Five Areas of Focus to Generate Sales

Five Areas of Focus to Generate Sales

There are many factors that go into the amount of sales you may generate in a given day, week, or month. Sometimes the difference between falling short of your goals and exceeding them is focusing your efforts in the right place. Here are five things to focus on that can help you generate sales:

Focus on:

People. Remember that you are in the people business, so focusing on the individual can greatly increase your chances of closing the deal. Figure out the person’s need or problem to be solved, reasons for hesitation, knowledge of the product or service, etc. Furthermore, remember that these vary widely from person to person. Listen carefully. Get a feel for what makes the person comfortable, and demonstrate your genuine desire to help. Being able to read people quickly takes practice, but will take you a long way on your path to success.
Results rather than effort. You may feel that because you have put in a certain number of hours or a certain amount of heart, that you are doing all the right things to generate sales. However, if your results are less than you’d hoped, all that effort may not be contributing to your success. If something isn’t working, look for different things you can try, and keep adjusting. Keep your results in mind to maintain motivation and continue moving forward.
Creativity. Although you may have a lot of competition in your business, there is only one you. Tap into your individuality to spark some creativity. Don’t be afraid to take more risks because playing it safe all the time may prevent you from learning and growing. For example, the owner of a dancewear shop has an extensive dance and singing background, which she incorporates into her business from time to time. During her slower times of year, she promotes certain items and puts them on special. Any time a customer purchases one such item, he or she is treated to a 30-second serenade by the staff. This seemingly silly practice has gotten the shop lots of attention and even more foot traffic.
Excellence and wowing your clients. A disgruntled client is usually one who won’t return. Make sure you put a great deal of focus on excellence and impressing your clients with your attention to their wants and needs as well as your ability to anticipate and extinguish any problems before they arise. Impressing your clients will keep them loyal and motivate them to recommend you to others.
Asking for the sale. So many people forget this all-important part of selling. You may have a whole strategy in place for making a prospective customer say yes, but none of that will matter if you don’t come out and ask for what you want. If nothing else, posing this obvious question will allow the customer to explain why he or she is saying no. Since each “no” can help you find a yes, don’t pass up the opportunity to hear it. And as is often the case, the customer wants to say yes, but won’t initiate that part of the conversation himself. It’s up to you to get it.

Ultimately, your main focus point should be the prospective customer. Incorporating these points, combined with improving your people skills, can have a profound effect on the sales you generate.

What would you add to our list? Please share your ideas below!

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Three Ideas to Improve Your Business Scripts

Three Ideas to Improve Your Business Scripts

It’s no secret that creating a script for a sales pitch or other type of meeting can be extremely helpful. A script can prevent you from forgetting to include important information, can make you feel more prepared, and can increase your confidence. All of these benefits increase your chances of achieving your desired outcomes. Here are some ideas for making those scripts even better.

Build in time to listen. Much of your presentation probably consists of you doing the talking and the audience doing the listening. However, there should be specific parts of your script where you engage the audience in a way that gets them thinking about something in particular. For example, you might pose a rhetorical question and give them time to silently come up with an answer for themselves. Encourage active listening as much as possible to maintain their attention.
Include a Q & A session. A question and answer portion of your script is a wonderful opportunity for you to gauge how effective you have been in presenting your information. The types of questions asked will give you some insight into how the audience perceives your message. Furthermore, a Q & A allows you to clarify important talking points and add new information where appropriate. To maximize the effectiveness of the Q & A, ask the client to be more specific with a question or to explain what is meant by it. This helps others who may have the same type of question in mind.
Allow time for your audience to process the information and provide feedback. Perhaps you can assign a small group activity where your audience breaks off into groups of 2-4 people to discuss a question you’ve posed to them. Doing so allows you to circulate, give each group some individualized attention, listen to feedback, and make suggestions and recommendations. For example, if you are training a batch of new employees on how to handle a difficult customer, consider assigning them a role-playing activity to act out and then discuss its outcome. As you circulate the room, observe each group, interject and guide them when necessary, answer questions as they arise, and offer positive reinforcement. All this increases the likelihood that your audience will get the most out of your message.

