Floyd Business Partners

Think Big Do Bigger

Month: March 2017

Tips To Increase Your Profit

When the expenses of a company exceed its profits, the business often ends up in bankruptcy. Fortunately, you can prevent this from happening by taking simple steps and actions that will save the company money in the long run.

Here are a few ways to ensure that your business stays a float:

Invest in Technology

Using advanced technology in your business has great benefits. It allows the use of machines that perform tasks more efficiently and quickly.

  • Use computers instead of fax machines.

You can use computers in several ways like e-mails, chat, internet, and documentation while you can use the fax machine to send and receive hard copy documents. Doing away with this can save you from massive phone and electric bills in the long run.

  • Use Voice over IP.

Instead of paying for several phone lines, promote the use of internet calls through Skype, Google and Yahoo voice. It reduces expenses by removing unnecessary phone bills. If you truly need a landline then make do with one and use it for official purposes only.

  • Go paperless.

Send e-mails or chat your employees when you need to pass a memorandum instead of printing them out. Being paperless can save you tons in supply purchases. For transactions with paper, use recycled paper and only provide a limited supply for the entire staff. The method is not only time-efficient, but also environment-friendly.

  • Conduct meetings and presentations online.

Avoid personal clientele meet-ups if possible. Instead, do an online conference to save on time, effort, meal and transportation expenses. This also allows multiple meetings in a day and hectic businessmen will appreciate it.

  • Opt for cheaper ISP and web hosts.

Small-time providers are inexpensive because you don’t have to pay for branding. Most of them are also more lenient in terms of data caps and bandwidth. Get plans with limits so you can monitor your usage.

Use Alternatives

  • Purchase LED over fluorescent.

Use energy-saving bulbs like LED that are cheaper and brighter than old-style fixtures. Install monitoring sensors so your lights only function when needed. Open the windows in the morning and rearrange your office so you can maximize daylight.

  • Use centralized air-conditioning.

A centralized air-conditioning system avoids excessive use. Set the thermostat to a specific time so it automatically shuts down after office hours.

  • Sell old machines.

You can make more money by selling old units online, instead of letting them go to waste. Make sure they remain in good, working condition so you can fetch a good price.

  • Choose budget fares over first class.

If travelling is a must, opt for light fares and book in advance to avail of promos. Avoid bringing a lot so you don’t pay for baggage. You can also try airline – offered accommodations bundled with your booking for short trips.

  • Offer optional leaves or incentives.

If the office workload is less, offer optional workday leave to your employees or let them work from home. This saves you a lot from utilizing the office amenities.

  • Hire interns or fresh graduates.

Instead of hiring specialists, try hiring young professionals with quick learning abilities. You don’t pay for their specialization but you can train them in accordance to your company’s needs. Offer them a promotion after a while so they stay under you.

Running a company need not be costly as long as you are creative and disciplined. Developing employee responsiveness is the key to success.

 

Things CEO Should Do

Nowadays, it’s easy to start your business, find resources to help you, attend networking events in all shapes and sizes, and use online tools to market and run your business.

The drawback is that there are a lot of small business owners out there who are really glorified service providers or hobbyists. And they’re missing out on running and growing a true business. They need to be CEOs, not worker bees.

How does that land for you? Do you consider yourself a CEO, or does that word seem too big to describe you? Do you run your business consciously and intentionally, or do you let it run you?

A CEO of a business runs the business, whether it’s for a company of 1 or 1000. Here are the top 10 duties of a CEO.

1. The CEO knows the Deeper Why. More than likely, she started her a business for a reason… to provide a much-needed service or product and, in her way, to change the world. There is a Deeper Why that drives her, especially since much of running a business can cause someone to leave her comfort zone.

2. The CEO determines the trajectory of company. Along with the Deeper Why, there’s the Big Vision. Where is the company headed? What’s the big picture? As CEO, he doesn’t necessarily need to know how to get there each and every step of the way, but there is vision to guide action.

3. The CEO makes sure company runs smoothly. She looks at every problem, challenge, mistake, threat as an opportunity to plug holes, develop procedures, outsource. The buck stops here, as they say, but that doesn’t mean that the CEO has to do everything herself. Certainly not. But she does need to be ready to solve problems, not run and hide.

4. The CEO sets policies and establishes boundaries. CEOs get to decide what they want, how they want the company to run, how customers and prospects are treated, their value. If something isn’t going right or someone isn’t doing his job properly, the CEO needs to speak up and state what needs to change.

5. The CEO assigns work and delegates. The smartest CEOs know that they can’t do it all and that they shouldn’t. The company is going to be most successful if the CEO is working in his Zone of Genius and not in his Zone of Competence or Zone of Incompetence. CEOs hire well and pay well.

6. The CEO has goals: revenue, product development, personal development, etc. A CEO doesn’t just react to situations, people, and emails. She has a plan (most likely developed from her Big Vision) with goals. While she may have team, staff, and employees to help the company reach its goals, she’s the one setting them.

7. The CEO is detached. Of course, he is passionate about his work and the company. And it doesn’t mean he doesn’t get disappointed sometimes. But he doesn’t make decisions out of resentment, fear, or lack of confidence. A CEO understands that he is responsible for his actions and reactions, and not in control or responsible for actions or reactions of others.

