Posts Tagged small business tips

Christmas! Have you neglected your Business?

Yes it’s true, Xmas is a time of winding down and we should all use that time to replenish the business brain. But don’t lose the opportunity to prepare your business for the next year ahead.

Often the Australian small business community will slow down for the holidays and so it is an easy temptation for us to take that as a reason to hold when now is the time to promote. Promote for the new year coming up and give your business a boost that you will reap the benefits of next year. There are so many things we can do in that week leading up to the xmas break to boost the year to come. I like to consider;

– SEO, don’t lose motivation when it comes to considering your SEO ranking because you will have to catch up on the lost time in the coming year of business. So, look into more backlinks now, or write those extra articles you may use to increase the depth within your site. A great “simple” guide to SEO and it’s components is available for just $9.95 from a close friend of mine. Even if you use this time of year to read and educate yourself, this would still create value for you. I recommend you grab yourself a copy now at Learn About SEO Now.

– Education, it is the key to power in business. Yes, I know (and I do), it is important to hand over control and get professionals around you doing tasks that they have as their forte. However, I have always found credibility comes with doing what you ask someone else to do. Also, when we are educated we can be ready for new ideas and take opportunities as they present themselves. Education has kept me up to date with change especially in the telecommunications industry that I am in.

– Relationships will provide you with longevity in business. Remember it is always less expensive to sell to existing clients rather then pay for a new one. So take the time now to treat your business clients like, well, part of your extended family and friends. We send cards and well wishes to our loved ones so why not to those who create the “hand that feeds us”. Take the time to send xmas cards to your clients or even a gift to those who are valuable to you. A bottle of Moet, a couple of Gold Class cinema tickets, some chocolate! And when you send the gift, I suggest, don’t send automated email cards and wishes, take the time to purchase and write a personalised card or letter. It will mean all the difference when your clients see that you have taken the extra time.

– Plan for next year! Don’t let yourself off the hook until you have created a plan of success for 2012. Just like it is a tradition to make a New Year’s Resolution, make it a resolution to plan what is going to expand your business next year. Consider sales, staff motivation, your leisure time, new budgets for purchases, marketing etc. Sometimes being reactive is not the key, planning for what IS going to happen will create wealth. John Travolta once said that the key to his success was that his mother would instill in her children to “live now, as if you were already a millionaire!”

If you need to have professional staff taking any calls you may miss during the xmas holidays, consider a Live Answering Service.

Then, have a wonderful christmas celebration – enjoy!

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Cash Flow is King

My success in business has, from my oppinion, partly come from the fact that I monitor cash position like my life depends on it, and well I guess it does!

For me, knowing where every dollar is and what the company actually has in terms of available funds to work with or to secure future downturns (a cash buffer), is paramount. I believe a business needs to know this on a detailed level by considering existing debts, future debts and future incomes.

I find that completing a schedule at least monthly has given me the peace of mind to know just what the cash in the bank account really is available for. Its amazing that what has flowed with that is successfully creating a cash buffer that allows me to feel secure and use funds to market and expand further.

Suddenly, paying the BAS each quarter, or the superannuation costs each quarter, (which let’s face it, always are paid with an ounce of anger because they feel like wasted money that is bringing us no gain right?!), become less stressful because I know the funds are available. In fact that that the funds for my compliance payments are available and there is still more for my business and my lifestyle.

Remember, “Paying Tax Means You Are Making Money” – It’s a good thing! This view is very important. Almost as much as ensuring we do not live beyond our means. If you have a profit of $100K, it’s just the way of the world, $30K is not available to the business, (excluding other deductible considerations of course).

Anyway, I have attached a copy of the early template for a cash position calculation I use within my business every month, and still do. It’s tailored to my retail telecommunications company of course which may not suit many businesses but it maintains a structure that can certainly lead you in the right direction to knowing your cash position and monitoring “every dollar”!

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