These are proven time and stress savers. I do them all. Some might take some getting used to - but overall if you adopt these techniques, I am sure you will see yourself saving time and reducing stress.
1. Use technology. There is so much technology out there - why not use it. Did you know that there are online calendars that will send a txt msg to your phone for upcoming appointments? Small digital cameras can be kept in a bag or purse and used often to capture fun moments or inspiring subjects to be reviewed later. Scanners make great tools; from scanning documents to special scanners that will automatically input contact information or track expenses from receipts.
2. Allow calls to go to voicemail. I read in the magazine Real Simple a couple months ago that one of the things happy people do is - not answer every call. Phone calls can be very distracting and be a cause of lost concentration. There is nothing wrong with allowing a caller to leave a message and then promptly returning it later. (This can be applied to IM'ing too).
3. Use an accordion file for monthly files. This can be applied to either personal or business settings. Instead of dealing with a large stack of paid bills and invoices that need to be filed in individual folders every month, put all your files into an accordion file. At the end of the year, pick the whole accordion file up and place it away for storage. Use file folders and cabinets for information pertinent to each company or client then set a time each week or month to attack that pile so it doesn't get out of control too.
4. Don't read everything. I get so many periodicals from my insurance companies, retails stores, college alumni associations, and more. And while the information in each carries its own merit, not all of it is related to my professional or personal life. Give yourself permission to either skim through articles or skip them all together.
5. Limit multi-tasking. I know you have heard this before. But studies have shown that multi-tasking makes a person less efficient and less effective in their work - both professionally or personally. If you must multi-task - try this....sit on a large exercise ball while working. Then you are toning your core while getting work done. Now that is an effective way to multi-task!
I would love to hear about your time saving tips. Feel free to add a comment to this blog post or send me an email and I'll compile a list and share it soon.
Thanks for reading. Until next time.
Amy =)
www.amymunns.com
Wednesday, February 25, 2009
Wednesday, February 18, 2009
Amy's Reasons Why Small Businesses Fail
If you are an entrepreneurial type, if you already run your own business or you are just considering creating one of your own - please read my reasons why small businesses fail. I didn't create this list nor is anything earth shattering - breaking news. These reasons are compiled from a number of lists and articles I have read throughout the years. If you have read anything on starting or running a small business - you have most likely seen these reasons too. These are just the ones that I found to be most profound, were the common themes in the various articles I have read and what I have seen in my professional career. So here goes - in no particular order.....
1. Not knowing or ignoring the competition.
There is a difference between direct competition and indirect competition. It is important to know all of these when you are considering your competition. Let's face it, no matter how exclusive or unique your product or service is - someone else is doing it too. I am not trying to be a drag here - it is the fact. There are other people doing what you do and you need to find a way to standout so your product or service gets noticed.
Direct competition are those companies that do the same things you do. Let's say you run a small veterinary clinic. Your direct competition are other vet clinics. Your indirect competition is the Internet - where people can self-diagnose their pet's issues. Another form of indirect competition might be catalogs that sell vaccines and medications so the average person can medicate their pet. You, as the clinic owner, need to find a way to sway other clinic patrons into your clinic and how to get the DIY'rs in your front door too.
2. Poor planning. This covers a full sprectrum of concerns. Are you planning for everything? Things to consider and to have plans for are - emergencies, lack of cash flow, too much business, how to expand, furthering your education and training. The list can go on and on. The important thing in regards to planning is to be aware of the need to plan and to do it! Don't react to situations that could have been planned out before the situation occurs.
3. Not admitting where your personal shortcomings are. I think as small business owners we either think we can do it all and sometimes we do have to do it all. But not realizing where you lack expertise can lead to a whole bunch of problems. Unless you are a lawyer, accountant, insurance guy, HR professional, a high tech person, a marketing specialist, AND still being whatever it is that you do, at some point, you need to admit that you need help. Let's consider a situation in which you need legal advice. Researching a legal topic could waste time and money that you don't have, where you might have saved both by hiring an attorney, even if you have to pay for her service. (Don't forget business consultant too, they know lots of stuff too- hint, hint).
4. Not knowing or understanding financing - how much are you really making? How are you tracking your cash flow? In your head, on stickies? It is probably time to invest in an actual accounting software and use it! It might mean taking a class or hiring a bookkeeper to help set up your finances, but in the long run you will be able to track your figures from year to year and know exactly how much you bring in. This also helps your accountant with yearly taxes and give you a solid foundation if you ever wish to sell your business.
