14 Essential Tips for Entrepreneurs to Keep Finances Straight

Financial handling is very important for your business. Off course you’ll experience any mistakes on the way while managing such, but think of this as a lesson where you can learn and make changes. In this article, you’ll find 14 important tips you should follow to avoid any improper financial management that can ruin your business.

  1. Educate yourself about accounting

  • Don’t underestimate the power of education. To learn more about financial handling, educate yourself by taking accounting courses. For sure there are lots of accounting courses in your community college, but you can also look it up online if you want to learn at home.
  • You must be aware of how everything works in financing even though you have professional accountants handling your business.
  1. Organize your financial papers

  • Organizing all your financial papers is definitely a must. Each paper such as tax forms and bank statements must have their own files. Just in case you’ll run into trouble about financial matters, you can easily find the answer because you organized everything.
  1. Use negotiation tactics

  • Negotiating is the key to be successful in business. There are a lot of competitors in the market striving hard to get customers, some of them might even undercut you and your prices. This is perfectly normal in the world of business so you should always ready yourself by negotiating with each vendors you use.
  1. Find the right bank that can benefit your financial needs

  • Finding the perfect bank that can benefit not just you but also your financial needs is important. Off course you have to choose wisely when selecting one, because there are other banks out there that has terrible customer service. You don’t want to experience that right?
  1. Protect yourself

  • You’re the VIP of your own business. So it’s important to take care of yourself and also your health. What if you suddenly die? Who will take care all of it? Do you have insurance to cover these situations?
  1. Pay yourself

  • Just like we mentioned above that you’re the very important person of your own business, you must pay yourself. Paying yourself is important even though you’re spending most of your money by inventing more in your business.
  1. Automate bill payments

  • “Busy” is a word that entrepreneurs carry every day. With so many business related things to do, there’s so little time to do anything else. But what if you have bill payments that are due? How can you pay them while you’re on your busy schedule? This is where automated bill payments come into play. With the help of automated bill payments, say goodbye to stress from seeing those papers filled with bills on your home.
  1. Save money for your retirement

  • There will always come a time that we would retire because of old age. Having a retirement fund is a good idea so that you can have a small percentage of your money when the time comes.
  1. Diversity

  • Diversifying your investment is crucial in any business. You need to find other investments that can act as back-ups just in case the other ones aren’t working well.
  1. Open a lean account

  • Having a lean account can save you from trouble just in case something terrible happens that is unforeseen financially.
  1. Learn how to budget

  • Budget your business plans for the whole week or even per month. It’s wise to budget not just on your personal needs, but also for your business needs.
  1. Separate personal finances to business finances

  • Separating them from each other can save you from trouble of spending your cash unwisely. It can be tempting to purchase something for yourself by using your business credit card and this is something you should definitely avoid.
  1. Hire a professional

  • Having a personal bookkeeper or accountant in your business can help you save time and reduce stress.
  1. Use an accounting software

  • There’s nothing bad by doing all these tips by yourself. But using an accounting software is much easier and can benefit you a lot. “The Expense Tracker” is a great software that business people will surely enjoy. It’s packed with a lot of features that can help you be wise on managing finances in your business.

Entrepreneur Tip of the Day: Now’s the Time to Get an Office

Having an office is extremely useful especially if there are two or more people in your business. Lots of business incubators provides an office space that comes with a variety of packages. Some of them includes a single office with a phone which can also give you a mailing address. But why is it important to invest for an office? Here are 3 reasons why:

  • Accountability – Having an office gives you a much clearer idea of how long people are working and what they’re actually doing. You’ll be able to track your employee and see why some of them are gone missing for a while. Are they actually busy on handling clients? Or they just didn’t show up at work at all? With an office, it’s much easier to tell which one you’ll fire and which one you’ll reward based on their performance.
  • Team Building – Yeah sure you can do team building online by group chats on Messenger or Skype. But team building while your employees are far away is worlds different than team building face to face. By having an office, team building is easier since all of you are gathered together in a single place. This prevents mistrust and miscommunication to happen that are usually found in online team buildings.
  • Be Able to Remove Redundant Things Out of the Way – Moving into an office makes you realize that there’s a lot of junk that your business has made that’s not important anymore. By having an office, you can easily remove redundancy not just in your workplace, but also in your life.

