants may charge for calling the bank and any reprints.

- Prior to making a key decision liaise with your accountant or tax professional to gain insight as to the tax implications and advice on structuring the deal for specific tax situations.

- Request a bill with a breakdown for each type of services with time and charging rate. From this a picture can be gained as to those areas which take time and where savings can be made. This can also avoid potential misconceptions and disagreements as to costs.

Retain an ongoing contact with your accountancy firm throughout the year to build a smooth working relationship. Avoid waiting until year-end or tax deadlines before informing your accountant of substantive events as this prevents the benefits that can be achieved from proactive advice. In addition, conducting urgent work can also incur extra costs.

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Why The Beginner Should Watch Investment Trends

We all want to make sure our investments are wise, however many of us are unsure of which approach is the best in accomplishing this. A lot of us follow the experts such as Gerald Celente, Wayne Allen Root and Kip Herriage, but we still need a better understanding of how investment tends can help us.

Most people have been so focused on the worst economy since the Great Depression that they have lost sight of the fact that we're still in the early innings of the greatest wealth transfer in history. Kip Herriage's first prediction about this came in 2006, we are now in the second phase of a massive $50 trillion dollar global transfer of wealth. It's underway right now and you're actually making a choice whether you know it or not. You've either decided to take advantage of this massive, never-before-seen movement of wealth, or you've decided to ignore it and hope for the best. Remember this...either way, you ARE making a choice.

Everyone is well aware of the fact that having a good investing strategy is a way to bring substantial returns that down the road may give us disposable income that can be used for things like education or retirement, or for other uses. Many people want the ability to make sure their children will inherit a sizable amount of funds.

When you first start out, it is commonly advised to make sure that you're doing so with a specific goal in mind. It could be money for college, or a longer term strategy that includes retirement plans, either way you should have specific amounts of income that you want to achieve.

Many advisers will suggest that beginners always begin with the enrollment of a 401(k) plan, assuming that you are with a company that offers it. This allows the investor to avoid taxes on these funds which are deposited into an account, which gives it a long period of time to grow without sacrificing profits.

There are many investors who firmly believe that the stock market is an ideal investing opportunity. However, before you can invest in stocks you will have to open up a brokerage account first. When you buy a share of stock it does not matter if it is in a large corporate entity or a small local business, by doing so you are investing in that particular company.

Irregardless of how you want to invest funds, whether it's in stocks and bonds or other varied investments which are available, there are a lot of investment tools to help the average person track different trends which are occurring. It may be through online resources, a newsletter or other kind of membership program that helps you stay current in the markets.

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Learn About The Investment Trends For 2011

Investors are shifting to the defensive these days. Rather than investing in bull markets where the bull market has ages, they have taken the defensive. It is not known by investors whether the aged bull market is sustainable or not. Find out why to invest in the developing world and check the current investment trends.

Stocks have rallied since 2009, but an unstable economy still can affect these. If the economy worsens in any way, then these stocks are affected adversely. Mercer has predicted a shift in world markets in developed countries over to developing world markets. People are predicted to flee to developing world markets as they are increasing in value.

This is now running in slow and fast mode between developed and developing countries. The developing world is speeding up as they have political stability and a positive demographic profile. These factors have made it attractive to investors. India and China are where the investors will likely be flocking to as these are growing markets. This is where the value of investments seems to be nowadays.

You can invest in markets of the developing worlds or invest in static companies in the developed world, such as electrical companies. These two markets are a better choice than to invest in something that is not yet known to be stable, such as bull markets. Currently, the developing world markets are good to invest in.

2011 investment trends are leading investors to consider the dynamics of risk and opportunity. There were impacts on investments and savings as shown in the global financial crisis.Debt from public companies is unacceptable and unsustainable and will bankrupt these companies.

The unwinding of debt balances in 2011 will still make the market volatile. Strong synchronized recoveries are showing investors to differentiate the risk asset markets on a national, as well as among individual issuer levels. Portfolio managers like Wayne Allen Root, Kip Herriage and Gerald Celente who are active next year will exploit or cushion portfolios for market return impacts.

