Business Tips - Vyde

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.

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.

5 Reasons Taking Notes Will Make You a Better Small Business Owner & Entrepreneur

You probably thought that taking notes was something that only happened in college, and high school if you’re were the studious type. But who knew that it would not only spread into the business world but help set apart high achievers and successful entrepreneurs? The research did. Many studies have shown that taking notes helps us to understand, remember, and retrieve essential facts when we need them most; but those same skills can be incredibly meaningful in the world of business as well. Here are 5 ways note-taking can set you apart as a successful entrepreneur and help your ideas blossom.

Note-takers are many things, but they definitely:

Are Avid Learners

There’s no needed for taped spectacles and pocket protectors here. Avid learners come in all shapes, sizes and a variety of fashions – but the one thing they have in common is that they are constantly asking questions. They’re tracking information, formulating questions, digging for answers and drawing conclusions, which in turn will lead to more questions. Those nerdy types in high school soaked up information like a sponge and often spouted out corrected answers whenever possible. Research shows that writing information down helps us pull out essential facts and starts the process of understanding – connections come once the notes are reviewed and ideas are consolidated.

Application: Successful entrepreneurs of today have put the skill of avid learner to use. They ask questions, make connections and apply their findings in real time. Their propensity to learn new things makes their brains and their processes malleable – making change and progress all that much easier to implement. To put this skill to use, think of areas of your business that may be antiquated or need a refresh. Start asking questions of yourself, employees, and maybe even your customers. You may be surprised at how easy the changes are to implement and how much they might effect your bottomline.

Know That Remembering Information is Important

It may bring on a cold sweat as you remember cramming for exams and trying to memorize countless facts so you could pass a class. Odds are that a professor or friend might have mentioned that a good way to remember something is to write it down. What seemed like a good suggestion has actually been proven as fact. Research has shown that a person has a better chance of remembering the facts if they’ve taken the time to write them down. In fact, students who had been taking notes in a class ,were 7 times more likely to remember the facts a week later than those who had not.

Application: This idea pairs perfectly with avid learning. Constantly learning isn’t enough – we have to be able to retain and then draw on information when needed. As a business owner you have many hats, you’re probably nodding in agreement that keeping track of all the details all the time is nearly impossible. If you aren’t already taking notes, consider starting a log of some sort where you jot down information that might be useful in the future. (i.e. websites that provide useful business tips, that new software your business friend mentioned, an idea that your daughter shared with you that she learned in her business class, etc. ) Even if you can’t recall the specifics you’ll have an easier time finding solutions if you have a place to start looking, and odds are you’ll recall a lot more than you thought you might just by looking at your notes.

Know How to Spot Cues

It may seem like being observant is a gift, but it actually is a skill that can be finely honed. Note takers have a lot going on during a meeting or presentation. They’re listening, writing/typing, and concentrating on what’s being said so they don’t miss a beat. Efficient note-takers seem to develop a sixth sense for spotting verbal and non-verbal cues. For example, during presentations speakers often pause or repeat a main idea, change their tone or inflection while trying to get a key point across. Non-verbal cues might include a deck of slides shared during the presentation, writing on a whiteboard, or when a speaker seems animated while speaking because they’re using their arms and hands to make a point.

Application: Knowing how to spot cues puts any entrepreneur ahead of the game. They seem to intuitively know that Jane was passionate about the project, or that Larry’s knowledge about an aspect of the project is unsurpassed. Odds are they weren’t told this information, but that they picked it up from spotting verbal and non-verbal cues. Even if you’re not expertly skilled in this area you can always start now and hone the craft as you go. A good place to start, both to practice your skill and mine some useful information, is an informal employee interview. Sitting down one-on-one provides you a chance to ask if there are concerns or ideas that they have for their job – you’ll be able to get some useful stuff, and practice looking for non-verbal cues that you’ll jot down as well to use in the future.

Are Efficient Readers/Leaders

Remember the kid that always seemed to have the right answer and raised his hand first in class? They seemed to know the assigned text by heart, and remembered countless details in addition to the answer the professor was looking for. It may have seemed annoying at the time, but that skill, when applied, can make a pretty amazing leader. Note-taking while reading is a great way to maintain focus and helps you practice summarizing key points. When it comes to running a business this skill helps you pinpoint problem areas, lead out in finding a solution, and summarize needs and how to fill them quickly – that makes for efficient processes which in turn bring success.

