Archive for February, 2009

If you tell yourself that you are going to have a good day, it is far more likely to happen. That said, all of us all too often have days when we feel like a one-armed wall paper hanger; there are never enough hours in the day.  The key to managing our daily task list is setting realistic priorities.  I have my superwoman cap in my closet, and I do pull it out on occasion, but on an average day I resort to my common sense when it comes to getting stuff done.  The worst thing in the world you can do in your business is spend your $100/per hour time doing $10/per hour work.

It’s easy to get overwhelmed running down a list in your head of all the things you need to accomplish in a day.  When it comes to work, you have to ask yourself if you need to do this task yourself.  If your tasks are directly connected the revenue generation, then push yourself to get it done.  If your task is something you think that you need to do then ask yourself three times if that is really true.  Entrepreneurs by nature can easily become workaholics.

Here are a few helpful tips that will make completing daily tasks easier:

1. Breakdown your priorities – Allot a reasonable amount of time for each task.

2. Determine your top 3 priorities - Once you determine what needs to be done – pull out the most important tasks keeping in mind the amount of time you have to complete your work.

3. Farm out lower priority tasks - Use a virtual assistant, intern, friend or just reschedule it. While you cannot completely let go of lesser tasks, write down all directions so you can hand off the assignments.

4. Eliminate clutter – Clutter distracts your mind. If you need to clean up your work space before starting, then do it.  Working in a chaotic environment contributes to you being less productive.

5. Focus – Make sure that you set up your office with few distractions.  Make sure you have a door that will close to limit noise.  Don’t give in to temptation and position your desk in a room with a television. (If you are a home based business, resist the urge to work in a room with a bed.)

6. Celebrate all victories – when you get things accomplished congratulate yourself.   Give yourself small rewards. Your celebrations do not have to be elaborate. In fact, a simple walk, quick personal phone call, Twitter break or a cup of herbal tea will do.

7. Ask for help – Do not let you pride (or your controlling nature) keep you from asking for help.  Seek the advice of friends and be willing to delegate tasks to the people in your life.

If you run your business by chasing from emergency to emergency, you will stress about everything and your health will eventually start to fail.  Do not choose between your business and your health.

• Set up systems to handle daily tasks (only look at email and twitter at the beginning and end of the day)  
• Be clear about when to say no
• Let go of simple tasks that someone else can do  

If the amount of work reaches the point where your health and relationships are affected, then maybe it’s time to rethink how you do business.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

Here you tired of hearing about the slowing economy?  Fewer openings, more layoffs and everyone wants more for less, while the expenses keep creeping up.  Banks are getting tough with their lending practices.  Times are tight, but this is a perfect time for an aggressive small business.  Get smart about your marketing and business operations to recession proof your business.  The two most important things to consider is marketing and cash management. 

Here are 15 tips to kick-start your business.

1. Keep the marketing going.  The first instinct may be to reduce or eliminate marketing expenses.  If you can’t afford a full-blown marketing program, pursue less expensive options such as media releases, public relations, targeted direct mail, e-mail blasts, social marketing sites, blogs, article marketing, and online newsletters.
2. Keep in close contact with your customers.  Understand how their business is being affected by the recession and look for ways you can help.  Lasting relationships are built in hard times.
3. Start collections at 45 days.  The days of waiting 90 days are over.  You need your money now.  Once a client gets to 45 days get on the phone and track down the accounts payable manager for an update.
4. Produce a three-six month cash flow projection.  Right now it is extremely important for you to understand your cash position.  Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in.
5. Use the 2 to 1 rule.  For every $2 dollars you cut in costs, invest $1 into your marketing efforts.  This is no time to cut back on marketing.
6. Add value, not price.  Continuously adding value to your products and services is the way to get repeat customers and new business. Adding price without value is a lose/lose proposition.
7. Offer a temporary price cut.  If you have retail business, consider cutting prices by 50% or doing a 2 for 1 deal.  If you have a service business with a retainer or monthly fee, consider the first three months 50% off with a 1 year contract.
8. Under Promise and Over Deliver.  Excellent customer service is the number one way to encourage your customers refer you more business.  Be known for delivering great products and services.  
9. Network, network, network.  Be everywhere.  You want to be top of mind when an opportunity presents itself.  People do business with people they know. Face to face contact is really the way sales happen.
10. Give to get.  Look to give first before you get. When you meet a new contact, think solutions for them first or WII-FT What’s In It For Them.
11. Consider adding staff.  One good thing about layoffs is lots good people are on the market.  You could pick up some quality talent you could not otherwise afford.  Hire a salesperson and pay them commission only.  Make them kill what they eat.
12. Weed out unprofitable customers.  Every company has customers that cost more than they add to the bottom line.  Identify them, evaluate how to make them profitable customers, and if that’s not possible cut them.
13. Keep your personal credit high.  Your personal credit is your small business credit ultimately. 
14. Watch your business credit closely.  Pay down some principal on your lines of credit.  Curb your spending on your line and don’t give the bank a reason to charge you late fees.
15. Call the bank before things great critical.  Regardless of your business situation, you need to communicate with your banker.  The bank does not benefit if you go out of business, so stop the denial and negotiate better terms with your bank.   

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE?  You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter.  #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business.  Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog. www.succeedasyourownboss.com