Tips for Reducing Financial Stress

Tips for Reducing Financial Stress

The burdens of managing one’s finances can put a tremendous amount of stress on even the most easy-going person. Whether you make $10,000 a year or $10 million, there are some straightforward steps you can take today to ease your personal and/or professional financial stress. All it takes is some commitment, honesty, and a little bit of time.

Organize. You should have a system in place for managing incoming bills and other paperwork related to your finances. Some people prefer the conventional pencil and paper method, while others use software such as Quicken to track their income and expenses. You may like to pay your bills online through your bank’s website, or you might want to write and mail checks to each payee. The best solution is the one that you feel most comfortable using and is efficient for your needs. Furthermore, make sure you have a set place for where you pay your bills and a regular schedule of when you do it. For most people, twice a month is sufficient, but you have the freedom to create your own schedule. Tip: If you pay your bills online, consider taking advantage of the easy pay feature that your bank or payee probably offers, in which the amount is automatically deducted from the account of your choosing whenever a payment is due. This works best for bills that are generally the same amount each time, such as a mortgage or auto insurance payment. By having an organized system in place, you won’t have the stress of overdue or forgotten bills.
Track. In order to further reduce stress, you need to have a full picture of your financial situation. The first step is by tracking where every penny goes so you can get an accurate picture of any overlooked expenditures. For example, that $3 latte may not seem like much when you stop for it a few times a week to start your day, but by tracking even small purchases like that one, you may find that you’re spending the equivalent of a week’s worth of gasoline by the end of the month. How about investing in a cappuccino maker instead? It may wind up costing you less in the long run.
Set goals and plan. Now that you know where all your money is going, set both short-term and long-term financial goals. Perhaps you want to save up for a summer vacation; that would be a short-term goal. Saving for your children’s college education or your own retirement, however, would be a long-term goal. Using your current income and mandatory living expenses, plan for the life you want to live.
Budget. You’ve organized your finances, tracked your expenditures, and set your goals. Now it’s time to create your budget. Most people work out a monthly budget, including your income, living expenses, and a discretionary fund for spending money. Decide what you need to do to live within your means. Refer to your budget often and adjust it as needed.
Find a part-time job. Doing something that takes a few hours per week can help you supplement your income and reduce financial stress. Consider your family’s schedule, and when you might be able to work. Would a set schedule work better for you, or is flexibility important? Do you want someone to give you a schedule, or would you rather set your own hours? Making these decisions will help you find a part-time opportunity that can help you reach your financial goals.

The key to reducing financial stress is knowledge. It may not always be easy to take a hard look at exactly where you stand, but it is essential to meeting your personal and professional goals.

How do you reduce the stress of finances? Please share your ideas with us below!

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Creating Useful Content Marketing

Creating Useful Content Marketing

Building an audience that is interested in your business and all it has to offer is the main objective of content marketing. Today’s technology makes it easier than ever before to distribute such relevant content to your target market. By taking advantage of these resources, you can create and share useful content to acquire an interested following, and watch your business grow.

Provide solutions to problems. Consider problems that your target market encounters that your products/services can solve. Share these solutions online.
Re-package your present content. Just because you want to broaden your audience base doesn’t mean you have to reinvent the wheel. You most likely already have content that is worth sharing, so consider re-packaging it into a different medium, such as an e-book. With the presence of smartphones and e-readers, e-books are very appealing to the general public. The same goes for podcasts. The great thing about podcasts is that they are free; another bonus is their accessibility from a variety of devices. A little market research and an inventory of the types of technology you are interested in will help you choose the best format for your content.
Update current content. Thinking more about your current content, it is definitely worth periodic review. Some of it may only need to be tweaked, but you might find that an update or re-write is in order. For example, when reviewing your blog archives, you come across a post about interacting with customers during a product demonstration. If this post was written prior to 2007-2008, it would be a good idea to update it to include new ideas about interacting through smartphone apps. You should also review your content for new information backed by current scientific research, recent user reviews, innovative product concepts, etc. If it is relevant to your business, it’s probably relevant to your audience as well.
Change your medium. Sometimes it isn’t necessary to alter your content, just the way it is presented. For example, if your blog hits have been steadily on the rise for three years, but have experienced a plateau in recent months, experiment with changing the format. Posts made up solely of text might benefit from an occasional video, for example. Try out different media to decide which ones work best for your needs and attract your audience.

