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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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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8 Ways to Get Positive Results

8 Ways to Get Positive Results

In order to get more consistent positive results out of all that you do, the first thing you need to do is to maintain a positive attitude about every situation. Although we cannot control the behavior of others, we certainly can control the way in which we ourselves behave. Even if you are feeling less than enthusiastic, commit to finding the positive in every situation. Here are some ways you can incorporate being positive into your everyday routine and increase your chances of positive results.

1. Write down your expectation for the day. The act of writing down your expectation solidifies your commitment to following through. By doing this at the start of each and every day, you are making an affirmation that helps you focus your mind and maintain your motivation no matter what challenges the day may hold.

2. Make a plan and prioritize. Writing down your expectation is a great start, but it is only the beginning. How will you go about meeting this expectation? Create a plan and prioritize which tasks are most important; tackle those first. For example, if your expectation is to organize your cluttered office, create a list of what steps need to be taken and in what order. You cannot file pending paperwork away without first purging old files and making new ones. You cannot dust and vacuum the furniture and carpeting without first clearing out the clutter and putting everything in its proper place. Making a list will keep you from becoming sidetracked and will allow you to get the positive results you are looking for.

3. Smile at everyone you see. A little smile goes a long way. Smiling at colleagues, clients, and even strangers on the street will bring out the happiness inside you and will even encourage reciprocal smiles and happiness in others. When people see you as a positive person, they will want to be around you. You will also enjoy your day much more when everyone is in a good mood and pleasant with each other.

4. Make your conversations positive. When someone asks how you are doing, it might not be a good idea to start spouting off negative comments about your team or how stressed you are about tax season. There is a time and place for such venting, but in your everyday conversations with others in a work environment, emphasize the positive. Talk about how excited you are for an upcoming trip or how you can’t wait to debut a new product line. Positive conversation begets more positive conversation, and both parties will appreciate the good feelings.

5. Seek the good in others. Give people the benefit of the doubt by assuming they are good. Everyone makes mistakes, but by seeking out the good in others, you give them a chance to be their best and redeem themselves if necessary. For instance, if a client has made a payment late, only to give you a check that bounces, don’t assume the worst and make an angry phone call. Maybe the person is experiencing personal difficulties that are causing financial strain. Keep this assumption in mind when dealing with adverse situations.

6. Eat healthy and enjoy your exercise. There is a meme circulating the internet that says, “When I eat garbage, I feel like garbage.” We all need to splurge once in awhile, but don’t make it a habit. When you eat right, you have more energy and you feel equipped to take on the day. Furthermore, enjoy the exercise you get, whether it be walking around the block or attending a high-impact Zumba class. The endorphins you produce while you exercise can make you feel re-energized and freshly motivated.

7. Don’t worry about the small stuff. Not everything is a matter of life and death. Learn to recognize what things require immediate attention and deserve your stress, and what things are out of your control or trivial in nature. A leaky roof is a valid thing to worry about, but finding that you have run out of stamps isn’t something to get upset about.

8. Start a daily gratitude journal and end the day with what you are grateful for. At the end of your day, write down the date and jot down what you are thankful for. Do it in a way that makes most sense to you: in prose, stream-of-consciousness, a basic list, or just some key words. If the last thing you think about before going to sleep at night is positive, you will rest easier and be able to continue the positive cycle again tomorrow.

It isn’t always easy to remain positive all the time, but sometimes you have to “fake it ‘til you make it.” Committing yourself to positive behaviors each day will actually help you feel more positive and achieve the results you want.

What do you do to achieve positive results? Please share with us below!