 

If you’re still not convinced, then ask your employees what you can do to make their working lives easier. Are they working effectively at their homes?  Do you know what kind of environment they want to work in? If you do ask, they’ll probably answer that they want to work in an office. So what are you waiting for? Start getting an office today!

11 Important Prospecting Tips Entrepreneurs Should Follow

One way to make your business grow is by prospecting. There are a lot of ways to do prospecting, some of them are right, and some of them are wrong. So what are we going to do to improve our prospecting goals?

To start, there are 3 levels of prospects that you should keep in mind:

  • Cold – prospects within your target market that’s not familiar with you or your business.
  • Warm – prospects that you’ve approached and have been qualified.
  • Hot – prospects that have shown interest in you or your business.

The tips found below are useful for each level of prospects, but some of them needs to be adapted well in order to fit in such prospect level. Anyways, let’s get it on with the tips.

  1. Create a plan

  • Creating a plan is a recipe for success. Without a plan, you’ll be going nowhere just like a boat going upstream without a paddle, rendering it useless. Creating a plan for each prospect level is the best thing to do.
  1. Think of it as a challenge for yourself

  • This tip is best combined with tip #1. Set your goals higher than it was before and think of it as a challenge for both you and your business. And at the end of the day, reward yourself once you meet those goals.
  1. Use a script

  • Scripts acts as a guide to help you keep on track. Using a script also means you’re less likely to get mistakes. If you see something on the script that’s a bit off, make changes to it when needed. But does this mean you have to read it word by word? The answer is no. Don’t just stand there acting like a robot while reading your script. Just follow the basic premise of the script and you’ll be on track.
  1. Educate instead of selling

  • This is one aspect most business people failed to do. Instead of educating a consumer, most business people tried to force people to buy their product without even caring on what the customer thinks about it as long as it sells. Let’s think of a situation. You walk inside an automobile shop and you’re canvasing for cars. Then a salesperson approached you and convinces you to buy a car. Without listening to your words, the salesperson keeps on saying why a car is the right choice for you. Few days have passed, another salesperson approached you. But this time, instead of forcing you, the salesperson educated you about the dangers of having cars and why you should think wisely when getting one. Now who do you think is an effective seller? Obviously, the second one right? Now that’s a proper way to do business.
  1. Know your product

  • This is the key to make your product sell well in the market. What if a prospect suddenly approaches you and asks about your product, and you’re just standing there brain dead trying to figure out how to answer his/her question. We don’t want that to happen right? That’s why it’s important to study and know about your product to avoid any unfortunate circumstances from happening.
  1. Grab it while it’s hot

  • If you get a prospect lead, then approach them as early as possible. Don’t just wait for days to come before you decide to approach them. It’s better to grab the opportunity as early as possible or else your competitor will.
  1. Snail mail

  • Going old school is the key to approach prospects. While others are using email or calling their prospects via telephone, there’s nothing better than doing the old-fashioned handwritten mail and get a serve of nostalgia.
  1. Do your research

  • It will be easier for you if you do a research of your prospects first before approaching them. With the help of technology and internet, a simple Google search can help you find information of a particular prospect. If they have a website, then go check it out. It’s also a good thing to check out their social media too such as Facebook or Twitter and most especially LinkedIn.
  1. Don’t be afraid of getting rejected

  • Rejection is perfectly normal in the world of business. If a prospect says no, then learn how to accept it instead of getting mad or going full rage mode. Every “no” has a reason behind that will eventually turn into a “yes” in the end.
  1. Don’t quit just because of an objection

  • Just because it’s always “no” doesn’t mean you’ll never have a chance to get a “yes”. If you like to take risk, you can attempt to rebut the first “no” that you received. Not every “no” is an objection, maybe the prospect just need more information about your business before they’ll accept it. You can try asking questions and rebut the objection so that you’ll know the other side of the story why they rejected it.
  1. Making mistakes is normal

  • In the world of entrepreneurship, making mistakes is normal. But don’t let this mistake drag you down. Think of it as a lesson and use it as a stepping stone to progress towards your goal.

