All posts tagged time management

Small Steps Can Lead to Big Payoffs

Small Steps Can Lead to Big Payoffs

Like many people in their mid-thirties, I have gone through several major life changing events over the past few years.  Building a career, having a child, and purchasing a home are just a few of the exciting events that I have experienced first-hand.

But with these events often come significant financial changes and a whole lot of planning for the future – retirement, children’s education, and aging parents, to name a few.  With so much going on and so many things to consider, keeping track of finances can be difficult, even overwhelming.

The recent purchase of a new home gave me a chance to reorganize and re-evaluate my finances and prompted me to track my budget more closely.  I started to track my expenses daily and found it to be an eye-opening experience!

Once I was able to see where my money was really going, I was able to plug the leaks and redirect my money to be more in line with my financial goals.  Here are some things that I have learned in the process:

  • Establish a system that works for you.  There are several record filing systems and budgeting methods to choose from.  If you find one doesn’t work for you, don’t give up!  Simply try a new system.
  • If you overspend, get back on track. Don’t let it give you license to blow your whole budget.
  • Work a slush fund into your budget.  Overspending is bound to happen and it will keep you from needing to tap into your savings.
  • Plan ahead.  One of my budget leaks was unplanned expenses while running errands.  Now before heading out the door, I always make sure that I have plenty of drinks, snacks, and activities for my son in order to avoid spontaneous purchases.

You don’t need a big life changing event to reap the benefits of tracking your expenses.  If you want to get started with your own budget, but feel overwhelmed or not sure where to begin, it may be helpful to speak with a financial counselor.  They can take a look at your situation, help you establish a budget and offer expert advice.  Here are some things to look for when choosing a financial counseling agency to work with:

  • Choose a non-profit agency that is accredited by the Council on Accreditation (COA) or the International Standards Organization (ISO), or is a member of the National Foundation for Credit Counseling (NFCC).  Your local credit union may also be able to direct you to a financial counseling agency.
  • Find out what services are offered.  A good organization will have a range of services, such as budget counseling, debt management services, and credit report counseling.
  • Ask what, if any, fees are involved.    Most non-profit financial counseling organizations offer some of their services and educational information for free.  If you are interested in Debt Management services, fees should not exceed $50 per month, or so.
  • Consider the way you would like to receive the services.   Counseling may be done in person, or over the phone or internet.  Choose a method that will fit your needs.

Taking a few minutes each day to write down my expenses and review my budget keeps me on track to meet my financial goals, both short- and long- term.

Beth Luke (bluke@greenpath.com) is a financial educator for GreenPath Debt Solutions, a non-profit, national leader in financial education and counseling.

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

Top Ten Small Business Pitfalls

Top Ten Small Business Pitfalls

Did you ever hear the phrase, “Hindsight is 20/20.”? It’s easy to look back on our mistakes and identify what went wrong after the fact.  It is of utmost importance to avoid common pitfalls made by millions of others before you.  By learning from their mistakes, you can make smart decisions for your business and enjoy making your entrepreneurial dreams come true.  Here are the top ten pitfalls to avoid in your business and how to avoid them:

  1. Failure to educate yourself before you begin – There is so much that goes into owning a business that goes beyond knowing your industry.  Small business ownership is a marathon, not a sprint, so stamina is the key.  Since you will most likely be watching your pennies, take advantage of free resources, like those provided by the Small Business Administration .
  2. A non-existent or hastily written business plan – Believe it or not, too many people start up businesses without a plan.  Don’t worry; you don’t need an MBA degree to write up a business plan.  An effective business plan should include a description of your business; information about your industry, competitors, suppliers, and target demographic; a marketing strategy; and finances.
  3. Spending money unnecessarily – To control startup costs, consider the following: leasing any equipment you may need instead of buying, buying supplies second hand, purchasing a minimal amount of inventory to avoid overstocking, and dealing in cash as often as possible.
  4. Not collecting payments promptly – Remember, you are held to a tight standard in having to pay your own creditors; hold your customers to the same standard.  Always provide an invoice no matter how small the amount, follow up when necessary, and don’t be afraid to implement a cash upfront policy for delinquent accounts.
  5. Forgetting to plan for a rainy day – So your efforts are paying off; inventory is flying off the shelves, you’re teeming with new customers, and profits are way up.  Enjoy it of course, but don’t forget to save some of that hard earned cash for an unforeseen setback.  Just like the overall economy, certain industries experiences cycles of good times and bad.  Your business will be able to survive the hard times if you put away some money and have a contingency plan for if things suddenly go south.
  6. Getting set in your ways – Even the most successful business owners can have a difficult time adjusting to new trends in the industry.  Keep abreast of any changes, including innovative new products/services, a shift in customer needs/wants, price points, marketing techniques, and technology.  Chances are that your customers are aware of what’s new, so don’t get left in the dark.
  7. Doing it all yourself – If you have employees, trust in their abilities and delegate responsibilities.  Trying to meet every obligation on your own and micromanaging are both recipes for burnout and disaster.  Empower your staff by handing over certain tasks and projects; you’ll also find that they will become more invested in the success of your business when they know they are an important part of it.
  8. Inability to step away – Once you have established your business, you should make decisions that allow it to run smoothly without you once in awhile.  There will be times when you need to take a few days off for personal obligations, and let’s face it: who doesn’t need a vacation every now and then?
  9. Poor marketing – From traditional marketing methods to those of the 21st century, there are more ways to market your business than ever before.  As with anything else in your business, do your research to decide what is best.  It might be a good idea to only focus on one or two methods at first, such as targeted direct mail campaigns and an effective website.  Collect information about what is working and adjust your marketing efforts accordingly.
  10. Lack of discipline – This is especially important if you have a home-based business.  Our households are rife with distractions such as laundry, cleaning, a ringing phone, and even our own children.  These things take time away from your business, which in turn takes money out of your pocket.  Create a strict schedule for yourself and stick to it, make a list of what needs to be done and when, and minimize needless distractions.

What pitfalls have you encountered in your business?  Please share your problems and solutions with us in the comments section below!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

Habits to Build Your Business

Habits to Build Your Business

Think about something positive you do during the course of any given day that would be considered habitual. Jogging every morning before work?  Checking in on a loved one with a phone call?  Reading at least a few pages a day of a new novel?  Chances are you have established some good habits throughout your life that enrich you in some way.  Building a successful business also requires good habits.  How many on the following list are part of your business protocol?

  • Set goals.  This tip includes both short term and long term goals for your business.  Maybe a short-term goal would be to update and enhance your website.  What can you do each day to achieve it?  A long-term goal might be to expand your overall online presence by year’s end.  What can be done each month to reach it?
  • Define success. Success is measured differently by everyone, so take some time to reflect upon what is important enough that represents success to you.  For some, it might be a dollar amount; for others, the flexibility to make one’s own hours.  Your definition of success may change throughout your time as an entrepreneur, but having a concrete idea of what it actually is will keep you motivated and on task.
  • Prioritize. It can be tempting to try completing everything that needs to be done all at once.  However, this is unrealistic.  Owning a business requires stamina, and without pacing yourself, burnout is bound to happen.  Prioritize your tasks and reassess your list regularly. 
  • Organize.  Disorganization can literally cost your money.  If you need to bring order into your office, do so immediately.  If you are already sufficiently organized, establish habits that will encourage you to stay that way.  Small business ownership is a sort of juggling act, one in which chaos and clutter have no place.
  • Personalize.  The one huge advantage small businesses have over corporate giants is customer relationships.  Assess the relationships you have with your customers and the service you provide them.  How can they be improved?  What can you offer that goes above and beyond?  Word of mouth is a powerful thing, and being a poster-child for exceptional customer service will benefit your business in a multitude of ways.
  • Identify the bad habits.  The creation of good habits must come from the replacement of bad ones.  Figure out what you are perpetually doing that is ineffective for your business, and come up with a way to replace those things with good habits.  For example, do you procrastinate when following up with customers?  Replace this bad habit by dedicating a set window of time every day or week to exclusively contact your customers that need a follow-up.  Stick with this plan consistently, and before you know it, it will be second nature for you to stay on top of customer service.
  • Change one thing at a time.  As with anything new, it takes time to make the behavior habitual.  Do not try to change your whole work life in one fell swoop.  Choose one element on which to focus, and perfect that first before moving on to the next.  This will facilitate consistency and long-term maintenance of those good habits. 