Successful content marketing contains quality in both the message and its delivery. Be sure that what you are creating is valuable to your audience and easily shareable.

How do you create and share useful content? Please add a comment below!

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Effective Sales Pitches

Effective Sales Pitches

The sales pitch: if done well, it’s one of the most effective ways to show a potential customer that he or she should definitely purchase your product. Salespeople have their own style and flair that they add to their pitches, and you should aim to incorporate your own personality and passion into yours. However, there are some general guidelines that, if followed, will increase the success of your sales pitch.

Build a relationship. Good business is all about relationships. People want to feel that they are doing business with someone who is knowledgeable, reliable, and likeable. Be sure to demonstrate that you care about their satisfaction, not just about their money or making the sale. One way to do this is to initiate conversations in which you show a genuine interest in their lives. Open with questions that allow the customer to talk about his or her family, hobbies, and other interests.
Get personal. Customers want to see who you are as a person, mostly because they want to know that you are more than a salesperson; if they can relate to you, they are more likely to form a positive impression of you. For example, one direct seller of educational books talks about her decision to change her career path during her sales pitch. In it, she shares how important it was for her to stay home with her children and be a role model to them as a strong, responsible woman. Her target market is made up of women who hold the same beliefs, so they can relate to her story and often take an immediate liking to her.
Know your audience. Using the example above, that story would not work if the consultant’s target market were made up of mostly young, career-minded single men and women. That demographic, although able to appreciate her story, would not likely see themselves in her. Make sure you know who your audience is and what would appeal to them. Remember, your interest in your customers should be a genuine one, so doing your research is essential to conveying your sincerity.
Focus on one point. A sales pitch should incorporate certain details, but make sure the focus is on one particular point (perhaps the solution your product is for problem the customer has). This point should be very clear, and everything else in the sales pitch should all be tied back to that main point. For instance, that educational books consultant focuses on her company’s commitment to providing research-backed products recommended by a variety of education experts. She mentions that this guarantee gives her peace of mind that her children will always be exposed to age-appropriate and stimulating materials. Each detail of her sales pitch is related to that point. By the end of the pitch, there should be no question as to what your main point is.

Crafting an effective sales pitch requires time, research, practice, and self-reflection. However, keep in mind these guidelines for a pitch that will increase your sales. What do you think makes an effective sales pitch? Please share your ideas below!

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Saving Up For Something Big

Saving Up For Something Big

Guest post by Michelle Willits, CUNA

Second grade: Nintendo DS. Fourth grade: iPod Touch. Sixth grade: Alienware computer. As my son nears the teen years, he has more expensive items on his “big wish” list. He knows our budget can’t handle purchases like that, so he is working to save for it.

After becoming a single mom, I put even more emphasis on sticking to a budget. He’s aware of how much his shoes cost and steers clear of the expensive ones that his classmates have (and outgrow quickly). He likes to calculate cost per unit for me at the grocery store. He declines my offers to bring home dinner from Subway or McDonald’s, citing the cost. (It’s not the money, sweetie. It’s “Mom is too darn tired to cook tonight so she’s spending the $11.74 for dinner.”)

We talk about how you have to save for the big stuff—he saw me do that when I bought my road bike last year. I took the money previously allocated to craft supplies and redirected it to my bike fund. What’s nice about that? I have an awesome bicycle that gets me out and moving, and I have a lot fewer unused or unnecessary supplies stacking up.

