Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to know where you can realistically go. At year’s end, review the goals you set last year and use your numbers to see how your business measured up. Whether or not you met your…

  CashFlow is the Fuel That Keeps Your Business Running For contractors, the idea of cash flow management can seem overwhelming. But with the right strategies, you can ensure that your business has the necessary funds to cover expenses and remain profitable. With Profit First, you can learn how to manage your cash flow so that you always have the right amount of cash in the right place, at the right time. In this blog post, we’ll take a closer look at how Profit First can help contractors make sure their businesses stay solvent and profitable. Understanding Cash Flow Management for Contractors and Specialty…

What is always in front of you but can’t ever be seen?  Yup, the future. None of us have a crystal ball where we can clearly see the future. But that doesn’t mean we can’t be response-able to meet any challenges that are thrust upon us. Sounds simple? It is simple, but it’s not easy. Preparing for the future requires 2 things: A Plan Discipline to execute the plan First the plan  What components should be in your business plan: A 3-5 vision statement 1-year strategic objectives 90-day Rocks 3-5 year Vision Statement This is a statement of clarity. We recommend a compound sentence that covers the following: Revenue targets Market segment(s) Product/…

  A business that involves inventory is exciting to set up, but it also comes with its share of challenges. It’s easy to become overwhelmed by inventory management. Adopting some helpful tools and strategies will make the inventory management process much easier. Read on for some tips on how to improve your inventory processes. Use barcodes It’s typical for a small business to start out with simple price tags because they’re inexpensive and relatively simple. Something quickly stamped out of a pricing gun or even handwritten is common. However, there will come a time when this practice starts to hurt you. The margin…

“Five frogs are sitting on a log. Four DECIDE to jump off. How many are left? Five, because deciding is different than doing.” What is the meaning of this riddle? Allow me to state the obvious. Just because four frogs “decide” to jump off the log doesn’t mean any of them actually jumped.  Does this ever happen in your business? A decision is made to go in a certain direction, or take on a particular project. Everyone is smiling and nodding their head at the meeting. But afterwards nothing happens. Why???  Commitment. Deciding IS different than doing. Ask yourself these questions. Does everyone have: Clarity:…

Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips on how to determine how much you should raise your prices. Company costs The type of business you run will determine how much it costs to stay in business. If you’re service-based, you will need to…

Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs It’s true that people may enjoy coming to work. But for most people, earning money is the main reason they seek out employment. Our jobs make the world go round, and support…

In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done. Time blocking and Time boxing are the two main techniques, though there are some others as well. Read on to find out what might work best for you. Time Blocking You’re probably most familiar with time…

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort itself out. Here are some tips for how to manage inventory for your small business. Look back to look ahead Forecasting is a vital activity when running a business, especially if you’re…

There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and your reporting requirements. Read on to learn the differences between the main ways of earning money in the workplace. Wages Most entry-level positions offer an hourly wage in exchange for work. An…

The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few.There are many benefits to switching this traditionally paper-heavy and arduous process online. Read on to learn 5 great reasons to make the switch. 1. Make a great first impression Some surveys suggest that up to 50%…

There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone is going to feel the pinch – including you. If your business supplies are now more costly than they were before, you have to pass those costs on. Otherwise you’re the one losing…

It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend and how you can save Like most pieces of financial advice, everything starts with a budget. It’s crucial to understand exactly where your money is going because it’s not going to go as…

When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While this is yet another cost to consider, it’s actually a great idea that easily pays for itself. Here are the ways outsourcing your payroll can help you: 1. Free up your time In…

I mentioned last month how important ad extensions are when using Google AdWords (in my opinion, Google AdWords should be compulsory for any company trying to advertise a presence online).

Whilst ad extensions have been around for a number of months, it’s surprising how few advertisers use them, so it’s a big opportunity for you to dominate your keywords. You see, ad extensions make your ad at least twice as big, meaning your competitors’ ads get ‘pushed’ further down the page.

February was the month of ‘LOVE’ so I thought I’d open this month’s issue by focusing on your customers, clients or patients. More importantly, why we need to make them feel ‘LOVED’! (it was timely while I was preparing!) On average, and for a variety of reasons, most businesses will lose between 10% and 20% of their existing customers each and every year. Customers come and go. It’s simply a fact of life. Some of the reasons for customer attrition are unavoidable but others are in complete control of the business. Interestingly, according to a recent survey by the Sales and Marketing Executives International, customers stop buying for the following reasons:

One of the business philosophies I’ve adopted for a number of years is that to be ultra-successful, your business must be SYSTEMISED. Even before I read Michael Gerber’s brilliant ‘E-Myth Revisited’ (if you haven’t read it, you need to—it is required reading) I realized the importance of systemization and what it can do for a business.