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Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Make Management A Breeze!
Oct 30th
Management Is A Skill Conquered By Few! The Office Press Provides A Wide Variety Of Unique Forms To Help Document All Interactions Between Employer & Employee. Documentation Is Key In Today’s Business World! Visit Us To See We Are Different!
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Is Your Business Ready for the Holidays? 4 Invaluable Cash Flow Management Tips
Oct 27th
While shopping for Halloween candy today, I saw Christmas products peeking out from the top of the shelf at my local pharmacy. It seems like stores start selling holiday products earlier and earlier every year. But even if you’re not an early bird when it comes to merchandise, you still need to be strategizing about your holiday sales plan right now and thinking about not so exciting metrics metrics such as accounts receivable days outstanding.It wouldn’t hurt to make sure your your cash flow management skills are properly utilized.
Accounts Receivable Days Outstanding Chart – Sageworks data of privately held companies
Accounts Receivable Days Outstanding
Many small business owners are caught unaware and lose out on potential sales, due to insufficient staff, running out of cash register tape (causing a long wait for harried shoppers) or even running out of product. Here are some tips to keep you on your toes long before you get sick of holiday music.
1. Prepare Your Inventory
Take a look at last year’s holiday sales to gauge what you need to stock up on. It can be a risk to double or triple your inventory, but it’s better than running out of an item and trying to order more during the biggest shopping season of the year. Double check inventory quantity now, while you still have a little time for last minute orders.
2. Get Your Sales Floor Tactical
This includes everything from hiring plenty of sales people and having them trained to withstand the madhouse that happens beginning on Black Friday (the shopping day following U.S. Thanksgiving) and continues until the new year, to stocking up on receipt tape (and training staff on how to replace it). Know how many people you’ll have on registers, helping guests or dealing with returns. Spend some time trying to think of everything that could happen to cause problems and write them down, so you can plan to avoid them. Sometimes all it takes is some advance thought and planning to avoid a mini-crisis or mass confusion.
3. Reap in the Sales… But Put Some Aside
While you’re making more money during this season than any other, you’ll also have more payment processing fees, says Mary Ellen Biery of SageWorks:
“Avoid a big cash flow shock after the holidays by thinking ahead, and planning for a bigger bill in January.”
Don’t be surprised when you’ve got more to pay, including salaries, utilities and fees. January could be a rude awakening, so be prepared.
4. Expect to Be Paid Later
Unless you operate a “cash” business, you probably will have outstanding invoices and receivables. Don’t expect to get your accounts receivables paid as quickly as in the past. On average, privately-held businesses are seeing invoices paid about nine days later in 2011 than in 2010, as the above chart from Sageworks shows. For retailers, it’s taking about four days longer. Doesn’t sound like much, but when you’ve got extra expenses, it can hurt! Plan for this and manage your cash flow carefully.
This is not the time to take your eye off the cash flow management ball. Check your cash flow forecast now. Pay your business expenses in a timely manner, but always wait as long as your payment terms allow, if cash is tight for you. If you have a line of credit or credit cards, consider using them to regulate your outbound cash flow in the fourth quarter so that you don’t find your business in a cash flow crisis at a time when the day-to-day business most needs your attention.
It will soon be too late to make these decisions and take action calmly and rationally, so don’t wait another day. Get started now.
Is Your Business Ready for the Holidays? 4 Invaluable Cash Flow Management Tips
View full post on Small Business News, Tips, Advice – Small Business Trends
10 Best Management Books for Small Business Owners
Oct 23rd
Running a small business requires a combination of both leadership and management skills. While leadership and management come easily for some business owners, many find that reading management books helps keeps them informed and current with today’s best management practices.
With thousands of books to choose from, it can be frustrating and overwhelming deciding on what to read. That’s why Small Business Trends has put together this list of top 10 best management books every small business owner should read. (Listed in no particular order.)
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1. “Consider: Harnessing the Power of Reflective Thinking in Your Organization” by Daniel Patrick Forrester.
In today’s on-demand, always-on world, it seems counter-intuitive to take a moment and consider your next decision. Daniel Patrick Forrester interviews leaders in high-stakes and high-risk circumstances who have mastered the art of taking time out to think and process their options before rushing into a decision.
Small business owners will appreciate the many examples and techniques used by great leaders and managers of critical projects to calm themselves down, collect the information that they need and then communicate their decisions and actions clearly.
Read our review of “Consider” (available at Amazon and other retailers)
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2. “No Jerks on the Job: Who They Are, The Harm They Do and Ridding Them from Your Workplace” by Ron Newton
There isn’t a workplace around that doesn’t claim its share of jerks. In fact, working with difficult people is one of the most popular management books topics around, In the book No Jerks on the Job, Ron Newton explains where jerks come from and he gives solutions for dealing with jerks; create a transparent environment, embody your values and huddle up to solve problems.
The biggest benefit that any businessperson can get from this book is being able to identify jerky behavior and not feed into it or make it worse.
Read our review of “No Jerks on the Job“ (available at Amazon and other retailers)
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3. “Delivering Happiness: A Path to Profits, Passion, and Purpose” by Tony Hsieh
In Delivering Happiness, Tony Hsieh, the visionary CEO of Zappos explains how an emphasis on corporate culture can lead to unprecedented success.
