Many Caribbean small business owners do not understand how important it is to create and build assets in their business. Every year you increase your asset base in your business by building more and more assets leads to more security for you.
In this video I share what an asset is and how you can quickly start to build assets in your business:
Share this video with your friends and share your comments below:
How many of you are still doing everything yourself in your business? And then when you get home too!
It’s important to know that the more you fail to let go of those activities that are:
(a) not high-pay off and
(b) not a priority…
the slower your business will grow and the less money you will make.
I heard this from Dan Kennedy. “On a scale of 1-10, if your skills are a ‘9’, then why are you doing stuff that are a ‘3’?
Mmmm…
Yes it is difficult to hire people when you don’t have the cash flow or the amount of work to give them, but there are many ways to work around this.
You can hire students or subcontractors so only when you have work to be done, you call them in. You could barter or trade services. (I’ve had up to 4 employees and 2-3 sub-contractors in my accounting business at one time and it exhausted me!)
Your main goal should be to get rid off those activities that DO NOT directly make you money.
I tell my clients that the only 2 things they should be doing is Marketing and Managing.
So, here’s a quick list of 5 strategies to get more done and make money: Read the rest of this entry »
Do you remember the “book of the month” club? Or think of cable TV… Or this can relate even to those companies that auto-ship..you know that Proactiv Infomercial, don’t you?
These are examples of a continuity programmes.
What happens is that you purchase their products once and for a monthly fee they supply you with a set of products every month and they charge your credit card.
Continuity or a forced continuity program (the latter occurs when you AUTOMATICALLY are included in the monthly program unless you opt-out), is when you make a sale one-time and that one sale results in multiple charges over and over again.
Here are some examples I could think of quickly: Read the rest of this entry »
I know I know..I can hear you asking. How can a recession be good for my business, when my income is down and my customers are taking longer to pay me?!
Let’s look at the flip side of the situation then.
It’s a simple case of taking the negatives and turning them into positives.
(1) Prices are down so this is the time to buy some property, renovate existing property or build. Start looking at some deals. I have a good client and a dear friend who has not stopped building his apartments. In fact he called me yesterday to meet with him and he wants another 3/4 million dollars from the bank to build a high end apartment block!
My client is very friendly with an auctioneer and buys the majority of his real estate through auctions. A great benefit of this is, of course, he never pays the true value of the property.
(2) Stop marketing one-to-one. Start marketing one-to-many.
If your clients are no longer paying full costs for services and are holding onto their wallets tighter, you need to understand that and fit your marketing to accommodate them!
Taking your business online and having technology work for you will help with this tremendously.
I did a video on this a few weeks ago on how service providers can step from behind their desks and start marketing one-to-many and get 4 clients or make 4 figures in just 4 days.
(3) In this period of slow down, get your systems and business running smoothly to take advantage of that upsurge.
Small business owners need to look at THEIR business systems as well. If there any expense that you can eliminate or reduce from your Profit & Loss? Can you move out of rental accommodation and find somewhere less costly?
Read the rest of this entry »
This morning I started exercising again for about the 4th time this year! Yes I’m quite annoyed with myself, having put on about 10 lbs and 1 dress size over the year. I was so close to my ideal size last year and I messed up…bad!
SIGH!
Anyway…why am I telling you about my weight issues and what does this have to do with your business??
Many entrepreneurs and small business owners are struggling.
They’re struggling to make money and to have a business that they are excited about.
Some want to close and walk away…
I know, sad huh?
Business is a life-changing experience and must be run and managed like your exercise routine.
To keep healthy and fit, you know you must exercise at least 3-5 times a week.
To lose weight you know you must cut down on unhealthy foods AND increase your cardio and strenght-training.
It’s the same as your business, whether you’re a seasoned pro or a start-up, whether you’re running a million-dollar company and have a team or you’re a solo-professional…
You must implement the tasks DAILY to run the ship called your business.
You must!
Otherwise you’re business will become unhealthy.
Starting over in business can be good if you’ve exhausted all other avenues, but I don’t recommend this.
Rebrand if you must, but Just keep going. If you’re floudering, get help!
Keep focused and keep at it.
It’s just like exercise, doing a little a day will get you to where you want to go.
Stay FOCUSED!!!
What are your thoughts?
Are you on track to attain the vision of your business?
Let me know below.