A marketing plan outlines everything you will do to market your business, in what order, and when. The time and effort spent developing your marketing plan is a good investment.
An effective marketing plan does the following:
Identifies and explores the strengths and weaknesses of your company, its products, or services
Examines, based on these strengths and weaknesses, the opportunities and threats that exist in the marketplace
Forces you to focus on the needs of your customers and potential customers
Allows you to anticipate and plan for changing market trends, consumer demands, and changes of your competitors
Helps you reach company goals within your budget
Forms an essential part of your business plan
Fostering the entrepreneurial spirit!
Saturday, March 17, 2012
Wednesday, March 14, 2012
Still Time for those Home Office Deductions
Maybe you had all your paperwork in weeks ago... or maybe you're still crunching tax numbers. If you have a home office, there's some good news to be found courtesy of Turbo Tax - Easily File and Maximize Your Business Tax Deductions.
Here are few highlights. Read the full article on BusinessInsider.com. Please note, as with ALL tax matters, this is informational and for you to discuss with your accounting professional.
Home office space. If an office or other portion of your home is designated for work, the IRS allows you to deduct a portion of your mortgage payments or rent. The use of the space for work has to be “regular and exclusive”—in other words, a laptop on the kitchen table doesn’t qualify. The deduction is proportional to the size of your workspace. Calculate the percentage of your home’s square footage that is used exclusively for work. And don’t forget that you can deduct utilities, homeowners’ insurance and real estate taxes as well.
Computer equipment, software and supplies. Deduct the full value of any computers, software and Internet service that are used only for business purposes. Other write-offs include software programs, including accounting software, and postage expenses.
Health insurance costs. Sole proprietors can write off the cost of their health insurance premiums, but remember, your family’s insurance costs are not deductible unless they work for you.
Research materials. If you subscribe to websites or print publications that focus on your industry, write them off. If you’re a writer and purchase copies of the publications you want to write for, deduct those too. Same goes for reference books.
Business phone calls. Write them off. The simplest way to keep track of your business call expenses is to have a dedicated phone line or a separate cell phone altogether.
Auto mileage and travel expenses. Whether you're traveling to meet with clients, conduct research, or for some other legitimate business purpose, all of the expenses can be deducted. Keep track of mileage, and keep receipts for cabs and air travel. They can all be written off if properly documented.
Here are few highlights. Read the full article on BusinessInsider.com. Please note, as with ALL tax matters, this is informational and for you to discuss with your accounting professional.
Home office space. If an office or other portion of your home is designated for work, the IRS allows you to deduct a portion of your mortgage payments or rent. The use of the space for work has to be “regular and exclusive”—in other words, a laptop on the kitchen table doesn’t qualify. The deduction is proportional to the size of your workspace. Calculate the percentage of your home’s square footage that is used exclusively for work. And don’t forget that you can deduct utilities, homeowners’ insurance and real estate taxes as well.
Computer equipment, software and supplies. Deduct the full value of any computers, software and Internet service that are used only for business purposes. Other write-offs include software programs, including accounting software, and postage expenses.
Health insurance costs. Sole proprietors can write off the cost of their health insurance premiums, but remember, your family’s insurance costs are not deductible unless they work for you.
Research materials. If you subscribe to websites or print publications that focus on your industry, write them off. If you’re a writer and purchase copies of the publications you want to write for, deduct those too. Same goes for reference books.
Business phone calls. Write them off. The simplest way to keep track of your business call expenses is to have a dedicated phone line or a separate cell phone altogether.
Auto mileage and travel expenses. Whether you're traveling to meet with clients, conduct research, or for some other legitimate business purpose, all of the expenses can be deducted. Keep track of mileage, and keep receipts for cabs and air travel. They can all be written off if properly documented.
Monday, February 27, 2012
Don’t Be a Small Business Failure Statistic
When you're running a small business, the last thing you want to focus on is failure. But unless you are doing the right things within your business failure (or forever underperforming) is a real possibility.
There are many views about what a business owner should and shouldn't do to keep there business profitable and thriving (not just surviving) but as with most things there are a few that are key… at the core of success.