To maximize the effectiveness of your scripts, make sure they are well-rounded and allow the audience a variety of ways to engage.

What suggestions do you have for improving scripts? Please share your ideas below!

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4 Tips to Improve Your Public Speaking

4 Tips to Improve Your Public Speaking

If public speaking is a regular part of your role as small business owner, and you are like many people, it may be one of your biggest fears. Fortunately, it does not have to be that way. There a few easy ways to ease your public speaking fears and improve your skills at the same time. Here’s are some things you can do to improve your public speaking:

1 Prepare, prepare, PREPARE! There is almost no worse feeling than being unprepared. If you haven’t done the legwork before a public speaking engagement, you may feel flustered, nervous, and incompetent. These worries will be evident to your audience, so prepare as much as you possibly can. Write down or type out your content, and frequently rehearse using your notes; also, make adjustments where necessary. For example, if you find that you continually lose your place when reading from your notes typed on an 8 ½” x 11” sheet of paper, switch over to note cards, on which you can write just a few bullets before getting rid of that card. Find a system that works for you. You may also consider recording yourself on video to get a sense of your own body language, and how you appear to others.

2 Show confidence. This is easier than it may seem, especially if you have adequately prepared. You know the material, you are a successful leader, and you have been given the responsibility to speak in front of a group of people. Take pride in this role by holding your head high, making frequent eye contact, and speaking in a strong, clear voice. Give yourself a positive “pep talk” before going in front of the group, and tell yourself that you are well able to give your speech effectively. What you tell yourself matters!

3 Focus on key points, but provide personal stories to balance them. Your main focus should be on the key points, or main ideas, of your speech. If you nail those, the rest won’t matter as much. However, it is also important to give your audience a way to relate to you personally. So be sure to provide a few personal stories that will illustrate your main points. These are the things that people often walk away with as a result of your talk. So choose 2 or 3 of your main points, and plan a brief story you can tell that will illustrate those points.

4 End with a call to action. You don’t want your speech to fall flat because of a boring conclusion. End with a call to action from the audience. Doing so helps give your speech purpose and drives your point home. For example, if you are speaking to a team of employees about improving customer service, an effective call to action might be, “Ask your next customer for their honest feedback before you let them leave. Then the next, and the next, and so on. Make this your new protocol.” Concluding with a call to action also helps your audience figure out where to start.

With careful preparation, self-reflection, and a firm grasp on the content, public speaking can become yet another skill you master. And don’t be afraid to ask for feedback from others either in a practice setting or after the real thing. This will help you continuously improve your skills!

What else would you add to our list? Please share your ideas below!

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12 Tips for Successful Online Virtual Events

12 Tips for Successful Online Virtual Events

When was the last time you purchased or sold something online, or hosted an online gathering or meeting? There are many venues and sites out there where you can use to host events, from Facebook to Forums and more. As a business owner, the big questions about virtual events are: How do you get people to come? and How can you encourage people to buy from you once they get there?

Today it seems like everyone is connected on social media, and that makes virtual events more attractive than ever. People don’t have to live in your backyard to participate. However, there are some specific steps you should take to enjoy more successful events. Here are some tips:

Have a clear goal for the event. Will you be looking for sales? Encouraging people to network? Share an opportunity? Be very clear about what you want to happen so that people who come know what to expect.
Invite several ways. Don’t just set up a Facebook Event and forget about it. Text, evite, call (gasp!)…let people hear from you BEFORE you send the official invitation, so that they know that it isn’t just spam. And then send 1 or 2 reminders leading up to the event, including an hour or so before, so people remember to log on.
Make the invitation special and fun. If your event sounds boring they won’t come. So jazz up your invite with some personality, and make sure they know how much fun your event will be.
Special offers. Be prepared to offer a discount, promotion, or other special to encourage attendance. People are more likely to come when there’s something it in for them.
Be brief. Most online events are most successful when they are 30 minutes or less.
Pick up the pace. Online, pace is everything. So be sure to keep things moving with new content and conversation pretty regularly during your event, so people remain engaged.
Make it visual. Images and video clips can help your event remain engaging. Have several of these prepared so you can share them at the right moments during your event.
Don’t overwhelm. If you try to pitch too many products or too many details, chances are you’ll turn off your audience. Instead, focus on a handful of reasonably-priced products or a few well-chosen details and schedule follow-up conversations with those who would like to learn more.
Be social. Make sure you provide plenty of prompts and opportunity for conversation. People are more likely to convert if they are having fun interacting with others.
Provide a call to action. At the end of your event, be sure to provide a clear call to action related to your goal. If you want people to shop, tell them (and offer free shipping if they do so in the next 15 minutes(! If you want people to join, give them a link where they can do it. But be sure to ask for what you want, and provide an incentive to do it within the next 15 minutes.
Get their contact information. Online events are a wonderful way to make new connections, but be sure to follow up! The personal connection you can make with people comes after the online event is over. So send a message to each attendee asking if they have any questions, offering help based on conversations they’ve had during the event, and so on. The personal touch is likely to encourage those on the fence to make the leap.
Stay online after the event. Some people may not share their questions during the event. So be sure you let them know you’ll be around for another 30 minutes to offer personal service, answer questions, and provide help. The more available you are, the more likely it is that you’ll reach your goals for the event.

Today, online events are a part of the ever-evolving business landscape, and the ways we do business create great opportunities for those who can keep up and make business social. When you solve problems and position your business as easy and reliable, you can win customers who keep coming back, and refer their friends.

Have you attended or run online events for your business? What was the experience like? What would you like to improve about the experience? Would love to read your thoughts in the comments!

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Five Ways to be Unforgettable

Five Ways to be Unforgettable

The most effective networkers and salespeople have certain qualities that make them unforgettable. Whether you are meeting a prospective customer or presenting a new marketing campaign to your staff, it is important that you leave a lasting impression. Your impression is as important as your content, so keep the following tips in mind when you want to leave a memorable impression.

1 Maintain a positive attitude. Your own attitude about what you are saying is the first thing that people will notice. Not only must you truly believe in your words, but you must display a positive attitude and enthusiasm as well. Demonstrate this with your bright smile and light-hearted tone of voice. Most importantly, let your personality shine through, and your positive attitude will be contagious.

2 Use logic in your presentation. Using facts and reason injects logic into your presentation, and if done effectively, can eliminate any doubt or hesitation. For instance, in a sales pitch to a prospective customer about high end cutlery, one experienced representative always asks the customer to show him the drawer full of cheaper, lower quality knives that are no doubt stashed in the kitchen. The salesperson then asks how often the customer must replace the utensils and how much it costs each time. After showing the prospect on paper the amount that has been spent on low quality products over the last ten years, he then presents the cost of his product to show that because it never needs replacing, the customer is actually saving money in the long run. Numbers don’t lie, so this is an effective way to use logic in a presentation.

3 Tap into emotions. Logic will take you far, but not all the way. Your prospect needs to feel something about your content in order to take immediate action. The cutlery salesperson can tap into a customer’s feeling of accomplishment after preparing a delicious meal for her family with ease. A team leader can tap into the staff’s excitement about beating out the competition with the new marketing strategy. Do your research ahead of time to find out the best way to appeal to people’s emotions.

4 Be concise. No matter how infused your presentation is with a positive attitude, logic, and emotional appeal, it will all mean nothing if you go on for too long. Say only what is necessary, and don’t lose focus by going off on tangents or straying from the topic at hand. Be respectful of others’ time and mindful of average attention spans.