 

At the end of the day, the important thing to note is just to have fun. As long as you enjoy what you’re doing and you’re keeping your business alive and well, prospects will probably notice you and they’ll be the one to approach you in the long run.

Think Before You Quit: A Guide for a Dying Business

Entering the world of business is a challenge. You may be thinking that you could be successful someday, seeing your business on different zines and newspapers around the globe. In your vision, you see yourself as a successful person with a blooming business because you poured your heart and soul into it.

Now let’s snap back to reality. Does that vision of yours became true? Or is it just all inside your head? Is your current business right now working well for you? Or you’re just working just for the sake of it because you have no other choice.

Failure is normal in the business world. We’ve all been there. Those days where you just want to snuggle up in your bed and cry, thinking why you’ve started something that just turned out as a failure in the end. It’s okay to quit if that’s your final choice, but there are other ways to resolve that problem. Here are 3 options you can do.

Just Quit

  • If you feel like losing hope already, you can just finally quit and put it to rest. But before doing so, take a look of your life and ask yourself on how would it be without your business.
  • Are there any bills to pay?
  • What changes do you think will happen?
  • What would you do without it?
  • But if you already decided that you should really quit because everything is not going well, or you’ve genuinely grown to resent your business, then let it go. Some businesses are meant to die especially when it already outlived its usefulness. The more you push it harder to keep it alive, the more damage will be done on your health, wealth, and spirit.

It’s Time to Sell It

  • If you don’t feel like quitting, then it’s time to sell your business and put it into good hands. Selling a business is hard to look at. It’s like giving up something you love because you know they will be better without you.
  • So what happens when we put our business for sale? It’s like looking it from the perspective of an outsider, thinking of ways how to improve it and see what changes needs to be done. So what are we waiting for? Let’s get it on by following these important steps.
  • Prepare the books – and I mean all of them! From vendor invoices to balance sheets, all of these needs to be reconciled into one place. Next, look for the detailed expenses on the income statement. Cross out those expenses that aren’t beneficial for the business so that there won’t be any unimportant clutter left behind.
  • Look for your “To do” lists – and gather them all into one place. See which of these “tasks” can provide the most impact on the business with the least amount of work. Make use of the important ones and create a plan for the buyer so that everything is laid out and ready to go.
  • Document your processes – every single one of them. If you don’t have any, then this might be the reason why your business is going downhill. The reason behind this is so that you can find more opportunities for improvement.
  • Get a valuation – and don’t ever do it before you get all your books, paperworks and documents. Doing so will make brokers more eager to talk to you and raise your valuation if you happen to have any ideas for supporting the next owner of your business.

Keep Going

  • If the first two options didn’t suit your taste, then it’s time to stop crying and step out of your bed and keep going even though it’s hard. Well, it won’t be hard as long as you know how to do it well.
  • Look at the second option and complete steps 1-3. Instead of going to step number 4 where your business is ready for selling, get a coach or mentor instead that can help you improve your business. It’s going to be costly to be honest, but the return on investment is worth it.
  • Having a coach can help you reach your goals. Not just goals like earning a 100 grand a year, they’ll help you dig deeper than that. Coaches can help you to take action to things that matter the most for your business. And at the end of the day, you’ll see your business rising back up again and ready to compete in the market. As long as you’re consistent on pursuing your goals, your vision will eventually come to reality.

Make Your Business Profitable by Following These 5 Essential Tips

The reason why we are doing business is to gain profit. Speaking of profit, it must be a “clean” profit. What that means is that the customers must get what they’ve paid for, so they can feel every cent they spent money on a particular product is worth it.

Some other companies however, have been doing dirty tricks to fool customers. Using unclean ways which enables them to gain big profits while cutting costs at the same time. Which is by taking away the original quality of a product.

This is not the right way on how to become profitable, this will only damage your brand and also its reputation. To help you maximize profit into your business, here are 5 tips for you to follow.