While the future looks bleak, if not terrifying, for those that remain unprepared, there is a big flip side to this coin. It's in times just like these where massive wealth is created. In all of recorded history, cycles of economic upheaval have always brought with them new beginnings, untold opportunities to build what I call generational wealth - secure, lasting prosperity that can be passed along from one generation to the next. If you're sick and tired of being sick and tired - if you're fed up with worrying about your finances and your future - and if you're stone cold serious about having a bank account with at least seven figures, then I'm happy to tell you that you do have an alternative - one that you'll hear me refer to as the new paradigm. The old paradigm simply isn't working anymore. For those who aren't ready for this cataclysmic shift, it saddens me to say that the consequences may be disastrous.

For those first to act beginning February 15th, there's still time left to not only survive the inevitable collapse of a broken system, but to actually profit from the opportunities that always accompany every calamity. Are you willing to invest the effort to educate yourself and think critically, rather than just passively going along with the status quo? Do you want a better life for yourself and for the people you care about? If so, I challenge you to explore the opportunity to join us at Crashproof Prosperity - take back control of your own financial destiny. This is my personal invitation to you to join those who are on the winning side of the greatest transfer of wealth in history.

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What Do Leaders of Successful Businesses Do? And 7 Habits of Effective Leaders

What Do Leaders of Successful Businesses Do?

For a business to be successful, it must have a strong leader. Leadership can make or break a company. This is why public companies pay several million dollars for a new chief executive officer. Below are nine characteristics of successful business leaders. It is therefore important to ensure you are equipped to manage the situation in the best way possible.
Guy Kawasaki has given his opinions on how to handle this difficult process in his recently released book; "Reality Check". We have summarised a few of his key tips below:

1. Have a positive attitude. Believe that your business is the best business in the world. Self-confidence leads to decisiveness and in particular, the ability to back your own judgment and to take risks. Be determined. Be persistent. Be resilient. Overcome setbacks. Do not dwell on past mistakes and learn from your errors.

2. Love what you do. Enjoy your work and the challenge it provides. Work should be fun, not merely something to be tolerated. Enthusiasm generates a hard work ethic and a passion which becomes part of the culture of your business.

3. Seek wealth creation. Aim to maximise your sales by increasing your prices, selling more to your existing customers or obtaining more customers either in your local area, in another state or in another country. Control your costs. Eliminate waste. Sell unproductive assets and discontinue unprofitable products. Know your business. Measure your marketing. Strategic partnerships with suppliers and customers can give your business greater flexibility and enable you to better manage your costs and maintain or increase your margins. Maintain your competitive advantage. Study your competitors' assets, capabilities, marketing, costs and culture.

4. Delegate. It is impossible to do everything yourself. It is also unwise as it is more productive to get those with the appropriate skills to do appropriate tasks. The ability to get people with different skills to work as a team is a starting point for all successful businesses. Recruit high quality staff with complimentary skills and organise these people in the most efficient way. Motivate your staff and encourage them to think independently. Non-performing staff which don't fit the culture of your business need to be replaced quickly because they can affect relationships with your customers and other staff members and ultimately the profitability of your business

5. Seek financial, marketing and legal advice. Have a vision and clear goals. These goals should include future income and the achievement of various tasks. A strategy to grow the business and a detailed business plan consisting of marketing and financial plans are important. Manage your growth at a rate that enables your cashflow to remain positive.

6. Concentrate on doing what you do best. Specialise. Focus on single industries rather than diversifying. Maintain your core business. Outsource non-core activities and functions. Dominate a niche market rather than attempt to serve a large number of markets.

7. Have systems in place. You need the business to run efficiently even if you are away from the office for 12 months. The best example of a company with efficient systems is McDonalds. Teenagers can run their outlets profitably and efficiently because appropriate systems are in place.

8. Worksmart. Success does not mean working 100 hours a week. Today, it is more likely to mean working 35 hours a week and spending time with our family and pursuing your leisure interests. Working smart is much more important than working hard. Spend time working 'on' your business and not 'in' your business. Seek continual improvement. This may mean more efficient procedures, better systems, better marketing or better cashflow.

9. Have a good support base. Hire staff you can rely on for advice. However, use discretion when listening to advice from others. Encourage training. Foster an attitude of continuous learning both for yourself and your staff. Have a mentor. Be a mentor to your senior staff. Read and attend seminars. Notice what others are doing.

7 Habits of Effective Leaders

EFFECTIVE LEADERSHIP IS something we need to focus on daily. It's something that takes practice, questioning how well you're doing, reassessing and best of all continuing to try!