What habits do you practice that contribute to building a successful business?  Please share with us in the comments below!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

Tips to Stay Up on Your Accounting

Tips to Stay Up on Your Accounting

With that nasty tax deadline creeping up on us all, it’s time to assess the way you handle accounting for your business.  Whether you’re a master of bookkeeping or a filler of hastily labeled shoeboxes, there are several resources available to you and lots of different ways to make accounting a manageable task that will keep your money in your pocket where it belongs.

  1. Create a system to make your own.  Categorizing and organizing receipts, bills, and other accounting documents can be overwhelming to say the least.  Some keep alphabetical files, some keep files by month and year, and others keep files by kind (mileage, supplies, travel, etc.).  There is no one right answer except that you need to choose or create one that will be most efficient for your business.  For example, a direct seller of jewelry whose business consists mostly of home parties would be best suited by organizing her files by kind as the bills get paid and receipts come in.  This way, all she has to do come tax season is to add up what is in the files to complete the IRS tax form.  Bottom line: design a system of organization tailored to your business’s needs.
  2. Track EVERYTHING.  Every expense and every penny of income must be logged in some way.  Even though chances are slim that you would be audited, make sure that everything is documented in case you are.  Tip: Back up your data.  Many banks keep online statements for 18 months, but the IRS can audit you going back three years (up to six if a major error is found).  Consider scanning any documents of which you don’t have electronic copies.
  3.  Go digital.  For those who want to de-clutter and are looking to deal with less paper, there are many websites that can help you do just that.  Shoeboxed, for example, allows you to scan, upload, or mail in documents.  Scanning can be done from a printer or from a mobile phone.  From here, they will extract the data and categorize it into your own online account.  Similarly, The Neat Company allows you to transform documents into a sort of digital filing cabinet.  Services like these can be especially valuable for those who do business on the go.
  4. Be a regular.  You should have a regular frequency with which you handle your accounting.  Twice a month works for most small businesses, but this would be another thing to assess based on your own needs. Choose and stick to a time when you are going to sit down and pay your bills; integrate that time into your regular schedule.  The more regularly you address this area of your business, the more manageable and less time-consuming it will become.  As an added bonus, you can catch any errors before they accumulate and cause major damage.

Keeping track of your accounting as you go is the most efficient way to stay on top of all the paperwork. Not having any system in place will result in inaccuracies that will cost you hard earned cash.  How do you stay on top of your accounting?  Please share with us in the comments section!

DSEF & Money Wise Women: Using Social Media to Build Your Business

DSEF & Money Wise Women: Using Social Media to Build Your Business

Today’s highlighted post from Money Wi$e Women Get Smart Teleseminar Series (Click here):

Using Social Media to Build Your Business

Do you understand social media and how to use it? Jennifer Fong will discuss the differences between social media for personal and business use, how to get started with social media, and social media tools to consider using for your business.

Jennifer Fong

Jennifer Fong is a social media speaker and consultant who teaches direct selling companies and individual direct sellers how to use social media effectively as a business building tool. A former direct sales company CEO, Jennifer built her company from the ground up, and understands what it takes to build, lead, and train a team, as well as the underlying principles of any direct selling business: network, sell, and recruit. She combines her expertise in direct sales with her passion for social media marketing to provide direct sellers with the knowledge they need to put social media to work for their businesses in a strategic and profitable way.

http://jenfongspeaks.com

DSEF proudly sponsors the free Money Wi$e Women Get Smart Teleseminar Series hosted by Marcia Brixey, Founder and President of Money Wise Women Educational Services and author ofThe Money Therapist: A Woman’s Guide to Creating a Healthy Financial Life. The series covers topics related to business and finances and provides women the opportunity to learn from professional experts in a safe, comfortable environment.