Here are some the three most commonly cited reasons for small businesses to under-perform and fail…
#1 Poor Management
Most small business experts cite poor management as the number one reason for entrepreneurial failure.
Business owners frequently lack relevant business and management expertise in areas such as finance, marketing, selling, and hiring and managing employees.
Unless they recognize and act upon what they don't do well by seeking help a business owner can and will face disaster.
Note: For a side by side comparison of Professional vs Entrepreneurial Management please email me at eleaman@oedglobal.org
#2 Insufficient Funds/Cash Flow
A frequent and more oft then not fatal mistake for small business owners is having insufficient operating funds.
Business owners habitually underestimate how much money is needed to found and run their enterprises and are often forced to close before they even have had a fair chance to succeed.
It is imperative to know how much money a business will require… not only the costs to begin (ALWAYS underestimated) , but the costs of running the business (ALWAYS more then it should cost).
Tools like budgets and accurate forecasts must be used and solid sources of funding must be found, cultivated and used.
#3 Lack of Planning
Anyone who has ever run a successful business knows consistent, careful, methodical, strategic and flexible planning is as important as hard work in being successful.
While business owners hate to hear this every business MUST have a business plan and the plan must be followed. It must be realistic and based on accurate, current information and educated projections for the future.
OK, that was the ‘bad news’… which is actually good news because these three things are so very easy to avoid or correct with the right help and advice.
This is where the Organization for Entrepreneurial Development and its Local business Assistance Program can come into play for start and existing enterprises.
As a non-profit corporation, the Organization for Entrepreneurial Development provides business support and outreach to the broad entrepreneurial community.
If you or a business owner you know are struggling with your business under-performing or even feel like you/they are teetering at the brink of failure, please use or forward this email and take advantage of OED’s Local Business Assistance Program. As business owners, entrepreneurs can take advantage, at no cost, of OED’s most popular outreach program, Local Business Assistance Program, just by visiting http://www.oedglobal.org/lbap.html
There are many views about what a business owner should and shouldn't do to keep there business profitable and thriving (not just surviving) but as with most things there are a few that are key… at the core of success.
Here are some the three most commonly cited reasons for small businesses to under-perform and fail…
#1 Poor Management
Most small business experts cite poor management as the number one reason for entrepreneurial failure.
Business owners frequently lack relevant business and management expertise in areas such as finance, marketing, selling, and hiring and managing employees.
Unless they recognize and act upon what they don't do well by seeking help a business owner can and will face disaster.
Note: For a side by side comparison of Professional vs Entrepreneurial Management please email me at eleaman@oedglobal.org
#2 Insufficient Funds/Cash Flow
A frequent and more oft then not fatal mistake for small business owners is having insufficient operating funds.
Business owners habitually underestimate how much money is needed to found and run their enterprises and are often forced to close before they even have had a fair chance to succeed.
It is imperative to know how much money a business will require… not only the costs to begin (ALWAYS underestimated) , but the costs of running the business (ALWAYS more then it should cost).
Tools like budgets and accurate forecasts must be used and solid sources of funding must be found, cultivated and used.
#3 Lack of Planning
Anyone who has ever run a successful business knows consistent, careful, methodical, strategic and flexible planning is as important as hard work in being successful.
While business owners hate to hear this every business MUST have a business plan and the plan must be followed. It must be realistic and based on accurate, current information and educated projections for the future.
OK, that was the ‘bad news’… which is actually good news because these three things are so very easy to avoid or correct with the right help and advice.
This is where the Organization for Entrepreneurial Development and its Local business Assistance Program can come into play for start and existing enterprises.
As a non-profit corporation, the Organization for Entrepreneurial Development provides business support and outreach to the broad entrepreneurial community.
If you or a business owner you know are struggling with your business under-performing or even feel like you/they are teetering at the brink of failure, please use or forward this email and take advantage of OED’s Local Business Assistance Program. As business owners, entrepreneurs can take advantage, at no cost, of OED’s most popular outreach program, Local Business Assistance Program, just by visiting http://www.oedglobal.org/lbap.html
Saturday, January 21, 2012
Asking Questions – Key to Business Success
“We never stop investigating. We are never satisfied that we know enough to get by. Every question we answer leads on to another question. This has become the greatest survival trick of our species.” - Desmond Morris (b. 1928), British anthropologist.
Ask and you shall receive says the Bible. Ask, and every human being has been conditioned to do what they are asked to do, say the psychologists. Ask, and according to the law of averages, you'll get enough "yes’s" to guarantee your success, say the sales managers.
Ask people any sensible, relevant question, for their opinion, advice, for a favor or anything that will enable you to meet them; then make sure they know who you are, and maintain your contact so they remember you. Ask "How can we do this better?" Ask "How can we do more?" Ask "How can we serve our clients better?" If you don't have answers to these questions, find someone who does and ask them.
Asking is the quickest, easiest and surest ways to get people to do what you want them to do.
Why does this work? Why do people tend to do what you ask them to do? Why is it that people who have no interest in you use their time and energy to furnish you with information just because you asked them for it? Because people are conditioned from childhood to respond to polite questions. If you ask intelligent questions with impact, almost everyone will answer you.
The other significant reason to ask good questions is to help the person you are asking. Asking well-crafted, intelligent questions causes people to think profoundly. When someone thinks more deeply than before, new ideas, new answers and new possibilities emerge.
Asking appropriate questions of people is like holding up a mirror to theiractions and decisions so they can see for themselves whether it is the right thing to do.
Ask and you shall receive says the Bible. Ask, and every human being has been conditioned to do what they are asked to do, say the psychologists. Ask, and according to the law of averages, you'll get enough "yes’s" to guarantee your success, say the sales managers.
Ask people any sensible, relevant question, for their opinion, advice, for a favor or anything that will enable you to meet them; then make sure they know who you are, and maintain your contact so they remember you. Ask "How can we do this better?" Ask "How can we do more?" Ask "How can we serve our clients better?" If you don't have answers to these questions, find someone who does and ask them.
Asking is the quickest, easiest and surest ways to get people to do what you want them to do.
Why does this work? Why do people tend to do what you ask them to do? Why is it that people who have no interest in you use their time and energy to furnish you with information just because you asked them for it? Because people are conditioned from childhood to respond to polite questions. If you ask intelligent questions with impact, almost everyone will answer you.
The other significant reason to ask good questions is to help the person you are asking. Asking well-crafted, intelligent questions causes people to think profoundly. When someone thinks more deeply than before, new ideas, new answers and new possibilities emerge.
Asking appropriate questions of people is like holding up a mirror to theiractions and decisions so they can see for themselves whether it is the right thing to do.
Tuesday, January 17, 2012
Managing Stress Begins with Knowing Its Source
Did you vow to tackle stress this year? Stress has long been known as a common curse of the entrepreneur. While there is no easy prescription for this problem, a helpful remedy is for entrepreneurs to get together and share their problems and frustrations.
When entrepreneurs get together, here are some of the factors they identify that increase stress.
When the initial vision of success gives way to disappointing sales. As one example, a business venture began based upon a single product that the owner really believed in -- a product that often drew praise when demonstrated ... but wouldn't sell. The owner heard over and over from prospective customers that the product was "a clever idea but I can't use it in my business." Stress was the by-product as this entrepreneur had to tear himself away from this single product, look at the facts, and begin again -- this time producing for the market, not for himself. A new product was the solution.
Partnership conflicts and coordination. When you start a business, friendships as well as investments are on the line. The backgrounds and talents of partners can make a difference. For instance, one partnership's co-entrepreneurs had very similar backgrounds, making the division of labor problematic.
Abandonment of reliable careers. The pressure to succeed is multiplied when new entrepreneurs find themselves taking a severe cut in their personal incomes in order to pursue their own business.
Overcoming bureaucratic barriers to small business marketing efforts. The difficulty a small company often has in dealing with layers of big-business bureaucracies can cause a great deal of strain. Reaching the CEO of a larger corporation may require a level of aggressiveness unnatural and, therefore, stressful to a small business owner. This frustration had been so great for one owner that he decided to direct his marketing efforts exclusively at other small companies.
Being too dependent on one company. Another business mentioned that his company had to swallow a very large loss on a major project when the single large firm his company had depended upon for its market suddenly ended the relationship.
Check out more great tips for success AND fulfillment in your business in the OED Community!
When entrepreneurs get together, here are some of the factors they identify that increase stress.
When the initial vision of success gives way to disappointing sales. As one example, a business venture began based upon a single product that the owner really believed in -- a product that often drew praise when demonstrated ... but wouldn't sell. The owner heard over and over from prospective customers that the product was "a clever idea but I can't use it in my business." Stress was the by-product as this entrepreneur had to tear himself away from this single product, look at the facts, and begin again -- this time producing for the market, not for himself. A new product was the solution.
Partnership conflicts and coordination. When you start a business, friendships as well as investments are on the line. The backgrounds and talents of partners can make a difference. For instance, one partnership's co-entrepreneurs had very similar backgrounds, making the division of labor problematic.
Abandonment of reliable careers. The pressure to succeed is multiplied when new entrepreneurs find themselves taking a severe cut in their personal incomes in order to pursue their own business.
Overcoming bureaucratic barriers to small business marketing efforts. The difficulty a small company often has in dealing with layers of big-business bureaucracies can cause a great deal of strain. Reaching the CEO of a larger corporation may require a level of aggressiveness unnatural and, therefore, stressful to a small business owner. This frustration had been so great for one owner that he decided to direct his marketing efforts exclusively at other small companies.
Being too dependent on one company. Another business mentioned that his company had to swallow a very large loss on a major project when the single large firm his company had depended upon for its market suddenly ended the relationship.
Check out more great tips for success AND fulfillment in your business in the OED Community!
Tuesday, January 10, 2012
Why do people start a small business?
“A journey of a thousand miles must begin with a single step.” – Chinese proverb
Most times, for one of the following four reasons:
Independence
They are tired of working for someone else.
Challenge
Small business ownership requires a great deal of responsibility. Some people thrive on that.
Prestige
Small business ownership offers community recognition. First as a successful
business operator, and later as a contributor to the economic and social welfare
of the entire community.
No Restrictions
There are no restrictions and few prerequisites for small business ownership.
Race is not a factor in small business. Neither is gender. As a matter of fact, women are starting small businesses at 6 times the rate of men.
Most times, for one of the following four reasons:
Independence
They are tired of working for someone else.
Challenge
Small business ownership requires a great deal of responsibility. Some people thrive on that.
Prestige
Small business ownership offers community recognition. First as a successful
business operator, and later as a contributor to the economic and social welfare
of the entire community.
No Restrictions
There are no restrictions and few prerequisites for small business ownership.
Race is not a factor in small business. Neither is gender. As a matter of fact, women are starting small businesses at 6 times the rate of men.
Monday, January 9, 2012
Leadership
Leadership is the ability of a person to influence, motivate, and enable others to contribute toward the effectiveness and success of the organizations of which they are members and/or to achieve certain goals.
Leadership is the ability of an individual to set an example for others and lead from the front. It is an attitude that influences the environment around us.
Leadership does not involve changing the mindset of a group, but the cultivation of an environment that brings out the best (inspires) the individuals in that group.
The Major Traits of Leadership
- Unwavering Courage
- Self Control
- Optimism - very few pessimists become leaders
- A Keen Sense of Justice
- Definiteness of Decision
- Definiteness of Plans and Purpose
- The Habit of Doing More Than Expected
- A Pleasing Personality
- Sympathy and Understanding
- Mastery of Detail
- Willingness to Assume Full Responsibility
- Cooperation
Leadership is the ability of an individual to set an example for others and lead from the front. It is an attitude that influences the environment around us.
Leadership does not involve changing the mindset of a group, but the cultivation of an environment that brings out the best (inspires) the individuals in that group.
The Major Traits of Leadership
- Unwavering Courage
- Self Control
- Optimism - very few pessimists become leaders
- A Keen Sense of Justice
- Definiteness of Decision
- Definiteness of Plans and Purpose
- The Habit of Doing More Than Expected
- A Pleasing Personality
- Sympathy and Understanding
- Mastery of Detail
- Willingness to Assume Full Responsibility
- Cooperation
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