Category: Business Tips

Each month, you may anxiously await the reports that provide the numbers that help you manage your business.  Revenue, net income, total expenses, and payroll costs are just a few of the items that you may be monitoring on your profit and loss statement.  Those numbers will help you meet and improve your business goals, but the question is, what numbers are you using to determine if you are meeting your life goals? It might…

Whether we run a large company with dozens of employees or run our own solo business, we rely on a support team of vendors, customers, employees, contractors, and other associates that help us carry out our business goals.  Here’s a fun exercise to discover the strengths and weaknesses of your business support team and how you can increase and strengthen the support you have. Take out a blank sheet of paper, and draw a small…

It’s always a good idea to help employees stay motivated, and there are many things you can do besides the traditional cash bonus.  Here are twelve ideas that cost little yet go a long way with employees, contractors, and other business associates. 1.     Compressed workweek.  Employees love getting Friday afternoon off, or even a full day a week.  Providing weekday time off cuts absenteeism since the employee has a window to run errands that need…

What have you been wanting to do in your business for a really long time?  Perhaps you’ve been wanting to raise your prices.  Maybe you want to hire an assistant or another team member but haven’t gotten around to it.  Or maybe you want to work less and focus on personal time, but you haven’t taken action for one reason or another. Ask yourself what project you’ve been thinking about forever but haven’t taken action…

How much is the average client worth to your business?  Not just per project or even per year, but for the lifetime of your business.  Calculating the lifetime value of a client is an eye-opening exercise I recommend to every small business owner. Repeat business Let’s take several examples.  A client who eats a $15 lunch at your restaurant every Monday is worth $780 for one year and $2,340 for three years.  It really adds…