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7 Golden Rules to Financial Prosperity
Not Enough Money?
I believe that most people haven't got enough money for everything they wish to have - the more you have the bigger your plans, and you have a feeling that you have less and less money.
Whether you have lots of money or...
A Cool Email Communication Tip
If I sent you an email that said: “The Big Bear is being replaced by Giant Eagle.” you probably would have no idea what I was talking about. First you would try to figure out what “Big Bear” and “Giant Eagle” meant. You would surmise that these...
Interview With Michael Murray: "Autoresponder Basics"
This interview is with Michael Murray, the author of a top selling ebook titled “Autoresponder Basics.” Michael is also involved with many excellent affiliate programs.
Terry: Michael, this is a real pleasure to talk about your experience...
Making Money Online: What You Really Want To Know
So you've been thinking of doing some internet marketing or you've done some and you're not making money yet. What does it really take? Even more importantly, how long does it take and how much does it cost? Isn't that what you really want to...
Tips for Launching Your Own Business
This November marks my two-year anniversary of starting my own human resources consulting business. As I look back on the years, I am amazed at what I accomplished and learned. If you are thinking about starting a business, read on!
I always...
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Don't Wait for Tax Time to Look at the Bottom Line
A curious thing happens to entrepreneurs in the spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But wait, shouldn't a business owner already KNOW how much money he or she made last year, last quarter, or last month?
If you don't keep track of how much money you're making, you have no idea whether your business is successful or not. You can't tell how well your marketing is working. And I don't just mean you should know the amount of your total sales or gross revenue. You need to know what your net profit is. If you don't, there's no way you can know how to increase it.
If you want your business to be successful, you need to make a financial plan and check it against the facts on a monthly basis, then take immediate action to correct any problems. Here are the steps you should take:
Create a financial plan for your business. Estimate how much revenue you expect to bring in each month, and project what your expenses will be. If you need it, get help from business planning books, software, or an accountant.
Review the plan monthly. Even if business owners take the time to prepare a financial plan with profit and loss projections, they often let it sit in a drawer. It's not enough to have a plan -- you have to review it regularly.
Remember that lost profits can't be recovered. When entrepreneurs compare their projections to reality and find earnings too low or expenses too high, they often conclude, "I'll make it up later." The problem is that you really can't make it up later: every month profits are too low is a month that is gone forever.
Make adjustments right away. If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates. If overhead costs are too high, find ways to cut back. There are other businesses like yours
around. What is their secret for operating profitably?
Think before you spend. When considering any new business expense, including marketing and sales activities, evaluate the increased earnings you expect to bring in against its cost before you proceed to make a purchase. You can often increase your profitability simply by delaying expenses to a later month, quarter, or year.
Don't be afraid to hire. Retailers and restaurateurs wouldn't consider operating without employees, but many service businesses limit themselves by being understaffed. Almost any business can benefit from hired (or contracted) help. Business owners can often better use their talents for generating revenue than for running errands and filing.
Pay yourself a regular salary. If you are incorporated, you may already be doing this. If not, allocate an amount to owner's compensation on a monthly basis. Each month that your business meets its profitability goal, pay yourself the full amount. When you miss your target, dock your "pay" and when you exceed it, pay yourself a "bonus." Writing yourself a monthly paycheck will give you a strong incentive to keep your business profitable.
Evaluate the success of your business based on profit, not revenue. It doesn't matter how many thousands of dollars you are bringing in each month if your expenses are almost as high, or higher. Many high-revenue businesses have gone under for this very reason -- don't be one of them.
C.J. Hayden is the author of Get Clients NOW! Since 1992, C.J. has been teaching business owners and salespeople to make more money with less effort. She is a Master Certified Coach and leads workshops internationally. Read more of her articles or subscribe to her free newsletter at http://www.getclientsnow.com.
info@getclientsnow.com
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Amazon.com: Online Shopping for Electronics, Apparel, Computers ... |
Online shopping from the earth's biggest selection of books, magazines, music, DVDs, videos, electronics, computers, software, apparel & accessories, shoes, ... |
www.amazon.com |
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Amazon.com Books: New & used textbooks, biographies, children's ... |
Online shopping for millions of new & used books on thousands of topics at everyday low prices. |
www.amazon.com |
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Google Book Search |
Google digitizes many books from library collections. If an Old English edition, translation, or study is out of print or hard to locate, one can search for ... |
books.google.com |
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Books - The New York Times Book Review |
Reviews, features, author interviews and book excerpts from the national daily and the Sunday book review. Registration required. |
www.nytimes.com |
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The Online Books Page |
Features over 10000 online books free to the public. |
onlinebooks.library.upenn.edu |
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Barnes & Noble.com - Books, Used & Out of Print, Textbooks ... |
Barnes & Noble.com is the Web's premier destination for Books, DVD, Music, PC & Video Games, Children's titles, Toys & Games, Gift Cards, and more. |
www.barnesandnoble.com |
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The Online Books Page |
Listing over 25000 free books on the Web - Updated December 5, 2006 ... New on online books -- Google Library revs up, and other milestones -- Latest Book ... |
digital.library.upenn.edu |
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Amazon.co.uk: low prices in Electronics, Books, Music, DVDs & more |
UK branch of the online bookseller features large searchable selection of books. |
www.amazon.co.uk |
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AbeBooks: New & Used Books, Textbooks, Rare & Out of Print Books |
Abebooks - Over 80 million new, used, and rare books. |
www.abebooks.com |
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Guardian Unlimited Books |
Extensive site includes news and reviews, critics, authors, first chapters, Top 10s, bestsellers, talk board and games. Offers special sections by genre and ... |
books.guardian.co.uk |
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Books - Salon |
The literary section of Salon features book reviews, interviews, columnists and publishing news. |
dir.salon.com |
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Globe and Mail: Book News |
Presents book reviews and columnist along with best-seller lists and Book Briefs emailed newsletter. Canada. |
www.theglobeandmail.com |
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calendarlive.com - BOOKS & TALKS |
Reviews, features and event listings from the West Coast daily newspaper. |
www.calendarlive.com |
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Book - Wikipedia, the free encyclopedia |
A book is also a literary work or a main division of such a work. ... Books, especially heavy ones, need the support of surrounding volumes to maintain ... |
en.wikipedia.org |
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Books - reviews and literary news from The Times and The Sunday Times |
Book reviews, literary news, literary competitions, weblogs, book quizzes and literature features from The Times and The Sunday Times. |
www.timesonline.co.uk |
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Book World - washingtonpost.com |
The Sunday book review of the national daily newspaper features criticism, columns and an online book club. |
www.washingtonpost.com |
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Internet Public Library: Books |
Books. Rather than continuing to maintain its own index of online texts, the IPL is now pleased to recommend a number of other worthwhile resources for this ... |
www.ipl.org |
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oreilly.com -- Welcome to O'Reilly Media, Inc. |
O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly has been a ... |
www.oreilly.com |
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SF Gate: Entertainment: Books |
Chronicle reviewers pick the best books of the season for the readers on ... Jessica Mitford's children recall the woman they called Decca in a new book. ... |
www.sfgate.com |
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Life - Entertainment News - USATODAY.com |
The latest in entertainment news with movie, TV, book, music and theater reviews, travel tips and tools and original content from USATODAY.com - updated ... |
www.usatoday.com |
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