Do You Go to Power Hour? I’m sure you’ve heard of Happy Hour, but have you heard about Power Hour? Power Hour is something you should be doing at least once a week during your working day. It’s the time that you carve out of your busy schedule to do the highest-payback tasks for your business. These include items like …
8 Smart Steps to Fiscal Responsibility
8 Smart Steps to Fiscal Responsibility As our businesses grow and our schedules fill with serving clients, it’s easy to overlook how our personal financial needs might have changed. Here are eight best-practice tips of millionaire business owners and how they personally protect their wealth. 1. Move your money from banks to brokerage accounts. Instead of having their money tied …
Life Beyond The Profit and Loss Statement
Life Beyond the Profit & Loss Statement – Do You Know Your Lifestyle Ratios? Each month, you may anxiously await the reports that provide the numbers that help you manage your business. Revenue, net income, total expenses, and payroll costs are just a few of the items that you may be monitoring on your profit and loss statement. Those numbers …
The Power of Permission
The Power of Permission What have you been wanting to do in your business for a really long time? Perhaps you’ve been wanting to raise your prices. Maybe you want to hire an assistant or another team member but haven’t gotten around to it. Or maybe you want to work less and focus on personal time, but you haven’t taken …
Are You Fully Supported in Your Business?
Are You Fully Supported in Your Business? Whether we run a large company with dozens of employees or run our own solo business, we rely on a support team of vendors, customers, employees, contractors, and other associates that help us carry out our business goals. Here’s a fun exercise to discover the strengths and weaknesses of your business support team …
Five Tips to Speed Up Cash Collections
Five Tips to Speed Up Cash Collections If your accounts receivable balances are edging up and getting older and older each month, then it might be a good time to bring out the aging reports. But what if we looked earlier in the cycle to see what we could do to collect the sales even sooner? Let’s take a look …
What’s Your Opportunity Number?
What’s Your Opportunity Number? Is your revenue increasing or decreasing every year? There are many factors that can cause your revenue to slide, and one of them I’d like to introduce is your opportunity number. Your opportunity number is the smallest amount of business you’re willing to take on when you take on a new client. Here’s an example: …
Ideal Clients
I’m Dreaming of My Ideal Clients for 2012 If you could wave a magic wand and work with any client you wanted in 2012, who would they be and what would your business look like? It’s a fun exercise to think about right as we start a new year. Let’s begin with your current client base. You may want to create …
6 Ways to Avoid Fee Resistance
Six Ways to Reduce Fee Resistance Do your prospects sometimes balk when you quote your prices? Do you feel you’re losing business because your fees are too high? The problem might not be your prices; it might be the way you’re presenting them to potential clients. Many business owners blame a lost sale on price, but only a small …
Five Tips to Manage Overwhelm
Five Tips to Manage Overwhelm Does it seem like you need to accomplish more in less time than ever before? Just about every small business owner I know is overwhelmed with everything they need to do. Many factors are contributing to this feeling: new technologies, increased government regulation, a need to market harder, and less access to capital are …