 

  1. Remove activities that doesn’t have any value to the customer/company

  • To help you with this, list all the activities that are performed on a normal day in your business. After that, take time to analyze each activities and see if it values to the customer, company, or both. If you happen to find an activity that doesn’t value both parties, consider removing them to save time and money which will lead to more profit.
  1. Increase the price by 2%

  • Consumers understand why a company or business has to increase their price occasionally. But be sure to raise it only a little bit more, not drastically increasing it which will make your product expensive. This will result to your product not able to compete well in the market. Raising the price by 2% will do.
  1. Know your return on investment with each resource

  • If you’re planning to contract a person, or purchase machinery or combine it with a piece of software, you should definitely check the Return On Investment (ROI) before doing such. Maybe you need it or maybe not. It’s better to do a trial run first and see if it actually benefits your business. If it’s not, then scrap it. There’s no point in investing something that won’t do any profit in return.
  1. Cross/Up selling

  • Cross selling and up selling must be included in your business to gain more profit. But be sure to do it right and don’t scam your customers. For example, if you’re a barber on a barber shop you can offer your customer a clean wash and blow dry for only $2, this is called up selling. And when everything is finished and your customer is ready to pay, offer him the best-selling shampoo and conditioner which is only 5% off for every purchase of haircut, this is called cross selling. Implementing this kind of technique can definitely make your profits soar high.
  1. Implement a customer loyalty program

  • Having a customer loyalty program not only just increase your profits, but you can also gain more customers too. For example, you have a product that has a buy 5 and get 1 free deal. This will make customers to come back again and again which leads to more profit.

7 Tips to Become an Innovative Entrepreneur

If you’re an entrepreneur, you might be wondering how to be successful in your business. There are 2 words that entrepreneurs should keep in mind to make it to the top: Innovation and Creativity. In this article, we’re going to explore 7 tips on how to be an innovative entrepreneur. Let’s check them out!

  1. Curiosity is key

  • Don’t be afraid when curiosity strikes. It’s one way of learning and discovering new ways to interact on things. For example, you want to know how a particular device works, tore it apart and learn how it operates. Make sure that you memorized how to put it back though.
  1. Stick to one idea

  • If you have an idea running into your mind and want to turn it into a reality, then go for it. However, if you have another idea while currently doing your first idea, then it’s better to put all your attention to the first idea and focus on it. Save the other one for later and finish what needs to be done first.
  1. Flexibility is a must

  • Change is inevitable and it’s important that you have to be flexible in order to cope up with it. Learn to listen on what your client wants and be willing to change to meet their expectations. You will be rewarded at the end of the day.
  1. Keep up of today’s trends

  • The world revolves around people following what’s popular. It’s better to create your ideas by following the current trends so that consumers will enjoy your output. Keep up with the news and always stay in touch with what’s happening in the world.
  1. Know both sides of the story

  • As an entrepreneur, you must know how to see both sides of the story so that you can find ways how to solve an issue that will benefit both parties. Don’t just stick to the former just because they sound convincing, you never know what struggle the latter is going through.
  1. Lead from the front

  • This saying is common in the military which also works when it comes to entrepreneurship too. It means you are willing to jump in and do the task instead of waiting what time will do to progress. Remember, creative ideas are always found in the front.
  1. Know your strengths

  • A wise entrepreneur knows their strongest and weakest points. Remember, you’re not a superhero that can do anything at your disposal. Focus on your strengths and let people who are strong in your weak areas do the work down there.

Entrepreneur Tip of the Day: Self Care

Being an entrepreneur is not easy, unless your single. But if you’re an entrepreneur that’s married, a lot of things are probably going on your day. Like helping your kids get ready for school, making sure that they don’t skip any meals, and finding the right clothes for them to wear. Not just that, maybe you also have another job to attend maybe online or offline, and a lot of things that’s pulling you in different directions without knowing which one to go first.

At the end of the day, you’ll probably go straight to bed, and repeat the process again and again as another day goes by. This means that you don’t have time for yourself anymore.

But it’s not hard to say “no” especially to things that aren’t important as it seems. There are times that you have to do small changes to make time for yourself. Which will lead you to do good on your job and can also make you focus on your business better. So what are these changes that we’re talking about?

