Jake Snelson - Vyde

Why You Should Create Passive Income Streams & How to Do It

Financial security is something everyone is working towards. Whether you know it or not, the mere fact that you have a job means that you’re interested in being able to put food on the table and keep that roof over your head. But what would happen if you lost your job and weren’t able to find another fairly quickly? How long would it take before there was no cash to pay the bills and you’d have to start drastically changing your lifestyle. For those that have multiple income streams, the threat of losing a job isn’t as terrible as those who rely on one source of income. Yes, they may have to make some adjustments in their spending habits, but they could easily rely on the other income streams to cover the bills while they look for another job. That sounds a lot more pleasant than frantically looking to find a job so you can keep a roof over your head.

If juggling multiple jobs seems over the top to you, don’t worry. Having more than one job isn’t the only way to create multiple income streams. Multiple income streams aren’t just for the hustlers, the online biz guys, or those that don’t like working for the man (big business or the typical 9-5 job). Multiple income streams are becoming more and more popular and are a great way to provide financial stability for anyone.

Ideas for Passive Income Streams

Interest from the bank ( look for high interest savings accounts, i.e. if you’re not getting at least 1% interest from your savings account, it’s time to start shopping around)
rental income on an investment properties
freelance income
extra shifts at a local store during the holidays
a side business
services you render to neighbors ( dog sitting, house sitting, yard services, etc)
dividends from stocks
something related to a hobby or passion – umpire for city league games, or teaching a pottery or gardening class at the rec center
marketing your skills – fixing computers, bikes, cars or massage therapy, hair cuts, etc.
participate in surveys and paid studies
flea markets (sell your stuff, or collect other’s people stuff and sell that)

How to get started

It really depends on what type of income stream you’re lookin to add to your setup, but these general rules ought to get you thinking on how to add a side business or even get you started investing.

Don’t quit your full time job or whatever you’re currently doing…just yet. You may want to cut back on your hours at your current job if you’re starting a side hustle or taking on ana additional part time job. You may even want to cut back the amount you’re investing in yoru current stock choices or funds, but whatever you do, the first step requires that you don’t move all your eggs to one basket (especially the new one).
Take advantage of your hobbies and skills. This is incredibly important if you’re looking to start a small business, sell online, or offer some type of service to friends, family, and potential customers. We recommend making al list of all the skills you have that might be of use to others. Do a little research online to see if there are licenses or advanced training you need to be able to offer these skills legally. Check out the going rates and pricing structures that others offering these services are using. If you’ve already got a side hustle, consider what products or additional services you could offer to increase your income. You might also want to consider what locations, events, or places you could market and sell your products and promote your business.
Set a plan on how you’ll start and grow your income stream. It seems simple enough, but we find that all too many people start something and don’t ever get far enough into the process to really see the fruits of their labor. Once you know how you want to get a income stream going, outline a plan for growing your income stream. Plans for growing your own business are vital to your success, but they also come in handy as you set out to start investing in rental properties or even the stock market. Knowing how much you’re going to invest, or how you’re going to build your customer base are necessary to make sure your additional income stream will be a success.
Integrating online casino winnings can be an additional passive income stream. By playing at safe and reliable online casinos like Ignition Casino or Neospin, players can potentially earn consistent returns. These casinos offer secure payment methods and regulated environments, ensuring a safe gambling experience.

In conclusion, whether you’re looking to add a side business or start investing, these general rules can help you create effective passive income streams. If you’re having trouble managing your own tax or business tax, don’t hesitate to reach out. With Vyde Your Own Accounting Department, you’ll get all the services you need in one place. Take the next step toward financial freedom and let us help you navigate the complexities of your finances—contact us today!

Frequently Asked Questions:

1. Why is financial security important?

Answer: Financial security is crucial because it allows you to cover essential living expenses, like food and housing, without the constant stress of job loss. Multiple income streams can provide a safety net, making it easier to navigate financial challenges.

2. What are some examples of passive income streams?

Examples of passive income streams include rental income from investment properties, dividends from stocks, freelance work, interest from high-yield savings accounts, and income from hobbies like teaching classes or providing services.

3. How can I get started with creating additional income streams?

Start by assessing your skills and hobbies to identify potential income opportunities. Research market rates, outline a plan for growth, and gradually explore new ventures while maintaining your current job until you’re ready to expand further.

4. Is it necessary to quit my full-time job to pursue multiple income streams?

No, it’s not necessary to quit your full-time job immediately. Start small by taking on side gigs or freelance work in your spare time. This allows you to build your income streams without losing your primary source of income.