5. Not being flexible and not changing with the times. Going back to the vet clinic, what does your customer base need? Do they need extended hours, more specialized care, maybe they want more communication via email. Again, knowing what the competition is offering, knowing what your customers want - will help you mold and adjust your product and service and keep you in business for a long time.
You can find many more information how to combat differenct reasons by doing your own research. Or stick with me and I'll continue to offer ways to help you keep up with the times and keep your business strong.
Until next time,
Amy =)
www.amymunns.com
References:
Townes, G., & Hughes, A. (2002, Jan) Beating the odds. Black Enterprise, 32(6), 35.
Jordan, C. (May, 2005). How to avoid the most common reasons for small business failure. Retrieved from Ezinearticles Feb, 2008 http://ezinearticles.com
Why do many small businesses fail? Retrieved Feb 2009 from http://www.allbusiness.com/business-planning-structures/business-plans
1. Not knowing or ignoring the competition.
There is a difference between direct competition and indirect competition. It is important to know all of these when you are considering your competition. Let's face it, no matter how exclusive or unique your product or service is - someone else is doing it too. I am not trying to be a drag here - it is the fact. There are other people doing what you do and you need to find a way to standout so your product or service gets noticed.
Direct competition are those companies that do the same things you do. Let's say you run a small veterinary clinic. Your direct competition are other vet clinics. Your indirect competition is the Internet - where people can self-diagnose their pet's issues. Another form of indirect competition might be catalogs that sell vaccines and medications so the average person can medicate their pet. You, as the clinic owner, need to find a way to sway other clinic patrons into your clinic and how to get the DIY'rs in your front door too.
2. Poor planning. This covers a full sprectrum of concerns. Are you planning for everything? Things to consider and to have plans for are - emergencies, lack of cash flow, too much business, how to expand, furthering your education and training. The list can go on and on. The important thing in regards to planning is to be aware of the need to plan and to do it! Don't react to situations that could have been planned out before the situation occurs.
3. Not admitting where your personal shortcomings are. I think as small business owners we either think we can do it all and sometimes we do have to do it all. But not realizing where you lack expertise can lead to a whole bunch of problems. Unless you are a lawyer, accountant, insurance guy, HR professional, a high tech person, a marketing specialist, AND still being whatever it is that you do, at some point, you need to admit that you need help. Let's consider a situation in which you need legal advice. Researching a legal topic could waste time and money that you don't have, where you might have saved both by hiring an attorney, even if you have to pay for her service. (Don't forget business consultant too, they know lots of stuff too- hint, hint).
4. Not knowing or understanding financing - how much are you really making? How are you tracking your cash flow? In your head, on stickies? It is probably time to invest in an actual accounting software and use it! It might mean taking a class or hiring a bookkeeper to help set up your finances, but in the long run you will be able to track your figures from year to year and know exactly how much you bring in. This also helps your accountant with yearly taxes and give you a solid foundation if you ever wish to sell your business.
5. Not being flexible and not changing with the times. Going back to the vet clinic, what does your customer base need? Do they need extended hours, more specialized care, maybe they want more communication via email. Again, knowing what the competition is offering, knowing what your customers want - will help you mold and adjust your product and service and keep you in business for a long time.
You can find many more information how to combat differenct reasons by doing your own research. Or stick with me and I'll continue to offer ways to help you keep up with the times and keep your business strong.
Until next time,
Amy =)
www.amymunns.com
References:
Townes, G., & Hughes, A. (2002, Jan) Beating the odds. Black Enterprise, 32(6), 35.
Jordan, C. (May, 2005). How to avoid the most common reasons for small business failure. Retrieved from Ezinearticles Feb, 2008 http://ezinearticles.com
Why do many small businesses fail? Retrieved Feb 2009 from http://www.allbusiness.com/business-planning-structures/business-plans
Wednesday, February 4, 2009
The Red Bowl of Knowledge
I was invited to go to one of those pottery painting places with some friends a few years ago. As you will get to know about me, one thing I am completely unable to do is draw or paint. Needless to say, I don’t really enjoy activities that require me to do one of the two things that I am most horrible. At the same time, I was also just beginning my quest in pursing my Master’s Degree. Having studied a tiny bit of Feng Shui in the past, I decided to paint a large bowl - solid red. Yes, I know, real adventurous. But since I already knew I can’t paint, I didn’t see the purpose in proving that yet again. I did figure I could paint a bowl a solid color. So the Red Bowl of Knowledge was born. In Feng Shui, red is a color of passion and inspiration. Once it was completed, I placed my solid red bowl in the wisdom area of my office and keep it empty. This bowl symbolizes a collection point for knowledge and ideas. It reminds me to keep an open mind and allow thoughts to flow and collect. I love my Red Bowl!
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