December 30, 2004
Hidden Dangers to Credit Cards
The hidden dangers that comes with those credit cards. Oh yes, we all get it in the mail, all those offers to get a credit card.
So tempting 0% financing for a year, no payment for 3 months, $10,000 credit line, and the most dangerous, YOU ARE APPROVED!
We have all had a credit card in our possession at one time or another. Whether it is a department store, or gas card, or the most dangerous of all the MasterCard or Visa! Good at most places in the world.
Let's talk about the MC/Visa cards for a moment. These you can use everywhere, even at McDonalds. These cards tempt you with there low rates, big credit lines, and the ease of applying for one of these.
Now why do I call the credit cards a disease? Well you begin paying for that dinner out on the town, next thing you are doing is picking up a few items at your local Wal-Mart or other discount store.
You get the bill in the mail and you pay it off. Next month you put a little bit more on it, when the bill comes you pay it in full. Well this goes on for a few months, and you think, I am in control of this situation.
Continue reading "Hidden Dangers to Credit Cards"December 25, 2004
7 Cash Flow Secrets Your Accountant Never Told You
Looking for ways to boost your cash flow? As a small business consultant, I make these recommendations to my cash strapped small business clients:
1. Shoeboxes are for shoes, not business records.
Pardon my candor but, you will never have a successful business if you don't systematically track your income and expenses, who owes you money, and who you owe money to. This is absolutely crucial. You don't have to have a big expensive computerized system, although a computer program like QuickBooks certainly does abeautiful job. You can keep track of everything with a pencil and paper if you like. But, you've got to track basic information in a systematic manner. Without this vital information your business cannot flourish and your cash flow will always keep you up at night.
2. Getting your customers to "show you the money".
The best way to get your customers to pay what is owed is to remove every possible excuse for nonpayment. Don't extend credit unless it's absolutely necessary. Establish credit policies to help determine who will get credit. Get an invoice into the bill payer's hand as quickly as possible after the work is done or the product is delivered. Don't be afraid to send a letter or statement or make a phone call reminding your customer his bill is due. Never be rude. Always be firm. Focus on preserving the relationship. If a customer has a legitimate gripe about your business do whatever you can to fix the problem.
Continue reading "7 Cash Flow Secrets Your Accountant Never Told You"December9, 2004
Small Business Tax Deductions for Year End 2004
As a small business owner, it's wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.
Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to:
$100,000 or more With a Defined Benefit Plan $44,000 With a 401(k) plan $41,000 With a SEP-IRA or Keogh
Automobile Expenses- You can elect to deduct the actual expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or simply take the 2004 standard mileage rate of 37.5 cents per business mile.
Social Security Taxes - You may deduct Social Security and Medicaid taxes paid to match required withholdings on employee wages, federal unemployment taxes, as well as real estate or personal property taxes paid on business assets.
December6, 2004
10 Ways To Get More Profit From Your E-zine
Publishing an e-zine will help you to strengthen your status as an expert in your field and convert more of your visitors into customers.
The following tips will provide you with ways to successfully increase the revenue you get from publishing your own e-zine:
1. Write your own articles.
Writing articles will help you to connect with your readers, share your knowledge, and promote your business through your resource box.
If you have an affiliate program, let your subscribers as well as your other affiliates reprint your articles with their affiliate URLs in your resource box.
You'll be able get more of your readers and visitors to join your affiliate program and successfully promote your business.
2. Include testimonials for your products or services within your e-zine.
Your testimonials will increase your readers' confidence in your product. Include testimonials from your customers and also from other experts in your field.
Continue reading "10 Ways To Get More Profit From Your E-zine"December4, 2004
7 Strategies to Make Room For Money
Laws of the Attraction notwithstanding, there are several external ways that you can make room for more money in your life.
Yes, there are those of you who can manifest whatever you want, whenever you want. This article is for those of you who may need just a few extra tools.
First, it is vital to create a space that can be filled with what you really want.
Start by going through your closets. Remove every article of clothing, shoes, and purses you have not worn in at least a year.
How do you know what to get rid of?
Use the following as a guide:
1. Use your intuition. Trust it.
2. Ask yourself if you love it.
3. Does it fit?
4. Do you use it?
5. Do you need it?
6. What memories does it bring up?
7. Again, use your intuition.
Take all of these clothes, shoes and purses to your local resale store. You will start receiving money immediately.
Continue reading "7 Strategies to Make Room For Money"December1, 2004
How A Change in Perspective Can Help You Make More Holiday Season Sales: Pt. One
Some sites are perfect for the Christmas season - their products fit easily into the idea of gift-giving. But what if the products and services you offer are for small business owners?
Or, as many of my clients ask, how do I survive the holiday season if I sell intangibles?
When a couple of people brought this question up to me in early fall, my answer was that I'd probably make enough money in October not to have to worry about November and December at all. Prevention made sense to me at the time as being the best cure, but it also doesn't mean that I've resigned myself to slow sales during the holidays.
On the contrary, I think that most people who have businesses that offer intangibles such as ebooks, downloadable software, or marketing services can just as much, or more money as the rest of the year by changing tactics slightly.
In other words, just because much of the world is more focused elsewhere doesn't automatically mean that there is a smaller pool of available customers.
True, part-time small business owners may be more mindful of gift-giving and planning family gatherings right now, and anyone with family may sacrifice a new widget for themselves to get that special someone the gift of their dreams.
Continue reading "How A Change in Perspective Can Help You Make More Holiday Season Sales: Pt. One"