How to Spend Less & Still Run a Profitable Business

When it comes to finances, it always seem like the goal is to spend less and do more; and when it comes to running a profitable business, you want to spend less but still earn more. It sounds easy enough, but the trouble with business is, it takes money to make money and if you’re trying to increase your gross, it usually takes more effort, not less. That said, it’s still completely doable you just have to know how to slim down on your expenditures without sacrificing the processes you have in place. The best place to start… your books.

As accountants, we always recommend keeping a close eye on costs and managing the books on a regular basis, but we often get questions on what business owners can do if they’re specifically looking to cut costs. If this is your goal, there’s no better time to figure out how to save a penny or two, than when you’re sitting down to go over your books. Take a look at the money going out, highlight recurring expenditures and any large sums. Then take a list of our top tips (they’re easy to implement) and see if you can’t work them into your overall business strategy.

These tips might not be new, but they’re perfect for any small business owner or entrepreneur. Apply one, or apply them all and you’re bound to see an increase in green while your overall expenditures decline.

Check out the top tips for spending less while still running a profitable business here….

The Most Common Inventory Tracking Mistakes for Small Business & How to Fix Them

Running a business is no easy task. There’s marketing, production, managing your sale point (either online or brick n’ mortar), social media, sourcing raw materials, managing employees, and so on. One of the most important and overlooked, areas of your business is the product, or inventory, that you sell. It’s what drives customers to your business and is the bread and butter of your business. Without your product, your business would sink. But who has time to keep track of inventory, let alone fix the problems that seem to crop up constantly when you do try to track your materials, stock, and sales.

Today we’re sharing some of the most common mistakes we see when it comes to small businesses managing their inventory, and providing you with some simple ideas on how to fix them and why they might be occurring in the first place. We believe that finding out the cause of the problem is almost as important as solving it (and it usually makes it a lot easier to solve, when you understand why). Now lets start talking inventory systems.

Common Mistakes on Managing Inventory

Problem: Too Much Inventory

Reason: Small business owners work to hard to just a let a potential sale pass them by. That said, it happens most when they don’t have the products in stock. To make sure that missed opportunities aren’t the usual, entrepreneurs and small business owners alike usually error on carrying more product rather than less. So why exactly is this a problem? Well, holding product actually costs a business money – rent for the storage space, the chance that a product on a shelf may become damaged, etc. It’s great to be prepared for a potential sell, but not if having the product on hand is going to end up costing you more than you’d make.

How to fix it: Start with some basic forecasting. Start, by just figuring out the average sales per month. Then, plan to hold at least that number in inventory (maybe adding a few to provide you with a buffer). Next, look at your sales for the last year, taking note of when spikes occur. Trending like this is called seasonality (i.e. accountants always see a huge spike in demand around tax time, greenhouses and plant nurseries see a spike in sells during the spring, etc). You can also look for month end spikes or those that seem not to be seasonal and see if they occur during certain promotions you’ve run ( this is a great way to also figure out which marketing promotions work best for your company and product).

Problem: Inaccurate Tracking

Reason: It happens to every business owner. You get busy, things fall behind, and in you efforts to make the sale, you find that your books aren’t up to date and your inventory tracking might not be as accurate as you thought. To be honest, the chance of miscounting can happen at almost any spot in the process – during receiving, order fulfillment, and if you’re in manufacturing, you’re bound to lose some during bad runs and scrap production.

How to fix it: It used to be that bar codes and SKUs were only for big business. But now, even mom & pop shops and online storefronts such as Etsy, Shopify, and Ebay provide the functionality for some form of inventory tracking. Putting a system in place if you don’t have one is the first step to fixing it. However, if you’re already using barcodes or SKUs it might be time to up your tracking game. Implement “cycle counting” – choose a few items each day or week (depending on how quickly you move inventory) to count. Then compare your number to your inventory record. Your shop’s best sellers should be counted more often. How does cycle counting help? After awhile you’ll have a pretty good idea the difference between the actual and recorded numbers, making it easy to estimate your actual product holdings so you’re sure not to oversell or overstock. You’ll also be able to have a better idea of what products are actually turning over quickly – which is a big help when you’re deciding on new product offerings.

Problem: Using Spreadsheets

Reason: Programs like Excel, Google Sheets, and other spreadsheet software programs are fairly well understood amongst the work force. Plus, they’re usually something most businesses already have access to. Just because it’s common and free doesn’t mean it’s a great tool to use for tracking inventory – here’s why. Spreadsheets are easily deleted and information can be inputed incorrectly. If you’re sharing a spreadsheet amongst several employees, the odds of incorrect information, input errors, or not saving information multiplies. Not to mention, the fact that a spreadsheet isn’t the best way to show information in real-time.