Once he decided he wanted the DS and, later, the iPod, he saved everything. All of his allowance, all of his birthday money, all the “fun money” that his grandparents and aunt sent him. When he got a pre-paid gift card, he “sold” it to me in exchange for cash that he could save.

My 12-year-old’s funds are primarily electronic. Every month, I deposit his allowance into his credit union account. Any money received as a gift, he gives to me to take to the credit union. (I’m lucky—I have a branch on my work campus so it’s convenient for me to make the deposit for him.) I bring back the deposit slip, and he knows where he stands.

Now, my son’s goal is a high-end computer system that can handle graphics-intensive online video games. Pretty much every penny is going toward the computer fund.

Well, almost.

The $2 he earns per week taking out the trash for our elderly neighbor? Generally that goes to buying songs or apps from iTunes. I admit, Mom doesn’t begrudge him when he may want a couple of extra songs. I’m pretty sure my mom covered the cost of a Commodores, Styx or Billy Joel 45 for me on a few occasions.

Even cooler, he is doing research to find out what computer would make the games run better, what keyboard and mouse are compatible, and what speakers have the best sound. He’s investigating the how-to for using his TV as a computer monitor, bringing his overall cost down. He’s determined to get the best computer system for the money he has, and he’s willing to save until he gets there, which looks like mid-August at this point.

I’m just afraid his next savings goal is going to be … a car.

Michelle Willits is manager of new alliances at CUNA Strategic Services in Madison, Wis. She joined Credit Union National Association in 2003 as a web associate editor for News Now. Michelle worked in newspapers in Montana, Illinois, Colorado, and Nevada before moving to Wisconsin. A 1988 graduate of the University of Montana-Missoula, she is involved with the UM Alumni Association House of Delegates and the UM Alumni Band. Her 12-year-old son rocks.

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How to Reach Your Sales Goals

How to Reach Your Sales Goals

You can make your sales goals whatever it needs to be. If it needs to be a full-time income or if it just needs to be monthly gas money or disposable income, then it can be that as well. Whatever your reasons, you’ll need specific goals in place. Here are some suggestions that will help you achieve our objectives.

Know what makes your customers happy. Your customers’ satisfaction may come in the form of product, excellent service, convenience, a personalized shopping experience, or any combination of those things. Part of your job is to find out what you can do to make your customers happy. For example, one of your customers is placing a rather large order at a home party. You give her the subtotal, which she had already calculated in her head. However, when she hears the grand total that includes tax and shipping, she is unpleasantly surprised by the steep price of shipping, and starts to hesitate about wanting to place such a big order. You can help make her happy in any number of ways. Perhaps offer discounted or free shipping if she gives you three referrals or books her own party; another idea would be to send her home with a free gift to thank her for her business. Don’t let a customer walk away because you weren’t willing to find out how to make the person happy.
Identify customers you can make happy. A harsh reality is that not everyone is able to be satisfied by services that you can provide. Don’t waste your money or time trying to reach clients who do not have a need for your product. Focus instead on your target market; what types of people would benefit the most from your product or service? Identify them by age, marital status, lifestyle choice, personal interests, etc. For example, if your company specializes in educational books and toys, your target demographic consists of parents and/or educators of young children. For the most part, adults without children don’t have a use for your product line. Sure, there will be the occasional non-parent who wants a gift for a nephew or friend’s child, but that is not where the bulk of your sales will originate. Your business will benefit from knowing whose needs can be satisfied.
Know that each client has a unique problem to solve. You’ve already heard that a key component of direct selling success is to market your product as a solution to a problem. You should also be aware that different customers will have different problems. Your customer who works full-time and often travels on business may be looking for quick and healthy meal solutions that she can take on the go. This problem, albeit similar, would require a different solution for the stay-at-home mother of three whose demand for quick and healthy meal solutions also includes something she can make a lot of for her large family and have enough for leftovers. The more you can find out about a client, the better able you will be to personalize your services.

