Add You - Business

Budgeting For Your Success
Just one of the advantages of starting a home based business is that it usually cost less than starting a business that requires office space or other facilities. Most people are already paying for a home or apartment anyway, so starting a business from that location entails very little extra overhead.Aside from eliminating the need to pay for office space, warehouse space, a restaurant, storefront, etc., the average home business also typically requires a much smaller

ds.

Engagement, Or Lack Thereof
First, thanks to the good folks at Yahoo! for their Long and Winding Road summit series they presented here in Dallas this morning. They are a class act and man are they on brand. My name tag looked professionally printed and my name was even in the Yahoo! approved font.The main topic of this cooperative effort by Y! and OMD was the purchase cycle and how it has been affected by the internet. I agreed with most of it, although the majority of the findings were affirmations mo

Even if you are years away from selling your company reading this article could help you generate thousands of dollars more than you expected. Better to prepare now than later.

Organize your thoughts and your transition steps:

Always prepare monthly financial statements. You must have current P&Ls and a balance sheet. Do not allow anyone to dissuade you from receiving this vital information in a timely manner.
Find out what your CPA will charge you to produce audited statements. You may be years away from selling but buyers will be impressed that you went to the expense and effort to run audited financials. You can’t imagine the trust and credibility that you will generate when you show a buyer and his financial team years of not only accurate but honest books.
Keep perfect asset records. Each capital purchase should identify the name of the manufacturer, the type of machine/equipment, serial number, cost, date of purchase, age of machine at time of purchase, proposed uses of machine, and depreciation methods used.
Have written job descriptions for each supervisorial position in your company.
Have a short, but comprehensive business plan that is fresh, workable, and not hidden deep inside a file cabinet drawer. This plan includes content and financial pro-formas.
Run cash flow forecasts quarterly and be sure they cover the next 4 quarters of your fiscal year.

Do these tasks because.

How can you run your business day to day without them—even if you never plan to sell your company?
You will run the business better, with greater profitability if you do use them
Buyers love profits—don’t forget to make money.
Buyers are impressed with well organized companies with clean and sequential financial documents. Believe me—you will be able to sell for more money when buyers and their teams have trust in your records.

Marketing Tips - On a Budget
I don’t know about you, but when I started my business and even today with a son in college and two kids at home who love to shop as much as mom, I don’t have a lot of money to spend on marketing. I need to make sure that every penny I spend is spent wisely, very wisely. So when I market my business, I need to make sure that I’m creative and use all the tools I have available that don’t cost money. Here are some tips that I have found that worked for me.Radio/Media - It’s not

to produce audited statements. You may be years away from selling but buyers will be impressed that you went to the expense and effort to run audited financials. You can’t imagine the trust and credibility that you will generate when you show a buyer and his financial team years of not only accurate but honest books.

Keep perfect asset records. Each capital purchase should identify the name of the manufacturer, the type of machine/equipment, serial number, cost, date of purchase, age of machine at time of purchase, proposed uses of machine, and depreciation methods used.

Have written job descriptions for each supervisorial position in your company.

Have a short, but comprehensive business plan that is fresh, workable, and not hidden deep inside a file cabinet drawer. This plan includes content and financial pro-formas.

Run cash flow forecasts quarterly and be sure they cover the next 4 quarters of your fiscal year.

Do these tasks because.

How can you run your business day to day without them—even if you never plan to sell your company?
You will run the business better, with greater profitability if you do use them
Buyers love profits—don’t forget to make money.
Buyers are impressed with well organized companies with clean and sequential financial documents. Believe me—you will be able to sell for more money when buyers and their teams have trust in your records.

Wasting Your Marketing - Three Easy Ways
Most of us make mistakes in our marketing now and then. I've done things with my own marketing and advertising that I would never advise a client to do. Sometimes I knew they were bad ideas before starting but, through some temporary lapse in judgment, went ahead anyway. Other times I learned the hard way what works and what doesn't. At any rate, we don't always think ahead to the results of each action we take. This brings me to #1 on my list of ways to waste your marketing.

rchase, age of machine at time of purchase, proposed uses of machine, and depreciation methods used.

