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Five Business Mistakes That Can Put You Out Of Business

Mistakes
Mistakes

Keep mistakes limited

Here are some traps/mistakes that are common to many entrepreneurs and small business owners:

1. Ignoring Cash Flow Problems

The customers/client doesn’t respond to even the best products or service in the timeframe that you think they should. So you’ll need plenty of cash to sustain yourself in the meantime.

2. Ignoring Employees

You need to motivate, coach and managing your staff. This is probably one of your hardest challenges as an entrepreneur/business owner today! You see you need to have patience, persistence and “people skills,” because if you don’t your problems can multiply quickly. Keep the morale, productivity AND PROFITS high or it can easily be destroyed!

3. Giving Up

Some of the most successful business owners failed several times before doing extremely well. So, if you’re failing, fail. And fail fast. And learn. And try again, because you learn from your mistakes. Do NOT give up. Yet, do not suffer, either.

4. Doing it yourself

No matter how much they hate it, many small business owners insist upon handling the books themselves. Having a competent bookkeeper coming in to handle the books can be extremely beneficial in that they have the skills to do the job quickly and efficiently and will provide a second pair of eyes to find errors and make suggestions.

5. No Mastermind.

Get an advisor, coach or a mentor! Does it sounds crazy for a small operation? Not really in these days and times! Having someone to bounce ideas off and get an objective opinion is critical for your survival

Email Overload -Help Me Please!

If you read my blog on Marketing Systems, you know how important it is to have a system that will work for you and make you more productive. Here is another system that will help you be more productive.

We are so inudated with information in our email inboxes and don’t know what to do with it. Productivity Expert Peggy Duncan will give you some pointers on email overload.

Not only have an email system will work, but having a marketing system will also set you up to be more productive as well as giving you more time off and making you money. That’s what we all want. So for more on putting a basic marketing system to work for you read the blog Are Your Marketing Systems Working For Ya?

Are Your Marketing Systems Working For Ya?

Making Money 24/7
Making Money 24/7

Do You Have Your Marketing Systems Into Place

Do you have a marketing system? No I don’t mean making a sign and saying that you are in business. I mean a marketing  system using more than one way to reach your prosective clients or current clients?  And where you provide value to you clients with your product or service. A marketing system allows you to go anywhere and be anywhere  and your business is running on autopilot and making you money.  By that I mean making you money while you are on vacation, at a meeting, hanging out with friends or just doing nothing. If you don’t  have that type of system, then you need to start putting a system into place very soon.

If you want your business to run without you being there then you must put systems into place. Starting with a simple process can make all the difference in the world and make you more productive by working smarter not harder.  If  you are not familiar with putting systems together, then start with something very basic and then you can improve your system as you get better. Remember a system works for you 24/7 and can make you money without you having to be there. You will be surprised as to how it will work for you once you set it up.  Now many times it doesn’t happen overnight, but it will happen as long as it is up and running and you tweak it as time goes on.  And also when you have a system into place, prospects and clients see you as an expert who is about their business. So here are things I want you to do:

  • Business Card-make sure your business card has the necessary information so that people can contact you and know what you do.
  • Email-Make sure your email signature is on everything you send out. Not just your name, but phone number, web address if you have one, your title etc..
  • Website-If you don’t have a website, make sure you are connected with people in your local area and if you have a website, make sure your website solves the problem that people are looking for. Always put good contact information on your website and offer something free for people to sign up for.
  • Autoresponders-Autoesponders is a computer program that automatically answers an email sent to you.  They can be very simple or quite complex.  Autoresponder is a perfect way to get clients while you sleep.
  • Voice Mail-Voice mail can be very powerful and can leave a lasting impression on what people might perceive what your company can offer. So don’t just say anything or please leave a message. Many prospects may feel that you are not serious about your business. So put a message that will the listener with information to call you back and how you may be able to help them.
  • Ezines-Are powerful little electronic articles that can keep your clients at top of mind about you. Many people shy away from writing ezines because they can’t think of things to say. So if you are not a writer, get  a ghost writer who can help you or hire a virtual assistant to help you with that. But sending ezines can prove that you are the expert in what you say you can do and decide whether to write one weekly, monthly or quartlery.
  • Virtual Assistant-Virtual Assistant (VA)  is someone who works for you but is not in your office. They are independent contractors and they have their own experience and specialty. Hire one or hire a team of VA’s to move your business along. What you can’t do a VA can and make it seem like you have a large organization. In other words to make more money and to free up your time a VA is the best way to go. You only pay for what you use.
  • Teleclass-Now one low cost way to make money and have your business making money is to do a teleclass. Yes it might not be your cup of tea, but it is very easy. If you have a phone and a message, then you can do a teleclass. If you are new, keep it simple and as you get to do more you will get better. I would suggest you do free ones to get you started and once you gain an audience, you can start to charge. The best part is that you can be in your pajamas doing a telesminar. Also people can sign up 24/7  or while you sleep.

BONUS-Blog-Blogging has become the most cost effective way to make money while you sleep. If you put together a blog that adds value and good content, people will be visiting your blog on a daily or weekly basis. They will be so excited to hear what you have to say. And if you have products or services to sell, the blog is the best place to sell it. Put enough information there and if you need to fully explain the product or service, then you can send them to a website or a sales page your choice.

So stop leaving money on the table and put together these low cost/no cost marketing systems into your business and watch what happens. You will be surprised as to how cost effective they will be and how much time you will have once you put these systems into place.  Now it does take time to implement, but they are well worth it.

 To learn how you can make your business run on auto pilot or put together a basic marketing system that can make you money while you sleep, get my new edition e-book with live recorded transcript with more new information than the actual audio Making Money 24/7. The new edition is expected July 23, 2010. For a copy email me.

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Make Your Own News!

One of the best marketing tools and simplest to do is the the newsletter. If you are looking for time-tested, proven way to attract new customers and promote new products to your existing customer base, is look no further than the tried and true newsletter.

I have found that publishing a newsletter is a great way to promote ongoing marketing of you and what you do in an educational, how-to-informational format to your clients. You see your customers view the newsletter as a benefit, or a seminar in print. It is delivered to their email address, either weekly, monthly or whatever way you want to set it up. But here is the biggest bonus for you-you are staying in front of your customers and prospects reminding then tht you are the go to expert.

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