How to fix it: Invest in a software program that actually has features that can eliminate the problem – Quickbooks or Peachtree are just two that are fairly common and easy to use. These programs are definitely well known for their accounting packages, but they also include features that will make it easier to see your inventory numbers and the dollar values of your stock. Not to mention that having a central database (both of these programs offer this feature) allows anyone that may need access to see things in real time because multiple people can be working in the files at once.

Problem: Lack of Priorities

Reason: It takes time to track inventory. There’s no easy way to get around it or technology that can completely eliminate the work that’s required to count and manage stock. If you’re a solopreneur or a small company that has dozens of product offerings, you’ve just multiplied your workload by well… a lot.

How to fix it: Pick a place to start and get moving. Our rule of thumb is to take a look at the products that seem to matter most. Most of the time, 80% of demand will be generated by 20% of your items. These are your A list items and should be your main focus. All of your products are important, but prioritizing your products by sales will help you make sure you’re tracking the most popular items (which makes you the most profit) first and then you’ll have more time to spend on the B and C list items that are still making you money, but that might not be driving the bulk of your sales.

Email Etiquette – 5 Tips for Better Business Emails

Email. Written communications that fly through the internet and appear in our inboxes. Whether it’s for a job, personal communication, or merely to collect junk mail, almost every person has at least 1 email address. And whether we like it or not, a lot of our daily communication happens through this tool. If you’re using emails in the business world, you’ve probably seen plenty of grammatical errors, poor communication, and downright tacky habits displayed through email. Yet, if we’re supposed to be influencing others, building our resume, and earning the mighty dollar, how we communicate through email, could make or break us.

Don’t believe it?

Recent studies show that in 2015, the number of emails sent and received per day total over 205 billion with this figure expected to grow, reaching over 246 billion by the end of 2019. The estimated number of emails sent and received by business users in 2019 is 126 per day. Our messages may be short, but it’s more than obvious that a lot of our communication is happening through this medium

Whether you’re a business owner, newly-hired employee, or recent college grad looking for a job, we’ve gathered 5 tips for email etiquette and know that even just a brief read can help you to improve your communications through email with co-workers, potential employers, and your targeted demographic:

Pick the Right Communication Form

We just told you that email is a widely used form of communication. However, it’s important to remember that it might not always be the best means of communication. Using email correctly means that first and foremost you’re using it when it fits your communication needs. Nothing can bug co-workers more than when things are communicated poorly and in a form that doesn’t catch their attention. Consider if email is right for your message by thinking through the following:

is your message time-sensitive?
could your tone be misconstrued on the topic and will that be a key factor in determining the outcome?
is your information highly detailed and need to go to a lot of people? (consider setting a meeting to overview your content if the answer to this question is yes)
is your subject matter time-sensitive?

Just because email is easy, don’t hesitate to pick up the phone, send a quick text, or walk over to their desk. It’s true that leaving a paper trail can be a good thing, but if that paper trail leads to hindering the communication process, it’s time to think of alternative ways to communicate.

Don’t use Text Speak

When it comes right down to it, there are two sides to this debate – those who love text speak and those that don’t. Either way, when it comes to email, the use of text speak has become the new “don’t use all caps” rule (and yes, that one still applies as well). Shortened words, common acronyms, popular phrases and the use of emojis are probably better left to texts and personal emails rather than those used for business. Don’t let the fact that most emails are written on smart phones and tablets fool you. Just because these devices use predictive text technology and it suggests that text speak and alternate spellings are good options doesn’t mean it’s ok. In fact, we’d advise that relying on the spell checker features provided by your device of choice isn’t ok either – a “real human” read through is always appropriate before you hit send.

Put the Most Important Information First

Lengthy emails are sometimes necessary and although we’d recommend trying to trim your text as much as possible we get that’s not always going to be an option. If that’s the case, we recommend chunking your text into appropriate length paragraphs, adding subtitles, and using the option to bold the typeface if necessary. If you’re listing off action items in your text, why not put a short bullet list of those right up front with assignments to those who might be included in the email. You can also add a note that there are additional details in the text so that they’ll check there before getting back to you with questions.

