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Quick quiz
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Each month I'll give you a new question.
Just reply to this email for the answer.
Who really invented champagne? Hint: it's probably not who you think! |
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3 Tips for Continuing as a Solo Entrepreneur |
Every business owner wants to grow from starting with merely an idea. But plenty of entrepreneurs want to stay small enough to avoid the headaches that arise from hiring and supervising employees. Continuing as a business of one necessitates an accounting system that measures your compliance with three main objectives.
Firstly, focus on a niche you can serve by yourself. Being selective about who you want as customers results in having a group that regularly buys from your business. You won't spend time marketing if you have a few customers who value your business because you treat them like gold. It's up to you to keep track of how much you value these customers. A system is needed to track the profitability of each customer by monitoring their buying patterns to assure they keep purchasing enough and at the right price.
Secondly, don't create a huge range of products or services that overwhelm your time. Commit to what you know best. When you specialize in a few products or only one, your costs stay low. Stick to a few things at which you can present yourself as an expert.
The third element to solo entrepreneurship is being able to outsource everything for which a larger enterprise requires employees. Fortunately, freelance services are available for a range of operational matters. You may subcontract with specialists in your field who can fulfill the services you sell. If you sell products, shipping services will pick up orders at your location for delivery to customers. The right accounting system assures constant evaluation of who your customers are, what you sell to each of them, and your costs for each. |
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How to Win Big in Today's Economy
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The altered economic landscape presents innovative and nimble businesses
with opportunities to thrive.
Find out how by requesting my free
report "How to Win Big in Today's
Economy" by replying to this email.
Just reply to this email and I'll send it right out to you.
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Try These Strategies to Get the Most Out of Your Day |
We may live in a world with very few certainties, but something we can count on is that every day has 24 hours. Instead of wishing you had more time, step up and carpe those precious diems with these strategies from global CEO coach Alisa Cohn.
Cohn takes a leaf out of Jeff Bezos's book when it comes to tackling timely decision-making. In his 2017 annual report, Bezos conceded that most decisions should be made with 70 percent of the information you wish you had. Being slow with decision-making may actually hinder your company more than making the wrong call.
Help your company or startup move faster and practice making small decisions on incomplete data while allowing for course correction if you make incorrect choices. Research also supports you are perceived as a more effective leader if you make quicker decisions.
Preparation is key to ensuring a successful business, and Cohn emphasizes how important it is to be prepared for difficult moments. If you think about your forthcoming calls and meetings for the week, you'll be able to identify and predict any possible challenging interactions and systematically plan your response, allowing for constructive progress.
Lastly, Cohn stresses the importance of the prioritization of high-value, long-term goals, even when you're dealing with endless emails or other minutiae. Try to schedule a specific time in your calendar for deep-thinking projects and plan exactly what you'll do in those sessions. The seeds you plant now will yield results if you keep watering and tending to them. |
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Worth Reading |
6 Ways to Make Coworking with Your Significant Other More Manageable
By Kelsey Mulvey
RealSimple |
Coupled and coworking. That might sound like the newest reality TV show, but it has become the "new normal" for most in recent months. Relevant for those in relationships or those with roommates, this article discusses
healthy practices that can help prevent
"working from home" from turning into
"holy acrimony." |
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5 Steps to Take
After Experiencing
Failure
By Heather Wilde
Inc. |
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Entrepreneurship comes with its inherent risks and pitfalls. How does one maintain a "success mindset" when faced with the worst of nightmares? In this article, Wilde discusses the key mindset elements that kept her mentally and emotionally pushing forward to stay afloat in the midst of a business meltdown. |
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Lessons from a 1,000-Year-Old Cherry Tree |
The springtime waltz of cherry blossom flowers through the air is a time-honored tradition in Japan. A national festival is dedicated to their beauty, attracting visitors from far and wide. But as the blushing blooms only last an average of two weeks, a sense of bittersweet reflection is attached to the historically symbolic cherry trees.
The emotion is well noted in Japanese art and poetry and goes by the name of
mono no aware, or an "acceptance of the transient nature of life and beauty." This awareness of the impermanence of things leads to a greater appreciation of the fleeting moments that make up the present. However, the symbolic trees also carry another lesson.
