3 Simple Steps To Manage Your Budget & Cashflow
I bet just the very title of this article is enough to make
you run for cover! Along with paper piles, budget and
Cashflow is another area that can drive solo business
owners over the edge! In your corporate days you would
have had a bookkeeping/accounting department that took care
of all of this for you - they paid the invoices, they
tracked the receivables, they tracked the income, and they
told you the bottom line!

Now that you’re running your own business you are also the
Chief Financial Officer, and it can be very overwhelming.
However, it needn’t be… let me share with you three
simple steps that you can put in place to manage your
budget and Cashflow.

What is a Cashflow projection?

One important area of your Financial Management System is
that of a Cashflow projection. Put simply, a Cashflow
projection shows whether your anticipated income will be
able to cover your expected (projected) expenses and this
report is very beneficial to you in your business.

It is an annual report and, if set up correctly, will show
you how cash will flow through your business throughout the
current financial year. I’ve been using a Cashflow report
in my business for many years and find it invaluable. Just
recently the chance to participate in a high-profile
teleclass series came up, and because I have my systems in
place, I knew straightaway that it was something I could
take part in!

Step 1 - Create Your Cashflow Report

This is very easy to do using a spreadsheet. Create a
column that lists all of your expenses, i.e. office
supplies, legal & professional fees, membership,
advertising etc. and a column for each month of the year.
You will need to create formulae that will tell you your
total income, total expenses, and subtracts the expenses
from the income, and also carries forward any amounts from
month-to-month. This is so you can see how your finances
are ‘flowing’ throughout the year.

Step 2 - Input Your Data

Taking your financial data from your bookkeeping system
input your actual income and expenses, and list any
projected expenses in the appropriate row/column. Your
Cashflow report will now show you at-a-glance any time
periods for which you will need to be especially aware of.
For example you may have a lot of expenses in one
particular month so you’ll know that the previous month
you’ll need to make sure that you have the funds kept back
in your bank account to take care of those upcoming
expenses.

It will also show you if you can afford to make an
investment in your business, whether that’s signing up for
a new service or membership club, taking out an
advertisement, or buying new equipment.

Your Cashflow projection can also be used as a budget
planner. You can plan out when annual memberships are due
and put those in ahead of time. You can also add in an
amount for when your taxes are due. This will provide you
with a really good feel of how cash is flowing through your
business, month after month, throughout the year, and you
can also tell how much you can take off for owners draw,
but still leave enough to cover the anticipated expenses.

Step 3 - Schedule In The Time

Now that you have your Cashflow report in place, it’s
important that you update it regularly so that you can stay
aware of how cash is flowing through your business, and
take any actions necessary so that you have enough to cover
all of your anticipated expenses.

I recommend scheduling in at least 30 minutes once a month
to update this critical financial management report.

A Final Thought…

Having an annual Cashflow projection will provide you with
all of the information you need so that you can keep on top
of your business financially and know where you are.

If you have a bookkeeper taking care of all your financial
records for you, ask them to prepare your monthly Cashflow
report for you.

—————————————————-
Office organization expert, Tracey Lawton, teaches
professional speakers, coaches, and authors how to operate
an efficient, organized, and profitable business. Learn
how to create an efficient and organized office in 7 EASY
steps, and receive free how-to articles at
http://www.OfficeOrganizationSuccess.com

In conducting keynotes and workshops for managers and
supervisors, I’m often asked about managing difficult
employees. Here are some easy tips for exactly what to say,
and what not to say in managing difficult
employees…especially the insubordinate subordinate.

Let’s say, for example, that you have an insubordinate
subordinate. This type of difficult employee, when you meet
privately about a performance issue, defiantly remains
silent. About halfway through the performance meeting you
say to them, “So, what are your thoughts on everything
we’ve discussed so far?” If they sit there with their arms
folded, looking upset and not talking, you can document
silence. Especially if you ask the difficult employee the
question a couple of times and don’t get a response. It’s
almost like they’re looking at you as if to say, “Are we
done yet?!”