When setting your sales goals, keep in mind the basics of how to make a sale, but as you grow your business to meet your needs, focus on what you can do to find the best return on your efforts. What do you think should be added to this list? Please share your ideas below!

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How to Make Real Self-Improvement

How to Make Real Self-Improvement

Many direct sellers and small business owners are committed to growing their businesses and taking steps to achieve their financial goals. This often involves some degree of self-reflection; after all, every decision about the business falls solely on you. By making some improvements on yourself, you will be able to reap the benefits in your business.

Make a list of what you want to improve. The act of writing your goals on down on paper (or typing them, most likely) is the first step in committing to change. Put them in writing to help you identify what exactly you’d like to improve, and then prioritize them accordingly. Chances are you have some things you’d like to change right away, and others that may require some more time to work on. You are in charge of your list, so adjust it when necessary, but take the time to create it so you can get right to work.
Decide why you want to improve. Within your list of things to improve, write down why you listed it. Doing so will help you decide its level of importance and how it will enhance your life. For example, one of your items is to stop procrastinating. You may decide that by tackling tasks and projects right away and well in advance of deadlines, you will be relieving unnecessary stress and anxiety as well as performing better overall because of the increased time allotted to complete these tasks. Since these are some very important benefits of self-improvement, you may want to make this a top priority.
Implement deadlines. So you’ve made your list, prioritized the items, and identified the reasoning behind them. Now you need to create deadlines by which to complete them. Without deadlines, your list simply becomes another piece of paper or electronic file that gets pushed aside and forgotten about. Giving yourself a deadline helps you envision your endgame and draw up your plan of action. Don’t be too rigid, however, as you don’t want to set yourself up for failure. Give yourself enough time to realistically achieve your goal, but not so much time that you forget where you are headed.
Utilize your strengths to improve your weaknesses. Everyone has a certain skill set; you know what you can do well and are confident in your abilities. Use this to your advantage on your path to self-improvement. For instance, one thing on your list to improve is your tendency to procrastinate. If you are a detail-oriented person, that strength could help you stop procrastinating. Decide that when a task or project presents itself, that you will map out an action plan complete with all the details needed to perform the job well. Because you have now dealt with all the details, beginning work on the project right away will become much easier to do. Knowing your strengths is just as important as identifying your weaknesses when making self-improvements.

People don’t generally like to be told what to do or how to do it. Your commitment to self-improvement must come from within. Find your inner motivation, do some real self-reflection, and take the steps above to improve yourself and your business. What ideas do you have about making self-improvement? Please share them with us in the comments section below!

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Checklist to Improve Your Business Relationships

Checklist to Improve Your Business Relationships

Imagine this: you walk into a restaurant to have dinner and are greeted pleasantly by the host. After promptly being seated, your server introduces him/herself and proceeds to provide you with attentive service. In the middle of your meal, the manager or owner comes by to introduce him/herself and make sure you’ve gotten everything you’ve needed. You leave the restaurant with a full stomach and ready to recommend the establishment to friends and family immediately. This restaurant is no doubt successful because of the importance it places on business relationships, and the owners’ commitment to building those relationships shows in a positive way. Read on for some ways to improve your own business relationships.