Use the Address & Subject Lines to Your Advantage

With email, you have the ability to contact a lot of people at once. Mass emails are nice when you’re trying to disperse your information quickly, but you need to make sure you’ve got the right players involved and in the right places. Here’s what we’ve found to work well with the address line options of your email:

TO – the recipients included here should be key players on the project, have action items, be the decision makers, or be in the “need to know” group
CC – these recipients may be managers who oversee a task’s completion, need to know the information but might not be one of the key players, or be in a support role where they will implement whatever is included in the email as part of their daily job or process
BCC – is most commonly used to create a paper trail for important projects or decisions. Use it to keep managers informed, keep HR apprised of what’s happening, or keep a higher level manager involved without having them be a known player (useful if you want to keep things comfortable for your employees but keeps the boss/owner involved without any added stress)

The subject line is probably the most important line of the email. This is where you tell people what it’s about, what you need, or how they’re involved. If you can do all of those without having it be extremely lengthy, you’re a maverick when it comes to proper subject line usage. Here are a few ideas on how to up your game with subject lines:

use a call to action and put it in all caps – MEETING, FOR REVIEW, FINAL CALL, REQUEST FOR, FINAL FILE, FORECAST SUMMARY, QUESTION, etc. are all great ways to draw attention and say a lot with only a few words.
put in a deadline – use numerical listings for dates or even better – FRIDAY, 4/13. Short and sweet keeps people on point and arms them with the most important info right from the start

Fonts, Backgrounds, Color, and Gifs Aren’t Welcome

It might be great for a school newsletter or appropriate for marketing materials, but business emails aren’t the place to get fancy when it comes to color, fonts, backgrounds, large logos, or your favorite gifs. A general rule of thumb is to leave out color and backgrounds entirely, despite the fact that color is often used in emails where you’re doing the Q&A interaction. Where those Q&A emails might seem like a good fit, the odds are that those communications are better for a face to face meeting (see Pick the Right Communication Form above). You’d also might be surprised that answering several questions in one email is completely doable and doesn’t require any additional color – just straightforward communication.

We do recommend the use of your title, company name, and contact information in your email signature, but we discourage the use of large logo files attached to your signature. It bogs down the load time on the email and provides everyone with one additional attachment that really isn’t needed. If you really want a logo or icon in your email signature, consider having a small screen-ready file for this specific purpose and imbedding it directly into your signature, rather than attaching it.

Gifs, memes, and videos don’t have a place in business communication either. It’s great that you’re friends with your co-workers, but including a gif from The Office to display how you feel about a work project, probably isn’t something you’d want the boss to see or at the very least doesn’t convey your professionalism. Because work emails usually can be accessed by company IT, we suggest keeping all things professional in those communications. If you’ve given your work email to personal friends and family, it’s ok – just set the tone by acting in a professional manner and you’ll find that most people will follow suit without you having to make a specific mention of it.

What other things do you implement in your business emails? We’d love to hear your thoughts in the comments.

The statistics in this post are taken from an online published report, Email Statistics Report, 2015-2019, put together by The Radicati Group, Inc.

4 Reasons Small Business Owners Should use a Business Dashboard

It’s not surprise that entrepreneurs and small business owners often find themselves stretched thin. The dream of growing a business is an exciting one, but it requires long hours, big decisions and a lot of elbow grease. There’s little time to spend on getting organized or giving a luxury feel to the inner workings of your business and making those big business decisions – well it’s hard without having everything you need in one place.

When you look at the inner working of a car, all the info appears in one place – the dashboard. Whether it’s a luxury car or a clunker, the system works to help get you where you need to go – giving you more time to focus on everything else. Just like a car, your business needs a dashboard, or somewhere you can go to see how all the parts of your business are working together.

Here are 4 reasons we think every business owner should have a business dashboard:

Monitoring Your Brand in Social Media

It’s easy to go cross-eyed when you think about managing your social media. Just making sure you’ve got a consistent presence on a multitude of platforms can be a full time job, but to make sure that presence is communicating effectively with your target audience, and that what you’re saying is converting to sales… well that’s a whole different story. Using a business dashboard to track social media is just plain smart (not to mention necessary). Dashboards all you you all the insight because you pick the metrics you want to watch, and you can schedule multiple platforms (up to 30) in one place – allowing you to have a presence without spending all the time in your daily schedule to appear on all platforms. Check out Hootsuite and Dasheroo.

Operate in Real-Time

Checking sales numbers, processing receivables, and serving customers has never been easier. There’s no longer a need to rely on bulky reports that are run weekly or monthly. Business dashboards allow all these things and more to be streamlined and viewed in real time (or as close to real time as possible). Here’s our short list on how business dashboards can help you operate in real-time more often:

update your receivables on a daily basis – making it easy to check on past due accounts and keeping them top of mind for you and the clients who are paying you
see how sales are trending right now and be able to implement actions that will help you meet your benchmarks
easily gather information from past months and years into one place so you can create better forecasts and look at year over year trends. The idea of being able to forecast is no longer just something done by big business
when orders come in information goes a lot of different directions. Connect all the moving parts through 1 dashboard so the process is streamlined, silos are depleted and everyone knows the status of every order at any given time

See More, Manage Smarter

A picture is worth a 1000 words – and understanding data through a chart or graph usually quickens understanding when compared to dredging through a spreadsheet to find the same information. Within spreadsheets or written reports, important insights drawn from data can be buried -most dashboards allow for chats and graphs, which are better forms for communicating important points quickly, because they’re visual.