Like any learning, watching others who are good at leading and following their example (otherwise known as R & D - rip off and duplicate) is a successful strategy to follow. So here are the habits of effective leaders:

Clarity of Vision (and ability to share that vision).
Healthy discontent for the present.
High standards of excellence.
A sense of urgency (operating at pace).
Strong commitment to implement.
Ability to eliminate likely distractions.
Build a strong team.

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Strategic Management Process - The Building Stage

If a business operates according to a sound strategic management process, by this point in the process the business has defined a market strategy that differentiates it from competitors and leverages its core strengths. It has also taken the necessary steps to internalize its market strategy with all stakeholders of the business, including customers, suppliers, employees, and owners. In addition, and this is the best part, the business should now start seeing improvements in its revenue and profitability. This is always an exciting time for a business. Morale is beginning to run high throughout the organization. A new strategic direction has been implemented, and it is leading to growth in revenue and profits. That makes everyone happy and creates a positive environment within which to proceed with the next stage of the strategic management process - The Building Stage.

One might ask, if revenue and profits are already growing at this point, why go further? Why do we even need The Building Stage? Well, even though the results from a properly executed strategic management process are beginning to show during The Building Stage, the business still needs to do the work necessary to optimize those results and to sustain them over the long-term. That work takes place in The Building Stage.
The underlying theme for The Building Stage is performance measurement. Performance measurement is the tool that measures and rewards people and business units for operating in a manner consistent with the business's market strategy. Quite simply, the performance measurement process should reward behavior that leverages and solidifies the business's market strategy. There are two components of The Building Stage that deserve further discussion - Management Accounting Policies and the Performance Evaluation Process.

Management Accounting Policies
Management accounting policies can be an effective strategic management tool. Management reports, or internal profitability and performance reports, are created based on a set of defined management accounting policies. Therefore, the management accounting policies must be designed properly for management reports to be successful. In addition, management accounting policies communicate what is truly important for raises, bonuses, and promotions better than any other internal communication vehicle. Here are a few keys to designing a successful set of management accounting policies.

1. Ensure collaboration right from the beginning. A broad working group, composed of representatives of all business units, cost centers, and support groups, should be formed to review and approve all policies. Disagreements should be presented to senior management for resolution. A strategist should chair the working group to ensure that all policies enhance and underscore the business's market direction. The decisions that this group make will spread through an organization extremely quickly.
2. Be thorough. All units, groups, and individuals to the extent possible, should be covered by the management accounting policies. For units that are not revenue centers, measures of productivity and quality should be defined that are consistent with the business's strategic direction.
3. Handle complex issues. There are many complex issues that must be handled correctly within the management accounting policies, and none of them should be ignored. Authorities within the organization must be defined, because measurements should reflect only those items that the unit, group, or individual has the full authority to change. In addition, items such as investments, risks, and use of capital, must be handled within the scope of the management accounting policies to ensure equitable and long-range measurements.
4. Distribute the policies broadly within the organization. There are multiple internal audiences for management accounting policies. Senior management should be able to view and understand the principles and concepts underlying the policies. In addition, people working on the production of management reports need details of exactly how each item is to be handled in reports. Broad internal distribution of the policies allows everyone to understand how their performance will be measured.

Management accounting policies must be in sync with a business's strategic direction. They communicate to everyone in the business how they will be measured, and they establish a foundation for an effective Performance Evaluation Process.

Performance Evaluation Process
From a strategic process perspective, it is essential that performance evaluations mirror the measurements that have been created in management reports. This is true for performance ratings, as well as for raises, bonuses, and promotions, that go along with them. This ensures that the performance evaluation process underscores the business's strategic direction and market strategy.

Of course, there are always subjective criteria that should be factored into performance evaluations, but their impact on ratings and compensation should be kept to a minimum. Allowing subjective criteria to significantly affect ratings and compensation will just simply destroy the credibility of the entire process.

After a business has defined an effective strategic direction and market strategy, and it has internalized that strategy within the organization, it is time to create the environment within which to optimize the strategy and sustain it over the long-term. That takes place in The Building Stage of a strategic management process. The Building Stage is focused on creating performance measurements that are in sync with the business's strategy, and rewarding those in the organization that have succeeded in implementing and enhancing the strategy. This should establish a foundation for growth in revenue and profitability for many years to come.

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