Takizakura is an ancient cherry tree famed for its resilience. Over the course of its 1,000-year life span in Miharu, Fukushima, it has survived much adversity, including the 2011 earthquake, tsunami, and subsequent nuclear reactor meltdown. It's caretaker, Sidafumi Hirata, believes the tree to be an emblem of enduring strength, inspiring others to stand tall amidst the chaos of life. "This tree has lived so long, and the longer you live, the more bad events you see," Hirata told an interviewer. "So she will see more bad things, but she'll also see good. Life is layers, layers of bad and good."
Its blossoms may fade every year, but the strong roots of the Takizakura and trees like it remain firm. In this duality lies an uplifting message. Yes, it reminds us of the ever-changing nature of life but, most importantly, that difficult times will always pass. If we lay strong foundations and stand firm, we can weather any storm. |
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Share This Newsletter
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If you find this newsletter helpful or interesting, share it with those you care about.
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Growing Your Business - Customer Service |
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Often the "unsung hero" customer service is at the core of every business growth model. Here are some resources to help your organization tap into the value your customer service team provides: |
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15 Customer Service Strategies To Help You Deliver A 5-Star Experience |
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Strategies to help you develop
a 5-star customer experience that's
designed to usher customers
alongside your goals.
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Training New
Employees with Customer
Service in Mind |
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Branding is everything. That starts with each and every employee in the training process. Learn how to cultivate a culture of customer service.
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7 Steps To Creating A Customer Service Strategy |
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Customer service is a mindset. Find out how to develop a winning vision and the strategies to get the right team members on board.
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How Can Customer Support Help Upsell and Cross-Sell? |
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Here's the 411 on how customer service teams can have your back to help keep you in the black through cross- and upselling.
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Specific Fixes to Small Business Cash Flow Issues |
Every business owner is aware that cash is absolutely tethered to sustainability and the avoidance of irreversible trouble. Although financial struggles can arise without warning, sound management of cash assures survival without catastrophe.
A key focus for every entrepreneur, therefore, is cash supervision. Mismanaged finances are a consequence of neglect. Addressing a few primary matters is certain to place you on the right path for orderly business operation, especially after unexpected adversity.
Tracking Business Revenue and Expenses
Cash management begins with having a clear understanding of funds coming in and money going out. Moreover, knowledge of upcoming cash flow issues is crucial. This all begins, of course, with keeping proper financial records. When you haven't had time to update the recording of business transactions, relying on expert bookkeeping assistance will get you up-to-date.
Your duty is thus limited to conveying the purpose of every expenditure and the sources of all cash receipts. Accounting, bookkeeping, and tax compliance are still your responsibility. But financial professionals can carry the load of assembling the details you need to meet these obligations. Don't wait to realize too late that you need help. Immediate assistance with assessing your business finances permits anticipation of cash shocks and devising a plan for handling them.
Improving Business Cash Flow
Among the areas to scrutinize in your business finances is profitability. If profit has slipped or been nonexistent, identify the causes and the best course of action. This typically entails addressing the issue on multiple fronts. For example, your primary aim for raising cash is generating sales revenue. But you may also need to cut some costs, which should not be those that jeopardize sales. Collecting revenue means being on the lookout for opportunities to implement changes. This could mean raising your prices, perhaps by adding some freebie services. Alternatively, you may need to offer discounts to attract more buyers.
Making a sale doesn't necessarily mean receiving cash. Be sure you are billing promptly and tracking the amounts receivable for every customer. If you don't already have multiple payment platforms, now is the time to establish them. Being paid online saves you time from any collection effort. Taking credit cards assures that customers are using their own financing avenues rather than expecting your business to carry their debt.
Business Cash Flow Planning
Being prepared for navigating cash flow management necessitates anticipation of upcoming cash needs. Creating a cash projection gives you a plan to foresee payment obligations in the months ahead and to have a target for needed cash inflow. Knowing the hidden cost of taxes is vital. Be aware of tax deadlines for your business and get assistance with calculating the expected amounts. Late payment of taxes results in severe penalties.
The unexpected is greatly unpleasant for any business owner. Because these events are impossible to predict, the best thing you can do is focus on implementing measures for cash flow recovery. Essential in this process is the reliance on the expertise of accounting professionals for assistance with having up-to-date records, monitoring of results from your efforts, and planning for cash flow in the near future.
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This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter. |
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