5 End with a creative idea that has impact or something visually powerful. The ultimate part of your presentation must be memorable. Don’t waste the opportunity to pack one last punch by summing up what you’ve already said. End with a creative call to action or a stunning visual that will solidify your overall presentation. The cutlery representative, for example, strategically places his different product samples throughout the customer’s kitchen during the pitch, and ends with asking him or her to take a good look at this new and improved cooking space. Having given the customer’s kitchen a makeover of sorts has a lasting impact and provides a visual that is hard to refuse.

The keys to being unforgettable are to truly believe in what you are presenting and to infuse your own individuality into your pitch. What would you add to our list? Please share your ideas below!

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Becoming a Money Wise Woman

We have only to examine a few statistics to understand why it’s important to become educated on financial issues and begin planning our futures now. Between raising children and taking care of parents, women are losing an average of 14.7 years from the workplace. A woman who is out of the work force for one year must work five years to recover lost income, pension coverage and promotional opportunities. In spite of our best intentions, between the 43% divorce rate and the fact that women tend to live seven to ten years longer than men, the reality is that if we aren’t already, most of us are going to be the sole person responsible for our financial security at some points in our lives.

Marcia Brixey

Women are by nature, caretakers. We take care of our children, husbands, partners, grandchildren and parents. We take care of everyone, but ourselves. But, ladies we need to be proactive and make an investment in ourselves. The investment we make now will determine our quality of life both financially and personally in the years ahead.

I wrote this in my first Kitsap Sun article – Becoming a Money Wise Woman in January 2003. Although 10 years later the statistics are still much the same, Money Wise Women has provided thousands of women with the tools and education to live financially healthy. More than 6,600 women have attended 70 Money Wise Women Conferences in Washington, California, Idaho and Oregon since November 2002.

Several years ago Money Wise Women joined forces with the Direct Selling Education Foundation (DSEF) to educate and empower women on their financial and business goals through the Money Wise Women Teleseminar Series. The free teleseminars (thanks to DSEF’s sponsorship) cover a variety of topics relating to finance and business. Topics include investing, credit reports, credit card debt, goal setting, time management and much more.

Each monthly listeners have the opportunity to listen live to my interview with powerful women who are experts in their field. We tape the teleseminar allowing women to listen and learn at their leisure in the comfort of their own home. Upcoming Money Wise Women Teleseminars include:

Treating Your Business Like a Professional with Deb Bixler
May 7, 2013
A Single Woman’s Guide to Retirement with Jan Cullinane
June 11, 2013
Calling All Super Complainers with Michele Corey
July 9, 2013
A Man is Not a Financial Plan with Candace Bahr and Ginita Wall
August 13, 2013
Business in the You Economy with Tara Gentile
October 8, 2013
Communicating with Many Generations with Jennifer Fong
November 12, 2013

If you’re ready to get financially healthy and/or take your business to the next level visit Money Wise Women Teleseminar website – www.moneywisewomengetsmart.com to listen to past teleseminars and sign up for upcoming teleseminars.

“Whatever you think you can do or believe you can, begin it. Action has magic, grace and power in it.” Goethe

About Marcia Brixey

During her 26 years working for the Social Security Administration Marcia Brixey met thousands of women who experienced financial difficulties resulting from a personal crisis – husband’s death, divorce, illness or loss of a job. In August 2002 she founded Money Wise Women Educational Services to ensure every woman is financially articulate, confident, secure and independent. Today she hosts and speaks at Money Wi$e Women Conferences throughout the Western United States. Marcia also hosts the popular Money Wi$e Women Teleseminar Series. She is the author of The Money Therapist: A Woman’s Guide to Creating a Healthy Financial Life (Seal Press). Ms. Brixey regularly blogs for Money Wise Women and Forbes.com.

