How to Make Money In Your Own Small Business
by Jeffery J. Fox
Today I've read another book and will outline it so you can benefit from it without reading it. However, that being said, I'm a firm believer in reading and life long learning. I encourage you to do the same. You may learn more and different things than I did.
Today's book is How To Make Big Money In Your Own Small Business by Jeffery J. Fox. This small book is packed full of good advice and is subtitled Unexpected Rules Every Small Business Owner Needs To Know. The number of small businesses is growing in our country and across the world. In the United States many women are starting businesses - more often than men. Small business helps create most of the innovative new products and services in our country. Here are 25 tips from the book to help you grow and manage your business more profitably:
- Small businesses are more maneuverable. Look at ideas large businesses have and cannot implement.
- Always be looking for new ways to make money.
- Have a basic business plan that outlines your break evens, your market and your customer.
- Do what comes easy for you - and hard for others
- Keep a focus on marketing and selling
- You're in business to solve customers problems and make them more comfortable.
- Hire salespeople that were ex-paperboys (or girls).
- Be frugal except with customers and employees.
- Spend 60% of your time marketing, 30% providing product or service and 10% managing
- Seek fortune over fame.
- Get rid of the home office.
- Price your product or service to it's value - not its cost. Get away from charging by the hour.
- Delegate, outsource and use consultants and interns
- Have a back up plan in case you loose an employee - for every employee.
- Get rid of problem employees immediately.
- Stash cash for emergencies.
- Patent, protect and padlock your systems and ideas.
- Review billing and pricing frequently. Bill as soon after the job as possible.
- You're not the boss, the client is.
- Take accurate notes about each project. Write down dates and times. You may need them.
- Always be thinking about how to make your company better and better serve your customers.
- Remember to work ON your business - not just IN it.
- Stay off of boards and committees - they are a giant time drain away from making profits.
- Use technology but wait till it's been out a year - you'll save big.
- Give surprises to both your customers and employees.
Finally, here's a list of your daily to do's:
- Talk to a new customer
- Contact an existing customer
- Sell to an existing customer
- Achieve one important objective
- Execute a marketing event
- Do one important task
- Train an employee
- Listen and talk to employees
- Inspect product quality
- Inspect delegated tasks
- Review all goals
- Return all calls
Poole Communications owner
For more information on Jeffery Fox's book, see here: http://www.amazon.com/Make-Money-Your-Small-Business/dp/0786868252
Today I'm going to talk about marketing budgets. I know a lot of you hate numbers or even talking about money, but it's important. Successful businesses have a budget that includes marketing. Let's keep it simple. Look at what you spent on marketing last year and set aside a dollar figure for the amount you're going to spend this year. Look critically at what worked last year and stop any advertising that didn't work. Check your budget numbers monthly and stick to your plan. Having a budget will help you to spend your advertising dollars wisely and prevents impulse buys. Take a good look at your marketing numbers this week and fine tune them to do even better.