Have written job descriptions for each supervisorial position in your company.

Have a short, but comprehensive business plan that is fresh, workable, and not hidden deep inside a file cabinet drawer. This plan includes content and financial pro-formas.

Run cash flow forecasts quarterly and be sure they cover the next 4 quarters of your fiscal year.

Do these tasks because.

How can you run your business day to day without them—even if you never plan to sell your company?
You will run the business better, with greater profitability if you do use them
Buyers love profits—don’t forget to make money.
Buyers are impressed with well organized companies with clean and sequential financial documents. Believe me—you will be able to sell for more money when buyers and their teams have trust in your records.

Information Overload and the Drowning Out of Your Advertising Dollar
As a small business person do you ever feel that your advertising dollar is being drown out by information overload? The advertising is usually too expensive and anyone who has ever advertised in a newspaper, unless it is a large ad (full page or double truck advertisement) has had a tough time finding their ads as they are often buried in some back section. They think to themselves how much they paid for that ad - ouch!Indeed often enough a salesman for an advertising agency,

Do these tasks because.

How can you run your business day to day without them—even if you never plan to sell your company?
You will run the business better, with greater profitability if you do use them
Buyers love profits—don’t forget to make money.
Buyers are impressed with well organized companies with clean and sequential financial documents. Believe me—you will be able to sell for more money when buyers and their teams have trust in your records.

Why Do Some Franchise Businesses Fail?
Buying a franchise business is supposed to be the least risk way to start a business. But is owning a franchise guaranteed to make you money? Not necessarily… the truth is that some business franchises are extremely hard work especially in the fast food industry.Most people know about the franchise industry due to the fast food franchises that specialise in providing the same quality of food all over the world. They guarantee the same eating experience irrespective of where in t

ds.

You won’t have to tell what I call “stories.” Stories are nothing more than excuses to rationalize why a buyer should not be too concerned when the numbers don’t add up and/or the seller wants more money for the company than can be justified in the books Be absolutely sure that all your customers are in a data base that is electronically current. Besides all the normal identification information list the customers email address and Website address if there is one. Show all contact people and which department. Install ACT or GOLDMINE contact management programs and you will be in superb hands. Remember that your customer list is more important than all your assets—except for your employees.

Begin planning for a sale at least two years before going to the marketplace; but if you sense a declining market for your goods and services you may need to accelerate your timetable. Try to sell when your business is prospering. Unless you want to die at your desk at 100 years of age, you will receive the best price when there is still upside. Buyers will buy into upside but they for sure aren’t excited about downside trends. Would you buy a business where the seller is telling you stories about why his business has plateaued? Neither would I.

As soon as you decide that that you’re definitely going to sell, hire an experienced Business Broker/Intermediary. Do not engage your CPA to function as your sales representative. Never hire your attorney to help you sell the business. To be sure, there is a place for your CPA and your attorney to become involved but that time is way down the selling road. Obtain an independent valuation of your company. Depending on the size and the complexity of the business, these valuations are relatively inexpensive. Your accountant may argue that he can produce a valuation but his valuation isn’t credible because he works for you. You need to have a neutral third party complete the appraisal for your company.

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It has been observed that often business opportunity sellers use shills to promote their products or business opportunities in advertising. Perhaps you seen this before when someone on TV was obviously a very skilled actor will swear by certain product or business opportunity in an infomercial.

Someone once told me that a frog can be boiled alive simply by placing it in a cold pan and turning up the heat very slowly. According to the story, a frog's nervous system can not detect the subtle changes in temperature, and it will remain placidly in the pot as it is gradually cooked to death. I don't know whether this is true--and it is far too cruel an experiment to attempt--but certain human resources departments tend to bring these frogs to mind. I imagine the poor souls who work in these divisions sitting quietly in their cubicles as all forms of genuine human interaction are subtly removed from their job descriptions, one by one.

Sales leads are crucial for every business. As your business grows, you have to see to it that the sales leads you create will be able to keep pace with the expanding size of your business. However, you must bear in mind that these leads should be solid and qualified leads in order to close the deal that you want to make. Therefore, it is a must that you know how to distinguish a qualified lead from a potential lead.

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