Communicate with the Entire Team

Silos, lack of real-time information, and communication gaps between teams are excuses of the past. The internet, smart phones & iPads have made the ability to communicate and check information in real-time a reality. So why haven’t we started to communicate better? Expectations. It’s easy to not rise to the occasion when the bar hasn’t been raised and as the boss, you’re the one who gets to demand more from yourself, your employees, and your business.

If you haven’t already implemented a system that allows frequent communication between all the working parts of your business – now is the time, and using a business dashboard will make it that much easier. Invest the few hours to get yourself and your team setup and then expect great things.

How could business dashboards help your business? Take 10 minutes and explore how to improve your existing dashboards or get your small business started with a dashboard and headed for success.

FAQs about Business Dashboards:

Why should small business owners consider using a business dashboard?

Business dashboards offer a centralized platform to monitor various aspects of a business, allowing owners to gain insights, track performance, and make informed decisions efficiently.

How can a business dashboard help with social media management?

Business dashboards enable owners to monitor their brand across multiple social media platforms, track engagement metrics, and analyze the effectiveness of their social media efforts, thus enhancing their online presence and customer interaction.

What are the benefits of operating in real-time with a business dashboard?

Real-time data visibility provided by business dashboards allows owners to track receivables, monitor sales trends, analyze historical data for forecasting, and streamline order processing, leading to improved decision-making and operational efficiency.

How do visual representations in business dashboards enhance management?

Charts and graphs in business dashboards facilitate quick comprehension of data insights, making it easier for owners to identify trends, patterns, and performance metrics, thereby enabling smarter management and strategic decision-making.
How can business dashboards improve team communication and collaboration?

Business dashboards foster transparency and real-time information sharing among team members, eliminating communication silos and enhancing collaboration across departments. This ensures that everyone stays informed and aligned with business objectives, driving overall efficiency and productivity.

3 Quick Money Management Tips to Grow Your Business

It doesn’t take an advanced degree in finance or a CPA to keep your finances in check. And having a head for what’s happening with your money is crucial for small business success, just as it is in building personal wealth. So what type of quick money management tips help set a good groundwork for overall financial success? Here are 3 great ideas that won’t take more than a few minutes to implement.

Have a Plan

It seems detailed and time consuming to come up with a financial plan, but the type we’re talking about here should only take a few minutes. As a business owner, you probably have a pretty good idea where your money is going each month. That said, how much of a game plan do you have when it comes to the growth of your business? Sure, everyone wants to make more than they did last year, but have you sat down and decided how much more you’re planning to make and how? Are you launching new products? Looking to grow your client base? Opening up a new store or launching an online store? Grab a pen and paper and flush out just the basics of your growth plan. What will you need? How much do you think it might cost? How much of your current profits are you planning to put back in the business?

If you don’t have a plan, then you’re bound to lose, or at the very least, not grow. Even a simple framework will help you get started and you can flush out the details more once you’ve got the basics laid out.

Automate Savings

When you hear the words money management, you’re bound to talk about automate paying the bills, but have you thought about automating your savings as well? If it’s true that you won’t spend money that’s not in your account – then it’s doubly true that you’ll save more if you set it aside before you get to work budgeting,paying bills, and spending your hard earned cash. The easiest way to make it happen is to set up an automated transfer to a savings account every time you get paid. Just consider automated saving as paying your best investor – you.

Prioritize Bills & Pay Early

It’s common to set aside money for bills every payday. But it’s even better money management to pay your bills early. You’re less likely to spend that money somewhere else and won’t find yourself scrambling to come up with the cash. If you’re really looking to improve your money management, consider even paying a little more than necessary every bill period. Soon you’ll build up a reserve and you’ll be sitting pretty if you ever run low on funds.

Frequently Asked Questions

1. Do I need a detailed financial plan for business success?

No, a detailed financial plan isn’t required, but having a basic framework is essential. A simple plan outlining your growth goals, potential costs, and reinvestment strategies can provide direction and prevent financial stagnation. You can build upon this framework as your business grows.

2. How can automating savings help with money management?

Automating savings ensures that a portion of your income is set aside before you start budgeting or spending. This approach helps build your savings consistently without the temptation to spend the money first, making it a crucial step in improving your financial health.

3. Why should I prioritize paying bills early?

Paying bills early helps you avoid last-minute financial scrambles and reduces the risk of accidentally spending money meant for essential expenses. It also allows you to stay ahead financially, potentially building a reserve if you overpay slightly each period.