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Creating a Budget for Your Small Business

When you have a small business, a budget can be a valuable tool to not only keep you on track, but also help you to grow. However, when the money that comes into your business fluctuates, it can be hard to plan ahead. Fortunately, there are some ways that you can create an estimated budget even if you have a variable income. Here are some tips to help:

Know your averages: It’s important that you know what the average income you can earn is for each activity in your business, as well as average expenses. For example, what is the average amount you earn per transaction or party? How much do you spend on average per month on business supplies? You may need to do some research to get these numbers, if you don’t have your own historical data. When you know your averages, you know how much you need on your calendar each month to earn an estimated amount, and can do the things necessary to get those things onto your calendar.
Know your fixed and variable costs: Are there things you pay for each month, quarter, or year? Things like your cell phone bill, rent, or website fees are fixed costs. You may have other expenses each month that change as well, like marketing fees or other one-time or fluctuating expenses. These are your variable costs, and you may be able to anticipate them by looking at how much you spent the previous year on certain seasonal events. Know how much is going out each month, and be sure you have enough income-producing activities scheduled to exceed these expenses.
Write it all down: We shared with you last week a Direct Sales Business Budget Worksheet. Use it! It is essential that you keep track of the money coming in and going out from your business. Small business owners that avoid the financial details are far more likely to fail than ones that pay attention. Record both your estimated and actual income and expenses, and make adjustments as necessary.
Be conservative in your estimates: It’s important to have some extra income set aside for unanticipated expenses, so you have some flexibility in your business. So even if you think you’re going to earn a certain amount, plan for the fact that you will earn less than you anticipate. And even though you think your expenses will be a certain amount, plan that they will be greater. It’s better to have more money than you anticipate at the end of the month than to have less. By estimating conservatively, the amount you have at the end of the month will be closer to what you expect.

Small business owners and entrepreneurs often neglect the important step of creating a budget because it doesn’t seem like the most exciting part of business ownership. Yet it is an important element of the overall health of your business.

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. 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!

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Tips for Taking Control of Your Business Finances

As a business owner, your ability to manage the money you earn is just as, or even more important than actually making the money. Are you using your money wisely, or simply wasting it? Here are some tips for taking control of your finances and keeping more of what you earn:

Write it Down: Even when it seems like a pain, or just one more thing to do, writing down the money that you earn in your business, and the money that you spend, is a valuable activity. When you see your income and expenses in black and white, it helps you make better decisions, and identify areas of waste. Use this simple spreadsheet: Business Income_Expenses Tracker, or your own method to track your income and expenses for your business. And the best part? By keeping track of your income and expenses daily or weekly, preparing your taxes is a lot easier!
Know Your Averages: When you earn income based on commission, it can seem like a challenge to create and stick to a budget. But it doesn’t have to be! Find out what the averages are for your business: Average party sales, average you spend on a party, average sale per person, average autoship order, average downline commissions per downline member, etc. Then add up the number of income-producing activities you’re expecting to do each month, and use the average amount you can earn for each one. That gives you the total amount of money you have that month to work with. For example, if you can earn $120 per average party in your company and typically spend $20 per party on expenses (printing, gas, prizes, postage, etc.), and you have 4 parties scheduled that month, you can budget $400 for the month in party income. By knowing what you have on your calendar, you can create a monthly budget. And if something unexpected happens, you know exactly what you need to add to your calendar to reach your budgeted numbers.
Make a Budget: It’s very easy to impulse buy. The latest gadget is awfully tempting, and you know that marketing tool is just the thing to bring in more business. But before jumping in, make sure you’ve got the income to support the purchase. Plan your monthly income and expenses first using a budget sheet like this one: Direct Sales Business Budget Worksheet Then you’ll know how much your business can support in expenses, and if the return is worth the investment.

How well do you know how to manage your personal and business finances? Take this online quiz to find out how much you know! http://dsef.org/what-we-do/consumer-initiative/womens-money-quiz/

Knowing how to manage your business finances is key to creating the income you want in your direct sales business. That’s why we’re excited to partner with the Women’s Money Conference in Nevada to provide FREE full scholarships for women in DSA member companies to attend the conference. If you’re a woman in Nevada, or know a direct seller who is, get all the details on this 2014 conference here: http://www.womensmoney.org/speakers-and-agenda

What tips do you have for managing your business finances? We’d love to read your tips in the comments below!