Business: Don't Wait for Tax Time to Look at the Bottom Line

Don't Wait for Tax Time to Look at the Bottom Line

Written by C.J.Hayden, MCC

A curious thing happens to entrepreneurs in repparttar

spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But wait, shouldn't a business owner already KNOW how much money he or she made last year, last quarter, or last month? If you don't keep track of how much money you're making, you have no idea whether your business is successful or not. You can't tell how well your marketing is working. And I don't just mean you should know repparttar 104602

amount of your total sales or gross revenue. You need to know what your net profit is. If you don't, there's no way you can know how to increase it. If you want your business to be successful, you need to make a financial plan and check it against repparttar 104603

facts on a monthly basis, then take immediate action to correct any problems. Here are repparttar 104604

steps you should take: Create a financial plan for your business. Estimate how much revenue you expect to bring in each month, and project what your expenses will be. If you need it, get help from business planning books, software, or an accountant. Review repparttar 104605

plan monthly. Even if business owners take repparttar 104606

time to prepare a financial plan with profit and loss projections, they often let it sit in a drawer. It's not enough to have a plan -- you have to review it regularly. Remember that lost profits can't be recovered. When entrepreneurs compare their projections to reality and find earnings too low or expenses too high, they often conclude, "I'll make it up later." The problem is that you really can't make it up later: every month profits are too low is a month that is gone forever. Make adjustments right away. If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates. If overhead costs are too high, find ways to cut back. There are other businesses like yours around. What is their secret for operating profitably?

Online Marketing Simplified! 2 Pillars To Your Success

Written by Jeff Smith

Online Marketing Simplified 2 Pillars To Your Success

Are you confused by repparttar flood of information on how to improve your internet marketing results?

Mastering repparttar 104601 search engines, pay-per-click advertising, affiliate marketing, website design, writing articles, and on it goes.

Doesn't it seem more and more complicated to focus in on what really works and what doesn't?

After working to build many businesses from repparttar 104602 ground up over repparttar 104603 last 10 years, it's more clear than ever that there are 2 main principles that will largely dictate your success in any business. All of repparttar 104604 other techniques build on these first two principles.

Think of these two main principles as repparttar 104605 cement pillars that hold up a bridge - without them, no matter how well you construct repparttar 104606 bridge, it will still fall down.

Focus your energies, time and resources around meeting these two key principles - you will immediately see a big difference in your results.

PRINCIPLE #1

You must have a well positioned product, fulfilling a hot desire within a clearly identifiable and accessible target market.

Let's break this down.

Making a profit in business is really quite a simple concept, you have to earn more revenue than your cost. Revenue minus cost is your profit.

So where does that cost come from?

The two big sources of costs are: costs associated with creating or finding your product to sell and cost of reaching your market to sell your product

It only makes sense then that identifying a hot desire within a market you know how to reach will mean much lower costs for your businss. Ultimately, this means more profit for you.

Have you ever run against repparttar 104607 wind? Tried to swim upstream in a river? Walk one way in a crowd when everyone else was walking repparttar 104608 other way?

It's a very tough lesson to learn.

I've been brought it to consult with companies that have burned through millions of dollars before learning this lesson.

You cannot FORCE a low-demand product on a market - no matter how much money you spend on marketing.

You cannot hope to reach enough buyers in repparttar 104609 entire marketplace even with a very high-demand product in one segment.

In fact, I've seen situations where unknown entrepreneurs enter a market, quickly identify a hot desire, address it with a less than perfect product and in a very short time have created wealth 100X higher than anyone else in that market.

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