Application: It seems like just another to-do but adding some useful reading to your daily tasks might not be a bad idea. Some of the world’s best entrepreneurs and leaders have been noted to be well-read and they seem to be applying the ideas they’re gleaning to real life so they must be taking notes of some kind as well as just reading about them. If you dig around the internet for a minute you’ll find several subscription offerings that have curated great reads for aspiring businesspeople and leaders (just to prove a point, we’ve linked this sentence to a popular one.) Even if you don’t cough up the funds for the subscription, you might want to make note of some of the more popular business reads and set aside 20-30 minutes each day to take their information in.

Ready For New Ideas

Odds are that you’ve either doodled in the side margins while taking notes for a class or knew someone who did. Would it surprise you that some of the most successful entrepreneurs are avid note takers who not only jot down key points from the topics being discussed, but may have jotted down ideas, notes, or thoughts in the margins (along with their doodles of course)? We’d venture to say that some of the best business ideas and greatest entrepreneurial successes started out in the side margins of a notebook. Consider it brainstorming by 1 person instead of a group. Where do these ideas come from? They’re often the questions that come to mind while a person is learning something new, jotting down information that is important so they can make connections, etc.

Application: While you’re sitting by the pool taking on your next business read, or attending a work meeting or industry conference, make it a point to have paper and pen handy. Then instead of just jotting down the important points that are being covered, take time to jot down the ideas and questions that come to mind while you’re listening. When you review your notes, see if you can’t draw connections or brainstorm ideas for the questions you posed in the margins. What you’ll find might be the next big thing for your business, or even answer a question you’ve had regarding growing or managing your business.

So how will you step up your note taking game? What things do you already implement in your day to day and which might help you and your business grow? We’d love to hear in the comments.

FAQs:

1. Why is note-taking important for entrepreneurs?

Note-taking helps entrepreneurs understand, retain, and retrieve crucial information, fostering continuous learning and problem-solving skills.

2. How does note-taking help entrepreneurs become avid learners?

Avid learners constantly ask questions, track information, and draw conclusions, enhancing their adaptability and fostering progress in their businesses.

3. What role does note-taking play in remembering information?

Research shows that writing down information significantly improves retention, helping entrepreneurs recall essential facts and make informed decisions.

4. How does note-taking help entrepreneurs spot cues during meetings or presentations?

Efficient note-takers develop the skill to spot verbal and non-verbal cues, enhancing their ability to understand nuances and make insightful observations in business settings.

5. How does note-taking contribute to fostering new ideas and innovation?

Note-taking encourages entrepreneurs to capture ideas, questions, and thoughts, sparking creativity and potentially leading to groundbreaking innovations in their businesses.

How to Build an Authentic Social Media Presence – Part I

How A Social Media Presence Is Like Dating

How would you like it if someone you didn’t know, walks right up to you and asks you to marry them? What?! That’s a HUGE commitment! In a dating relationship, we get to know a person, spend time with them in many settings, and even consider how they treat others (family, friends, the cashier at the supermarket, etc.) before we consider the big question. The same goes for social media. We’re not proposing marriage to our clients; however, it’s a similar feel when people are on social media and we ask them to buy something. Let me explain…

Social media is everywhere. It is less and less of an “extra” and more and more of a necessity as far as advertising goes. Some business owners think of social media should yield an “immediate return” or something that brings many customers to their door right away. Most likely, that thought process comes from the amount of time and resources required to put out the right messages. Your company works hard, you want to see your money “paying off” right away.

Take a look at it from the customer’s perspective: How would you like it if someone came up to you when you were talking to your friends and family and started telling you about all their deals on igloo huts or lava beds? Chances are you might not be interested because you are in the middle of your “down time” and haven’t ever thought about igloo huts or lava beds. The topic doesn’t interest you and all you are getting from this person is a sales pitch. This is similar to a salesperson ringing your doorbell or getting a sales call from a private number to sell you something during dinner time.

But your product/service is great! How can you get people to be interested? Aren’t hard-nosed sales tactics the only way to get great return? NO. There’s a better way.

