MIBW
Archives
July
7, 2004
Please
note that these are archives so many links to ads and
old pages may not work.
Of
course any contests or special sales you may read about
are obsolete so please don't email me about any
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My IBiz Weekly
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In Today's Issue:
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>> Editors' Notes.....
>> The Hidden Killer of Small Business Today By Philip Campbell
>> Looking For Some Good Ezines To Read?: Ezine Ad Swaps
>> Are You Looking OR Waiting for Customers? By Marion Stearns
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Welcome From Your Publisher...
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Hi and welcome to another edition of MIBW.
Welcome all new subscribers. Sorry for the delay in the past
two issues. My father in law had surgery this morning so there
is a lot of things that have to be done family wise. But he is
doing much better and I am very grateful for that.
I have two great articles in today's issue. I was going to send
out Friday's issue on Sunday but I knew that everyone was
enjoying their Holiday so I will wait until this Friday to get
back on track with the issues.
I really hope you are enjoying your week. It is almost time for
a great ad sale since my birthday is coming up on the 25th. I
will be 31 so stay tuned for more information on that sale in
Friday's edition.
Have a great day everyone, take care and thank you for
reading....
Your Publisher,
Donesia Muhammad
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The Hidden Killer of Small Business Today
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By Philip Campbell
The single biggest reason the small business failure rates
are so incredibly high today is this one simple fact: Most
business owners don't really know what's going on with their
most precious asset - their CASH.
Despite the fact that cash is the lifeblood of the business,
the fuel that keeps the engine running, most business owners
truly don't have a handle on the flow of cash into their
business and the flow of cash out of their business.
The reason this problem is so widespread today is that each
of us has been taught that managing the financial side of
our business means having financial statements.
We have all been taught that financial statements show us
the complete view of the financial side of our business.
Well, the truth is they don't.
*Recognize the Limitation of Financial Statements*
There is no doubt the basic financial statements that every
business must prepare are very useful; in fact they are a
must.
Banks require you to provide them. Investors require you to
provide them. They are the common language of business. You
cannot succeed in business without them.
At the same time, if you have no other tool for
understanding and managing the cash flow of your business
other than your basic financial statements, you will always
feel out of control. You will be flirting with disaster
because you will be neglecting the lifeblood of your
business - your cash.
The accounting rules that govern the creation of financial
statements are not about tracking the actual flow of cash
through your business. They are focused on measuring profit
or loss - not cash flow.
That's why a profit in your financial statements does not
necessarily mean you created any cash.
By the same token, a loss in your financial statements does
not necessarily mean you lost any cash.
I worked with a company recently that routinely reported an
annual loss in their income statement of about $1,000,000.
The beauty of that business was that it actually generated
over $800,000 in positive cash flow.
The rules of accounting required an investment made years
before to be amortized (expensed over time) in the income
statement. The result was a big non-cash expense in the
income statement every year that created a net loss.
But cash flow was unaffected. The cash continued to roll in
despite the fact that the rules of accounting required this
expense to be included in the income statement.
And the opposite scenario is also true.
The business headlines of the last three years have been
filled with companies that showed incredible profits in
their income statement. But their cash flow was a very
different story.
They ended up in bankruptcy because they actually had a
negative cash flow. They used more cash than they generated
despite the profit shown in their financial statements.
*Take Control of Your Most Precious Asset*
The solution to this problem is to have a schedule of your
actual and projected revenues and expenses in the context of
your beginning and ending cash balances. Each month should
be presented next to each other so the actual cash balances
for previous months are shown next to the expected cash
balances for the coming months.
A schedule like this presents the cash flow of your business
in a way that makes it crystal clear where your money is
going and where you expect your cash balance to be six
months from now.
This is the secret to understanding the cash flow of your
business.
If you would like to see an example of a schedule like this
(I call it the Peace of Mind schedule), you can get a FREE
Special Report "The Secret to Understanding, Managing and
Projecting Your Cash Flow" at
http://www.neverrunoutofcash.com/freereport.htm.