Another tip for managing difficult employees like this is
to ask the question and wait 15 seconds for a response. If
you don’t get one, ask the question a second time. Ask
calmly. Don’t let them know they’re starting to rattle your
cage and ruffle your feathers!

If you still don’t get a response from the difficult
employee, ask the question a third time. If they still
don’t respond, you can calmly reply, “You know, you’re
beginning to exhibit career limiting behavior. I’d really
like to get your feedback on everything we’ve discussed.”
Document everything.

Make sure you don’t “slip” and accidentally say, “You’re
beginning to exhibit career eliminating behavior!” You may
know in your mind that’s the direction they’re heading in,
but don’t tell them that! In managing difficult employees,
you have to be so careful with everything you say, do, and
put into writing.

Watch your tone of voice. In face-to-face communication,
tone accounts for up to 38% of what a person believes about
you. I have a friend who works from home talking with
clients all day. One afternoon when she finished a business
call, her little daughter replied, “Mommy, I like your
client voice better than your mommy voice!”

So, yes, people pick up on not just your words, but your
tone of voice. And, most importantly, your body language.

In managing difficult employees, it’s imperative to address
the issue immediately. Otherwise, the other people working
for you start to wonder why you’re not doing anything about
it. It affects team morale. It affects your credibility.
Good luck!

—————————————————-
Colleen Kettenhofen is a motivational keynote speaker on
managing people, effective leadership, difficult people and
presentation skills. She is co-author of The Masters of
Success, featured on NBC’s Today Show. Colleen has spoken
in 47 states and six countries since 1995. For free
articles, e-newsletter and video clips:
http://www.ColleenSpeaks.com Colleen is available for
keynotes and seminars.

Is your career wearing you out? Are you too tired to enjoy
your family and friends on the weekends, or what little
part of the weekend you have? Well, I have a secret to
share about the blind spot that just might have got you
there. It certainly was mine. The secret is this: Your job
is only part of your workload. You’re not tired because of
your career. You’re tired because of everything else.

This is particularly true for women. Many of us hold
ourselves up to mid-20th century ideals while working 21st
century careers.

Two years ago, I was just exhausted. Between my business,
the house, eldercare issues, and other responsibilities,
there just wasn’t any time to relax. Something had to go,
but what?

I was sick and tired of hearing from the “experts” that the
solution to my exhaustion was to just stop doing most of
what I was doing. I wasn’t doing anything that wasn’t
important. I had eliminated all that I could, including
many things I enjoy, and there was still no time for a
life. That’s when I realized that I had to start hiring
people to do things for me.

I think you should consider doing the same. It’s your life
you’re talking about. You are in your peak years, both
mentally and physically. If you’re spending your time doing
something you can pay someone $15, $20, or $40 an hour to
do, you’re not spending that time with your kids, partner,
family, or friends, or even a good book. To me this is a
waste of all your education and hard work on the job if all
it gets you is no time for the rest of your life. Will you
really look back on your deathbed and feel satisfied that
you personally pulled all of the weeds in your yard?

It wasn’t easy. Like most entrepreneurs, I love control. I
liked to pretend that I didn’t, but the truth was that I
did. All of my excuses, like “I can’t afford it” really
just came down to one thing: I was afraid to give up
control.

For some tasks, I even had an added layer of rotten
thinking: believing that if I didn’t personally handle
household responsibilities like menu planning and laundry,
I must be a pretty lame wife. What was I thinking? Old
messages still float around our heads, and once we surface
them, we have to whack them on the head until they are
dead. So I did.

My first baby step was the vet who makes house calls. Why
traumatize Bill with a car ride to the vet’s when there’s a
vet who will come to him? Not to mention that it saved me
the time getting out his carrier, driving him to the vet,
waiting, and driving him home.

