Record Keeping Tips for Small Business

In order to run a small business smoothly, you must always keep the information in an accurate and timely manner. Having a good business record keeping will help you evaluate your financial information easily.

If you are just starting your business, ensure that you have filed paid bills, checks, receipts and other business documents properly. You are not required to do formal record keeping, but it is still best that you got a systematic approach when it comes to keeping all your records.

You must be serious in keeping all business records. Here are the things that you need to include in your small business record keeping:

1. Check Register

This should be a separate bank account for your business. This might be a simple record of bank statement that you have been receiving every month. You can use this to balance your checkbook.

2. Summary of Receipts of Gross Income

You have to record where your money comes from. Tally it in daily, weekly and monthly basis.

3. Monthly Summary of Listings Expenses

You also need to know where your money is going, so you need to keep a record of your expenses.

4. Disbursement Records

This is a check register or expense journal which will show the payment bills. This could be a journal where you put all the transactions which you paid for.

5. Asset Purchase Listing

This is a list which includes all expenses generated by purchasing equipments, vehicles and other assets.

6. Employee Compensation Record

This is a record which shows manpower costs.

Advertising Tips for Small Business

One method of marketing a small business is through the use of advertisement. It is always important to ensure that you are using an effective advertising campaign. If you are not generating an income from an advertisement, then it may become a loose of money and effort for your business.

In writing an advertisement, you should have a guidelines and principles that you can follow to ensure that you are getting maximum return. These are the 23 advertising ‘rules’ which are based on direct response advertising principles from books like ‘Tested Advertising Methods’ by John Caples and ‘Scientific Advertising’ by Claude Hopkins.

1. Have you clearly researched and defined your ideal target market?

2. Have you written your advertisement directed solely to your ‘ideal target market’?

3. Is the marketing piece being placed/sent/posted where your ideal target market will easily see it?

4. Have you calculated how many sales you need to make to make a profit on this advertisement?

5. Have you considered any other ways that you can reach your target market that may be more cost effective for you?

6. Have you made an offer that’s easy for your reader to understand, and irrisistable for them to refuse?

7. Does your headline ‘sing out’ your ‘ideal target market’ so that they know, that your advertisement is written especially for them?

8. Does your headline ‘grab’ your ideal target market’s attention and excite them?

9. Does your headline offer or describe to your target market a major benefit that’s important to them?

10. Have you written your advertisement so that your headline is approximately 5 sizes larger than the body copy font size?

11. Does the body copy of your advertisement naturally continue on from what the headline suggests/says?

12. Through out the body copy, have you continued on with the benefits suggested in your headline, and described more benefits to your target market of using/owning your product/service?

13. Have you focused your writing on what your product/service will do for your target market, rather than just mentioning how good your business is?

14. Have you used ‘sub-headings’ above some paragraphs to allow ‘skim readers’ to get the main thrust of your advertisement, just by reading the sub-headings?

15. If you have included a picture of a person, is the person (or people) positioned so that their shoulders are facing into the body of the advertisement?

16. Have you included a picture that shows the reader what the benefit(s) of buying and using your product/service will be?

17. Have you taken the ‘buying risk’ away from your ideal target market by letting people know that they are safe to buy from you by either including a guarantee and/or using testimonials?

18. Have you used specifics like 5, 7 and 11 in your copy, rather than using generalizations like large, limited or top quality?

19. Have specifically asked your ideal target market to call, buy, or in some way take action to contact you in a hurry?

20. Have you included your contact details on your advertisement so it’s clear and easy for readers to contact you, or take action effortlessly?

21. Have you communicated with your staff so that they know when, why and how the advertisement is being published?

22. Have you trained your staff so that they know how to handle incoming calls, e-mails and shoppers when they contact/visit your business?

23. Have you communicated with your staff on how they are to record the results of the advertisement so you can track whether it’s profitable or not?

Following these three principles will help you create a productive advertisement for your small business.

Towards Quality Small Business

Quality of business is oftentimes neglected with some Small Businesses. For the past years, the quality is one of the major considerations when it comes to business operation. However, small businesses of today do not give importance to quality anymore.

Small business owners should invest on the concept of quality business. Having a quality business will qualify them to be more competitive, will help them reduce the cost and most of all will develop efficient business operation. Creating quality business means eliminating the manual, disorganized and disjointed process.

It is still important for small businesses to spend time to analyze the business process. Learn how to optimize in such a way that it will generate quality business. Always seek tools and technical accessory that will help your business transform the plans into successful reality.

Small Business Management Tip Number 3: Delegate your Tasks

Small Business managers or owners found it difficult to delegate the task. Difficult in the sense that you are aware that if you have delegated a particular task to a dedicated staff, it feels like you are giving up your control. As a business manager, it is very important for you to take charge of everything. You should know everything about the business operation. However, there will come a point wherein you have to decide to give up some task and delegate it to your staff so that you can focus to more important matters.

To make delegation easy, you should do it slowly. You cannot simply turn the switch on and pinpoint who among your staff will do this and will do that. This won’t be difficult if you are just going to slowly delegate and teach your staff to make decisions towards a more efficient and more successful business.

If you are going to delegate, you can find more free time to grow your business. You can review some areas wherein you find it uncomfortable to delegate to a dedicated staff and establish your company as being independent. Through delegation, you can empower your employees. If you have empowered your employees, you are giving them the accountability and develop a sense of ownership. This will gradually turn into a more loyal and dependable employees.

Small Business Management Tip Number 2: Learn How to Utilize Information Technology

To deal with the competition in the market, you should learn how to apply the information technology to your business. Information technology is often confusing to some business owners. They found it difficult on how to apply information technology to their business. Those who have established their business prior to the advent of information technology did not see the need of applying information technology. Questions such as “How it applies to the business?” and “what it can really do to make the day to day needs of the business more efficient?” are the basic measure to identify it’s effectivity as well as the cost of such application.

Gadgets such as smart phones, internet and less expensive hardware, it is very easy to try how technology works at some business problems. There might be some issues when it comes to cost, but you always be willing to take the risk of identifying how far your business would go with information technology. Just always avoid the concept of applying technology to your business for technology’s sake. The purpose should be to help alleviate your business problems.

Small Business Management Tip Number 1: Set Rules for your Business

Building a strong small business foundation is not easy. It requires an accurate and good discipline in managing your business. There are no exact formulas or requirements to create a successful business. As long as you know some basic rules, you can get your business going toward your goals.

The first rule to begin using your Policy and Procedures is to set rules for your business. This simple way may provide a foundation for efficiently managing the company. Setting of rules should be done by the business owner itself. This is true and applicable to each individual company. The management should always follow through with every rules they have setup for the business. There should be a continuing effort to enforce the rules. The use of rules and a standardization of enforcement will give your small business a strong foundation. This will help your company build a series of Policy and Procedures. Through this, your employees will enforce to work within the set of guidelines and rules.

The thing is you must keep your initial set of rules simple. With the continuing growth of your small business, you must also expand your rules to meet the demand of growing opportunities in your business.

Managing Small Business with a Tight Budget

If you are planning to start a small business, you can select among the list of small businesses available base on your niche. Business funding is not a problem as there are a lot of opportunities out there where you can get the fund to start your business.

There are many small businesses that do not require much start up costs. They can even be done in your own home. With the advent of technology, you can start a business without the need of much capital. With a computer set and a business license, you can start your business without a fuss. If you have skills that you can market, funding is not a problem as you will only need to spend for marketing costs to get your business going. You just need to be creative with your marketing, creativity and determination will help keep costs down.

When you have established your small business, proceed with planning for the growth of your business. Your goal should always stay on top for this will bring you to success. Create a mission statement before starting a business, with all your heart, do the necessary tasks to materialize your mission. You must put in your mind that you do not need much start up fund to grow your business.

Establishing Successful Mindset for your Small Business

In this era wherein everything comes in a fast pace, we are sometimes bombarded with a lot of tasks and forcing ourselves to do multitasking and doing everything at the speed of light just to compensate with the productivity and deadlines. We tend to neglect the most important thing to do to resolve problems in the business; that is the power of the mind.

It is always necessary that amidst busy hours and complicated schedules, you should find a chance to stop and think for a while. That is not simply being reactive but also proactive. Dedicate time to think and build your plan on how are you going to expand your business in a silent way.

You can pick a quiet place, a place that is away from any distractions. It is not necessary that you won’t be doing anything; you can do mindless stuffs like mowing a loan, filing papers, etc and think while doing those stuffs. Spend time for yourself alone and for your business. You do not need to force ideas to come out, just relax and do not pressure yourself to come up with ideas. Let it in and slowly take down notes of those ideas. Let your subconscious work on it.

You will be surprise of how your mind can come up with ideas and clues of information that you can use to solve your business problem. It is just like playing a puzzle, try to figure it out and gradually arrange things accordingly. So if you want to set a successful mindset for your business, spend time alone and let your mind work for it.

Did You Know That Your Business Is Your Best Client?

To help us with our small business in the big world, we have to search for a lot of experts, listen and digest ideas from them. For today we have Stacy Karacostas.

Stacy Karacostas emphasized that – “To market and grow your small business effectively, you have to be your own best client. “I was tyring to look over her marketing junkie page about her but I did not found a link to that but I assume she is a small business consultant as to what she seems to be talking in her post about – Be Your Own Best Client. She stated a lot of her dedicated steps on how to treat your own business as your own client. You will surely get a lot of helpful insights from it too.

Clear and Concise Decision Making

A major reason why people fail with their small business ideas is the lack of ability to take the right decisions.

People don’t reach their business goals because they don’t posses the strength to take their own decisions. They let other people interfere and get influenced by negative opinions.

Unfortunately many small business entrepreneurs let their friends and family make important decisions. How about that? Has it happen to you sometimes? Well, it is a fact that it happen to many small business owners all the time, and it’s one of the reasons why so many people fail to reach their ultimate business goals.

However, of course you should still listen to good and genuine advices from successful people. Especially from those who are in the same business area as you are. Evaluate all information you can get, and then YOU make the decision.