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Small Business - A Thing Worth Doing Is Worth Doing Badly
A thing worth doing is worth doing badly. Yes I know that it should be 'well'. My grandma drummed into me that whatever I did I should do it as well as I possibly could.
But grandma said that there was another side to it. If it were worth doing, even doing it badly was better than not doing it at all.
"Never be put off from doing something that ought to be done because others can do it better", said Grandma, "The others may not do it and then it never gets done".
So it's hard for you to estimate sales ? take a stab at it anyway!
I wish I had a dollar for every small business operator who told me that it was impossible to prepare a projection of cash-flow requirements because their sales were so sporadic and uneven.
It's strange in a way that although it is true that each business is unique, it is also true that all small businesses are the same.
Most small retail firms average about 30% as a gross profit. That gives them an average mark-up on purchases of about 42%. It doesn't matter what sort of shop, you can use that as an average.
Similarly, all other expenses average out at about 20% which gives a net return on sales of 10%. Aren't there firms that do better than this? Too right there are?but some do much worse.
So a projection based on averages for your industry will probably be badly out-of-whack. You might think the result is a bad job but it will be one hundred times better than none at all.
The owner will know quite a number of concrete figures without having to guessitimate.
She will know many of her outgoings:
"Hey! I hope to have higher sales than that".
But now we've made a start, we can build in some of your expectations, and now we have a projection that we thought couldn't be done.
"But will it be right"!
No it will never be right on the money, but it doesn't have to be. Each week/month we will compare what actually happened with what we had hoped to happen and work out our strategies accordingly.
If sales fall short by 10% in the first month we have a far greater chance of recovery over the 11 months than if we had no plan at all (even if we thought it was a bad one).
And for those proprietors who do a plan and do not compare it to actual until the end of the year any shortfall will be lost forever.
A thing worth doing is worth doing badly.
It applies to all aspects of business ? and life.
I often hear owners say, "I can not up-sell. I'm no good at it".
Maybe, but it is necessary. Who is going to do it if you don't? Get a little training and start doing it badly. You'll be surprised at how good you get.
A thing worth doing is worth doing badly.
Kelvyn Peters is one of Australia's longest serving Tax Agents. He was registered in 1962 and became a CPA in 1964.
He's served on many charitable boards including St Aubyns Hospital, Alzheimer's Association and Older Peoples Advocacy Service.
As a young man he won the Outstanding Jaycee Award three times. Kelvyn is a compassionate, generous man who loves people. That's why he is so skilled at helping people in trouble.
Kelvyn Peters was Mayor of Kingaroy Shire Council from 1982 to 1987 and campaigned as the 'Young Man of Action"
Over 20 years later he still calls himself a 'Young Man of Action'.
He is a director of Restaurant Catering Qld Inc the peak employer representative in Queensland, and has advised the hospitality industry for many years.
His specialty is moving in to rescue a sick business.
Kelvyn has spent over 20 years experimenting and researching methods to help small business in ways that are affordable.
He has perfected it with local clients now he is going global and he is only an email away.
A Portable Trade Show Exhibit Makes for an Easier Show
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Chamber Membership will BOOST your Business
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Franchising Companies Relationship Strategies
Franchising Corporations need to maintain an iron fist when it comes to certain things in order to maintain absolute integrity of the system; Consistency, Quality, Cleanliness and Customer Courtesy or Service. Ray Kroc in his book; "Grinding it Out" made that point perfectly clear, some called him a hard ass on the details and indeed it served him well and turned 11,000 franchisees into millionaires along with some 1500 executives early on. That of course is one side of the game and it is difficult to maintain control of such important quintessential items in an age of over regulations and constant lawsuits. The best strategy we have found after surveying many franchising companies at; Franchising.org is to have a strong franchise relationship policy, which enhances communications and prevents lawsuits, as litigation is the lowest form of communication.
A Gift Basket Home Business is an Easy Way to Wrap up Profits
You want to know more about making money with your own gift basket home business. You are a creative person and want a career that you can control and find rewarding at the same time. What better way to do this then to start a gift basket business in your own home.
Boy oh Boy, The Obstructions and Obstacles
The bad things starts with the letter 'O'?.like Obstacles, Obstruction, Obscene?.overly-poor? There's bound to obstructions and obstacles in everything that we do in life. Like riding a bicycle. We get a few scrapes and bruises and think that we're never going to ride a bike ever again. We try to blow bubblegum and we blow it up in our own face and have our laughing friends jeering at us. We try to dress up only to find out that we look dowdy. Everything in life, there's an obstacle.
Five Tips for First Time Entrepreneurs
It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. There are several things I wish I would have known in the early days of my entrepreneurial efforts that I hope will help some other first time entrepreneurs on their path to success.
Virtual Assistance for Healthcare Professionals
Administrative and clerical tasks are the bane of every industry. No matter how small or large your business is, you will eventually find yourself with stacks of paperwork that need your attention and phone calls that need to be made. And when will you find the time? If you are busy seeing your clients during the day, then the paperwork waits until the evenings and weekends. This can make for some very long days and total exhaustion. Hiring a virtual assistant is becoming the best option for many professionals.
Money Series 1: Who Takes Your Money
Your business is making profits, but where is the cash? It seems that someone has taken away your money. Your bank account is still the same, and your personal wealth is still the same. There must be someone that took your money. Based on my over 18 years of professional experience and study, there are 8 persons that take away your money without your knowing...
Small Business No How - Dont Give Away the Farm
You're pretty proud of yourself! After all, only four months ago you came up with the idea of opening your own business - "Jenni's Interior Design" Your friends have always said you were gifted when it came to arranging furniture and picking out colors, and you love to do it, so you decided it was time to get serious.
Franchising and Royalty Payments
If you are thinking of turning your current into a franchising company you will need to determine a fair and equitable franchise royalty fee. There are a number of questions you will need to ask yourself in determining this fee such as what services you will provide to your franchisee team and what that will cost. You will also need to take a look at the competition to determine the amount that you can honestly charge without forgoing cost conscious franchise buyers.
Accounting Methods ? Cash and Accrual
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
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The Wrap on Ag Plastic
While driving through Pennsylvania farmland, you have probably noticed an increased amount of white plastic bundles stacked in lines or piles along farm buildings or edges of farm fields. Sometimes referred to as "marshmallows" or "long white tubes", etc. these objects are increasing in farmer popularity and represent a changing trend in harvesting of farm livestock feeds.
Round Pegs In Round Holes: The Amazing Secret of Succeeding in Any Business Every Time!
Success is the desire of everyman on the face of this earth. There is no normal human being without this yearning. Unfortunately, statistics shows that just about 4% (some even quote 2%) of the human race experience real success. I hope your dream is to be among this 4%. The fact that you are reading this article right now shows your desire. My purpose is to help you succeed.
Dispute Resolution of Territory for Mobile Franchised Companies
Franchisors of home based and mobile businesses need to carefully watch their franchisees who innately try to hunt in their fellow franchisees territories. The most important advice a franchisor should give the franchised outlets in this case is to work it out themselves. A simple policy is best for example here is a possible excerpt from a franchise manual which lays out some basic understandings:
Local Search and Internet Yellow Pages - A Whole NewVocabulary for Small Businesss
Buyers want both online and local information about where to buy Most small businesses are local in nature, serving people who live nearby. Their customers found them through traditional methods like the Yellow Pages or newspaper ads. So far, the Internet hasn't figured prominently in their marketing efforts. That's about to change, as Local Search methods become more widespread. Even for buyers expecting to spend their money close to home, more and more of them go to the Internet to locate desired products and services. They rely on search engines to find suitable vendors in the fastest, easiest way. Local Search combines the search query word or phrase with specific geographic terms, like city or zip code. That way, search results only include enterprises in that local area. Instead of information about a small enterprise being lost among millions of pages of search results, it shows up in a small pool of local providers. That's good for them, as well as the person looking for what they provide. Small operations can easily be located by a whole new group of buyers Consumers don't simply go to the Yellow Pages when ready to buy - as they once did. Studies show that an astonishing 36% of online searches are conducted to find local businesses. About a quarter of all Internet users already conduct local searches. They'd do even more of it, if the desired small business data were more complete. Local enterprises need to prepare for the impact of changing customer habits. An easy first step is to include your business in Internet Yellow Pages (IYP), along with the printed Yellow Page directory. That puts your enterprise on the radar screen. Learn how your business can make the most of Local Search by visiting http://www.yellowpagesage.com. You'll find reliable advice from experts in Yellow Pages and Local Search so you can get more mileage from your promotional dollars. Start by getting comfortable with search concepts, and improve your odds of being found when people search online for what you offer. You don't even need your own Web site to benefit from Internet Yellow Pages and Local Search. Learn the Relevant Terms Search Engine - method for locating the information available on the Internet; a program that searches Web pages for requested keywords, then returns a list of documents where the query terms were found Google and Yahoo, the major general search engines, have both shifted gears to make Local Search a priority when delivering relevant results. Spider (also called "crawler" or "bot") - goes to every page on every Web site and reads the information so it can be available to searchers; to "crawl" a site it collects and indexes information from it Specialized Search Engines - narrow focus of information crawled and indexed, like medical, business, or shopping sites Keywords - word or phrases used by search engines to locate relevant Web pages; words chosen to improve a site's search engine placement and ranking Search Query - search request, which the search engine compares to the spidered entries, then returns results to the searcher Search Results - compiled list of Web pages that a search engine delivers in response to a query; the number of items returned is usually overwhelming (in the millions), so searchers only bother to view results on the first pages Relevant Results - the test of a good search is whether the results obtained relate to what the person wanted to find, without a lot of irrelevant links Local Search - combining a geographic term in a search query to locate suitable providers in a specific area Pay per Click (PPC) - method of building traffic whereby site owners bid on search terms (keywords) that link to their site Geographic Terms - specific information about the local area that can be included in a local search: zip code, town, county, geographic region, state Top Ranking - sites shown on the first page(s) of search results Search Engine Optimization (SEO) - fine-tuning keywords and page content so the Web site rates high in search engine results Tags and Titles (on Web Pages) - provide site keywords and information to search engine spiders for indexing a site Internet Yellow Pages (IYP) - directory of business phone numbers and locations in a geographic area, organized by category; searchable data base accessed on the Internet Make your business easy for searchers to find The public is embracing the convenience of searching on the Internet to find information about local businesses. However, their searches for desired information are compromised because so many local enterprises don't show up in the databases as yet. Those that do have an edge in their local market. Climb aboard! Make sure searchers can find you. For little or no money, you can expose your enterprise to the whole world. Whether or not your business has a Web site, you need to provide the information people are looking for in the places that they look for it. Local Search and Internet Yellow Pages open new avenues to buyers ready to spend. Best of all, they support and compliment your traditional methods of finding new business. So you cover all your bases. (c)2004, Lynella Grant
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Where do you find the right people for a business relationship?
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SBIR Corner: FFP vs. CPFF contracts:
Lack of Vigilance Can Harm the Bottom Line
The easiest way to lift profits is to cut the fat out of costs.
Build Your Small Business by Building Relationships
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