Offer more than they expect. Going above and beyond your customers’ expectations will always make a good impression. For example, a customer is unhappy with her recent photo framing order because the matte was not mounted on straight. Not only did the owner re-do the job for free, but she put it first on her priority list and also offered the customer free shipping on her next order if she continued to patron the business. For many successful business owners, a satisfied customer is not enough; doing something to make a customer say, “Wow!” is something to strive for.
Anticipate their needs. The more attentive you are to your customers, the better able you will be to anticipate their needs and attend to them, possibly even before they do! If you have a customer who always purchases the same product every month, consider offering her an automatic refill service where she can set up automatic payments and receive her item regularly without having to actually place the order each time. Another idea would be to show her different uses for the product that she may be unaware of or to introduce her to products that would complement the one she likes. Getting to know your customers will give you the insight to anticipate their wants and needs.
Be yourself. Most people can easily detect when someone is being insincere. You always want to smile and be polite, but don’t be afraid to show customers your personality. If people are drawn to your sense of humor, incorporate that into your conversations. Don’t worry about what you think customers want to hear or who they want you to be; just be yourself and let your business relationships be built on your genuine desire to provide excellent customer service.
Be honest. If you are not honest, you are not reliable. Customers want to do business with those who are dependable and ethical. If you mess up, admit to your mistake and do everything possible to make it right. If you can’t deliver on something, don’t promise it. If you practice dishonesty or deceit, the fallout can cause irreparable damage to your business and your reputation. Always hold yourself to a high standard; business relationships require trust between both parties.

Improving your business relationships is not much different from improving your personal ones. Think of others before yourself, be honest, be sincere, and listen to the other person. What else do you think should be added to this list? Please share your ideas below!

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Why Businesses Fail

Why Businesses Fail

When you start a new business, you’re naturally optimistic. You’ve got a great concept and have high expectations. But in order to succeed for the long term, you need more than that. 80 percent of new businesses fail within the first 5 years (source: NBIA). Why is this? Here are some of the reasons that businesses fail:

Lack of patience – Like with any endeavor, you have to put work into it, but for many new entrepreneurs they want instant results and that seldom happens. It’s more like gardening. It will take a longer than you think. There will be some trial and error, a little luck and a lot of effort before seeing growth. For most new entrepreneurs they often simply quit too early before seeing results. But if you’re willing to wait for it, your garden will bloom.

Wrong focus – People don’t really care about your business; they care about how your products/services will enhance and enrich their lives. Focusing on making your customers happy, giving them great value and acting on their feedback will keep your business on target.

Not developing relationships – Investing for quick returns, rather than building genuine relationships with customers, will set you up to fail. Relationships are based on honesty, caring, communication and doing the right thing for your people.

Not seeking excellence – If you don’t care enough to strive for excellence, your customers will go away. You must consistently want to do your best for your customers.

Personal weakness – We all have our weaknesses, but in business those weaknesses will keep us from success. You must be honest with yourself, surround yourself with a strong support group and/or partner with people who will help you overcome your weaknesses.

Most small businesses fail because entrepreneurs are not prepared, focus on the wrong thing and/or have personal shortcomings that will doom their business from the start. To avoid these pitfalls, keep a constant focus on delighting your customer, invest for the long term in your business, and always be willing to grow. This will help you ensure that your business will last for the long term.

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Reaching the Baby Boomer Market

When you pick up your smartphone, how long does it take you to unlock it and bring up your social media feed? Can you do it without looking at it? For most people, the answer is yes. Chances are, you either grew up with modern technology or have been using it for long enough that it is second nature to you. However, if your target market includes the baby boomers (people born in the years following the end of World War II), things like technology aren’t as easily mastered. Consider the following suggestions to make your customer relationships with baby boomers more effective.