  • Small changes such as drinking water regularly can make a difference. It keeps you hydrated throughout the day and you’ll be ready to take whatever life throws at you as soon as you step outside your home.
  • Make a schedule for some daily exercise to keep your body pumped up during the day. It’s not necessarily a 2-hour exercise with all the equipment. A simple desk stretches while at work can make you more productive.
  • Pack healthy snacks so that you won’t have to indulge on unhealthy junk foods. Bringing an Apple to work can make worlds of difference. It will keep you energized and healthy at the same time throughout the day.
  • Finally, when you get home, a nice hot bath is a perfect reward after a tiring day. Because there’s nothing better than rewarding yourself with some warm and nice relaxing bath to soothe your mind and body.

Saying “No” to things and giving time for yourself is important to keep up on your daily work. Putting health on top of your priority list can help you achieve more and be productive in everything you do especially at work. No need to pressure yourself. Just a little time management and a few changes on your daily lifestyle will do.

Entrepreneur Tip: Keep Going and Never Stop Until You Succeed

So you decided to become an entrepreneur because you think this is your calling and you’re meant to be here. And then you start to think of ideas on how to start your business. You may have a lot of ideas running into your mind, some are good and some are bad. So you picked one! But then you realized, that idea sucks and sooner or later, you’re on the urge to give up already. But wait! It doesn’t have to be that hard. What if that idea of yours will eventually turn out successful in the end right?

All successful things didn’t start with a happy beginning. There are some dumb ideas that even turned out successful in the end. Take a look at Gary Dahl, the creator of the Pet Rock. Who in the world will use rocks as a pet? It sounds crazy right? But he became a millionaire just by this.

So what did he do? Guess what, he didn’t quit. He made up the idea and just kept going with it even though it may sound stupid for some. This is why starting low at business is perfectly normal before turning into a success. This is why some bloggers fail to rise because they think blogging won’t do any good to them. But other out there just kept going until they succeeded.

Failing at First is Part of Entrepreneurship

  • Think of Michael Jordan, one of the most famous basketball players of all time. He didn’t just wake up one day and became the greatest basketball player real quick. In fact, he was actually terrible at basketball at first. But that didn’t stop him to pursue greatness. He kept trying until he succeeded and then one day, Boom! He’s famous already. That’s why the saying goes try and try until you succeed.

Course Correction

  • Be open minded and accept changes as you go along the way. This is called course correction. And by the way, it’s not the same thing as stopping so keep that in mind. For example, you’re a multi-talented content creator. You create vlogs, podcasts, and blog articles. You noticed that your podcasts gain much more attention compared to your vlogs and articles. So it’s better to focus yourself on doing podcasts as this can benefit you compared to the others. But that doesn’t mean you have to leave your other content behind. You can analyze what is different between them and add more to it.

Action is Something That You Can Take Control Of

  • Everything that happens is beyond our control they say. However, we can control what we want to do. For example, you’re bombarded with 500+ WordPress Maintenance Clients. That is such a huge goal that seems impossible to take care of. Instead, you can focus on what you love doing on like for example, creating content (if you’re a content creator off course).
  • Sooner or later, you’ll find out that a lot of people are enjoying your content and asking for more. This means that creating content is essential for you. So you start to create your own goal and do as much content as you like.
  • Even though you’ve set a goal that’s quite big, as long as you can control it then you’re good to go. You can’t force people to sign up to your newsletter or something. That’s why you have to do things your way and watch your business rise higher and higher. If content creation is not for you, then it’s time to do a course correction just like we mentioned in the previous tip. Never lose track of your goal and you’ll eventually be successful in no time.

5 Tips for Buying a New Barbecue Smoker

This period of winter months sales is a blast to buy your new barbeque. You will be able to get some great deals online and also in shops. Below are my top 5 buyers pointers to consider to discover the excellent barbeque for you.

1. BBQ size matters!

Think about what does it cost? Space you have in your garden, yard or garage. The last point you want to do is return residence with a barbeque that overloads the area at the back of your home or apartment. If you can pay for a more substantial BBQ, as well as you want it to be ‘parked’ outside, make sure that you get a suitable cover for your BBQ to make sure that it does not take way too much of a slamming from the elements! Keep in mind that grills are advancing all the time. For instance after reading this pit boss 820 pellet grill review, we are convinced this is one of the best out there.