Then came the bookkeeper. What a fool I was to wait so
long. I meet with her every other week to hand off bills
and receipts. She does the rest and keeps me informed. She
handles bill paying and expense and income tracking and
stays on top of all the accounts for my business, for my
mother-in-law, and for us.

We actually have a household P&L now. I think it’s a ton of
fun. Others think it’s just sick. Either way, I have more
time, and I have better focus at work, since, “Oh, crap, I
wonder if I transferred enough into the personal checking
account to cover that Key Bank automatic payment” never
floats across my brain while I’m at work. I know that
Laurie is all over it. It was heavenly to come home from
almost three weeks away and have NO bills stacked up
waiting for me. None.

It was the bookkeeper who suggested the gardener. She was
right. Kirk hates mowing, anyway, and I was so bored
pulling weeds. Now when I work in the garden, it’s the part
I enjoy, like tending to my herbs and vegetables. It’s
relaxing. It sort of reminds of…oh, what is it…it’s
like having a life!

Finally, I took the biggest step of all: I hired a personal
assistant. She handles the 1,000,000 little things like
laundry, grocery shopping, making appointments with the
plumber, meeting him at the house, and so on and so on. She
saves me a full 40 hours a month. I was pretty shocked to
realize that 10 hours out of every week had gone to
managing the household, some of them during the workweek.

I get really worked up when I hear a reasonably successful
professional say, “Oh, I can’t afford a luxury like that. I
don’t make enough.” I couldn’t either, you could say.
While it’s true that I make more money now because these
wonderful people have freed up time for me to be more
focused and productive, for the first few months, I carried
the expenses without a return (on my business line of
credit, in case you’re interested - real debt, real skin in
the game, no fooling around). I was confident that the
return would come, and would far exceed the investment. It
has.

Even for employed professionals, the return will come if
you (and your partner, if you have one) at least farm out
your most hated tasks.

For the self-employed, it’s absolutely essential to manage
your business from where you want it to be, not from where
it is now. Investment in resources that make you
successful, whether on the personal or business side, is
essential to having a profitable and sustainable business.

—————————————————-
Jennifer Selby Long, Founder and Principal of Selby Group,
provides executive coaching and organizational development
services. Jennifer’s knack is helping clients navigate the
leadership and organizational challenges triggered by
change and growth. She knows firsthand that great plans
often fail because companies don’t take into account the
human factors that come into play when implementing them.
Visit Jennifer at: http://www.selbygroup.com

If you were to sign up with an online dating service the
first task for you to complete would be to describe what
you are looking for. “What you are seeking in a mate?” It
makes sense. How are you going to find your mate if you
haven’t declared what is important to you?

It’s not that different in a job search. The first question
to ask yourself should be: “What are you seeking in a job?”

Taking some time to think about what is important to you
will help you be more selective in where you apply,
interview, and hopefully end up working. This will also be
a great source of energy, enthusiasm and passion for you
when you are asked, “Why do you want this job?”

Using interview questions as your guide, try flushing out
what is important to you and what is not. In the end
hopefully you will have your own “Wish List” of job
requirements.

Interview Question - “When have you been most motivated?”

This is more than an interview question; it is a question
that you should be asking yourself before the interview.

When have you been most satisfied in your work? When did
you feel like you were making a difference or making a
contribution? Basically, what would you like more of in
your next job?

This simple exercise will help you answer this question
will also help you look inside yourself to think about what
you want “more of,” and what you want “less of” in your
next job. People usually perform at a higher level if they
are satisfied with the work that they do - and as a result
are more motivated to give 100% - plus.

Exercise to Find the Answer

Begin by making a list of the tasks at your last job - the
tasks that you were particularly proud of, or were
energized by. In other words, “when your job turned you
on.” Think about the last time you were so involved in a
project or task that you woke up thinking about how you
could improve the situation. Write those experiences down
and try to determine what the factors were that were
satisfying for you.

Let’s say you were a “Project Leader.” The tasks list would
read something like - “Led a team - Coordinated and
monitored project progress - Assured the flow and
completion of work on schedule - Monitored expenditures and
budget.”

What were the stimulating tasks of this job? Was it the
leadership aspect? Or, was it the challenge of coordinating
the details, and people? Was it completing the project on
time or below budget? Were there customers involved
(internal or external) - if so, is that what you found most
challenging?

What didn’t you like, and hope that you will do less of in
your next job?

After you have written this list for your current job, try
doing the same thinking about previous jobs. If you
recently graduated from college, use the classes that were
most stimulating and interesting for you, or the projects
you worked on with teams.

By making lists of motivating experiences from your last
two or three jobs, you will hopefully begin to see patterns
of projects and tasks that stand out. Analyze what you did
before. Do you want more of this type of responsibility in
your next job? The answer to this question will give you
the answer to the motivation question as well as
possibilities for fulfillment in future jobs that have
similar responsibilities.

Take this list of motivating experiences and script an
answer to the question, “What motivates you?”

This is the start of building your “wish list.” It may take
time, but little by little you will begin to see the
picture. Like the job posting written by employers some of
your requirements may be more flexible and some may be
fixed.

This will be your task to determine which factors are of
the highest importance to YOU.

There is no such thing as the “perfect” answer to this
question. Your answer will be individual and based on your
own satisfaction and dissatisfaction. No one can do this
for you. Only you have the answer.

“What is it that you want in your next job?”

Knowing what you want will make you feel more confident
about finding the right job.

—————————————————-
Carole Martin, America’s #1 Interview Coach has specialized
in the subject of “Interviewing” for the past 15 years from
both sides of the desk. She has produced a free practice
interview that shows you where you are going wrong in your
interview. See if your skills pass the test at
http://www.jobinterviewcoachingcenter.com Do you need some
personal coaching? http://www.interviewcoach.com

Featured post by Terry Kaufman from YourEnglishSuccess!

One day I went to HSBC to interview my customers and their non-native English speaking colleagues. I wanted to understand their communication case better and get greater insight into Anglophone and non-Anglophone interactions.

During one interview, I was amazed at how eloquently one individual, Mr. Boyer, clearly expressed the essence of Sustainable English:

“An environment is friendly when everyone understands the stakes, objectives, and viewpoints of others.”

As I was preparing my program and notes, I had originally defined it as:

An environment that is friendly towards non-native speakers – it consists of clear English, collaboration, and focus on mutual understanding.

Mr. Boyer expressed exactly what the communication-friendly environment has to offer, when it is implemented and fully operational.

Every native English speaker has the potential and ability to create his/her own personalized environment to accommodate non-native speakers.

Less frustration. More success.

The best way is to handle a panel of interviewers is to
take them on one at a time. The board or panel is not one
entity, but several individuals coming together with the
common goal of hiring the best candidate for the job. At
the same time, each person has his own agenda or
department’s interest at heart. For example, the HR manager
will be checking to make sure you are a good fit with the
culture and people working at this company. The hiring
manager will want to know about your technical skills or
business know-how. And the person from accounting will want
to know if you are savvy enough to operate a business
budget.

Board or panel interviews are usually rather formal and
organized, using a standard set of questions for all
applicants. This type of interview is typically used in
academia, government or for high-level executives but can
be used for any other type of position in any company.

Another multiple-type interview is the team or “good
cop/bad cop” interview. The team is usually made up of two
interviewers, one who asks the questions and one who takes
notes. The two typically trade roles, which can be
confusing if they have different styles. In fact, one
person may be kind and gentle and the other more harsh or
pushy. Just remember, these inquisitors are working
together toward the same end. Treat them equally, not
favoring one over the other.

Read the rest of this entry »

Brett was in a quandary. He had been running his sales and
marketing consultancy for nearly three years - and while he
wouldn’t describe himself as successful, he had just about
managed to keep his head above water.