To find out about upcoming teleseminars, visit http://www.moneywisewomengetsmart.com/

DSEF & Money Wise Women: Learn to Say No: Adding Pause, Reflection and Focus to Your Life

DSEF & Money Wise Women: Learn to Say No: Adding Pause, Reflection and Focus to Your Life

Today’s highlighted post from Money Wi$e Women Get Smart Teleseminar Series (Click here):

Learn to Say No: Adding Pause, Reflection and Focus to Your Life

Women too often respond ‘yes’ or ‘no’ to demands by checking whether their calendar is free. Women need to start checking with their own goals to see if the request fits in.” — Jackie Farley, Ceo, CenterPoint. This applies to everyone — men and women. Our lives have taken on the speed of technology, amazingly unlimited opportunity, and “too muchness!” It’s time to step back and put life back into our lives. That includes pause, reflection and focus. Learn to make conscious choices to say no when necessary. Learn three tools to help you figure out what to say no to and how to actually say no. Here’s how.

Kathie Hightower

Kathie Hightower is an international speaker, author and writer working from her home office at the Oregon Coast. Author of Simple Joys: Little Things That Make a BIG Difference, the Jump Into Life Workbook, and frequent contributor to publications worldwide, Kathie does intensive, ongoing research for her writing and her seminars. Her focus is helping people pump up their energy, creativity and joy in life. A speaker and writer since 1990, Kathie has spoken to corporate, wellness, and military groups all over the United States, Europe, Japan and Korea. Kathie is also co-author of Help! I’m a Military Spouse —I Get a Life Too! soon to come out in a third edition. She has other books and a novel in the works.
www.jumpintolife.net
www.militaryspouse.com

DSEF proudly sponsors the free Money Wi$e Women Get Smart Teleseminar Series hosted by Marcia Brixey, Founder and President of Money Wise Women Educational Services and author ofThe Money Therapist: A Woman’s Guide to Creating a Healthy Financial Life. The series covers topics related to business and finances and provides women the opportunity to learn from professional experts in a safe, comfortable environment.

To find out about upcoming teleseminars, visit http://www.moneywisewomengetsmart.com/

Return On Investment (ROI): Evaluating Your Progress

Return On Investment (ROI): Evaluating Your Progress

What does ROI stand for? It means Return On Investment; the effort and time you put into something and the measurable return for your hard work.

Have you ever tried to shoot a basketball into a net? For most of us, the first shot is almost always a miss. But from that first shot we make many small and large adjustments. Things like aim more to the right, use more force, create more arc, push with your legs and eliminate distractions.

Imagine going through this kind of process for your business. What kind of success can you achieve based on accurate evaluation and ongoing improvement? Here are some ways to help you evaluate your progress and point you towards building a successful business.

  1. Establish a goal. Give it a time frame and completion date.
  2. Separate your goal into smaller tasks and give each task a completion time. However, be prepared that you may need to adjust your completion date depending on the circumstances.
  3. Decide on what you want to measure. Here are some more common areas that you may want to measure depending on your goal:
    • Number of prospects
    • Number of customers
    • Time needed for each process related to your business (where can you improve/streamline?)
    • Retail value of sales
    • Amount of expenses in relation to income produced
    • Changes in seasonal cycle
    • Impact of training on performance
    • Engagement
    • Performance level of team members
    • Online marketing results

4. Once you have this data, look for improvements, trends, patterns, negatives, positives and how you are measuring  up to your goal.
5. Decide on how often you need to evaluate your progress.
6. Create a report and make some conclusions on how to improve.

It’s important for any business, whether home-based, small or large, to evaluate their process of doing business. This process will give you insights to quickly improve, adjust, minimize risks and help you plan for the future.

How do you evaluate your ROI?  Share with us in the comments section below!

How To Start Your Week Right

How To Start Your Week Right

Do you ever go to bed on Sunday night unable to sleep?  Are the stresses of the week ahead keeping you awake?  If you’re like most people, the thought of starting the week can cause for some degree of anxiety.  However, there are some simple steps you can take to ease the worry and get your week off to a positive, productive start.

