|Small Business Guide - Small Business Resources
(Add to Favorites | View All Articles | Resource Directory)
Small Business - A Thing Worth Doing Is Worth Doing Badly
A thing worth doing is worth doing badly. Yes I know that it should be 'well'. My grandma drummed into me that whatever I did I should do it as well as I possibly could.
But grandma said that there was another side to it. If it were worth doing, even doing it badly was better than not doing it at all.
"Never be put off from doing something that ought to be done because others can do it better", said Grandma, "The others may not do it and then it never gets done".
So it's hard for you to estimate sales - take a stab at it anyway!
I wish I had a dollar for every small business operator who told me that it was impossible to prepare a projection of cash-flow requirements because their sales were so sporadic and uneven.
It's strange in a way that although it is true that each business is unique, it is also true that all small businesses are the same.
Most small retail firms average about 30% as a gross profit. That gives them an average mark-up on purchases of about 42%. It doesn't matter what sort of shop, you can use that as an average.
Similarly, all other expenses average out at about 20% which gives a net return on sales of 10%. Aren't there firms that do better than this? Too right there are?but some do much worse.
So a projection based on averages for your industry will probably be badly out-of-whack. You might think the result is a bad job but it will be one hundred times better than none at all.
The owner will know quite a number of concrete figures without having to guessitimate.
She will know many of her outgoings:
"Hey! I hope to have higher sales than that".
But now we've made a start, we can build in some of your expectations, and now we have a projection that we thought couldn't be done.
"But will it be right"!
No it will never be right on the money, but it doesn't have to be. Each week/month we will compare what actually happened with what we had hoped to happen and work out our strategies accordingly.
If sales fall short by 10% in the first month we have a far greater chance of recovery over the 11 months than if we had no plan at all (even if we thought it was a bad one).
And for those proprietors who do a plan and do not compare it to actual until the end of the year any shortfall will be lost forever.
A thing worth doing is worth doing badly.
It applies to all aspects of business - and life.
I often hear owners say, "I can not up-sell. I'm no good at it".
Maybe, but it is necessary. Who is going to do it if you don't? Get a little training and start doing it badly. You'll be surprised at how good you get.
A thing worth doing is worth doing badly.
Kelvyn Peters is one of Australia's longest serving Tax Agents. He was registered in 1962 and became a CPA in 1964.
He's served on many charitable boards including St Aubyns Hospital, Alzheimer's Association and Older Peoples Advocacy Service.
As a young man he won the Outstanding Jaycee Award three times. Kelvyn is a compassionate, generous man who loves people. That's why he is so skilled at helping people in trouble.
Kelvyn Peters was Mayor of Kingaroy Shire Council from 1982 to 1987 and campaigned as the 'Young Man of Action"
Over 20 years later he still calls himself a 'Young Man of Action'.
He is a director of Restaurant Catering Qld Inc the peak employer representative in Queensland, and has advised the hospitality industry for many years.
His specialty is moving in to rescue a sick business.
Kelvyn has spent over 20 years experimenting and researching methods to help small business in ways that are affordable.
He has perfected it with local clients now he is going global and he is only an email away.
News provided by Yahoo! News and Google News
SurePayroll Small Business Scorecard(R): Small Businesses on the Hunt for New Hires
Decline of small business hurts recovery, jobs growth
GST red tape hurting business, economy
The Credit-Card Survival Kit Your Small Business Needs (Infographic)
Business development centers help bolster local economy with free counseling, seminars
The Obamacare challenge that won’t die
Small Business Economy Continues To Grow Modestly
GST burden killing small business
Small Business Q&A: Peter Cosgrave, CPL Recruitment
Small Business Column: Time for Irish SMEs to take advantage
Top 7 Small Business Tax Tips
Here are seven ways for owners of small businesses to save money on their taxes.1.
Keeping Business Alive
Who is responsible for maintaining the business relationship?Nurturing a business relationship will take effort on your part and effort on the part of the other person. If you feel the business is worth having, then you must take the time to make sure you are in touch on a regular basis.