Case Study- Social Media Presence

Problem:

I’ve had very professional clients that refuse to get personal, even refuse to let their followers know that they have a social media page, thinking “If I’m on social media, people will find me there.” A few months later, they wonder why they aren’t getting any engagement or new clients. They’ve done the work. They’ve spent the time and money to be “on social media.” They’ve posted messages on all of their platforms that tell people what their product does and where to find it. Why haven’t the numbers gone up? Why hasn’t anyone signed up to be their next customer? Where’s the return on investment?

The analysis is simple:

The company hasn’t taken the time to get to know people first. To run with our dating/marriage analogy, there has been no introduction, no questions about past relationships, no getting to know them, no first, second or third dates. There will be no one lining up to “date” this company because all they know is that they sell things. Committing to a product or a company requires knowing something about them beyond their sales pitch.

No one knows the company exists, and for the few people that happen to stumble upon their page, the services/product was not something they were interested in and the page held no additional contribution to their life. That would be the end of the experience they would have with that company. The company needs to get a little personal and seek to understand their audience.

Recommended Solution: Focus on a variety of post types. Sales-type posts are needed but it’s a different strategy than it use to be. According Social Media Marketing World (SMMW), your company should:

50% of the time-post curated content (from other places, or generic type posts that don’t have to do with your product/service)
30% of the time-post original content (about your product/service-still not selling, just educating)
20% of the time-post promotional material (selling, finally) of the time.

Why is this the case? Well, as people are finding that your content helps them in their lives, they will continue to turn to you. Calls to Action (CTAs) are fine, but you really are just sharing information about your company, the industry, and useful ways that it can fit into their lives. In reality those are soft sales already and will help build relationships with potential customers.

Take a look at your current social media platforms? Are you like the clients mentioned in the case study? If you’re posting frequently, how do your post types match up to the recommended percentages above? We’ll talk more about building an authentic social media presence soon.

How to Stay Inspired About Building Your Business & Setting Goals

Running a small business requires hard work, but it also requires setting goals. Without goals, you’ll be hard pressed to turn those entrepreneurial dreams into reality. So how do you create stamina to pursue your goals when the thrill of the entrepreneurial chase is gettin you down? Here are a few of our favorite tactics to bringing life back to chasing our business goals and refueling our inspiration to make big things happen.

Monthly Reviews

It seems redundant, but just like a monthly review of your books, setting aside time to review your business goals and the stats that go with them can help build up your momentum to get great things done. Plus, reviewing what went right and wrong in regards to a goal’s progress can help you fine tune your efforts and push you further ahead – there’s no need to keep doing things that aren’t helping you accomplish what you set out to achieve. Plus, being able to step away from the day to day and see where you started and how far you’ve come can provide some pretty good power towards getting it done.

Keep Motivated

Vision boards are all the rage, but it’s true that having a visual representation of what we’re aiming for helps us in achieving it. A vision board might not be the right fit, but you can definitely find other ways to provide motivation. We like inspiring words, like this free printable – they help us remember why we’re doing what we’re doing in the first place.

You can download your free digital copy of one of our favorite quotes by clicking here.

Delegate & Celebrate

Big business goals often go better when you’ve got more people invested in the outcome – that’s where delegating actually becomes a superpower. Not only do you divide up the work, but you can rely on the inspiration of others to help contribute to the end goal you have in mind. You’ll also be able to draw on them when you feel your own inspiration lacking and vice versa.

Make sure to consider those that might be most interested in seeing you succeed – employees,business partners or even family members! Pull them into your goal setting process and ask where they’d like to contribute or where they see their skillsets making the most impact. Then don’t forget to celebrate your accomplishments once you achieve them!

Make it Manageable & Streamline

Achieving a large goal or dream becomes easier when you break it into manageable pieces. It becomes easier still when you streamline those pieces and make them tasks that you can either automate completely or at the very least, make them routine. Take a look at what your overall goal is. What pieces do you have that have to happen more than once? Can you see a process that you could implement to make it easier to manage and part of your routine? These light bulb moments help fuel your success.

What great goals are you taking on in your business right now? What are you doing to help make them reality? We’d love to hear about them in the comments.

FAQ

Why is setting goals important for running a small business?

Setting goals is crucial for running a small business because it provides direction and purpose. Goals help you measure progress, stay motivated, and maintain focus on what you want to achieve. Without clear goals, it’s challenging to turn entrepreneurial dreams into reality.

How can monthly reviews help in achieving business goals?