8. The CEO knows the numbers. She knows revenue, monthly and year-to-date. She knows number of products sold. She knows retention rates. She knows the monthly expense budget. She knows how many new clients need to come on or how many products to be sold in order to make revenue goals. She has revenue goals.

9. The CEO grows the business, not just does the work. That might mean finding other markets or collaborating or hiring (or firing). This is the difference between working ON the business and working IN the business.

10. Most importantly, the business has a legacy beyond the business owner. It could go on once the business owner is gone or steps down. That’s when someone is a true CEO. Otherwise, he’s really just a glorified service provider.

If some of these duties smacked you upside the head a bit, no cause for alarm. We all falter a bit. My assistant just recently solved a problem that had been a problem for two years. Two years! I had tried this and that to no avail, and I finally threw up my hands and gave it over to her. Within a few weeks, problem solved. I should have put my Big Girl CEO panties on much earlier in this instance.

 

Why You Need To Know Deep About Your Business

No person in this world is perfect. Everyone has his or her own strengths and weaknesses. The person who is aware of his or her strengths and weakness is always more likely to succeed. This article discusses the analysis of the strengths and weakness and the steps to take to overcome them. This is the key to success in business.

Know your strengths and weaknesses

You must have heard about the SWOT Analysis. SWOT Analysis is nothing but the analysis of one’s strengths, weaknesses, opportunities, and threats. Every business has to do this analysis before commencing its activities. This will place you in a better frame of mind and help you achieve your goals with ease.

Be aware of your strengths:

God has not created every man or woman equal. You could be stronger in some areas as compared to the others. One should be aware of their own strengths and learn to concentrate on them. Some people are good at accountancy whereas some have proficiency in marketing. A successful businessperson is one who manages to blend these two qualities in equal measure.

Make a note of your weaknesses:

Knowing your weakness is more important than being aware of your strengths. The best part of weaknesses is that while you should know about them, your competitor should not. Once you know your weaknesses, you should take steps to convert these weaknesses into your strengths. When you do this, you become less vulnerable. This can lead to your success in business.

Seize the opportunities:

Opportunity does not knock on doors more than once. You need to have the ability to seize opportunities and never let it go to waste. This is possible only if you are completely aware of your strengths and weaknesses. Nurturing your strengths and strengthening your weaknesses can provide you with more opportunities in life.

Get rid of the threats:

Every business will have threats. Running away from them does not solve the problem. If you are strong enough, you should try to meet the problem headlong. Remember that there will be an opportunity in every threat. If you catch hold of it you will get rid of the threats. This is a sure way to succeed in life. The best way to minimize your threats is to remain grounded in life. This enables you to have strong roots thereby empowering you to fight all kinds of threats.

Of course, you cannot do all these activities alone. Therefore, building relationships are very important.

 

The Challenge From Complain

When you don’t like something, what do you do?

Most people complain about it. According to research, most people complain once a minute during a typical conversation.

Shocking, right? It was to me.

It’s so socially acceptable to complain that it may not even strike you as strange in the moment.

You may not feel its effects, because you’re so used to it.

That doesn’t mean it doesn’t affect you.

The truth? Complaining is so toxic!

Complaining rewires your brain for negativity.

It can even make you sick. The extra cortisol released by frequent complaining impairs your immune system and make you more susceptible to high cholesterol, heart disease, obesity, diabetes, and brain strokes.

Also, because we’re social beings, we naturally are affected by the moods of those around us. It’s called neuronal mirroring. Complaining is like smoking: you don’t have to do it yourself to suffer the negative effects.

Just as bad, every time you complain, you are putting yourself in the role of victim.

Playing the victim is bad for your business.

Woah, I’m not a victim, you might say! I’m just letting off steam!

That, my dear friends, is what is called an excuse. You don’t need to complain to let off steam. You can exercise. You can ask for advice and even empathy. You can talk about solutions, after you describe the situation.

So why do we complain?

The fact is, it’s easier to complain than it is to feel the problem and open to solutions. It gives you a little short-term relief.

And it’s a habit. For many of us, complaining is a learned coping mechanism we bring from childhood.

Complaining is a negative energy that interferes with you having the successful business that you can have. It interferes with your impact. It doesn’t change anything.

So I’m challenging you! For the next 30 days, commit to living complaint free.

Your energy will get a boost. Your business will benefit. Your clients and team may comment on the difference in your presence. You’ll see more possibilities. You’ll be more creative. You’ll feel more satisfied. You’ll be EMPOWERED.

During the challenge, if a complaint slips out, it’s OK! This is like any habit – you’ll need time to make the transition.

You as a business owner need to feel a sense of agency, a belief that your decisions have an effect. You need to be empowered.

Living complaint free is a great way to empower yourself. You’ll be surprised at the positive changes that ripple out.

Even if you’re not completely convinced, consider the evidence. Then try it as an experiment in improving your well-being.

Why 30 days? Complaining is a habit. To replace it with something better, you’ll need to do it 30 days in a row.

You can do this! When I first did it, it took me a few tries, but eventually I made it all the way through. And life was never the same.

I’ve needed a few repeats since then! And you may too – that’s all OK!