The lessons in this management book come from Tony Hseih’s own experiences. They include the lessons he learned from poker that he applies to business: Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking, figure out the game when the stakes aren’t high, differentiate yourself and do the opposite of what the rest of the table is doing.
Read our review of “Delivering Happiness” (available at Amazon and other retailers)
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4. “StrengthsFinder 2.0” by Tom Rath
StrengthsFinder 2.0 is an updated strengths assessment published by the Gallup organization. This book includes a password that allows you to take the StrengthsFinder assessment online. After completing the StrengthsFinder assessment, the results will uncover your top strengths. Readers will also get a personalized strengths planning guide as well as 50 ideas that they can put into action in their business and personal life.
StrengthsFinder 2.0 is a great management book for small business owners who are looking for smart ways to balance out the strengths inside their management teams.
(Available at Amazon and other book retailers)
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5. “Carrots and Sticks Don’t Work: Build a Culture of Employee Engagement With the Principles of RESPECT” by Paul Marciano
If you’re looking for a management book that will help you motivate your employees without spending yourself silly with financial incentives, look no further than Carrots and Sticks Don’t Work.
Paul Marciano reviews all the motivational theories we’ve used and abused over the last hundred or so years. He then gives you practical advice on how to upgrade your conversations in a way that will benefit your employees and your business. You don’t need to spend your company into bankruptcy trying to please employees – the answer is much simpler.
Read our review of “Carrots and Sticks Don’t Work“ (available at Amazon and other retailers)
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6. “Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality” by Scott Belsky.
There is a method and a skill to making ideas happen and in this management book, Scott Belsky shows you how to run your brain spark of an idea through a process that converts the idea from a thought to something real and tangible.
Making Ideas Happen takes you through project management, how to maintain your focus, harnessing the power of your community and developing the chemistry of your creative team. It’s a real world management book that you can use daily by yourself or with your team.
Read our review of “Making Ideas Happen” (available at Amazon and other retailers)
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7. “Do More Great Work: Stop the Busywork. Start the Work That Matters” by Michael Bungay Stanier.
If you find yourself feeling unproductive, Do More Great Work is one of the management books for you. Inside this small and well-designed books are 15 maps and exercises that will help you identify the elements of great work and triggers for less-than-great work.
For example, where to find clues to your great work, how to find the sweet spot between what you want to do and what your organization wants you to do tactics to manage the overwhelm and more.
(Available at Amazon and other book retailers.)
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8. “Awesomely Simple Essential Business Strategies for Turning Ideas Into Action” by John Spence.
Awesomely Simple is a management book that gives the small business owner and department managers a clear and easy roadmap to follow in building the business and then planning for growth.
John Spence delivers an MBA in a management book that is easy to read and follow. Ultimately it’s a guide you can turn into management practices in your business.
Read our review of ”Awesomely Simple“ (available at Amazon and other retailers)
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9. “Better Under Pressure: How Great Leaders Bring Out the Best in Themselves and Others” by Justin Menkes
What is it about some managers and leaders that has them perform at their best under pressure and then the others who simply fold? In Better Under Pressure, Menkes reveals the common traits that make these leaders successful.
Drawing on in-depth interviews with sixty CEOs from an array of industries and performance data from two hundred other leaders, Menkes shows that great executives strive relentlessly to maximize their own potential — as well as stoke their people’s innate thirst for their own triumphs.
Read our review of “Better Under Pressure“ (available at Amazon and other retailers)
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10. “Linchpin: Are You Indispensable?” by Seth Godin.
Seth Godin takes his unique way of looking at things and brings it to the world of management. Linchpin is one of those management books about what it takes to become indispensible at a workplace.
Godin warns that it’s no longer good enough to treat people like factory workers, nor is it enough for workers to simply just do what they are told.
Today’s world of work asks more of both employer and employee.
Read our review of “Linchpin” (available at Amazon and other retailers)
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With this guide to best management books, you will get concrete advice on how to manage your company and your team in a smart way. Go ahead — set a goal to read all 10 books. Then integrate the ideas from these management books into your daily work and create a world class business.
Looking for other business books to read? Here at Small Business Trends you will find new business book reviews each weekend, and over 225 business book reviews in the archives.
10 Best Management Books for Small Business Owners
View full post on Small Business News, Tips, Advice – Small Business Trends
The difference between management and leadership
Oct 22nd
Managers work to get their employees to do what they did yesterday, but a little faster and a little cheaper.
Leaders, on the other hand, know where they’d like to go, but understand that they can’t get there without their tribe, without giving those they lead the tools to make something happen.
Managers want authority. Leaders take responsibility.
We need both. But we have to be careful not to confuse them. And it helps to remember that leaders are scarce and thus more valuable.
View full post on Seth’s Blog
Small Biz Basics: Management and Operations
Oct 2nd
Managing a small business involves plenty of attention to detail. It’s a career that involves the wearing of many hats. The best way to get a handle on things is to look at examples of success and then to focus on basics. Here are some suggestions to get you started.
Success Stories
Taking the road less traveled…in an ice cream truck?. Two friends took an unlikely course in a tough economy and created a product and brand with lasting appeal. See how these two entrepreneurs reinvented the ice cream truck in a very unconventional way and against the odds to create a small business success story. Shine
Strategy
Grow your company with fewer customers. When you have your own small business, you probably would think that limiting yourself to just a few customers would not be the best thing to do. A study in the UK however contradicts that thinking. There are methods to use to be successful in running your business in this manner and even promote growth. Inc.com
What do small-business owners want? An important part of your business plan concerns the goals you have for your small business and your personal place in the business in the future. Are you building a business for future family generations or are you building to sell? You’re the Boss
Operations
Price of reclassifying workers. The IRS guidelines state that there is “no magic or set number of factors that makes the worker an employee or an independent contractor.” Yet the IRS is tightening the enforcement of rules on reclassification of workers or independent workers. This again will drive up costs for small businesses at a time when we need to encourage them to grow and create jobs. WSJ
Four ways to cut small employer health-care costs. The cost of the average family health-care coverage for employer-sponsored insurance increased 9% this past year. Four suggestions on how to control this ever-increasing costs are suggested. The best way to sell this to your employees is to get their involvement and hopefully give them choices. Entrepreneur
Other Tips
Five simple ways to boost productivity. It doesn’t take long after you start your own business to discover that there is more to do than you have time to do. To move forward and succeed you’re going to have to improve your time-management skills and improve your productivity. Take a look at the five suggestions offered for a starter. Entrepreneur
How to define your target market. In today’s economic climate where the small business owner has to be overly conscious of costs, having the ability to target your market is critical. You must be able to identify your typical customer and then aim your marketing toward them. This requires a planned approach and effort. Inc.com
Small Biz Basics: Management and Operations
View full post on Small Business News, Tips, Advice – Small Business Trends
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Sep 19th
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Management: Meetings, Marketing, Money
Sep 18th
Things, life, business – they don’t just fall into place. We have to manage things to make what we want happen. Three of our small business experts give some quick advice on how to:
- manage your meetings so that you don’t waste time,
- manage your marketing so that you pay only for what you need, and
- manage your money by cutting costs on export sales.
The goal is to move your business forward by solving a core problem for your core people — and that takes management.
Manage your meetings so that you don’t waste time
In “How to Successfully Manage a Meeting and Track Deadlines,” John Mariotti gives us three things that every meeting needs as well as a simple plan for making sure that “stuff” gets done afterwards. When it comes to a meeting, words get their values from the actions that follow. What did you promise in that meeting (assignment)? When did you promise it (deadline)? Did you get it done (follow-through)?
We meet to accomplish specific things and not just run the clock down, but how do you help members of your team see the big picture about their impact in the meeting and in the company? And how do can you motivate them to make the most of their time? John says, “One of the most effective ways to create the appropriate sense of urgency for making and meeting commitments agreed upon in meetings is to calculate the monetary value of delays.”
I used this technique for years (it doesn’t work on everyone, but it worked on me and it worked on my team). As a manager of a nonprofit, I found it helped each team member to understand the value of our training sessions and our meetings, and motivated staff to show up on time.
Manage your marketing so that you pay only for what you need
Maybe you don’t need to hire a marketing expert (and maybe you do). In “6 Reasons You Don’t Need a Full-Time Marketing Person,” Ivana Taylor lays out the benefits of not having a marketer on staff. Ultimately, it’s a matter of logistics: Should this person be an employee or an independent advisor, and why? Ivana says, “Believe me when I tell you that unless you’ve made the decision that you are in the marketing business, you don’t need a full time marketing person.” And if you decide to employ a full-time marketer, then work with a contractor first, because “working with advisers before you hire full-time employees will help you make better hiring decisions.” This way you will know what to expect and be able to set realistic and effective standards.
So what about your business? How is your marketing? According to Ivana, “Most small businesses fall into these two categories; one with a marketing system and one without.” Where do you fall?
Manage your money by cutting costs on export sales
Laurel Delaney, in “8 Ways to Cut Costs on Export Sales,” gives six quick tips to help you build up your export business including “selling to new countries or territories.” But mostly Laurel shares eight ways to lower your export costs so that there’s strategy behind each action instead of a panic response based on your fears about the economy. She says, “If you use a price-reduction strategy merely as a knee-jerk reaction to a rough economic climate, it won’t work over the long haul. You must develop an export action plan that supports a process.”
Laurel suggests that you focus on:
- Production location—“Shift your production to a nation with lower costs.”
- Payment methods—Ask your bank for the terms you need.
- Transportation expenses—Ask questions to discover better options.
- Internet communication—“Communicate constantly…to stay front and center with your customer base and your all-around fans.”
Keep this in mind: Whether you’re an exporter, online, local shop or service based, business is business, and focusing on these areas can help any small business strategically manage costs.
Success is in the details, so pay attention, make a plan and put it to work as soon as possible.
Management: Meetings, Marketing, Money
View full post on Small Business News, Tips, Advice – Small Business Trends
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Sep 12th
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Aug 21st
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Aug 20th
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