2. Think about secure storage and movement.

If you are trying to find a bigger BBQ for amusing as well as for formulating colossal BBQ feasts, ensure you can conveniently relocate the barbeque around. I have seen a lot of barbeque’s on the market with little wheels that definitely won’t move the massive barbeque. At best I have seen good friends struggling to ‘wheel’ their BBQ back to the garage in such a way that resembles dragging, taking fifty percent of the yard with them in the process! Make sure you opt for a barbeque that has two big wheels on one side of the barbeque, to make sure that you could tilt and wheel it right into position.

3. What does it cost? What cooking space do you require?

There are lots of various barbeque’s in the marketplace with different food preparation alternatives. You can get 1 to 6 gas burners on gas barbeque’s (in some cases a lot more), as well as the tool to big grills for coal barbeque’s. See to it you consider what you require instead of what you believe you will certainly make use of as you may be throwing good cash away on an alternative that you are not going to use. I directly like to go with a big grill charcoal BBQ so that I could prepare up to a storm, and if there are any other sides to prepare, I don’t mind placing those bonus in the oven in the cooking area. I rarely need to utilize the kitchen nonetheless as I will toss almost anything on the bbq!

4. Think about toughness.

Although you might believe that going with a tiny, low-cost pot BBQ is a smart idea for price effectiveness in the short term, they will usually not last for more than a few years, and also the structure as well as components corrosion very conveniently. Seek an alternative that gives you the area for cooking that you need, combined with a durable frame that will last well and offer you for many happy barbeque years.

5. Layout requirements.

Think about whether you desire additional area and also shelving for saving cooked and even raw foods while you prepare your feast. I continuously believe it is a great idea to have at least two level surface areas on your barbeque to place food, BBQ tools as well as plates, spices, etc. Otherwise, you will possibly end up requiring an added food cart at an additional expense anyway!

Enjoy searching for the perfect BBQ this season. Winter months are typically the most effective time of year to buy the ideal barbeque as you could obtain you’re practical relatively inexpensive discontinued lines in larger homeware stores. Satisfied Buying!

New Zealand Souvenir Shopping Guide: Must-Buy Arts & Crafts Items in Queenstown

Take your awesome New Zealand experience back home with beautiful and unique souvenirs that will surely make you appreciate the Kiwi arts and culture. Either as keepsakes of your journey or as gifts for family and friends, the local handmade arts and crafts products in the culturally rich country will make for wonderful souvenirs. Of course, you don’t want to go home empty-handed, right?

When buying souvenirs, you must go beyond just the usual T-shirts and local delicacies to make your every penny count. Here are the must-buy souvenir products that are uniquely and truly New Zealand.

Knitted garments

In arts and crafts markets, you will find an array of knitted clothing items that are 100% handmade—from the spinning of the wool to designing and knitting the garment. The knitted sweaters, shirts, scarves, socks, and bonnets are all warm and comfy for kids and adults because they are made of natural materials without any chemicals.

Clothing products made of felt fabric are also worth checking out in Queenstown’s Arts and Crafts Market. They are available as vests, hats, jackets, bags, scarves, slippers, and more.

Merino wool clothing

Don’t go home without getting a clothing item made of luxurious cashmere-like wool from Merino sheep as a souvenir.

Knitted stuffed toys

What can be more adorable than your typical stuffed toy? It’s the knitted variety! Well-loved by tourists, these unique products—which can come in the form of birds, giraffes, and kiwis—make the perfect gifts for children and girlfriends.

Jade necklaces

Looking for a birthday gift for your mom or anniversary gift for your wife? Look for jade necklaces that are available all over NZ with Maori symbol carvings.

Postcards

Breathtaking New Zealand landscapes shot by the best local photographers are immortalized in postcards. Share the lovely scenery with your friends back home by sending them postcards while they’re waiting for your return.

Wooden sculptures

Bring home a reminder of the Maori tradition by buying a wood-carved item that captures the indigenous culture in New Zealand.