4. Is it difficult to set up an automated savings plan?

No, setting up an automated savings plan is simple. You can schedule an automatic transfer from your main account to a savings account every payday. This way, saving becomes a habit without requiring extra effort each month.

5. How does money management relate to small business success?

Effective money management is critical for small business success. Having a clear financial plan, automating savings, and paying bills early all contribute to better cash flow management, allowing your business to grow and become more financially stable.

Pros & Cons of Tax Extensions

If you’ve ever felt the pressure of getting your small business taxes done before the deadline, you’ve probably wondered what the pros & cons might be to filing for a tax extension. We’ve all been there. Things are busy, and as a entrepreneur you need to know what your options are without spending a ton of time and money. Having a game plan is one step better than just knowing your options, so Ben Sutton, CPA and co-founder of Vyde, shared some expert knowledge on the pros & cons of filing for a tax extension and how it can effect your business.

Have questions? We’d love to answer them and talk to you about setting up a strategy for bookkeeping and taxes for your business. Contact us here.

5 Steps to Establishing Business Courage & Fail Forward

Case Study: I may have personal experience in this arena. Yes, me. I am a very organized person. I do a great amount of due diligence, practice run-throughs, post-work, what to expect, current research, etc. Even after all of that, I still manage to make mistakes from time to time. For example, recently, I was putting together an online workshop. I did all the right marketing prep, had an amazing entrepreneurial speaker who lives in another country, held a meeting to discuss the workshop, built an outline we both put our thoughts in, etc

On the day we’d arranged to do the workshop, he only had a set amount of time to present it with me. After that, he’d be packing up his house there and leaving for the United States. We did a practice run, which went well. We got the lighting just right and had native scenery in the background. We began the workshop and it went exceptionally well. Our conversations were in synch, relevant, interesting…the workshop was amazing. I got to the end, wrapped up with my business contact info, and then reached over to stop the recording. It was at this point I realized it had not recorded anything. The whole conference, gone.

Fast forward to today: I could have let that devastate me. I could have held onto the feeling I had about the conference and about my worth and ability to collaborate with amazing people. Instead, I decided to move forward and made plans to re-record again later on my own.

Business Owner’s Emotional Rollercoaster

Many times business owners go through what we call the “Business Owner’s Emotional Rollercoaster.” Business owners tend to go through hope, excitement, enthusiasm, despair, and regret quite frequently. The key is to realize that you are improving and learning and to stay consistent. I’ve outlined 5 Key Steps to Establishing Business Courage:

Confidence

This may not be hard for some of you. Great. You’re amazing. We know. I’m assuming the rest of you have experienced failure a time or two, taken it hard, personally, and wanted to throw your hands up in the air and quit. It’s important to take a look at the accomplishments you have made, realize you are doing something hard, realize that the cycle will be positive again soon, and take courage in continuing the plan you started. Remember that it usually feels uncomfortable when you are doing something others aren’t doing. One important key to business success actually IS having different ideas and having the courage to try them confidently.

Believe in Your Big Steps

It’s hard to make big steps with a new product or service. Many business owners can get lost in the idea that there are other businesses doing what you do better than you do it. It’s important to remember YOU have something amazing to offer. Your skills and business blend together in a way that no one else’s are going to. The way that you run or organize your company will be different because it has something that no other business has: YOU, your UNICORN of a product, and your ability to continue moving FORWARD despite the trials that come your way.

Make Changes

When an obstacle to your plan arises, make a turn not a stop. The obstacle doesn’t define your final destination; you do. There are always choices you can make. Maybe this will help you do the necessary research to try things a different way and create something no one else has thought of. No one knows a business’ plan but the owner. Feel free to make changes along the way.

Make the Failure Work for You

Winston Churchill said “Success is growing from failure to failure without loss of enthusiasm.” If a door is shut on the plan that you detailed, find a way to use what you created in a different way. When my workshop didn’t record, I decided to move on to re-record it on my own and call it a “How To” video. This rebranded it in a new way that appealed differently and I was able to use it for a social media tool instead. No one was the wiser, and many were grateful for the tips!

Consistency

The number one problem with small business success isn’t money or time (although those are probably 2 & 3). It’s consistency. So many times when business owners run into a snag or a roadblock, they either give up or say the whole plan didn’t work. Just because you needed to change a piece of a plan doesn’t make the whole plan worth throwing away to try something else. Consistency is the KEY ingredient for all business success. You can alter and tweak things along the way, but do not give up on the aspects you have a good gut feeling about.