Once you realize you cannot look at your financial
statements and see a clear picture of your cash flow, you
are on your way to a newfound understanding of your most
precious asset - your CASH.
Make a commitment to yourself now to take control of the
cash flow of your business.
You will be amazed at how much easier it is to manage your
business each day when you can see exactly what's going on
with your cash flow.
It's the single most important step you can take to help
make sure you never become another small business failure
statistic.
Philip Campbell is a CPA and the author of the book:
"NEVER RUN OUT OF CASH, The 10 Cash Flow Rules You Can't
Afford to Ignore". Philip has helped hundreds of business
owners take control of their cash flow. You can learn more
about taking control of your cash flow and eliminating your
cash flow worries at
http://www.neverrunoutofcash.com.
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Are You Looking OR Waiting for Customers?
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Copyright © Marion Stearns 2004 - All Rights Reserved
During all economic mood swings and slow seasons, we ALL
must work a lot harder for smaller returns. Slow times
demand more work hours just to break even. This very real
doom of economic hard times is a group psychological
dilemma. We work in the sales chain where doom and gloom
can really beat up our paycheck! The news media loves to
jerk our emotions with hot AND "negative-angle" stories,
that DO shock people. If a story can be twisted and slanted
to have a political tone, it sells. Interest rates are a
common shock topic.
Can You Really AFFORD to Be Ho-Hum?
No. Our challenge in sales is to find the leaks in this
unrealistic, economic-defense mess. We drive a sledge hammer
into it.... that will eventually crack OPEN new business TO
happen for us. All of this must be accomplished with
accounts that in better economic times, only required a
reminder pitch to make a sale.
No matter what happens, when things are on hold for whatever
reasons, if we have substance behind us, we sell the
truthful fact that we are an exception to everything else,
even in hard times. Truthfully state every good reason
needed to put the customer at ease. You better have a few
very good reasons behind you because sales efforts must be
re-focused, in order to get a Ready-to-Buy answer. Don't
exaggerate or lie. Your customers aren't fools.
Past track records move sales. Reputation matters. Solid
brands can move mountains for you. Punctuality and customer
service can be critical factors. Are you easy to reach?
How's your guarantee, if you have one? Be bold but don't
hand your customers or prospects a "snow" job. That never
works. Today's average e-consumer is enlightened and quick
to complain.
Can You Survive the Waiting Game?
It is a must to sell this step the exact way we sell our
products and services. We use third-party testimonies; we
DIG for that inner champion; whether it be King Kong or
Wonder Woman. We dig and find that driving force. We do NOT
whine because we know sales won't happen if we can't get a
grip on conditions; selling isn't for whimps! If you're
just starting out, you better be good because you have no
track record to rely on. If you're seasoned in sales, you
better have a great track record.
We should always be capable of coming up with honest and
ethical answers to the proverbial questions.
1. "Why should I listen to you?"
2. "What's REALLY in it for me?"
3. "Why buy now?"
Sales "professionals" always have the collective power to
TURN around any economy. Do you understand that NO one else
can do this?
Sales MOVE the universe. We eat, breathe and survive on
sales of every kind. It is however, a ton of work. You sure
can't wait for things to get better. You have bills to pay
and people to feed. You have to PUSH yourself to make better
"conditions" for yourself. Nobody else CAN do this for you.
If you are sitting and waiting for customers to drop in your
lap, you are fooling yourself.
Sales demand aggressive and qualified ACTION, every single
day. The good seller FINDS their own customers. There are
no shortcuts. You have the ability to make very large
incomes. How hard are you working to locate people who WILL
buy what you sell? Finding your OWN customers is no small
task. Forget swaying customers away from your competition.
Why? It's simple to see that this type of customer may not
remain loyal to your brand, if you have one. If you base
paying your bills on deal hoppers, you'll have a very hard
time making ends meet.
Marion Stearns, The Flashy AdMistress teaches BIG Deal
sales strategies. If you're tired of squeezing Lincoln
until he screams, check out this link and earn Free SUBS!
http://www.trafficmistress.com
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