Monthly reviews help by allowing you to evaluate your progress, identify what’s working and what’s not, and make necessary adjustments. They also provide a chance to celebrate successes and learn from mistakes, which can boost momentum and motivation.

What are some effective ways to stay motivated when pursuing business goals?

Effective ways to stay motivated include creating vision boards, using inspiring words or quotes, and regularly reminding yourself of your “why.” Keeping a visual or written representation of your goals can help maintain focus and enthusiasm.

How can delegation contribute to achieving business goals?

Delegation helps by distributing the workload and incorporating diverse perspectives and skills into the process. Involving others who are invested in your success can provide additional motivation and support, making it easier to achieve large business goals.

What strategies can make large business goals more manageable?

Breaking large goals into smaller, manageable tasks and streamlining processes can make them more attainable. Identifying repetitive tasks that can be automated or made routine helps create a structured approach, increasing efficiency and reducing overwhelm.

How-To Streamline Your Small Business: Time Vs. Money Savers

Streamlining can feel like a dream-something lofty you need to do, but can’t afford the time or money. You may feel at a loss due to lack of knowledge on where to start, lack of funds, lack of time. All of these could lead to not wanting to take a necessary step toward helping your business succeed, and becoming more efficient. All small business owners need is JUST ONE MORE ASAP PROJECT.

Case study: Applying Time Vs. Money to Your Business Operations

Problem: A client I’ve worked with in the past had an old cash register and an old punch card (clock in and out) system. Their cash register broke and they wanted to save money by not buying a new up to date system because the other one “got the job done,” and was cheaper. Separately, running the punch card system “the cheap way” required family members to take one night a month, with an “all hands on deck” approach to help them manually count and add up the time. They would utilize as many as 6 family members, calculators, pencils, paper, and work until all of the employees’ hours were tabulated. The next day the owners would have the checks ready for the employees.

Solution: I encouraged them to make the necessary time and monetary commitment by recommending a new electronic register system with an app that would allow their employees to clock in, out, and automatically tabulate, etc. It did take initial time to set up and cost money upfront, but it ended up saving countless hours, money, headache, and family issues in the long run.

When you are truly committed to moving your business to the next level of success, there are a few areas to strategize your resources, Time & Money Savers, Work Flow Automation, and Financial Analysis. We’ve listed the best places to start in each of those areas. It’s important to not become overwhelmed, but remember that an organized plan, taking into accountability, available resources, time and money available for these projects is going to give the largest amount of success without a huge amount of headaches. “Going For The Gold” only works if you have a steady, plan on getting there.

Top 5 Time & Money Savers for Small Businesses

Timecard/Invoicing systems
Calendar/appointment programs
Electronic shared documents/files
Customer Resource Management Systems
Automated Social Media Schedulers

Workflow Automation – many times we get busy in the thick of the business that we don’t take time to step back and see how things can be improved. Consultants are great because they have an outside perspective, have experience in seeing successes and failures with other businesses, and can see processes in a different way than the business owner who is too busy to change things.

Redundant tasks-why do we do it that way? Because it always has been done that way.–not good enough. Anytime the task is done over and over, there could be a techno-injected or new process invented to make them more efficient.
Underperforming Employees-Uncle Joe needs a job but he also needs to follow the process manually in order to keep his job
Team meetings– The well-honed team needs to continuously hear about the issues of the company, the Mission, Vision, Values, and Goals of the company, hear about changes in policy/procedure, and voice new ideas that can innovate.

Financial Analysis-keeping thorough books seems ridiculous on top of everything else a business owner needs to do to keep up. The best way to maintain your edge is to:

Create realistic budgets for Marketing, Technology, and Product-and then revisit progress monthly
Perform Financial Forecasts in Nov/Dec
Perform Financial Performance review yearly Dec-Analyze where funds went and how effectively they were utilized

A business that is able to look at Time & Money savers, Workflow Automation, and Financial Analysis yearly will be able to catch many of the issues before they become large issues. They will also be able to save time and money while having time for what they love. Switching to fitting this type of strategy into what your business is already doing is painful at first, but when your business utilizes consultants, financial planners, and technology experts, the work can be done relatively fast. Slow going piece-meal on a few of these projects as the company has time and money is a great way to build a strong company a little more affordable, which is where a coach is handy.

Resources

Category: Business Tips