Make sure your message is simple and clear. There could be a number of reasons why a senior citizen needs your message to be this way. As we age, it is more and more difficult to tune out background noise when having a conversation. Also, the brain may take longer to process information than it did in our youth. For reasons such as these, be sure to stick to the main point of your message and convey it clearly. Speak at a normal pace with good diction, compose written documents like emails with proper spelling and grammar (you should be doing this anyway!), and avoid using business jargon when choosing your words. Remember seniors are not less intelligent than others; they just may have different needs from you as their salesperson.
Be organized. This applies to all aspects of your customer interactions including emails, phone calls, and your general sales process. For example, when talking on the phone with a customer, make sure you have organized your agenda for the call ahead of time. There is nothing more chaotic and confusing than being on the other end of a conversation with someone who jumps from one topic to another with no rhyme or reason. It might help to either use a script to refer to or rehearse you end of the call before you pick up that phone. Other organization must-do’s include streamlining your sales process, making returns/exchanges easy, and simplifying paperwork by highlighting or flagging the sections that a customer needs to complete.
Be more personable. Much of our interaction with others comes in some electronic form: a text message, Facebook post, tweet, or email. As convenient as these methods of communicating are, they come with a disadvantage. We don’t have as many chances to talk with each other the old-fashioned way. It is a good idea to brush up on your people skills, especially when working with older clients who likely feel most comfortable dealing with someone in person. Make sure you have good eye contact, use appropriate body language (don’t cross your arms since it’s a non-verbal way of closing someone off), smile, and show that you are listening by responding to the other person when necessary. Making others comfortable and being able to provide pleasant customer experiences are extremely valuable skills to any potential customer, especially one who is a senior citizen.

As a direct seller you need to understand and connect with your target market. The “greatest generation” has much to offer in knowledge and wisdom; make sure you return the favor by giving its members an overall customer experience that is second to none.

So, how do you reach the Boomer market? Share your answers with us in the comments below. What other suggestions or comments would you like to share?

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Creating Great Ideas For Your Business

Have you ever felt unable to come up with a new idea? It can be frustrating when you feel that everything has already been done before. Creating great ideas doesn’t have to feel this way, and it can be done by tapping to your own experiences and previous ideas. Read on for some ways to get started.

Break down your niche market even further and fill in those needs. Niche marketing is an effective way to stand out from your competitors. With some research and preparation, you can find a smaller segment of your market to focus on and provide solutions to those customers’ needs. For example, one direct seller of travel packages decided to create a niche out of her love of homeschooling by tapping into her family’s experiences combining travel and learning. This is a great niche since there are many families throughout the country who home-school their children, but at the same time, it is a very specific market and need that is being fulfilled. Start with what you know, do some research online and in person (customer surveys, interviews), and segment your target market.
Improve upon old ideas. Perhaps there is something you have tried in the past that didn’t work as well as you had hoped. Instead of scrapping the idea altogether, go back and evaluate exactly how or why it went wrong. Maybe you tested out a new activity at your home party designed to spark interest in your opportunity, but it fell flat. Consider your audience, your presentation, the level of difficulty, the fun factor, etc. How could you make it better? By improving upon old ideas, you may be able to come up with something completely new and much more effective.
Combine ideas. Sometimes our ideas don’t work well on their own, but combined with each other, can help some aspect of the business tremendously. Many direct sales companies ship all the products ordered at a home show directly to the hostess. From a guest’s perspective, it all becomes a waiting game about when the hostess gets around to contacting you that your order is in, or when she is available for the guest to pick it up or drop it off to her. In a lot of instances, the process of getting the product to the guest can be complicated and time-consuming. One consultant had an idea for the hostess to send a text message to her guests when the order arrives in the hopes that it would speed up the process. However, this idea relied too heavily on the hostess actually sending the text. Instead, the consultant combined this idea with another idea for a contest; she contacts the hostess around the time of the expected shipment to make sure it arrived, and then the consultant sends out a text to the guests that the first one to get her order receives 10% off the next purchase. Get creative by recycling and combining past ideas.
Collaborate with others. There is a multitude of ways to collaborate with others for a mutually beneficial outcome. Consider direct sellers from other companies as well as local businesses related to yours for a starting point. For example, a local weight loss center opened their doors to an independent makeup consultant to set up her table in their lobby once a week. Every time someone came in for a weigh-in appointment, the consultant had an opportunity to demonstrate some products and offer a “total makeover” to celebrate the customer’s weight loss. This helped the consultant reach a new and more populated customer base, and it helped the weight-loss center stand out from its competitor down the street by offering an extra service. Use your networking skills to join forces with others and brainstorm ideas that will benefit both parties involved.

How have you generated some great ideas? Please share with us in the comments section below!