About Keeping Score In Small Business

Imagine you are at a baseball game and the scoreboard is not working. Imagine further that neither of the managers is keeping track of balls and strikes, or outs, or runs. How would the manager decide when to bunt, swing away or steal? How would the players know which base to throw to? Further, if no records are kept, how would they know who their best hitters are? How does each hitter do against right or left handed pitching? I don’t think either of the managers of these teams would be in a position to devise an effective strategy for winning the game. If the talent of each team is roughly equal, strategy will determine the outcome of the game. In fact, the weaker the talent of any team is, the more important strategy becomes.

Of course, this does not happen in the real baseball world. But it certainly happens in the small business world.

Accounting is nothing more than keeping score. It is a virtual certainty that the failure to measure results in a timely manner will result business owners discovering what has happened after it’s too late to do anything about it.


About Setting Up A Bookkeeping System

Begin by labeling your folders. Common sections of your file folder may include:

  • Pending Orders (Orders that are in the process of being shipped, completed, etc.)
  • Paid Orders (Orders/Services that are completed and paid for)
  • Bills Due (Invoices for items the company owes)
  • Banking Information (includes Bank Statements)
  • Receipts/Bills Paid (All other expenses that don’t fall into the 5 categories below)
  • Vehicle Information (Mileage Logs, Vehicle Maintenance Receipts, Licensing Fees)
  • Insurance
  • Charitable Contributions
  • Advertising
  • Fixed Assets (Any receipts for equipment, furniture, computers, etc that can be depreciated)
  • Miscellaneous (For anything you just are not sure of!)
  • Review your Pending Orders folder monthly to ensure your orders are being completed and moved to Paid Orders in a timely manner. The Bills Due section of your file folder should be reviewed twice monthly to ensure payments are being made on-time. Here is a list of common business deductions to aid you in organizing your receipts:

    • Advertising
    • Bank Fees on Business Accounts
    • Business Vehicle Expenses
    • Commissions & Fees
    • Cost of Products
    • Gifts to customers, suppliers, etc.
    • Depreciation
    • Dues for Trade Associations, Business-related organizations
    • Legal & Professional Services
    • 50% of Meals & Entertainment (be sure to note date, purpose, & attendees of event)
    • Office Expenses
    • Travel Expenses
    • Rent
    • Utilities
    • Services performed by Independent contractors
    • By utilizing this simple tool, it will not only keep you organized

Focus With Accountability Coach

Before you pick up the phone to call your coach, learn to stop playing the self-doubt game. Fear of uncertainty can freeze people into inaction and often counter-productive behaviors. Each time you start to say “What if… ” catch yourself, take a deep breath and immediately counter the thought with positive information and or an action. For example, “What if we can’t sell as many as we thought”, can instantly become, “We sold 200, who did we sell them to, who else can we sell to and what else can we do to sell more?” Learning to do this every time will reprogram your behavior and get you into a productive achievement-oriented mindset.

Your accountability coach may also be a business adviser focused on some specific subject area. Ideally, the coach will be an objective third party and not a spouse or significant other person with whom you have a close personal relationship. It is important to avoid coaches who may be enablers of your bad habits, or who might assume an undesired control attitude or even encourage you to move in the wrong direction. You want a coach you respect and from whom you are willing

Open a Dollar Store

There is an almost magical balance between the cost of the money that is invested in merchandise to create appropriate inventory levels on the sales floor and the required inventory levels to drive higher sales. The cost of the money invested in inventory when you open a dollar store often wins too early, thus driving sales lower. Sales immediately begin to rebound when higher, more appropriate inventory levels are established.

It is a perfectly valid argument to feel that all back-up merchandise inventory that is being kept in the back room, or the stock room is not earning money. When you open a dollar store it is valid to argue that back stock inventory is in fact is actually costing money.

However, when you open a dollar store, maintaining a fully stocked sales floor is smart business. The goal when you open a dollar store should be to have customers react with a surprised look followed by ‘WOW!’ as they enter your store. A fully stocked store is impressive to store visitors.

When you open a dollar store never allow it to look as if there is not inventory available to support sales. Customers will

Important Part of Business Planning

Upgrading Hardware

Over time, processor speeds change and things get faster. New and innovative ways are found to interconnect everything, or to see things more clearly onscreen, or to print with better resolution and richer colours.

You don’t have to have the latest invention or the newest product. But you will find that if you don’t upgrade your equipment at the right time it becomes noticeably slower, even obsolete. It may not be able to load new software programs. It may not be able to read files written using the latest programs.

