Business Owner Newsletter - Page 30

In today's society communication is definitely changing. There are newer methods that are picking up momentum in all demographics such as texting and email. People are becoming more impatient as they expect faster responses. We're connected to constant streams of information at all times, and somehow some way your business has to keep up. Thankfully there are apps out there that can help your business. These are just a few of the ones out there:

As a business owner, you have not just the holidays looming, but the oh so fun tax season. There's a lot to prepare if you're not already organized: expenses, donations, profit and loss statements, etc.. We've complied a short list of apps that are designed not just for taxes (though you'll be wishing you've used them all year), but for accounting in general. Remember, if these apps are not right for you take some time to search the Play store or Itunes for the right app.

There's an App for that! Join us throughout November as we look at apps (desktop and mobile) that small businesses owners should definitely know about.

 

Most business owners, and employees, have harsh feelings about tracking their time. There are a few who actually like it, though we have found when coaching our clients, most groan! We hear all sorts of excuses with one of the main ones being, "It takes me more time to track this then it does to do the work". And yet, as business coaches, we continue to assign this to clients, not because of some sick sense of humor, but because we know the value of tracking your time, IF done right.

Quote: "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity."  - Peter Drucker   

 

Question: When thinking of building the value of your business, what opportunity for change do you see and how will you respond?

We have talked about the harsh reality of having a business of value and discussed what markets and buyers look for in a business of value. The next logical step is to discover what needs to be in place so your business, as it continues to mature, achieves steady growth, healthy cash flow, and the systemization that creates a business of real value. You could do an internet search and find any number of websites or individuals that can tell you how to create value in a business. The truth is, there is no one way to get it done but there are certain factors in a business of value that are consistent. This week we focus on three factors: Professional Advisors, Coaching, and Action.

Last week we talked about how many business owners bury their heads in the sand when it comes to placing a value on their business. This week we focus on where the 'sweat equity' can make a positive difference in the valuation of your business.The markets and buyers of the world are as diverse as the businesses. This leaves each market and buyer with its own set of criteria and perspective of what value look like. Taking into account those diverse perspectives, this week we look at three core attributes that nearly all buyers are interested in paying top dollar to obtain: Growth, Cash Flow, and Systemization.

You've built your business with a great deal of hard work, dedication, money, sacrifice, and plain old pig-headed determination. You are really good at what you do, and your business is known for the quality it provides. You have dozens, hundreds, maybe thousands of loyal customers who sing your praises and continue to buy your goods or use your services. You have loyal employees who have been with you for many, many years; and the business has given you and your family a decent living, in spite of some "ups and downs" over the years. You are now getting closer to the "reality of your mortality", the fact that eventually a transition is going to happen, voluntary or involuntary. But as Michael Gerber, best-selling author of the E-Myth books says, "The only sane reason to own a business is to sell it."

We have been exploring the sale process the last few weeks.  This past week-end one of our coaches, while visiting Coca-Cola Days 2014, found this Sales Training Program from Coca-Cola that was produced in 1940. 

WOW is it amazing in its simplicity as the steps for being successful in a sales role are presented!  Using both text and pictures this guide provides the Coca-Cola sales force with the information needed to be a success...and 74 years later it remains chillingly accurate in detailing what is needed to provide both Coca-Cola's customer, the vendor,  and the end user, the ultimate Coca-Cola experience.

As you are aware, everyone in your business is responsible for sales. Some are more directly involved than others, but everyone plays their role. We’ve looked at the foundation for the sales team; but what needs to be in place for the remaining staff members who are only indirectly involved...

Especially in sales, we see too many people wanting the magic pill. When your business falls behind on its sales goals it hurts. Profits are down, but then again so is cash flow and often times morale.   It's easy to see why everyone looks for that 7 foot bar to jump over, but your best bet is to take a moment and look for that 1 foot bar.  To get started make sure you read "Behind the Sales Curtain" and "Your Sales Process".