Ms. Brixey’s been the featured speaker at numerous conferences including the Women’s Money Conference in Reno and Las Vegas; Central California Women’s Conference in Fresno, CA; Prudential Financial Stepping Out Conference in Santa Clara, CA and Chicago IL; Choice Hotels Convention in Orlando, FL; Oklahoma Society of CPAs Invest in Herself: Journey to Financial Freedom Conference in Tulsa and Oklahoma City, OK; Washington State Employed Women in Vancouver, WA; Today’s Woman Expo in Boise, ID; Invest in Yourself Strategies for Women Conference in Costa Mesa, CA; and Northwest Women’s Show, Seattle WA and Portland OR. She’s also spoken at Aquinas College in Grand Rapids, MI.

Marcia is a former columnist for The Kitsap Sun newspaper, which serves the Kitsap Peninsula in Western Washington. She has been a guest on Northwest Afternoon (Seattle, KOMO TV), View from the Bay (San Francisco, ABC affiliate), Good Day Sacramento, About the Money (Seattle, PBS affiliate) and Sonoran Living Live (Phoenix, ABC15 TV). Marcia’s been interviewed on numerous radio shows and featured on CBS Report of the Week with Brian Banmiller. Marcia’s print media appearances include Quick and Simple, Redbook, Family Circle, Reader’s Digest, Ladies Home Journal, Puget Sound Business Journal, Seattle Woman Magazine, and US News and World Report. She is a member of the My Own Business Institute Advisory Panel. Ms. Brixey received the 2006 YWCA Woman of Achievement award in Kitsap County.

Marcia was inspired to take early retirement from her public relations job with the Social Security Administration in August 2002 after reading the quote “Our purpose in life is to find our gift, perfect it and give it back to others”. Ms. Brixey’s experience with the Social Security Administration includes District Manager, Supervisor, and Public Relations Specialist. She graduated from California State University, East Bay with a B.S. degree in Business Administration.

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Eight Ways to be a Great Leader

Eight Ways to be a Great Leader

Effective leadership is not an easy skill to master. It usually takes years and years of experience, trial and error, and self-reflection. However, the more others respect you as a leader, the more successful your business will be. Here are a few tips on how to become the kind of leader you’ve always wanted to be.

1 Keep your word. It doesn’t get much simpler than that. If you say you’re going to do something, be sure to follow through in a reasonable amount of time. You may have unanticipated circumstances arise, but a constant pattern of not doing what you said you would do will quickly cause others to lose their trust and respect. Giving someone your word should really mean something, so be sure to follow through.

2 Be inclusive, welcoming, and make others feel safe. There is nothing worse than an intimidating leader who only seems to associate with a select few. Include everyone from entry-level employees to team leaders and executives within a work environment that rewards hard work and fosters a collaborative feeling. If others are afraid of you, their work will suffer.

3 Encourage creative thinking. You want your employees to think outside the box, so the best way to get them to do this is to model it on a regular basis. When assigning a project, give a clear idea of what you want the outcome to be, and reinforce your desire for higher level thinking and creative ideas. Don’t let others be afraid to take risks.

4 Allow people to share ideas and concerns. You most likely will not agree with many of the ideas and concerns that are brought to your attention, but it is of utmost importance that those who work under you feel free to express them. A business is not a dictatorship, and you want your employees to know that their ideas have value. Give others a voice within your business. You never know what you could be overlooking.

5 Support others and help them grow. When someone makes a mistake or doesn’t seem to be up to par with their colleagues, don’t use it as a chance to knock them down. Give them the opportunity to improve by providing practical suggestions, frequent support, and positive reinforcement when possible. The same applies to those who are consistent achievers; make sure they know you appreciate their hard work and that they have your full support.

6 Keep things running smoothly. Efficiency is the key to a successful operation, so although you may have assigned others to only focus on certain areas of the business, it is your job to ensure that everyone is working together, communicating with each other, and contributing equally to the business as a whole.

7 Maintain an exciting and fun atmosphere. Don’t let the day-to-day goings-on take over the feel of your workplace. Incorporate excitement and fun by planning team-building activities, allowing others to express themselves in a way that is professional and light-hearted at the same time, and even tapping into your spontaneous side. One office manager picks a random day of each month to reward one member of her administrative staff with an employee of the month type of award that includes a silly trinket, a funny song to celebrate, and his or her favorite lunch. Make your business a place that people look forward to working each day.