This month, I CHALLENGE you to face your project fears head-on. Have confidence in your business decisions, BELIEVE in your big steps, make CHANGES when necessary, make the FAILURES WORK for you, and be CONSISTENT. I know you’ll find great success.

FAQs: Case Study on Business Courage and Overcoming Mistakes

What is the main lesson from the author’s experience with the workshop?
- The key takeaway is that even with extensive preparation and practice, things can still go wrong. However, instead of letting mistakes derail progress, the author chose to adapt and move forward by re-recording the workshop as a “How To” video, demonstrating resilience and creativity in the face of failure.
What is the “Business Owner’s Emotional Rollercoaster”?
- The emotional rollercoaster refers to the ups and downs that business owners often experience, including excitement, hope, despair, and regret. The crucial point is to recognize that these emotions are part of the learning and growth process, and maintaining consistency is key to overcoming them.
How can business owners maintain confidence after a setback?
- Business owners can maintain confidence by focusing on their past accomplishments, remembering that setbacks are part of the journey, and acknowledging that trying something new can often feel uncomfortable. It’s important to stay focused on long-term goals and keep moving forward with courage.
What should a business owner do when they face an obstacle or failure?
- The best approach is to make changes, not stop. Obstacles don’t define the final destination, and adjusting plans as needed is part of the process. Business owners should be open to tweaking their approach and turning challenges into opportunities for innovation.
Why is consistency so important in business?
- Consistency is often the differentiator between success and failure in business. While obstacles may arise and plans may need adjusting, staying consistent with the core mission and values of the business is critical. Persistence and regular effort, even when faced with challenges, lead to long-term success.

5 ways to Boost your Productivity

One of the things we’re constantly working on is finding new ways to boost productivity. We’ve asked around, tried a few things here in the office, and come up with these tips that are helping us save time, and do more without adding stress to our game plan.

Get in Early (or Stay Late)

We’ve all heard the phrase “the early bird gets the worm”. We’re not sure if you’ll get the worm or not, but we do know that getting into work early provides you with quiet time and fewer distractions, which means you’ll have a chance at getting more things done. Most people who get into the office early say that they accomplish more during that time then they do the rest of the day, and we think they’d all agree that getting things done gives you a burst of energy that starts your day off right and boosts your overall productivity. If you’re not a morning person, that’s ok. The idea works just as well if you’re the last one in the office – the key to boosting productivity is to find quiet time with few distractions and to focus on tasks that forward your overall progress rather than solving problems.

Minimize Distractions

We’ve talked about minimizing distractions by being an early riser or staying late at the office, but what works for minimizing distractions during normal business hours? We’ve asked around and here’s what we found when it comes to limiting distractions and boosting productivity:

if you’ve got an office door close it
silence your phone for an hour or two – just don’t forget to turn it back on and check your voicemails
don’t reply to texts
block off time on your calendar so you can power through a project or specific task
only reply to emails in the morning, evening, or in 15 minute increments
grab your laptop or tablet and change your scene – reserve a conference room, hang out in the lobby, or even go to a local coffee shop and use their wi-fi

Batch Tasks

Multi-tasking is skill, but it’s not always the best tool for getting things done. Productivity experts have shown that it’s more efficient to complete similar tasks at the same time, rather than whiz around trying to do everything at once. Try reading and responding to emails for 15-20 minutes and jotting down tasks that you’ll need to complete as you go. Then instead of prioritizing your to do list, group similar tasks together. You’ll find you’ll save time by not having to switch gears or mindsets as often, and be able to push more projects through than you would if you followed one from start to finish before taking on the next one.

Leave the Office for Lunch

It seems like we’re suggesting a leisurely lunch, but what we’re really getting at is using this moment away from the office to your advantage. Almost everyone has experienced the afternoon slump that occurs in the office. It seems to drag productivity down rather than giving it a boost. Taking a few minutes to change your scene, take a walk, grab a bite to eat, and even finish up a few work tasks while you eat your lunch can re-energize you and get you ready for a productive afternoon. If you don’t have lunch places near by, bring a sack lunch and head outdoors; even walking the stairs or around the building will give you a change of pace and a chance to clear your mind.

Plan the Day the Night Before

Take just 15 minutes at the end of your workday and see what you have on the docket for tomorrow. Boosting productivity doesn’t always mean you have to work faster or harder, planning ahead can create the same effect. If you’ve got meetings, gather up whatever files you may need, plus a pen and paper to take notes. If you know you’ll be spending the day doing a certain task; plan to dress for the occasion. Have a long conference call scheduled? Make sure you’ve got a water bottle at your desk, and an extra battery or charging cable for your phone so you can take you meeting on the go. Prepping the night before saves you time gathering up items the day of and also prepares your mind for what you need to accomplish – and that means you’re not wasting valuable minutes trying to get your mind in the game.

