Why I Hate Finance

But the key word is honestly. You certainly shouldn t play down your strengths in a plan, but don t try to hide your weaknesses either. Give them birthday, anniversary, and thank you gifts. There are groups formed by angels and other organizations, such as Funding Post (fundingpost.com), that …

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Here's what no-one tells you about Purchasing

If your initial discussions with family members reveal problems that aren't easy to resolve, the time to get help is before your business is up and running. Do what you want to do first, not last, as unimportant things, challenges, commitments, and your busy life tend to get in the …

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Cannibalize your own sales

Six different excellent and experienced people will still do things six different ways. Repeating contract language in an effort to impart greater emphasis is dangerous, as differences in context can lead to confusion in meaning and an unfavorable interpretation in a court of law. You want to build a strong …

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Create a Customer Contact Tracking Chart

And in case you receive social media comments that are not always favorable, you can address such negative comments in a polite manner. In any economy, good or bad, people want to be treated with respect and are more likely to become part of your team if they see advancement …

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Hire labor

Making a net profit starts with knowing how much money you need to earn to cover your fixed indirect costs of doing business, also known as your overhead. It's easy if you are selling to individual customers, of course. Jay Gould began in that way, and forty years later satisfied …

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There is no shortcut

Excellent systems to find, keep, and service customers will maximize your bottom-line by selecting the best opportunities available for your company. Take the time to challenge some of the core assumptions of your prior plan to see if they still hold up. In a large business, a department may have …

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Insurance requirements for Operations

When I wanted to fix my business I tried everything, including reading trade magazines, attending seminars, getting active in industry associations, hiring coaches and consultants, listening to tapes, and reading books. People will pay more for good customer service. In many ways, writing a business plan is an end in …

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Price too high and lose customers

The reason your projects don't finish on time is because you haven't made scheduling, meeting, and communication standards a priority in your company. However, the investors - called equity owners or equity partners - may sell their ownership to other parties. But it s still just a bid, and you know what …

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Myths About Business

In pull strategies, the manufacturer promotes the product directly to consumers, perhaps by providing coupons and free samples, to encourage them to request the item from retailers. Designate a separate part of the house as your office ' a spare room or warm garage is ideal if you have one, a …

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Make above-average profits

But it s a good idea to take the initiative here and propose something that will be used if you suspect a banker will require it. One of the reasons for differences among plans is that industries are different. While the other clerks are joking, do you be learning. Certainly …

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Updating Your Plan

Do whatever it takes. You may have sold a lot of products in a week, but unless you have actually received the money for them it is not going to hold much sway with the man on the doorstep who needs to be paid for the raw materials or equipment …

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Do one thing every day that scares you

They are the big upfront costs of renting offices, paying business rates, paying staff, storing stock. Plus, as your employees become older and their family situations change, their health insurance rates also change. Identify the customer, plus any referring parties like a consultant, engineer, broker, project manager, purchasing agent, or …

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Employees need to understand the big picture

Simply by having chosen to serve a niche versus a broader market will make it easier for you to come up with a strong USP. But the good news is that recessions serve as sort-out time (that is, they sort out the weak businesses from the strong ones and allow …

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Create a great place to work

A ledger shows the numerous accounts and sub-accounts in which the business records receipts and expenditures - Sales, Salaries, Utilities, Rent, and so on. They also don't offer anything much different than their competitors, so they continue to sell at low prices to stay open for business or keep busy. The …

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Meet their commitments in Design

Cannibalization is the diminishment of the sales of one's own product through the introduction of a competing product. Your mission statement should be inspirational. Rather than focusing on day-to-day activities, leaders set the vision, set the goals, track targets, and then inspire and motivate their people to follow. So what …

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Be Direct with your Marketing

There are important tasks that must be done promptly, unimportant tasks that must be done promptly, important tasks with no particular rush, and unimportant tasks with no particular rush; and sometimes there are things that seem crucial but may not need doing at all. This is stupid! Thus, if you …

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