8 Hold others accountable for their actions. Bending the rules for some and not for others is a slippery slope. If your employees begin to feel that there are different rules for different people, morale will go down and productivity will suffer. When a person messes up, acknowledge it and act on it appropriately. The same goes for people who do something exceptionally well. Be sure to acknowledge it and encourage them to keep up the good work.

You can become a great leader who is well-respected by making sure you level the playing field and encourage creativity and hard work. What are some other qualities you feel make an effective leader? Please share your ideas below!

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Six Easy Ways to Attract More People

Six Easy Ways to Attract More People

Whether you’re looking to attract more customers, recruit new employees, or network with influential people, there are a few simple things you can do to increase your chances of success. Take a look at our list to see how you can attract more people to you and your business.

Engage everyone with a friendly greeting. Sometimes we get caught up in our own worlds and don’t take the time to greet each person properly. Initiate a friendly exchange by greeting each person. A simple opening such as, “How are you this morning?” or “It’s a pleasure seeing you again,” can suffice. More often than not, such pleasantries can lead to a friendly conversation. When people know you are genuinely interested, they will not only remember you, but will look forward to interacting with you again.
Focus on the individual. Although your ultimate goal may be to attract a certain number of people, forget that number when interacting with one person. For that moment in time, focus solely on the individual. What are his or her needs? How can you be of service to the person? What message is the person trying to convey to you? Don’t inadvertently turn people off by engaging them in generic conversations. Tailor your interactions to that particular person.
Avoid arguments. You will not always see eye to eye with each person you come in contact with. Arguing, however, is unprofessional and will turn people away. Be proactive and avoid potentially controversial topics such as politics and religion. Even if you do these things and a disagreement happens anyway, take the high road and “agree to disagree.” People will respect and appreciate your honesty and courtesy.
Assume everyone is good. By doing so, you demonstrate that you are a positive person who sees the good in others. This feeling is contagious and often reciprocated. Everyone makes mistakes, but giving others the benefit of the doubt will encourage a sense of trust and will likely strengthen your relationship. Besides, wouldn’t you want others to think the best of you?
Be helpful. This can be done in so many ways, and a good deed will definitely be remembered by others. For example, the owner of a local pizzeria found a gold bracelet on a table left behind by one of his last customers of the night. He had no idea who she was or how to contact her, so he put it aside in case she came in again. She returned a few weeks later, and he asked her if she had lost it. The woman was so grateful she was nearly in tears; it turns out the bracelet was left to her by her recently deceased grandmother. She told everyone who would listen how generous the man was and became a loyal patron of the establishment. It would have been just as easy for the owner to toss the bracelet or keep it, but his helpful nature earned him something that was priceless for his business.
Get involved. Reach out to your customers, your staff, and your community. Involving yourself in a good cause will show others that you truly care. People are attracted to others who are generous with their time and skills. Demonstrate your sincere desire to give back to those around you.

You can attract more people by treating others kindly and going the extra mile to show them you care. What can you add to our list? Please share your ideas below!

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Five Ways to Find New Opportunities for Your Business

Five Ways to Find New Opportunities for Your Business

By doing more of the things you love and are good at, you can actually maximize your chances of finding a great opportunity for your business. Tap into your desire to interact with and help others, and you’ll find that it benefits your business. Take a look at our list to start making the most of your talents right away.