Want to read additional tips we put to practice to boost our productivity here at Vyde? Check out this post for more ideas…

3 Podcasts for Small Business Owners

As business owners we spend a lot of time working on building the business and growing it to match our dreams. Entrepreneurs and small business owners are made of different stuff than they typical corporate employee. They make something out of nothing and combine their creativity with their business acumen. Here at Vyde we applaud the small business owner – because the stuff of small businesses is tough stuff. Today we’re sharing 3 podcasts for the small business owner – they cover business topics and always share useful tips and plenty of inspiration, but they also provide a tribe of sorts for small business owners and solopreneurs.

In no particular order, here are 3 of our favorite podcasts for small business owners:

How I Built This

Host: Guy Raz

Average Length: 50 Minutes

Website: https://www.npr.org/podcasts/510313/how-i-built-this

Ever wonder how some of the world’s most successful entrepreneurial ventures get started? Guy Raz interviews some of the most notable entrepreneurs about their amazing successes. You’ll be able to glean ideas on how to get big dreams done and get inspired to keep working on your own small business.

Marketing School

Hosts: Neil Patel & Eric Siu

Average Length : 5-10 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

If you don’t have a lot of time to spend on marketing, this podcast might be a good fit. Neil and Eric bring actionable marketing tips every single day and each episode is only 5-10 minutes and are masters at marketing online and SEO. Even if you have a brick and mortar business, you’ll want to listen to these guys when it comes to building your online presence – and the tips they share are easily modified and applied to brick and mortar marketing tactics as well.

Online Marketing Made Easy

Host: Amy Porterfield

Average Length: 30-45 minutes

Website: https://itunes.apple.com/us/podcast/marketing-school-neil-patel/id1138869817?mt=2

Working on your online presence? Or have a business that’s exclusively online? Online Marketing Made covers everything this type of business entails. Amy breaks down how to monetize your online business and her advice is great for bloggers and those that are looking to run an commerce business. This is a great pick for fempreneurs and anyone that’s looking to build out drip campaigns and leveraging Facebook ads.

We’re always looking for new ones to add to our must listen list – what podcasts are you listening to? We’d love to hear about them in the comments.

FAQs about Podcasts for Small Business Owners:

What makes podcasts a valuable resource for small business owners?

Podcasts offer valuable insights, tips, and inspiration tailored to the unique challenges and aspirations of small business owners, fostering a sense of community and providing practical advice.

Why is “How I Built This” recommended for small business owners?

“How I Built This” features interviews with successful entrepreneurs, offering firsthand accounts of their journeys and strategies for building thriving businesses, inspiring listeners and providing actionable ideas.

What sets “Marketing School” apart as a podcast for small business owners?

“Marketing School” delivers concise, actionable marketing tips in short episodes, making it ideal for busy entrepreneurs. Hosted by Neil Patel and Eric Siu, it covers online marketing and SEO strategies applicable to various business models.

What makes “Online Marketing Made Easy” suitable for small business owners with an online presence?

Hosted by Amy Porterfield, “Online Marketing Made Easy” focuses on monetizing online businesses, offering insights into effective strategies like drip campaigns and Facebook ads. It’s particularly beneficial for bloggers and e-commerce entrepreneurs.

How can small business owners benefit from engaging with podcasts?

Listening to podcasts allows small business owners to stay informed about industry trends, learn from successful entrepreneurs, and discover innovative strategies to grow their businesses. It also provides a sense of community and support among like-minded individuals.

Resources

Author: Jake Snelson

Ideas for Passive Income Streams

How to get started

Frequently Asked Questions:

Common Mistakes on Managing Inventory

Problem: Too Much Inventory

Problem: Inaccurate Tracking

Problem: Using Spreadsheets

Problem: Lack of Priorities

Pick the Right Communication Form

Don’t use Text Speak

Put the Most Important Information First

Use the Address & Subject Lines to Your Advantage

Fonts, Backgrounds, Color, and Gifs Aren’t Welcome

Monitoring Your Brand in Social Media

Operate in Real-Time

See More, Manage Smarter

Communicate with the Entire Team

FAQs about Business Dashboards:

Have a Plan

Automate Savings

Prioritize Bills & Pay Early

Frequently Asked Questions

Business Owner’s Emotional Rollercoaster

Confidence

Believe in Your Big Steps

Make Changes

Make the Failure Work for You

Get in Early (or Stay Late)

Minimize Distractions

Batch Tasks

Leave the Office for Lunch

Plan the Day the Night Before

How I Built This

Marketing School

Online Marketing Made Easy

FAQs about Podcasts for Small Business Owners: