Operate Your Small Business for Maximum Efficiency

Nowadays, I think of my business as a high performance automobile engine, which must be finely turned and calibrated to run at its optimum speed and maximum efficiency. I can tell you from experience that in order to operate a small business at maximum efficiency and profitability, it takes:

1. Personal and financial discipline.

2. Organizational skills.

3. Management know-how.

4. Meticulous planning and attention to detail.

5. Prioritization of tasks according to their profit potential.

6. Maximum use of available technology.

7. Accurate record keeping.

8. Maximum use of all the tax benefits that are available to small business owners.

It Takes Discipline to Operate a Business at Maximum Efficiency and Profitability

It takes a combination of personal and financial discipline to operate a small business at maximum efficiency and profitability. First, you need to have the initiative and self-discipline that’s required to be successfully self-employed. You must work smart, so you don’t waste your valuable time doing grunt-type tasks that can be hired out. In other words, don’t spend your time cleaning up trash around your office when you should be out searching for customers. Second, you need to possess the financial discipline that’s necessary to operate your small business at maximum profitability. The only way that you’re ever going to be able to keep your spending under control is by:

1. Adopting a bottom-line mentality that’s totally focused on maximizing the profitability of your business.

2. Operating your business on a bare-bones budget by buying all equipment, supplies, and services at the lowest available prices in your area.

3. Keeping close track of operating expenses by carefully reviewing all invoices for errors, overcharges, and bogus charges.

Prioritize Tasks according to Their Profit Potential

The number one question that you must continually ask yourself when you’re working in your small business is: Is what I am doing right this minute the most profitable use of my time? A lot of people fail as small business owners simply because they’re never able to prioritize tasks according to their profit potential. They end up never making a profit because they couldn’t distinguish between what’s important and what’s trivial. As a general rule of thumb, I consider any business function that doesn’t contribute directly to my bottom line to be low priority and best left for after business hours. In other words, if the task at hand isn’t part of the process of completing a real estate transaction that will eventually end with me going to the bank; I put it off until later in the day.

Avoid Reinventing the Wheel Every Time You Need to Complete a routine Task

Whatever you do, don’t fall into the trap of reinventing the wheel every time you need to complete a routine task. The term, reinventing the wheel, refers to re-creating something from scratch. An example of reinventing the wheel would be retyping standard documents, such as purchase agreements, over and over again, instead of storing them in a Microsoft Word document file where they can be printed out as needed. The point here is to work smart by making your operating as streamlined as humanly possible.

Operate Your Small Business on a Bare-Bones Budget

One surefire way to fail as a small business owner is to run your operation in a slipshod manner with no financial controls in place to keep your operating costs from going through the roof.

Protecting Your Business Structure As a Separate Entity

There are a wide variety of business entities to choose from and they vary from state to state. Which type of entity you choose will have a significant impact on your exposure to liability, your responsibilities as the business owner, and the taxes you and the business will be responsible for paying. Each type of structure has advantages and disadvantages, and should be chosen with care after consulting a business or legal professional.

Regardless of business structure, one of the most common mistakes business owners make is to believe that the entity they choose will provide unlimited legal protection. Yes, many of the business structures offer legal protection in the abstract, a sort of legal shield, so to speak. However, reality can be quite different. Your legal protection is dependent on whether you honor the structure. Simply filing the requisite documents establishing the business is insufficient to truly protect the business owner. The business owner also must operate the business as a distinct entity from him- or herself.

To start with, a basic rule of business ownership is the rule against the co-mingling of personal and business funds. It is vitally important for the business owner to keep his or her personal funds separate from the business accounts. This sounds so simple and, yet, many entrepreneurs co-mingle funds, rendering legal protection meaningless in the extreme. There is a legal doctrine called “piercing the corporate veil,” which allows a litigant to actually pierce the business structure of the entity being sued, and make a claim against the individual owner and his or her personal assets. This doctrine is only applied in the extreme, but it is an important doctrine to use as a litmus test when operating a business. One of the biggest factors a court will consider when deciding whether to “pierce the veil” is whether or not the business owner has co-mingled his or her personal and business funds. Rule of thumb: Keep them separate!

Another common mistake made by business owners is the failure to adhere to the legal formalities required of whatever type of business entity they chose. If you do not treat the business as a separate entity, then a court may not do so either. Alas, the protection you thought you had been entitled to may no longer exist! One of the easiest ways to treat the business as separate is to maintain great business records. If you are required to keep minutes or show proof of an annual meeting for your corporation, do so. If you are required to maintain proof of business expenses, make sure you have those documents and can find them (a good professional organizer can work wonders here!). In other words, create the paper trail required by law. That paper trail serves as strong evidence that the business is, indeed, a real business.

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Starting The Perfect Home Based Business

At the point of desperation people choose counter-productive measures as a solution to their financial woes. These include taking out high interest personal loans, working a second or third job, selling their valuables, or being forced downsize their lifestyle. Can you see a benefit in any of these options? Do they bring you closer or distance you from your family?

If working second jobs, taking out high interest personal loans, or giving up the things cherished the most in life, aren’t options, what options exist? While most conventionally thinking people resort to the above solutions, many others choose to become successful entrepreneurs by starting some type of part-time business from home. Unfortunately, many people lack the necessary motivation and could care less about success for themselves or their families and that’s o.k. This clears the playing field for others who keep our options open to income opportunities.

While starting a part-time home business has many benefits, you probably wouldn’t even know where or how to begin. The possibilities are endless and this, in itself, can be overwhelming. Take a few deep breaths and relax because I’m going to share with you a simple business model that was specifically designed for people like you and me to be able to simply and efficiently generate a positive cash flow. This business model is called network-marketing (person-to-person) and has been adopted by many reputable companies and is the primary method to promote their products or services, instead of investing in expensive media advertisements. While companies save money on advertising, they are able to pay their representatives high commissions, bonuses, and incredible streams of residual incomes.

Network Marketing Vs.Traditional Home Business

The Network Marketing (Multi-Level Marketing) industry is over 50 years old and has created more millionaires out of average people than any other industry. An increasing number of people are choosing network marketing instead of traditional home businesses for many reasons; monthly residual income, multi-level payment structures, company bonuses/incentives, no stocking products, no invoicing, no shipping, no taking payments, no handling returns, no building websites, or even providing customer service. The network marketing company handles all of the main responsibilities. Your responsibility is simply recommending the product/service to others and showing others how to do the same thing.

Scams, Schemes, and Pyramids

Sadly there are many scams and schemes that empty the pockets of innocent people just looking for a way to make money fast. You can truly judge the validity of a business or opportunity by being aware of RED FLAGS. One obvious and very prevalent red flag is when the opportunity boasts that you can get rich overnight. An example of this is when they advertise that you can make a ludicrous amount of money in a day or a week.

The other type of scam that many desperate people fell into many years ago was the pyramid scheme. In a pyramid scheme, the only people who made money were the people at the top of the pyramid. People were literally passing their cash up the pyramid and the unfortunate people on the bottom lost their all their money. Pyramid Schemes are illegal and a common RED FLAG to look out for is if an opportunity has no product and requires a person to pay a lot of money to get involved.

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Your Real Path To An Easy Home Based Business

Why Some People Make The Easy Home Based Business Claim

First of all, you need to understand the difference between an easy home based business and people who make it appear to be easy. Recalling a particular event I attended, I listened as a team member boldly announced “this is the easiest thing I have ever done in my life.” While she found the process easy to implement and make money with, it can send the wrong message to people. It can force people to setting unrealistic expectations concerning their personal results, since everybody brings various skills and personalities to the table. Background, previous experience, and established skills are all part of the reason that some people are being honest about working with an easy home based business. In her case, it was easy because she already developed business skills, people skills, and already carried a certain level of influence with people. Not everybody starts a business in the same way, with the same skills.
Guidelines For Your Easy Home Based Business Journey

1. Begin with proper expectations. When a result doesn’t match the expectation it is easy to get frustrated and give up. If you have never run a business before, never been self employed before or never worked from home before, it wouldn’t be realistic to assume the same easy home based business claim that others might. Most likely it will take time for you to develop the necessary skills and self discipline required to build a serious business. Overnight success is an anomaly in the home business arena. When you hear the stories about people who attain quick success, you are not hearing the whole story. For most of those people, that success was the result of failing forward, meaning they probably made several attempts before they found a niche where they could use the skills they learned. Expectations are a double edge sword, because you need to have positive expecations for results while expecting that challenges are a part of the process.

2. Commit yourself completely. Building a flourishing home business takes time and patience. If you are not naturally a patient person, you need to learn it quickly. Commitment means seeing your goals through completion. This will require that you learn new skills and become devoted to mastering those skills. Making a commitment also means that you will discipline yourself to investing a specific amount of time to your business each day or week. An easy home based business is not found, it is created by your commitment to follow through.

3. Make appropriate sacrifices. Learn to view everything as short term sacrifices for the long term gain. If you genuinely want to grow to be a professional you will have to give up to go up. This means saying good bye to certain habits or luxuries like watching TV, evening outings with friends, or relaxing after a day at work. You have a new business now, and much like a new baby, it requires your time and attention in order to flourish. In the beginning you have to expect that your life will get out of balance, where working becomes a bigger priority. Eventually when you build it right, you can say good bye to your day job and resume rewarding yourself with some fun!

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Discover 4 Amazing and Powerful Methods to Improve Your Blog Articles

Here’s how you can make your blog articles more effective and more explosive:

1. Write something that is newsworthy or worthwhile. Keep in mind that your target audience will not possibly waste their time reading something that they already know or something that is not useful to their lives. So, when choosing the topics for your blog articles, make sure that you only go with those ones that your readers will find worth their while.

2. Keep it short. Don’t bore your readers by making your blog post run for more than 1,000 words. As a blogger, it’s crucial that you know how to explain your ideas using 500 words or less. This is because the audience you’re serving have short attention span. When writing your articles, make sure that you stick with the essentials. Trim down your content by eliminating those information that are not really that important.

3. Make it informative. It’s your responsibility to make sure that your readers will walk away feeling well-informed. So, load up your articles with all the types of information that your readers are looking for. I suggest that you help them increase their knowledge on those things that they find interesting and help them solve their problems.

4. Make it entertaining. Right now, there are thousands of blogs in the online arena. If you want online users to choose yours, you better make sure that it’s entertaining. You can do this by making sure that your articles are fun to read. They must contain more than just information. They must also include anecdotes, stories, images, etc.