One of Brett’s issues however, was how to value his service
- for although he felt he was every bit as good as his
competitors, he mistakenly believed that clients bought
primarily on price.

This had led to Brett undercutting the competition - and
while initially this policy had won him a significant
number of new clients, it wasn’t long before he realised
that his modus operandi was costing him far more than he
realised.

Not only was it hard to increase prices once they have been
set, but Brett also found - much more worryingly - that the
kind of clients who bought on price alone were the kind of
clients who didn’t like paying at all.

Read the rest of this entry »

Most small business owners and independent professionals
start their business primarily because they have knowledge
and skills that are in demand.  While they understand
intellectually that they have to market and sell, often it
does not translate on an emotional level. Many business
owners tend to look at marketing as a necessary evil and in
many cases have negative beliefs toward it.  They could not
stand to be hounded by those pesky salesman in their
previous jobs and do not want to “become on of them.” As a
result, the tendency is to focus on the aspects of our
business that were the reason we chose to go into business
in the first place, the actual application of our knowledge
or skills.

What is a marketing mentality and how is it developed?
There are three components all that link together.  The
first component is belief.  What are the underlying beliefs
that affect our mentality?  It encompasses our attitudes,
thoughts, fears, expectations, and lack of experience.  Our
actions are shaped by what we think about, what we assume
to be true and where we choose to focus.  If the thoughts
are negative or avoidance minded then we will see marketing
as undesirable and in some cases unethical.  It will
manifest in self talk such as I don’t deserve referrals, my
marketing won’t work anyway, I will look desperate, if my
service or product is good the market will know that, I
don’t like networking etc.

Read the rest of this entry »

Management consultancies have a reputation for ripping off
their clients.  But is this always deserved?  There are
many reasons for engaging management consultants.  You may
need a particular technical skill, you may need an
objective, third party opinion, or you may have some short
term needs for expertise in change management.  There are
also lots of instances when you shouldn’t use consultants:
you’re not sure what the problem is and you want them to
tell you; you have a budget you need to expend by a certain
date; you want them to make some people redundant.  These
are not good reasons for engaging a consultancy and will
inevitably lead to disappointment.  Taking a responsible
role when contracting with consultancies will ensure this
disappointment is avoided.

First Step:  Decide whether you need a consultancy or not

To decide whether it’s appropriate to engage with a
consultancy or not, consider the following:

What is the need or problem you want to address and why do
you think this need or problem exists? Will it be solved by
this intervention or will the underlying issue still exist?
What skills are you looking for?  What value might a
consultancy bring to your business? What risks are there to
your business in using an outsourced resource?

Read the rest of this entry »

Over the last few months there has been a lot of talk of
recession. Wherever you look and whatever you read, ever
since the American subprime crisis, talk of a recession
seems to be bombarding us from every possible media. Every
expert there is seems to have something to say about
whether there will or whether there won’t be a serious
recession and if there is, how long will it last and just
how severe will it be?

If there is a serious recession, learning how to keep on
selling in a recession will be vital. Sales training might
well be the key.

I have worked with many clients who have weathered
recessions, grown their businesses through recessions and
even set up and started successful businesses in
recessions. Now is not the time to be panicking. Now is the
time to be checking your sales activities, sharpening your
sales training activities and applying solid sales
principles.

1. Believe you can and stay positive!

One of the problems with all of this talk about recession
is that once people believe there is going to be a
recession they start to feel negative about their
prospects. The nature of belief is such that people only
tend to see what they believe rather than believing what
they see. Once you believe that there is going to be a
recession you tend to only notice articles, comments and
statistics that support your beliefs.

What’s more, your negative beliefs quickly affect your
outlook and the way that you feel about your business
prospects. Think about it for a second… If you thought
2008 was going to be a great year for business, your best
year yet; how would you feel? Conversely, if you thought
2008 was going to see a major recession and that it was
going to hit you and your business hard; how would you feel?

Read the rest of this entry »