Upgrade only when your business requires. But keep up to date with latest product releases and newest innovations. How? By reading computer magazines, visiting relevant websites, browsing the information technology business press, and by visiting computer resellers and stores. A good reseller will keep you up to date and give you free demonstrations of the latest and newest innovations.

Upgrading memory is always worthwhile. You can also upgrade the CD and DVD drive and the hard drive. You can upgrade the monitor, sound, and video cards. There comes a time when it is more costly to upgrade than it is to buy

Taking It Slow in Starting New Business

Start by writing your business plan. If you do not know how to do this, work with a small business mentor who will give you personalised advice. if your finances do not allow for this specific help then get a limited amount of free advice from your government advisor such as the Small Business Advisor or the Princes Trust. Although the help be general it will give you a great start.

Writing your business plan will enable you to plan your business in a structured format. It will be a good exercise and help you get a good structured business together for little outlay.

Do not try to jump into a business too quickly. Plan it out carefully and test out your ideas. To the second saying, if no one wants to buy from you then you do not have a business. Start slowly and research your ideas. Pop over to those masters of sales: Amazon, eBay, etsy and fivver and see what is selling, how popular they are and what kind of money things are selling for. If your intended products are not covered here, and most B2C (business to consumer) products are, then research

Sell More Product

  • Ask each staff person to “brag” about three favourite products (that you sell!) at your next staff meeting. Have a fun contest for best story. “Bragging rights” wins a gift certificate for dinner. If you have three employees, the goal is to generate nine great stories (three each) – nine more products to tout.
  • Distribute “free” product to your employees. (If the cost is too prohibitive, “loan” product.) Encourage each staff member to try out the product; wash the product; share the product with family and friends; and come to the next meeting with an evaluation of the product. Again, offer small prizes for the best anecdote. And do remind the staff that honesty prevails! If your staff dislikes the product, tell us why – state valid reasons why you would not buy this product. As a business owner, you need to hear this criticism. You are looking for honest feedback.
  • Encourage staff to re-assess products and collaborate on “features and benefits” lists. Once staff members recognize that their opinions are valued, they will feel more empowered and voice their concerns more readily in the future. Display a “features and benefits” detailed list on the bulletin

Freedom Life In A Cubicle

This same 97% of people will keep snoozing the alarm clock every single day until there is no other choice than get out of bed or else call in sick for that day. Do you jump out of bed all excited for the day ahead? Or do you jump out of bed only on Saturdays or when you are on leaves? Are you really living a freedom life? Can you relate?

I can definitely relate. Since the very day I realised I was not working out of passion but out of need to pay bills, loans and to attend to family obligations, getting out of bed for work had been the most irritating hassle of the day. The gnawing question “How long will this continue?” shadowed me like my best friend for years and years. As time went by, another more vexing question proliferated in my mind: “Is this all life is about?”. I wanted a freedom life for me but there was no such hope as long as I was seated in a cubicle working to pay my expenses and debts!

  • Is life about snoozing the alarm every week day and looking forward to the end of the

Make Unforgettable Custom Jerseys for Your Team

Digital printing is straightforward to print in a wide range of different colors. Additionally, photographic pictures may be transferred accurately. Finest for one-off or quick print runs. It can be customized in quite a lot of different ways. It offers professional printing quality. During the printing course, the fabric is fed by the printer utilizing rollers and ink is applied to the floor in the form of thousands of tiny droplets. The material is then finished using warmth or steam to treatment the ink.

Our personalized jerseys are a mix of display printing and vinyl for the lettering and numbering. We will display screen print numbers if you wish but these commands a better price. We reduce and weed our vinyl to match any font you want to give you a very one in every of a sort trying jersey. Many custom staff attire corporations outsource printing or numbering companies. This implies your price is larger than it must be, and the manufacturing time is longer. In this case, cheap and high quality aren’t the same.

Supply various color of jerseys

Select from certainly one of our many

About Networking Madness

Two dozen display booths formed at the center while others hugged against the walls. I was busy ogling at the finger foods, salads and refreshments. You couldn’t walk five feet without someone assaulting you with their business card in your face.

Everybody was intent on selling you their product, package or program. They wanted you to notice them. Whether you wanted to or not. And maybe one person in one hundred seriously wanted to trade notes, share ideas or look into a profitable partnership.

Which made the whole affair a big yawner…

These are total strangers trying to convince you they have the secret tool that will make you more money and save you more time. They believe relationship selling is conducted by them giving you their 30-second commercial, and then something clicks and a bright light bulb appears above your head and you respond with, “You have exactly what I need for my business. I’ve been looking for your product forever. Why haven’t we met before? Give me a call so we can do business.”

Which isn’t so bad in itself…

Because lurking in the shadows are the energy-zappers. They love to