Winning in Business - Lessons from Lance Armstrong
Lance Armstrong this week won an unprecedented 7th Tour de France victory, confirming him as one of the greatest cyclists of all time. The fact that he won more Tour victories than anyone else in history is remarkable.
Putting PR "magic" to work for your small business
Why? Because they have access to world class public relations no matter how small they are.That's one way of saying, take care of your key target audiences, Mr/Ms small business owner, and they'll take care of you.
Increase Profits With a Small Investment of Time and No Money
The less a business pays for goods and services the more profit that business generates. How does a small business with limited purchasing power get access to lower cost goods and services? The answer is simple.
Franchises Must Meet Legal Definition to be an Actual Franchise
All franchises must meet the legal definition of a franchise no matter what they call it before it is an actual franchise. This is the Federal Trade Commissions take on the franchise rule.
New Habits, Rebounding Economy Help To Sell Giftware and Collectibles
Just a few years ago, when one thought of a home-based sales business, Tupperware, Avon and a host of multi-level marketing schemes might have come to mind. Today, however, changing market conditions and evolving consumer habits have converged to make home-based selling businesses a realistic opportunity with real profit potential.
Advertising - For Small Businesses (Part 1)
Is it right for you?If you decide to advertise your product or service then you must ask yourself - "Will potential customers read this publication and will they take action having read my ad?"National newspapers - Read by a huge cross section of the population. If you're inserting a display ad then it would need to be professionally designed and you'd need to be in it for the long run.
To Buy A Fat Pig
What does buying a fat pig have to do with your business? Stick with me and all will be revealed.Does your business have a tactical and a strategic way to go to market? Let's go down to Mr.
Small Business Debt Collection Laws
In your small business debt collection laws will eventually become important, as your debt grows and some clients do not pay. To collect small business debts legally, you must send a written notice that collections have begun, within five days of first contacting the debtor for collections.
How To Select a Franchise
Here are some useful tips on how to select a franchise. When selecting a franchise, carefully consider a number of factors, such as the demand for the products or services, likely competition, the franchisor's background, and the level of support you will receive because like any other investment, purchasing a franchise is a risk.
Private Franchising is not Real a Real Franchise
One major issue not being addressed right now in the regulatory definitions which guide consumers and lawyers in business opportunities and franchising is the new term being used; Private Franchising. The Federal Trade Commission decided it would revise its definitions of such opportunities in 1995, but failed to address this issue.
The birth of the Virtual Assistant phenomenon and why you should use one
Outsourcing is the strategic use of outside resources to perform activities traditionally handled by internal staff and resources. Small business owners can outsource non-core functions to specialized and efficient service providers.
Business Leverage - what it is, and how to apply it
Remember those drawings from science class of how a lever works?The lever was a long bar that rested atop a triangularly shaped fulcrum. One end of the lever was underneath the object to be raised.
Outsourcing your PR may be more affordable than you think
Small businesses need Public Relations, possibly more than large corporations, to put them on the map. If you consider that time is money, however, you may find that handling your own public relations is a daunting task and not necessarily worth the monetary savings.
Predicting Business Retirement Satisfaction for Business Owners
Most business owners do not think of selling their companies as "retiring". Instead, these vital entrepreneurs see selling their business as a "transition.
Small Business Franchise Opportunities
Many businesses offer small business franchise opportunities. There are many things that are needed for a small business of this kind, but the rewards are great.
Get more Billable Hours out of your day
As small business owners we're in business to make money doing what we love. And that means we need enough billable hours to cover our expenses, our payroll, upgrades in skills and technology, and profit.
Youll See It When You Believe It - Growing Your Business from the Inside Out
What unspoken message are you sending your clients and customers? Is your personal energy field projecting positive, high vibrational energy or just the opposite? The latter will cost you business--and worse, you won't even realize it. The energy I'm talking about here has been called many things, "being in flow," "in the zone," "locked on", "jazzed", "sending out good vibes," (that last one is for anyone old enough to remember the 60's).
Postcards Make It Rain Referrals
One of the simplest ways to expand your marketing efforts is through the consistent use of postcards. Create a list of narrowly targeted prospects and then hammer away at them with powerful marketing messages.
|Home | Site Map | Privacy Statement | More Articles|