Talk to more people. Perhaps it sounds too easy, but striking up a casual conversation can lead to countless positive outcomes. Whether you’re at a professional workshop, on the train during your evening commute, or in the waiting room at the doctor’s office, initiate friendly conversation when appropriate. Sometimes even just the mention of what you do for a living will evoke more questions from the other person, and you never know what lies ahead. For example, a former schoolteacher who operates a tutoring business out of his home initiates some small talk with a fellow customer while waiting in line at the grocery store. It turns out the person is looking for contributions to an article she is writing for the local newspaper about the pressures high school students face applying to college. Someone who works so closely with these students in a different way than their regular teachers would make a great addition to the article, and a mention about his business certainly would increase his exposure. Not every casual conversation will end in such an opportunity, but taking this step may lead to more opportunities, so stay alert!
Be more curious. Don’t be satisfied with the status quo. What else can you learn about running a successful business? What is happening in the industry right now that could directly affect you? How do your employees and customers feel about your business? Asking yourself such questions on a regular basis will renew your motivation to move your business forward. If you aren’t constantly looking to improve, you may be in danger of falling behind. Make a commitment to be more inquisitive in your pursuit of success.
Show your passion. What exactly is it that you truly care about? What drove you to start your business in the first place? The former teacher decided to start up his tutoring business after realizing how much he enjoyed the small group extra help sessions he used to hold after school. He was able to connect with his students, which in turn increased their achievements. The regular classroom setting didn’t allow for this, and he found himself wishing his job consisted solely of these after school sessions. Becoming a professional tutor has allowed him to do just that, and his passion for helping young people is finally being fulfilled. Demonstrate the things you are passionate about, and others will be drawn to your drive and enthusiasm.
Constantly ask for introductions. This is similar to asking for referrals, but on a much broader level. Ask friends and family to introduce you to people in their lives that could provide a business opportunity. Take it even further and introduce yourself when possible, such as when at a social gathering. Even when you’re “off the clock,” don’t forget that possible business opportunities can be just a conversation away.
Try new things. Have you ever snuggled up on the couch with your favorite blanket knitted by your grandma and thought about taking up crochet? Or maybe you have an adventurous side and always wondered what it would be like to go white water rafting. If you have other desires outside of your business, find the time to explore them. You will be exposed to a whole new group of people, and a host of possible business opportunities you may not find elsewhere. And hey, you’ll also have fun!

The best way to find a new business opportunity is to know where to look and how to grasp it. You may not always get one in the end, but being active in your search will certainly help move your business forward. How do you maximize your business opportunities? Please share your ideas below!

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10 Tips for Reducing Financial Stress

Financial stress is never a comfortable feeling. Worrying about how a bill will be paid or if you’ll have enough money at the end of the month can cause pressure in relationships and take the fun out of what you do each day. Fortunately, there are some specific things you can do to reduce financial stress and enjoy life more. Here are some tips:

Get Educated on Finance – Far too many people have not received a proper financial education, and are unacquainted with how to properly manage their finances. This causes stress, because we often fear what we do not understand. Fortunately, it really isn’t complicated, and there are many good resources out there, including books, conferences, websites and more, that you can use to learn about topics such as how to create a household budget, get out of debt, and live free of financial stress. The Consumer Financial Protection Bureau is one good site to check out: http://www.consumerfinance.gov/askcfpb/, as is the Women’s Money organization: http://www.womensmoney.org/
Keep a Spending Journal – Often we spend money throughout the week without really having a clear picture of where it goes. So record every single purchase in a small notebook you keep with you, or on your smartphone (there are a number of apps out there for this purpose.) Take a look at what you’ve spent your money on, and decide what you can cut out. You may find you can significantly reduce your expenses just by keeping track of what you spend.
Get a Clear Picture of Your Current Finances – Knowing what you spend while out and about is only part of the picture. Sit down and write out what you earn each month, as well as all the places your money goes. Write down your payments for rent and utilities, debt and interest, activities for your children, donations, etc. Be sure you know where every cent is coming in and where it’s going out. Once it’s all written down, you will know exactly how much you earn and how much you’re spending. Are you spending more than you earn? Then you have two choices: Reduce what you spend, or make more money. It’s really that simple.
Create a Budget (and Stick to It!) – Now that you know what the current state of your finances is, you’re ready to create a budget. We talked about creating a budget for your small business last week. You also need a household budget. Include your income, along with your expected expenses. Aim to spend no more than 90% of your income on a regular basis, so you can begin to accumulate some savings. This free Money 101 online course from CNN Money has information on creating a household budget, along with many other tips to using and growing your money wisely.
Pay Off Debt – It’s important to pay off debt to reduce your financial stress. After all, every interest payment means the thing you initially bought is costing you more and more money. Was that thing really worth it? So for example, if you have credit card debt, call your creditors and see if they are willing to reduce interest rates. If you’ve got good credit, they may be willing to work with you. Then focus on one card at a time, and pay more than the minimum each month. Set yourself a time limit, and work to eliminate that debt as quickly as you can, so you can keep more of the money you earn and stop spending money on interest instead of things that your family can use and enjoy.
Reduce What You Spend – In addition to getting rid of debt, look for ways you can spend less. Some of this is simply related to making daily choices based on your spending journal. But you may also be able to reduce payments on things you use. Call your television, phone and utility companies and see if they have a lower rate you qualify for. Maybe you can reduce your television package or switch to another provider offering a better deal. Also consider changing some of the things you’ve taken for granted. For example, if you’ve always sent your kids to a certain camp for the summer, look around and see if there might be a less expensive…but still fun!…option. You might even take a week or two off from camp and create your own home “camp” that helps you build family memories your kids will never forget.
Create an Emergency Fund – Many families fall into financial stress due to unexpected expenses. One of the best ways to combat this is by having an emergency fund. If you’re focusing on spending only 90% or less of your income, take the other 10% and put it into an emergency fund that you set aside for unexpected expenses. Keep it in a savings account which you can access when the funds are needed. But remind yourself that this savings is ONLY for emergencies. Resist the urge to dip in for a vacation or other luxury. If you want to go on vacation or redo your kitchen, add a separate budget line item to your household budget, keep a separate savings account, and put money away for what you want there.
Add Extra Income – Sometimes you’ll look at your budget, reduce what you spend, and still find that you aren’t making enough. At that point, it’s a good idea to find a way to add extra income to your budget. You could start a home-based business or get a second job. Take a good look at your schedule and carve out the times you could spend on another job. A new stream of income can be a great way to reduce stress, pay off debt, and reach your financial goals. And it can also be a way to add something you love to your life. Don’t just settle! Since you’re cutting into your free time to do this, look for an income opportunity that will be something you enjoy. For example, if you love cooking, you might look for a direct sales company opportunity that allows you to do cooking shows.
Sell Things You Don’t Need or Use Anymore – In addition to working an additional job, you may find that there are things you have around your home that you don’t need or use anymore. Considering selling these things through consignment or online. While this won’t bring long-term income, it can be a way to pay off some immediate debt or start an emergency fund. Plus, reducing the clutter in your home can be a stress reducer!
Realize There is More to Life than Finances – Taking control of your finances is exceptionally important. Every family should keep track of what they are earning and spending, and pass this knowledge on to the next generation. But keep in mind, too, that there is more to life than finances. Take time to be with your loved ones and appreciate the moments that pass far too quickly, but add joy to life. Don’t let finances keep you from embracing the wonderful gifts you have in your life, because they are things that money can’t buy.

How do you reduce financial stress? What tips would you give? We’d love to read them in the comments.

As part of National Financial Literacy Month, we at DSEF are proud to sponsor the Nevada Women’s Money Conference. This important event helps women learn the skills they need to create a secure financial future for themselves and their families. While Reno is sold out, there is still room in the Las Vegas session on April 27, 2013. Best of all, we’re providing full scholarships to the conference for women in DSA member companies! For more information, visit this page: http://dsef.org/what-we-do/womens-entrepreneurship/nevada-womens-money-conference-a-new-vision-for-women-and-money/ And please, pass this along to the women you love in Nevada. This is an amazing opportunity that can make a HUGE difference in a woman’s life! Thanks for helping us spread the word!