IMPORTANT NOTICE TO ALL NEW BUSINESS OWNERS
If you don’t organize your records from the start, and stay on top of your record keeping chores daily, I can almost guarantee that you will come to grief - probably sooner than later!
Eight Tips CRITICAL to business record keeping success and sanity:
1. Never mix business and personal paperwork. For instance, by using one checkbook or credit card for business and personal use.
2. Make sure your records can be understood by anyone, not just yourself. I strongly suggest you use one of the widely accepted automated software record keeping systems. My personal recommendation is QuickBooks Pro.
3. Always use the memo section of your checks to record the specifics of the expnese.
4. Record transactions as they occur, or at least on a daily basis. Reconcile bank statements the day you receive them. Retain all bank statements.
5. Get help before things get out of control. Your Accountant, or Business Counselor should be able to help, or at least point you in the right direction when help is needed.
6. Develop and maintain a good back up system. If you are using computer software back up daily onto disk or jump drive (my preference) and store the disk or drive in a fire resistant cabinet or other safe place. All permanent records of the business like licenses, contracts, organization filing papers, leases, etc. which are paper documents, should be copied or scanned electronically, and stored the same way.
7. Unless you have a tax accounting background, plan to have your taxes prepared by an Accountant (at least the first year). Check with the Accountant to make sure you understand what records will be required, and that you will be able to supply them.
8. Prepare and carefully review a Profit and Loss Statement and a Balance Sheet monthly. Flaws in your record keeping system (or mistakes) will show up there, and can be corrected in a timely manner before they get overwhelming.
Tuesday, March 23, 2010
Saturday, March 6, 2010
Are You Wasting Money On Telephone Yellow Page Ads?
Are you wasting money on Yellow Page advertising? Switch to Google Local Business Listing - it's far more effective, and, it's FREE.
Stop and think a minute, in spite of what the Yellow Page Sales Rep. (They are good salespersons, aren't they?) said, how often do you think someone with a computer opens the phone book to the yellow pages? Rarely, if ever. And, when's the last time you got a call you could trace back to yellow page advertising? No, today just about everyone goes to the computer to find nearby businesses.
If you are not using Google Local Business Center, you should be!
Check it out - it's FREE, you can edit your listing yourself any time you want to, you can even offer specials, show photos, and you can even login and see how many people have viewed your listing, what they were looking for, and where they came from in your area. And you get listed on the local Google map so people can see where you are, and even get directions to find you. Great marketing tool and perhaps the best marketing value a small business will ever find.
Yellow Page ad or Google Local Business Center - No Brainer. Stop wasting money and get with Google!
Stop and think a minute, in spite of what the Yellow Page Sales Rep. (They are good salespersons, aren't they?) said, how often do you think someone with a computer opens the phone book to the yellow pages? Rarely, if ever. And, when's the last time you got a call you could trace back to yellow page advertising? No, today just about everyone goes to the computer to find nearby businesses.
If you are not using Google Local Business Center, you should be!
Check it out - it's FREE, you can edit your listing yourself any time you want to, you can even offer specials, show photos, and you can even login and see how many people have viewed your listing, what they were looking for, and where they came from in your area. And you get listed on the local Google map so people can see where you are, and even get directions to find you. Great marketing tool and perhaps the best marketing value a small business will ever find.
Yellow Page ad or Google Local Business Center - No Brainer. Stop wasting money and get with Google!
Friday, February 26, 2010
The Key To Starting A Successful Small Business
The key to starting a successful small business (any kind of business) is YOU - and your beliefs and attitude.
Anyone can start a small business, it's easy - but very few can make it succeed. Why is this? Why is the success rate of business start-ups so dismal (well over 80% will fail)?
The difference between failure and success is almost always YOU.
It takes a special kind of person to start and run a small business. I don't care if it is a traditional off-line brick and mortar retail store or an on-line work from home business or even internet affiliate marketing, all require special characteristics and qualities in the person who is trying to get it started.
What are some of these qualities:
First (and probably most important) is your reason - your "Why". If the reason why you are starting a business is not big and strong enough, it is unlikely to provide the drive you are going to need to stick with it long enough to get it up and running and get a system in place to keep it going.
Second is your belief in yourself, Your self-confidence, your ability to visualize what it will be like when you are successful, and ability to keep that image in mind (the goal in sight) as you go through all the steps necessary to get started.
Third (not often mentioned but very important) is your support group and the kind of people in your inner circle. If you are married, the support of your spouse is critical, and your inner circle of friends and people you regularly associate with should be positive people, hopefully many of whom have successful businesses of their own.
Some other qualities?
You must have a dream - but not be just a dreamer. Dreams don't become reality until you take action. Don't kid yourself, nothing is going to happen until you make it happen.
You must be a master planner / organizer. You are going to have to take that dream, or business idea, and get it down on paper - ultimately into a business plan and then develop a system so you can replicate success and keep it going.
You must be a decision maker. You are going to have to make a lot of decisions under pressure. And, you've got to make the right decision most of the time.
You must be a people person. You are going to be interacting with people throughout your business day. If you don't have good people skills forget about going into business for yourself and go to work for someone who does.
So you see - it's all about YOU.
Here's to you, and to your success!
Anyone can start a small business, it's easy - but very few can make it succeed. Why is this? Why is the success rate of business start-ups so dismal (well over 80% will fail)?
The difference between failure and success is almost always YOU.
It takes a special kind of person to start and run a small business. I don't care if it is a traditional off-line brick and mortar retail store or an on-line work from home business or even internet affiliate marketing, all require special characteristics and qualities in the person who is trying to get it started.
What are some of these qualities:
First (and probably most important) is your reason - your "Why". If the reason why you are starting a business is not big and strong enough, it is unlikely to provide the drive you are going to need to stick with it long enough to get it up and running and get a system in place to keep it going.
Second is your belief in yourself, Your self-confidence, your ability to visualize what it will be like when you are successful, and ability to keep that image in mind (the goal in sight) as you go through all the steps necessary to get started.
Third (not often mentioned but very important) is your support group and the kind of people in your inner circle. If you are married, the support of your spouse is critical, and your inner circle of friends and people you regularly associate with should be positive people, hopefully many of whom have successful businesses of their own.
Some other qualities?
You must have a dream - but not be just a dreamer. Dreams don't become reality until you take action. Don't kid yourself, nothing is going to happen until you make it happen.
You must be a master planner / organizer. You are going to have to take that dream, or business idea, and get it down on paper - ultimately into a business plan and then develop a system so you can replicate success and keep it going.
You must be a decision maker. You are going to have to make a lot of decisions under pressure. And, you've got to make the right decision most of the time.
You must be a people person. You are going to be interacting with people throughout your business day. If you don't have good people skills forget about going into business for yourself and go to work for someone who does.
So you see - it's all about YOU.
Here's to you, and to your success!
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