Special Two-Part Feature Article for Entrepreneurs from writer Angelica Rose
Tips To Run A More Successful Business - Part One
By Angelica Rose
Running a successful business entails using your talents and a process of innovation, creativity, patience, perseverance, and guts. It requires you to keep up with the times and finding innovative ways to market yourself and your products and services. Achieving success is enhanced when you know your prime motivator, whether it be money, utilization of your talents, or goals. Success increases when all three are in balance. No matter how long you have been in business, it is easy to become lazy in your business approach in the areas of financial, customers, and self-management skills. Listed are some tips to help you run a more successful business.
Avoid overspending on overhead
When ever possible, contract out and hire part time high school students or interns rather than hiring employees to avoid paying high salaries and benefits such as-insurance and Social Security.
Avoid overspending on equipment
Figure out what you want to purchase over the next 3 to 5 years that will support your goals on the business's growth. Spread out your buying over time rather than buying everything all at once. Decide whether you will depreciate or write off the total amount, using the 179 write-off. Plan your purchasing based on how profitable your business is each year, to incur tax write off and keep you within your budget.
Check out references on potential clients
If you are on an accrual basis - accounts receivable and accounts payable- it is important to keep an eye on your receivable so they don't become a burden to your wallet. Check references on new clients to make sure they are honest and on time with paying their bills. If you feel they're going to be more of a burden then don't do business with them.
Know your pricing
When pricing your services and profits, make sure you pricing covers both your fixed and variable expenses as well as your desired profit margin. Avoid undercharging so your business doesn't hurt financially, and you avoid undervaluing your image and your products and services you offer. Also avoid overcharging where your prospective clients won't spend. In pricing also consider pricing factors, such as seasonal fluctuations, psychological buying decisions, competitive pricing, and desired image.
Plan, budget, and review cash flow
Have a saving nest for low financial times and times when you want to diversify or expand. Review your budget monthly for investment planning and covering expenses.
Have incentives on accruals for early payment
Have discounts or other incentives to enhance early payment. Check your outstanding receivable on a monthly basis and follow up on late payers.
Copyright 1993 and revised 2004, Angelica Rose - The Heart Of Motivation, all rights reserved
Angelica is a national motivational speaker/trainer and consultant specializing in self-leadership, communication/listening and business development since 1984. Angelica is the Author of the books- Secrets to Running A Successful Business (ISBN 0963930400) and Living Life as You Always Dreamed
(ISBN 0963930419) in addition to a relaxation cassette and inspirational messages on software. She is a former Dale Carnegie Trainer/Consultant. Angelica has a wide variety of media expertise such as being a former broadcaster, Small Business News on KEZX in Washington and a former producer of
an educational television show in Washington. She appears on numerous talk radio shows and on KIRO Television and both interviewed and written numerous articles for a variety of publications. For more information, please review the website www.freewebs.com/angelicarose or contact Angelica at
firstname.lastname@example.org (503) 997-4252 8:30-5PM Pacific Standard