1. Make your list.  Most of us have a running to-do list of both long and short term tasks.  Before you start your week, highlight or create a separate list of items that need to be completed in the next few days.  These will give your week focus, and by narrowing down the list, it will seem more manageable.  Tip:  Don’t wait until Sunday evening to create your list; this can get in the way of a restful night’s sleep.  Ideally, work on your list before you wrap things up on Friday. Plus, your mind is still fresh with exactly what needs to be done.

2. Plan a menu.  Eating healthy increases productivity and energizes your body.  The key to doing so is by planning a menu.  To maximize your savings at the grocery store, check your circular for what’s on sale and plan your menu around those items.  This way, when you arrive at the supermarket, you are armed with a list that will provide all your cooking needs for the week ahead.  Tip:  Prepare your food ahead of time.  If you’re always running around in the morning, pack your lunches the night before.  Also, consider cooking a few meals over the weekend, store in appropriate-sized containers, and freeze.  Now you’ll always have a meal on hand when there is just no time to cook.  Take it out of the freezer in the morning, and heat it up when you come home from work.

3. Firm up your schedule.  Perhaps you have some tentative meeting dates, conference calls, or product demonstrations.  Before the week begins, finalize those obligations so you will have a good idea of what you can realistically accomplish throughout the week.  Tip:  Don’t over-schedule.  By trying to fit too much into one day or week, you may be setting yourself up for a mid-week burnout.  Of course you always want to challenge yourself and work to build your business, but know your limits and set yourself up for success.

4. Set aside your work clothes.  If you work outside the home, dressing professionally plays an important role in your day.  Since Mondays usually set the tone for the rest of the week, take a few minutes on Sunday night to set aside what you will be wearing on Monday.  Don’t forget to choose not only your basic outfit, but any accessories like shoes, a tie, or jewelry.  Tip:  Set aside 3-4 outfits so you are ready for the week.  Some people choose to do this each night, but usually as the week rolls on, evenings get busier and busier.  Give your closet a quick scan to be sure you have a few outfits ready to go.  Doing this will also give you a heads up on any laundry that may need to be done.

5. Go to bed early; get up on time.  Nothing facilitates disorganization like a rushed morning caused by hitting the snooze button a few too many times.  Avoid this rut by going to bed nice and early on Sunday night, so you will wake up refreshed and ready to take on the challenges that Monday mornings can bring.  For the same reasons, get yourself up 15 minutes earlier than usual on Mondays so you have plenty of time to deal with any unforeseen consequences like an empty gas tank or a coffee stain on your shirt.  Tip:  If you work outside the home, plan on leaving 15 minutes before you actually have to be out the door.

How do you get your week off to a good start?  Share your ideas in the comments below!

How to Be More Productive

How to Be More Productive

We all procrastinate once in a while, and usually we just wait for it to go away. But we’ve also experienced moments when we felt unstoppable. Like a super hero! So, how can we experience more super hero moments?

The trick to being more productive is to spot when you’re not being productive and be prepared to overcome it. You are practicing self-discipline and you can master it.

Step 1 – Use your calendar to mark short, medium and long term goals.

Step 2 – Create a daily schedule.

Step 3 – Make and prioritize your daily to do list to help you focus on what needs to be done and to reduce unproductive temptations.

Step 4 – Acknowledge and recognize time wasters/unproductive activities.

Step 5 – Decide to stop the time wasting or allow the unproductive activity for 5 minutes and use it as a break, or make it a reward with no time limit when you have completed your productive tasks.

Step 6 – Understand and identify your work strengths and weaknesses.

Step 7 – Use your strengths and/or set aside the time when you’re typically the most productive to tackle more challenging tasks.

Step 8 – Get more organized.

Step 9– Improve time management and efficiency skills. Read up on how others manage their time, and use their methods. Here’s a web page from Dartmouth College to get you started: http://www.dartmouth.edu/~acskills/success/time.html

Step 10 – Keep a journal or chart and write down your accomplishments.

Step 11 – Reward yourself when you accomplish the tasks on your to-do list.

How do you handle moments of procrastination? Do you have a tip to share? We would love to hear from you in the comments below!