How to Survive Your Business Until It ThrivesWritten by Susan Dunn, coach
If your business is in a slump, or you’re losing money, or critically short on cash, or, even worse, have gotten yourself in a position where every new contract, every new customer actually loses you money, you must cut expenses. 1. Take nothing for granted. Look over past 6 months bills and find out where it's going. Then slash and burn. Do you really need that extra phone, heck that extra phone line? The 800-number? A night receptionist? A secretary for each partner? 2. Be ruthless about help. Is that outside sales person really earning his keep? Ask employees to cut hours or take cuts in pay. Be prepared to fire someone. Replace with student intern. Switch to temps, they don't need insurance. Or to Virtual Assistants, they don’t require your supplying a desk, computer or health insurance. Take a cue from telemarketing companies – my VA who lives in India, works for $6US an hour. 3. Don’t do anything designed to “keep up appearances,” or you’ll “look good” all way down drain. 4. Cut out “frills” and defer maintenance. From free pop for employees to brand of toilet paper in restroom to those Sanford Ph.D. pens you’ve been supplying to business lunches at The Club. Cut out paper cups and take turns washing dishes. Start a coffee fund. Give up parking at door. Recycle used paper to make note pads.
| | How to Research and Purchase a Good Investment PropertyWritten by Elaine VonCannon
How much do you really know about investment property? Accurate research and professional expertise applied to purchase of an investment property builds a solid foundation for financial success. You may want to work with a REALTOR who can help to identify great opportunities in investment properties in area of your choice. Or, you may choose to do work on your own. A REALTOR can provide inside line on properties with potential in geographic area where you are looking for property. If you do choose to work with a REALTOR, you will save time, and you may have more choices and opportunities. Research Property’s Past and Present Some essential information must be obtained about property’s past. For example, do you know history of property, or even how old it is? What sort of upgrades have been made to home? Is roof waterproof, and is plumbing and electrical in working order? What’s Neighborhood Like? Once overall condition of property has been assessed, tax assessment records must be examined to determine property value trends. A good REALTOR will be familiar with neighborhood where property is located and if he or she is not, REALTOR should check neighborhood at different times of day and night and speak to some neighbors. If there is a homeowners association, check guidelines, assess fees, and be certain they allow rental of properties. Assess Bottom Line For what purposes are you, investor, going to use property? To rent? To house your business? Or, to rehabilitate property and sell it at a profit? Once this is determined, you can assess bottom line.
|
